Polish real estate company Globe Trade Center (GTC) has announced plans to finalize the sale of two office buildings in Croatia and Serbia by the end of 2024.
GTC approved the sale of its Croatian subsidiary, GTC Seven Gardens, owner of the Matrix C office building in Zagreb. The €13 mln sale price represents the net proceeds, with the buyer also assuming a €14 mln bank loan.
GTC Group also agreed to sell Glamp, the owner of the GTC X Class A office building in Belgrade, for €52.2 mln. GTC will receive net proceeds of €24.2 mln from the sale, with the remaining amount used to repay pre-sale debt.
To prepare for its 2026 bond maturity, GTC is strengthening its cash position by selling non-core assets and those deemed to have reached their peak value.
The company is strategically shifting its portfolio toward higher-value European real estate markets and new sectors, including senior living and residential.
Earlier this month, the company agreed to acquire a German residential property portfolio from Peach Property Group and LFH Portfolio Acquico. The portfolio encompasses 5,165 residential units, 47 commercial spaces, and 2,108 parking spaces in Kaiserslautern, Helmstedt, and Heidenheim.
This acquisition expands GTC's presence in Germany, boosting its portfolio value by 19% and rental space by 30%, while also increasing GTC's overall size by nearly 24%.
GTC Group operates across Central and Southeast Europe, with a strong presence in Poland, Hungary, and other Southeast European countries. As of 30 September 2024, the book value of its property portfolio amounted to €2.54 bn, including 46 completed commercial buildings, four projects under construction, and an investment and residential landbank.
