Thus, the three malls were evaluated at EUR47 million at the end of September, EUR7 million less than in June. In the beginning of the year, the units had a value of EUR58.9 million.
The three malls have a total rentable surface of 25,900 sqm, and an average yield of 11.1%, compared to 10.6% in June and 9.5% in the beginning of the year.
However, the company evaluating the developer’s portfolio maintained the value of City Gate office complex at EUR174 million. The center has a rentable surface of 27,730 sqm, and the average rent reaches EUR22 per sqm per month. Yield is estimated at 7.1%, according to a GTC presentation.
Romanian assets represent 15% of the Israeli developer’s portfolio in Europe, evaluated at EUR1.144 billion.
GTC obtained overall revenue of EUR19.67 million in the first nine months of the year in Romania and Bulgaria, down 11.2% from EUR22,156 million in the same interval of 2010.
Expenditure in the two countries cumulated EUR14.6 million, compared to EUR18.4 million in January-September 2010.
This fall, the company completed its fourth mall in Romania, Galleria Arad. The unit has a surface of 33,600 square meters. In addition, the developer owns the Rose Garden housing complex in Bucharest. Furthermore, GTC partnered up with businessman George Copos to build an office building in northern Bucharest, and it is developing another two residential projects in Bucharest.
GTC’s Romanian portfolio is evaluated at EUR438 million. The company plans to develop, by 2012, projects cumulating a surface of 315,000 sqm in Poland, Serbia, Croatia, Bulgaria, the Czech Republic and Romania. A total 5% of these projects are to be located in Romania.
The group has participations in 24 Romanian-registered companies, which own or develop under the GTC Romania umbrella shopping centers, residential projects or office buildings. The company is part of Dutch-registered group Kardan.