The reins of GTC Romania were taken over by Danny Bercovich, managing director of GTC Bulgaria, who will manage the group’s operations in both countries, after Shimon Galon left the company “from personal reasons”, according to GTC representatives.
“After 15 years at the helm of GTC it was time for me to make a move, to walk a different road and in the context of changes now taking place at the company, I considered this is the right time. I will stay in Bucharest, in real estate development, and in the next 2-3 weeks I will launch a new company together with several partners,” Galon told ZF.
The changes Galon refers to took place at the end of last year, when Israeli group Kardan, the most important stakeholder in GTC, ceded a 27.75% stake in the company to Lone Star Funds, a strong US private equity fund, in a EUR160 million deal.
The new shareholders recapitalized the company and have development plans inclusively for the Romanian market.
“GTC has an outstanding record in office development in Bucharest with Europe House, America House and City Gate. The company plans to continue its strong presence in the office market with two projects – Green Dream and Ana Tower, both located within close proximity to City Gate towers. GTC will be also looking for potential opportunities in acquisition of cash flow producing assets in Bucharest,” GTC officials said.
In Romania, GTC has also developed more than 1,000 apartments in housing compounds Rose Garden and FeliCity in Bucharest, as well as four shopping centers under Galleria brand in Suceava, Buzau, Piatra Neamt and Arad. The project of Suceava was closed and sold to a domestic investor on the weak sales and low rental level.
“I have no regrets. There are not many people on the real estate market who have done what I have. There were also less successful projects, but they were in sync with the market,” Galon also stated.
(English version by Catalina Apostoiu)