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GTC berichten 2009

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  1. [verwijderd] 3 maart 2010 21:17
    Er is in een maand tijd geen enkel berichtje geplaatst op het Kardan-forum. Ik neem maar aan dat het nog steeds gebruikt mag worden..... Onderstaand de cijfers van 2009 van GTC SA.

    GTC delivers strong top-line growth in 2009

    • Operating revenues increased by 36.5% y-o-y to EUR 156.4m

    • EUR 139.4m net loss in 2009 resulted from negative revaluation of investment property and land

    • High cash and deposits position - EUR 215m as of 31 December 2009

    • Long-term debt to total assets maintained at a moderate level of 54%

    • Only 5% of debt matures in each of the next 2 years, while 56% of debt matures in 2015 and onwards

    Globe Trade Centre S.A. (GTC) has published its 2009 annual financial statements. Rental revenues increased 33.5 % y-o-y to EUR 96.2m. Such strong rental growth reflects the quality of GTC’s office and retail assets and its resilient performance despite an adverse economic environment. Gross margin from operations grew to EUR 85.2 m (+36% y-o-y). Total assets were EUR 2.6bn, while the value of investment property reached nearly EUR 2bn at the end of 2009.

    Profit and Loss

    The margin on rental operations increased to 77% (from 74% in 2008), mainly due to higher occupancy in newly completed projects.

    Residential sales income increased to EUR 60.1m (+42% from EUR 42.5m in 2008), as a result of successful delivery to buyers of residential units sold in 2008 and 2009. Gross margin on sales was maintained at about 20%.

    Negative trends in rents and expansion of investment yields resulted in a EUR 172.3 m revaluation loss in 2009.

    “GTC revalues its investment property portfolio in a transparent manner, in order to present its market value as assessed by independent appraisers,” explained GTC Finance Director Erez Boniel. “Due to yield expansion in 2009 and a decrease in estimated future rental values (ERV), mainly in 4Q 2009, GTC has provided for an accounting loss in its 2009 financial statements. This has no impact on the operating income and our cash flow. GTC continues to maintain a high cash balance and moderate leverage, and benefits from the distant maturity of its debt.”

    Finance and Investment

    GTC continued to secure funding at low cost. Throughout 2009 the company raised more than EUR 400m of new loans for project and investment financing, capitalising on its excellent track record and long-established relations with leading European banks. The average cost of the existing debt on GTC’s balance sheet stands at 6.1%.

    In August 2009 Galeria Mokotów, GTC’s flagship shopping centre in Warsaw, was granted a refinancing loan in the amount of EUR 205m.

    Eli Alroy, Chairman of the GTC Supervisory Board, said: “GTC’s operational results confirm its ability to perform efficiently in an economic downturn. GTC’s management team proved that even in such difficult times the company is able to raise new financing and complete large-scale, investment-grade projects. We believe that CEE property markets will start recovery in 2010, both in terms of tenant demand as well as investment transaction volume. GTC is in the leading position to benefit from the positive trends in Poland and other countries in the region.”

    Development

    In 2009 GTC successfully completed numerous prime commercial assets.

    In July 2009 Kazimierz Office Centre in Cracow was delivered, with more than 90% of the space leased, mainly to State Street (12,000 sqm) and Ernst & Young (1,000 sqm).

    Galeria Jurajska, the first modern shopping centre in Częstochowa, with 49,000 sqm of retail space, opened in October 2009. Galeria Jurajska was 95% let upon completion and boasts an impressive tenant mix, including such names as Peek & Cloppenburg, Zara, H&M, C&A, Reserved, Cinema City and Alma Market.

    In 4Q 2009 GTC completed City Gate, a landmark office complex in Bucharest. It comprises two Class A office towers with a total net rentable area of 44,000 sqm. City Gate has attracted such renowned tenants as Millennium Bank, Romtelecom, Rompetrol, Microsoft and Hoffman-La Roche. Currently the complex is more than 80% leased, with advanced negotiations for the remaining 20% of the space.

    In December 2009 GTC handed over the third building in Platinium Business Park in Warsaw. 80% of the space has been leased so far to reputable tenants such as TUI, CBRE Facilities Management, Panasonic and Artegence among the others.

    In total, GTC has completed to date an office and retail portfolio of 455,000 sqm of net rentable area. In addition, GTC has 240,000 sqm of office and retail space under construction, as well as 90,000 sqm of residential space, scheduled for completion during 2010–2011.

    In 2009 GTC seized the opportunity to increase its share in two large projects. In City Gate the share of GTC was increased to 59%, while in the retail project Galleria Burgas the company bought out its minority shareholder and now holds a 100% stake. The total cost of those two investments was approximately EUR 12m.

    GTC will further use its liquidity and secured debt facilities to explore new opportunities in the markets where it is currently operating, both in terms of consolidation of its current assets as well as new acquisitions.

    In 2010 the company plans to start construction of office buildings in Warsaw and Bucharest, and shopping malls in Osijek, Croatia, and Burgas, Bulgaria. Together with the completion of buildings under construction and potential acquisition of new projects, GTC will invest EUR 200m to 300m during 2010.

    GLOBE TRADE CENTRE S.A. (GTC S.A.) is one of the leading developers in the New Europe and was established in 1994 in Warsaw. Currently it operates in Poland, Hungary, the Czech Republic, Romania, Serbia, Croatia, Slovakia, Bulgaria, Russia and Ukraine.

    GTC develops projects and manages completed properties in three key sectors of real estate: office buildings and parks, retail and entertainment centers and residential sector.

    GTC has developed about 750 000 sqm of net space and currently is the owner of completed commercial property with a combined net area of about 455 000 sqm. GTC also holds an impressive portfolio of investment at various stages of development which will facilitate the construction of 1.8 million sqm of commercial and residential space. GTC’s total assets exceed EUR 2.6 billion.

    GTC’s shares are listed on the Warsaw Stock Exchange on the prestigious WIG20 index. The company's assets are also included in the international MSCI index and Dow Jones STOXX Eastern Europe 300 index, as well as the GPR250 index which comprises the 250 biggest and most liquid real estate companies of the world. Among GTC's shareholders are many of the biggest Polish and international institutional investors.
  2. [verwijderd] 8 mei 2010 07:20
    First GTC office building in Katowice opening soon

    • First stage of Francuska Office Center to be completed in May

    • GTC signed a lease in April with Nordea Bank

    • More deals to be finalised shortly

    Globe Trade Centre S.A. (GTC S.A.) signed a lease with Nordea Bank Polska S.A. for space at Francuska Office Center in Katowice. The bank, a member of the largest financial group in Scandinavia, has rented 500 sq m in the first building of the complex. The building is to be delivered to tenants in May.

    Nordea Bank Polska S.A. has been present on the Polish banking market since 1999. The Nordea Bank location at Francuska Office Center will occupy 500 sq m.

    Francuska Office Center is being built in central Katowice, at ul. Francuska 34. The first building in the complex offers a lease area of 11,000 sq m. The GTC project is an important element of the new business and service district that is developing in Katowice. The headquarters of many key institutions are located in the immediate vicinity of Francuska Office Center - local government, the regional court, and prominent Polish and international companies.

    “Francuska Office Center is an excellent proposition for any firms seeking to establish a modern office in the capital of Upper Silesia,” said Katarzyna Pankiewicz, Director of Office Space at GTC S.A. “The smallest lease area is 100 sq m, which makes prestigious GTC offices accessible to small companies as well as large ones.”

    Ultimately Francuska Office Center will include two six-storey Class A office buildings with a total rental area of over 21,500 sq m. The second building will be finished as the available space in the building is progressively leased. One of the strengths of the complex is the ability to develop a flexible arrangement of the plans for each floor, which can be used by one or more tenants in an open space plan or with individual offices. The area of a typical floor in Building A is 1,740 sq m. The complex will come fully equipped, with air conditioning, state-of-the-art telecommunications systems, professional security, suspended ceilings and tilt windows.

    Francuska Office Center is located adjacent to public transit stops. The project is convenient for motorists (with direct access from ul. Francuska) and easily accessible for travellers on the A4 motorway and national route 86 linking Warsaw and Bielsko-Biała. Katowice International Airport, at Pyrzowice, is about a 25-minute drive. The underground parking garage at the complex offers spaces for about 400 vehicles.

    Francuska Office Center was designed by the renowned Polish architectural studio APA Wojciechowski in cooperation with the Katowice office of Stabil. The project features high-quality finishing. The glass façades are trimmed with light stone, giving the complex an attractive appearance and providing excellent access to natural light in the interiors.

    The last finishing touches are underway at the first building at Francuska Office Center, along with roadwork around the development. Construction will be finished in May 2010.

    GTC is conducting advanced negotiations for lease of the remaining space at Francuska Office Cente
  3. [verwijderd] 22 mei 2010 07:41
    Prima Q1 cijfers van GTC SA (bericht van 14-5-2010)

    GTC publishes Q1 2010 results

    • Rental income increased to EUR 30.6m (+42% y-o-y)

    • Gross margin from operations was EUR 24.6m (+15% y-o-y)

    • GTC maintained high liquidity at the end of Q1 2010

    Globe Trade Centre S.A. (GTC S.A.) achieved a strong increase in income from rental operations in Q1 2010. Newly completed buildings in 2009 were the main contributors to the rental growth. The company maintained a good rental operations margin (78%) as a result of stabilization of the newly completed projects.

    Revenues from residential sales declined to EUR 6.5m (from EUR 23.7m in Q1 2009) due to the lower number of new residential units being completed and handed over, as part of the typical business cycle in those projects. GTC’s strategy provides for reducing its exposure to the residential sector and focusing on office and retail development.

    Operating profit in Q1 2010 was EUR 18.5m (vs EUR 33.1m in Q1 2009), as the company did not record any revaluation gains in 2010. Profit after tax for the period was EUR 4m (vs EUR 4.4m in Q1 2009).

    GTC continues its expansion in the retail sector. The company has agreed the terms of a joint venture with Polnord S.A. for development of a modern shopping mall in Wilanów, one of the most affluent residential districts of Warsaw. GTC is to hold a 50% stake in the project. The final joint venture agreement is expected to be concluded by the end of May 2010.

    Recently GTC seized the opportunity to consolidate its retail assets in Romania and increased its 50% stakes in mid-size shopping centres (in the cities of Buzău, Suceava and Piatra Neamţ) to approximately 70%.

    GTC’s shopping mall under construction in Croatia—Avenue Mall Osijek—received a EUR 40m financing package from the EBRD, which includes a 20% equity investment and a loan syndicated with Raiffeisen Zentralbank.

    GTC’s strategy of recycling capital provides for selective disposal of its assets. GTC benefits from increased demand for high-quality property in Poland. In May 2010 the company signed a letter of intent with an international investor for sale of two of its office buildings in Warsaw: Nefryt and Topaz, with a total area of approx 27,000 sqm. The transaction would further improve GTC’s liquidity position and its financial ratios. Final execution of the transaction is subject to due diligence and approvals of statutory authorities of both the buyer and the seller, and is scheduled for the end of June 2010.

    The agreed value of the transaction reflects a price of about EUR 3,000 per net sqm and yields of 7.0-7.2% on current income.

    GTC’s resilient performance during the crisis and its ability to develop top-quality assets won recognition from the leading real estate professionals in the region. In the 7th edition of the CEE Real Estate Quality Awards, Globe Trade Centre S.A. was voted Developer of the Year, while City Gate in Bucharest won the prize for Best Office Building of the Year and for Best Overall Development.
  4. [verwijderd] 20 juli 2010 19:43
    Record lease transaction for GTC

    • GTC has finalised a record office lease agreement in Poland

    • GTC rented the entire fourth building at Platinium Business Park

    • Aviva Group will lease the building from 2Q 201

    Globe Trade Centre S.A. (GTC) and the Aviva Group have signed a lease contract for the entire building at Platinium Business Park IV in Warsaw. It is one of the largest office leases ever in the former industrial district of Służewiec Przemysłowy.

    Construction of the fourth building in the Platinium Business Park complex, located at the intersection of Domaniewska and Wołoska streets in Warsaw, began in May of this year. The Aviva Group (formerly Commercial Union) will occupy the entire available office space in the facility of about 13,000 sq m. During the process of lease terms negotiations, Aviva Group have been represented by the global real estate advisory firm Cushman & Wakefield.

    “We are very pleased that we managed to sign the lease contract with such renowned tenant soon after starting the construction of the building” said Piotr Kroenke, General Manager of GTC S.A. “We appreciate the trust and professionalism presented by our partners during the negotiations. We believe that the choice made by the Aviva Group is an optimal solution for their office needs. This choice also proves that Platinium Business Park is a top quality office complex and the best example of sustainable development, meeting the requirements of even the most demanding tenants.”

    The general contractor for the development, Warbud, is currently doing groundwork on the building site. Platinium Business Park IV is scheduled for delivery by 30 May 2011.

    “We appreciate the co-operation with GTC and the lease contract securing modern and efficient office space for our company”, said Maciej Jankowski, Aviva group chief executive in Poland

    Since 2007 Platinium Business Park has been one of the most popular office locations in Warsaw. The three buildings completed so far have been almost completely let, with prominent Polish and international companies as tenants. Platinium Business Park is distinguished by its high-profile architecture, state-of-the-art technology and high standard of finishing. It is also prized for features that are not strictly business-related. The pleasant surroundings of the buildings—a harmonious combination of water and green areas—provide a calming effect and help foster positive interpersonal relations. As a whole, the development offers a unique, inspiring and creative workspace.

    GLOBE TRADE CENTRE S.A. (GTC S.A.) is one of the leading developers in the New Europe and was established in 1994 i
  5. [verwijderd] 10 augustus 2010 21:05
    Zaten er nog meer mensen op te wachten? Ik in ieder geval wel.

    GTC publishes H1 2010 results

    • Rental revenues in H1 2010 increased to EUR 61.2m (+41% y-o-y)

    • GTC achieved EUR 49.6m profit from operations (+226% y-o-y)

    • Positive revaluation gain of EUR 13m in Q2 2010 after 5 consecutive quarters of negative revaluations

    • GTC held EUR 203m in cash and short-term deposits

    Globe Trade Centre S.A. (GTC) has released its H1 2010 results. The company achieved EUR 78m in revenues from operations. Total assets exceeded EUR 2.7bn. Net profit in H1 2010 was EUR 2.8m.

    Total revenues from operations decreased by 7% year-on-year, mainly due to lower income from residential sales. Residential sales in H1 2010 were EUR 16.7m (down from EUR 40m in H1 2009), with a decrease in the number of apartments and houses available for sale.

    Rental income increased 41% y-o-y to EUR 61.2m, driven by income from newly completed buildings and improved occupancy rates. The operating margin on rental activity was maintained at 78%.

    The gross margin on operations increased 16% y-o-y, to EUR 48.3m.

    In Q2 2010 investment property was revalued by independent external appraisers. As a result, a profit from revaluation of EUR12.6m was recognised in H1 2010. The main positive contributors were office buildings in Warsaw (due to yield compression and higher occupancy), Galeria Mokotów in Warsaw (due to increased income) and City Gate in Bucharest (improved occupancy and lower yield upon completion).

    Profit from operations in H1 2010 increased to EUR 49.6m (+226% y-o-y).

    Financial expenses were EUR 34.4m (vs EUR 20.7m in H1 2009).

    “While GTC maintains a low interest rate on its loan portfolio, one-off financial costs and tax provisions have impacted the bottom line, as a EUR 2.8m profit was recorded in H1 2010. The one off financial cost resulted from classification of Topaz and Nefryt buildings as "Assets held for Sale". The tax provision relates mainly to appreciation of assets in local currency, which may reverse once the euro exchange rate will be less volatile, as well as impact of interest expenses for which deferred tax assets can not be recognized” explains Erez Boniel, CFO and Management Board member.

    “GTC has a strong balance sheet, with EUR 203m in cash and short term-deposits, while 50% of the debt matures in 2015 or later,” added Erez Boniel. “Our lenders are confident in GTC’s financial capacity, and we continue to successfully raise financing for new projects.”

    In H1 2010 about EUR 100m in new financing was secured for projects in Warsaw (Platinium Business Park 4), Osijek (Croatia), Burgas (Bulgaria) and Bratislava.

    According to Hagai Harel, GTC Management Board member in charge of international business development: “GTC managed to capitalize on long-term relationships with its strategic partner, the European Bank for Reconstruction and Development, as well as the region’s major commercial banks, in order to encourage them to provide financing on attractive terms for our retail projects under development in Osijek and Burgas.”

    The high quality of the asset and GTC’s reputation as a developer allowed the company to conclude the largest pre-let office transaction in Poland in 2010, as the entire fourth building (about 13,000 sq m NRA) in Platinium Business Park in Warsaw was leased to Aviva Group. GTC has recently secured financing for this project.

    There is also strong interest from tenants in pre-leases in the fifth building at PBP, as well for the third building at Okęcie Business Park in Warsaw. GTC plans to start construction of those two buildings in Q4 2010.

    H1 2010 was also a turnaround time for GTC in terms of new acquisitions and disposal of assets.

    The company signed a joint venture agreement with Polnord S.A. for development of a modern shopping centre in Wilanów, one of the most affluent residential districts of Warsaw. Under the agreement, Polnord contributed the land, and each partner holds a 50% stake in the company. GTC is in charge of managing development of the project on behalf of the partners. Also in H1 2010, GTC agreed with an international investor on the main terms for sale of two GTC office buildings in Warsaw: Nefryt and Topaz (combined NRA of about 27,000 sq m).

    Eli Alroy, Chairman of the GTC Supervisory Board, said: “These transactions are the first purchase and sale of assets since the beginning of the crisis in 2007. This clearly reflects the improvement seen in the real estate market and indicates that GTC is back on track with its core business strategy: re-cycling capital through asset sales and selective acquisition of new projects.”

    In 2011 and 2012 GTC plans to complete about 250,000 sq m of net office and retail space that is currently under construction. In 2010 major completions include office buildings in Katowice, Łódź and Budapest (GTC Metro) as well as shopping centres in Prague and Stara Zagora (Bulgaria).

    Currently GTC holds 515 000 sqm of net rentable office and retail space.
  6. kaaskoppie 11 augustus 2010 08:50
    Zarf, bedankt voor je inzendingen, je bent absoluut niet de enige die dit fonds volgt, sommige lezen veel meer dan dat ze schrijven.
    ik geloof 100% in dit fonds, heb in de forse dip leuk bijgekocht, ga nu rustig wachten tot we weer een beetje de "oudere" tijden terug zien. Die komen volgens mij beslist (ik heb de tijd) zie GTC, zie de autoverkopen waar Kardan in zit, de waterprojecten ( erg actueel gezien de berichten her en der in de wereld )etc
    gr Jan
  7. [verwijderd] 6 september 2010 18:18
    GTC finalises sale agreement of two office buildings in Poland

    • GTC has signed agreement to sell Nefryt and Topaz buildings in Warsaw

    • The transaction values the assets at EUR 79m, reflecting an average yield of 7.2%

    • The sale will generate about EUR 21m of free cash flow for GTC

    Globe Trade Centre S.A. (GTC S.A.) has finalised the sale agreement of two of its Class A office buildings in Warsaw: Nefryt and Topaz. The assets were purchased by a fund managed by RREEF Investment.

    “This transaction is the first asset disposal for GTC since September 2007,” said Eli Alroy, Chairman of the GTC Supervisory Board. “We believe that the real estate investment market will continue to improve, which may encourage us to proceed with recycling of capital, as in the past GTC used to sell one or two assets per year.”

    Nefryt and Topaz are prime office buildings located in the heart of Mokotów, the largest business district in Poland, next to the Galeria Mokotów shopping mall. The Topaz and Nefryt buildings has a total combined area of approx 27,000 sqm. The tenant list includes such renowned firms as Roche, Allianz, Cisco Systems, Motorola, Honeywell and Noble Bank.

    The transaction provides for the buyer to purchase the assets based on a valuation of about EUR 79m. The final closing is subject to certain administrative decisions.

    Upon selling the two buildings, GTC’s net cash position will increase by about EUR 21m.

    “The pricing of the transaction reflects the yield compression trend that started early this year,” said Erez Boniel, GTC CFO and Management Board member. “Lower investment yields should have a positive impact on the valuation of GTC’s office portfolio in Warsaw. The cash proceeds from the transaction will further strengthen GTC’s financial capacity to capture new opportunities on the market.”

    In Q3 2010 GTC is delivering office buildings at University Business Park in Łódź and at Francuska Office Centre in Katowice.

    In July 2010 GTC pre-let the entire fourth building at Platinium Business Park in Warsaw (a 13,000 sqm NRA building) to Aviva Group, for delivery in mid-2011. The start of construction of the fifth building in the complex is to begin in Q3 2010.

    GTC also plans to commence construction of Corius, the third building at Okęcie Business Park, adjacent to the Warsaw Chopin Airport.
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