The Romanian real estate market is going through a positive stage and there are numerous opportunities for investment. Land prices have reached a favorable level and demand for office space and commercial space has returned to attractive levels, said GTC Romania CEO Danny Bercovich. He added GTC Romania is looking to start new projects and even acquire projects in early stages of development.
Bercovich, who has more than 15 years experience in the real estate industry, was appointed CEO of GTC Romania at the beginning of this year, after coordinating activity in Bulgaria, where the company has four shopping centers. Bercovich succeeds Shimon Galon, who was at the head of GTC Romania for 15 years.
The company has a new majority shareholder, U.S. investment fund Lone Star, which intends to use GTC and its experience as a platform for new investments in Central and Eastern Europe, and Romania offers massive opportunities in the region, said Bercovich.
GTC was previosuly owned by Israeli group Kardan.
GTC Romania is one of the oldest real estate developers in Romania, with total investments exceeding EUR400 million. The company owns the City Gate office project, whose tenants include Rompetrol, Romtelecom, Microsoft, Millennium Bank, Hoffmann-La Roche, Alcatel and E.ON.
GTC Romania also owns the Galleria shopping centers in Arad, Buzau and Piatra Neamt, and two residential compounds in Bucharest.
GTC Romania was founded in 1999 and is part of GTC Group.