The Croatian unit of Globe Trade Centre plans to develop a retail and office complex, Avenue Mall, on a 12,000 m[sup]2[/sup] plot of land it has acquired in Zagreb, the capital of Croatia. The 24,000 m[sup]2[/sup] property will be constructed on Slavonska Avenja, the main entrance road to the city from the east, and one of Zagreb's transportation routes that links the eastern and western sides of the city. The total investment cost for the project is about EUR 42 mln.
The Croatian unit of Globe Trade Centre plans to develop a retail and office complex, Avenue Mall, on a 12,000 m2 plot of land it has acquired in Zagreb, the capital of Croatia. The 24,000 m2 property will be constructed on Slavonska Avenja, the main entrance road to the city from the east, and one of Zagreb's transportation routes that links the eastern and western sides of the city. The total investment cost for the project is about EUR 42 mln.
Croatia is one of the nine countries where GTC operates. 'We want to benefit from its booming real estate market by developing projects in all three segments, i.e. office retail and residential,' said Hagai Harel, a member of GTC's management board. 'By expanding the GTC portfolio in Croatia, we are consistently implementing our strategy of an accelerated expansion in the most promising emerging European markets.'
GTC was established in Poland in 1994 and is one of the biggest developers in Central and Eastern Europe with activities in Poland, Hungary, Czech Republic, Romania, Serbia, Croatia, Bulgaria, Slovakia and Ukraine. The company, which focuses on capital cities, has built and owns 200,000 m2 of net commercial space. Its has a portfolio of land which will be developed in an additional 1.25 million m2 of commercial and residential space. In Poland, GTC has constructed Galeria Mokotow in Warsaw and Krakow's Galeria Kazimierz.
