Globe Trade Centre S A : GTC expands company’s operations and development and continue to secure long term financing through new bonds, financing and refinancing activity
August 21, 2017 at 04:23 am EDT
Share
H1 2017 HIGHLIGHTS:
Development profit of €51m driven by projects under construction and revaluation of income generating portfolio
Profit before tax at €68m in H1 2017 (€46m in H1 2016)
Earnings per share up to €0.13 in H1 2017 (€0.08 in H1 2016)
EPRA NAV increased 6.6% to €956m (€897m as of 31 December 2016)
EPRA NAV / share increased 4.2% to €2.03 as of 30 June 2017 from €1.95 as of 31 December 2016
Gross margin from rental activity increased to €43m in H1 2017 (€42m in H1 2016)
FFO I stable at €21.5m (€21.9m in H1 2016) despite disposal of the malls in Bulgaria
FFO I / share at €0.05 (€0.05 in H1 2016)
€68.5m newly issued Euro denominated bonds to refinance existing expensive PLN bonds
Financing and refinancing activity on project level of approx. €326m in H1
PORTFOLIO UPDATE:
5 projects under construction with over 174,000 sq. m GLA with 72,300 sq. m to be completed in Q3 2017 (Galeria Północna and Artico office building, Warsaw)
239,000 sq. m of retail and office space is in the planning stage in 8 projects (Warsaw, Budapest, Bucharest, Sofia and Zagreb)
Strong leasing performance with 61,500 sq. m of office and retail space newly leased and renewed extending current WALT
Occupancy at 94% (93% as at 31 March 2017) thanks to improvement in Galeria Jurajska and tenants expansion mainly in FortyOne complex
'The first half of 2017 was dedicated to advance planning and permitting on our development pipeline projects as well as acquisition of excellent new office locations in the fastest growing office markets of Budapest, Bucharest and Sofia. The opening of Galeria Północna in Q3 2017 will more than double the value of GTC's income producing retail portfolio. More completions in Budapest and Belgrade planned for 2018 will further strengthen our yielding retail and office portfolios and contribute significant to rent income and NAV growth. As a result we have today 5 projects under construction and 8 projects in the planning stage, they will boost our income generating portfolio by 0,4 m sq. m GLA from 2017 to 2020' said Thomas Kurzmann, GTC's CEO.
'Thanks to the expansion of the company's operations and development we secured long term financing through new bonds and refinancing activity. We continue to take advantage of the current low interest levels to significantly improve the costs of our debt, while optimizing the leverage ratio' commented Erez Boniel, GTC's CFO. 'Additionally, growing activity and improving results allowed us to pay dividend in Q2, which is another milestone in our growth momentum' he added.
2017_H1_GTC_Financial Results_Press release
GTC - Globe Trade Centre SA published this content on 21 August 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 21 August 2017 08:22:01 UTC.
Original documenthttp://gtc.com.pl/gtc-expands-companys-operations-and-development-and-continue-to-secure-long-term-financing-through-new-bonds-financing-and-refinancing-activity/
Public permalinkhttp://www.publicnow.com/view/DC3CB4ACC5D1A46203AD550DBDDBC91FF312D1B6
Globe Trade Centre S.A. owns and manages commercial real estate assets. The activity is organized around 3 sectors:
- leasing of real estate assets: offices and shopping centers;
- real estate services ;
- development and sale of residential real estate assets: houses and apartments.
At the end of 2022, its property portfolio, with a total leasable area of 737,000 m2, amounted in market value to EUR 2 billion.
Net sales break down geographically as follows: Poland (40.4%), Hungary (27.9%), Bulgaria (9.9%), Croatia (8.6%), Romania (6.9%) and Serbia (6.3%).
Globe Trade Centre S A : GTC expands company’s operations and development and continue to secure long term financing through new bonds, financing and refinancing activity
GLOBE TRADE CENTRE S.A. 
