November 23 (SeeNews) - Polish real estate developer Globe Trade Centre (GTC) said that its portfolio in Bulgarian capital Sofia has generated a gross margin of 6.6 million euro ($7.5 million) in the first three quarters of 2021, slightly lower than 6.7 million euro in the same period of last year.
GTC's revenue from its Sofia assets rose to 9 million euro in the first nine months of the year from 8.3 million euro in the comparable period of 2020, the company said in an interim financial statement published last week.
At the end of September, GTC's retail portfolio in Sofia, of some 23,000 square metres, was 95% occupied, while its office portfolio, of 44,000 square metres, was 84% occupied. The average rent for the company's retail space stood at 19.3 euro per square metre, while for its office buildings it was 14.5 euro per square metre.
GTC's assets in Sofia totalled 194.2 million euro at the end of September, up from 191.8 million euro at the end of 2020.
GTC currently operates four projects in Bulgaria - Mall of Sofia, Sofia Tower 1, Advance Business Centre 1 and Advance Business Centre 2. Last year, GTC launched construction of the 8,300 square metre Sofia Tower 2 class A office project in Sofia. In April, the company's unit Dorado 1 took out a 9.2 million euro loan from Sofia-based DSK Bank and its Hungarian parent OTP Group, in order to finance the construction activities.
Elsewhere in Central, Eastern and Southeastern Europe, the GTC operates in Poland, Serbia, Hungary, Romania and Croatia where it directly manages, acquires and develops chiefly high-quality office and retail real estate assets in prime locations.
($ = 0.8878 euro)