SOFIA (Bulgaria), May 18 (SeeNews) – Polish real estate developer GTC has said it plans to reinvest the proceeds from the sale of two shopping malls in Bulgaria into the office property market of the country's capital Sofia.
GTC sold the two shopping malls, located in the cities of Burgas and Stara Zagora, last month for a total of 62 million euro ($69.1 million), 3.6 million euro above their book value, it said in a press release on Tuesday.
“With the disposal of Galleria Burgas and Galleria Stara Zagora, we fully focus our portfolio on Poland and the capital cities in CEE and SEE region,” Thomas Kurzman, CEO of GTC, said. “We plan to reinvest the proceeds from this disposal into the growing Sofia’s office market,” he added.
In March, GTC said it intends to build a 15,000 sq m class A office building in Sofia on land it acquired in December 2016 for a total of 6.1 million euro.
Elsewhere in Southeastern Europe (SEE), GTC is present in Croatia, Romania and Serbia.
($ = 0.8973 euro)