GTC plans to invest EUR 33 mln in two real estate projects in Bucharest

Polish real estate developer Globe Trade Centre (GTC) aims to draw from shareholders at least EUR 144 million through a capital increase to finance new investments, including two projects in Bucharest, valued at about EUR 33 million.

The capital increase requires the issuance of up to 140 million new GTC shares, which will be offered to investors at a minimum price of EUR 1.03 per unit, reads a release quoted by Mediafax. The operation will be subject to approval of the GTC General Meeting of Shareholders scheduled for April 23, the proceeds following to be used to finance various existing projects and for new acquisitions. Last October, GTC shareholders rejected a capital increase proposal submitted by the company’s management.

According to a presentation for investors, GTC has selected the “most interesting” five procurement projects for 2015 and 2016, two in Bucharest and one in Warsaw, Budapest and another “main city” of the region in which the company operates.

The value of the five projects is estimated at EUR 176-194 million, of which EUR 30-33 million are to be invested in the projects in Bucharest.

Staff

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