GTC’s 9-month gross margin on Sofia portfolio decreases and revenues increase

SOFIA (Bulgaria), Nov. 23 (SeeNews) – Polish property developer Globe Trade Center (GTC) said its portfolio in the Bulgarian capital Sofia generated a gross margin of 6.6 million euros (7.5 million euros). dollars) in the first three quarters of 2021, slightly lower than the 6.7 million euros in the same period last year.

GTC’s revenue from its assets in Sofia reached 9 million euros in the first nine months of the year, up from 8.3 million euros in the comparable period of 2020, the company said in an interim financial report published last week.

At the end of September, GTC’s retail portfolio in Sofia, approximately 23,000 square meters, was 95% occupied, while its office portfolio, of 44,000 square meters, was 84% ​​occupied. The average rent for the company’s retail space was 19.3 euros per square meter, while for its office buildings it was 14.5 euros per square meter.

GTC’s assets in Sofia amounted to 194.2 million euros at the end of September, compared to 191.8 million euros at the end of 2020.

GTC currently operates four projects in Bulgaria – Mall of Sofia, Sofia Tower 1, Advance Business Center 1 and Advance Business Center 2. Last year, GTC started construction of the 8,300 meter class A Sofia Tower 2 office project. squares in Sofia. In April, the company’s Dorado 1 unit took out a € 9.2 million loan from Sofia-based DSK bank and its Hungarian parent company OTP Group, to finance construction activities.

Elsewhere in Central, Eastern and South-Eastern Europe, GTC operates in Poland, Serbia, Hungary, Romania and Croatia where it mainly manages, acquires and develops high quality office and retail real estate assets in prime locations.

($ = 0.8878 euro)

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