The developer reported revenues of EUR3.9 million in Romania and Bulgaria in the first three months of 2011. At the time, GTC owned only three malls in Romania; the fourth opened in Arad last fall.
In Bulgaria, GTC has only one mall with an area of 25,000 square meters.
According to a report published Monday by the company, total costs on the two markets climbed slightly in the first quarter, from EUR2.5 million to EUR2.8 million. Pre-tax profit in the first three months amounted to EUR2.5 million, from EUR1.039 million in the first quarter of 2011.
GTC owns four malls in Romania under the Galleria brand, in Arad, Suceava, Piatra Neamt and Buzau, with a total area of 69,500 square meters. Their average occupancy rate is 87% and the average rent is EUR9 per square meter per month. The malls were worth EUR84 million in March .
On the office segment, GTC developed the Europe House and America House projects. The company also owns the City Gate complex in Bucharest, estimated to be worth EUR173 million. The complex’s occupancy is 96% and rent costs EUR22 per square meter per month.
GTC owns several plots of land in Bucharest, for residential projects with a total of 4,000 flats, and for a 15,000-square meter office building, to be developed in partnership with George Copos.
The Romanian holdings make up 19% of GTC’s European portfolio, worth around EUR2.038 billion. GTC’s assets in Romania are worth EUR387 million, compared with EUR404 million at the end of last year.