GTC owns one business center and three shopping centers in Romania and it has other projects in development.
The City Gate office building in Bucharest has a gross lettable area of 27,730 square meters, with a 90% occupancy rate at the end of 2010. The building’s book value was at EUR173.8 million at the end of 2010, compared to EUR163.98 million in 2009.
The three Galleria malls, in Suceava, Buzau and Piatra Neamt, have a total lettable area of 25,900 sqm and a load factor of 74%. The malls were developed in partnership with Aura Investments and have a market value of EUR58.88 million, compared to EUR33.5 million in 2009. The average yield for the malls is 9.5%, while the rent averages EUR12 per sqm per month.
Thus, the value of Romanian assets represents 14% of the company’s portfolio in Europe, evaluated at a total EUR1.6 billion. Compared to 2009, the company’s portfolio value rose 10%.
GTC is currently developing in Romania a Galleria mall in Arad, with a surface of 33.600 sqm, which is set for completion in fall this year.
Furthermore, GTC inked a deal with G.O.II and BH Romania III LTD, who are partners in the Aurora Business Complex of Bucharest. Following the transaction, GTC will own 71.5% in the Aurora Business Complex, as opposed to its previous 50.1% stake. The complex has yet to enter construction.
In addition, GTC upped its stake in Romanian Cefin Galati Real Estate, to 85%, from 63.6%. Here, GTC partnered with Italian Cefin to build a mall in Galati.
GTC posted revenue of EUR97 million in 2010, compared to EUR85 million in 2009. In Romania and Bulgaria, the company posted revenue of EUR11.5 million, compared to EUR1.3 million in 2009.