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Małgorzata Czaplicka

Chief Executive Officer, Management Board Member

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Małgorzata Czaplicka

Chief Executive Officer, Management Board Member

A member of GTC’s Management Board and Chief Executive Officer since 28 May 2025

Ms. Małgorzata Czaplicka has background in real estate, finance, corporate communications and strategic engagement with financial markets. Since 2010, she has held the position of Investor Relations Director at Globe Trade Centre S.A. (GTC S.A.).

As of January 2025, Ms. Czaplicka serves as Chief Financial Markets Officer (CFMO), overseeing the development and execution of GTC’s capital markets strategy. In this role, she leads the company’s debt and equity capital market activities and ensures access to efficient, long-term financing to support GTC’s real estate investment objectives.

Throughout her tenure at GTC, Ms. Czaplicka has played a pivotal role in shaping the company’s capital structure through successful capital-raising initiatives and the management of debt instruments listed on the Warsaw, Johannesburg, Budapest, and Euronext stock exchanges. Her responsibilities also include coordinating financing strategies with international financial institutions, overseeing ESG initiatives, and chairing the Green Bond Committee.

In addition to her financial markets responsibilities, she serves as Company Secretary, managing the Office of the Management Board and Supervisory Board, and actively contributes to M&A processes and bank financing negotiations. Prior to joining GTC S.A., Ms. Czaplicka held senior positions in several high-profile companies, where she led capital market communications strategies. Her previous roles include:    

  • Cyfrowy Polsat S.A. – Director of Investor Relations and Director of the Corporate Communications Department,    
  • TVN S.A. – Manager for Investor Relations and Management Reporting, also responsible for Treasury,    
  • Polska Telefonia Cyfrowa Sp. z o.o. – Investor Relations Manager, overseeing bondholder relations, U.S. SEC reporting, and the implementation of a management reporting system.

Ms. Czaplicka holds a degree in Finance and Banking from the Warsaw School of Economics, and studied at Deakin University in Warrnambool, Australia. She also completed the “Professional Supervisory Board” postgraduate program at Kozminski University.  

Barbara Sikora
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Jacek Bagiński

Chief Financial Officer, Management Board Member

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Jacek Bagiński

Chief Financial Officer, Management Board Member

A member of GTC’s Management Board since 8 September 2025

Jacek Bagiński has been associated with leading companies operating in Central and Eastern Europe for nearly 30 years. For the past eight years, he served as Management Board Member and CFO at EPP NV – the largest shopping centre owner in Poland, listed at Johannesburg and Luxembourg Stock Exchanges. Previously, he held the same roles at Empik Media & Fashion S.A., one of the largest holding companies in retail, e-commerce and services sectors. He also served on the management boards of other Warsaw Stock Exchange-listed companies, including Opoczno S.A. and Polfa Kutno S.A., and held senior positions in multinational corporations such as PepsiCo and BP/Amoco. Throughout his career, he has managed business development, including mergers and acquisitions as well as divestments, financing and taxation, as well as financial planning, controlling, and reporting.

He is a graduate of the Warsaw School of Economics.

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Sebastian Junghänel

Chief Operating Officer Management Board Member

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Sebastian Junghänel

Chief Operating Officer Management Board Member

A member of GTC’s Management Board and Chief Operating Officer since 2 September 2025

For over 18 years, Sebastian Junghänel has been active in the commercial and residential real estate sector in Germany and Central and Eastern Europe. He specializes in asset management, strategic and operational planning, and project development, with a strong focus on ESG and innovation. As Co-Founder and Managing Director of ZEITGEIST Asset Management, over 11 years he built from scratch a real estate portfolio worth EUR 1 billion, covering residential, office, hospitality, and student housing projects across five CEE countries. Previously, he held senior management positions at the HOCHTIEF Group, where he was responsible for projects in Germany, Austria, Turkey, and the Czech Republic.

He holds degrees in Architecture from the Berlin University of the Arts and in Industrial Engineering & Management from the Technische Universität Berlin, complemented by specialized programs at European and U.S. universities in real estate, business strategy, and architecture.

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Mihály Ország

Chief Corporate Finance Officer, Management Board Member

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Mihály Ország

Chief Corporate Finance Officer, Management Board Member

A member of GTC’s Management Board and Chief Executive Officer since 2 September 2025

Mihály Ország spent 28 years with K&H Bank Zrt., one of the largest commercial banks in Hungary, part of KBC Group. Most recently, he held the position of Head of Specialized Financial Services & Financial Markets Directorate. During his time at the bank, he was responsible for financing projects in the commercial real estate, renewable energy, and infrastructure sectors, overseeing financial market operations (trading and sales), as well as managing relations with financial institutions and municipalities. Mihály began his professional career at Arthur Andersen and ABN AMRO. He is a graduate of Corvinus University in Budapest and has completed executive programs at KBC University and ABN AMRO Academy. He is also socially engaged, serving as a board member of the public-private partnership platform Budapest Global and the KSI sports school.

János Gárdai
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Botond Rencz

Chief Business Sustainability Officer, Management Board Member

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Botond Rencz

Chief Business Sustainability Officer, Management Board Member

A member of GTC’s Management Board since 11 August 2025

Botond Rencz (formally Antal Botond Rencz) is an experienced international leader in the financial and advisory sectors. He spent nearly 30 years with Ernst & Young (EY) and Arthur Andersen, holding various senior positions in Hungary and across the Central European region. As CEO Hungary and regional leader, he oversaw EY’s operations in the Czech Republic, Slovakia, Slovenia, Croatia, Serbia, and Hungary. Under his leadership, EY Hungary became a market leader, particularly in tax advisory services. Throughout his career, he also served as Tax Leader, later Tax Managing Partner at EY Central Europe and Chairman of the Tax Committee at AmCham, where he successfully advocated for reducing Hungary’s corporate income tax rate. In 2024, he served as CEO of Eu-Solar, a publicly listed green energy company. His achievements have been recognized with awards from the Hungarian Investment Promotion Agency and the Hungarian Minister of Finance.

Botond Rencz is a graduate of the University of Economics in Budapest.

Our Management Board is in charge of the Group’s strategy and operations. The Board steers the Company towards its strategic and financial targets. All Board members, as well as other executives, are highly experienced real estate professionals with a successful track record in CEE and other regions.

The Management Board runs the Group’s business in a transparent and efficient way pursuant to the provisions of applicable law, its internal provisions and the “Best Practices of WSE Listed Companies”. When taking decisions relating to the Group’s business, the members of the Management Board act within limits of justified business risk. The Management Board is obliged to meet at least once a month. However, the meetings are usually held once a week.

The two members of Management Board acting jointly are entitled to make representations on the Company’s behalf.

The Management Board Bylaws stipulate the scope of the Management Board’s responsibilities and duties as well as functional procedures.

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Ferenc Daróczi

Independent Member of the Supervisory Board

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Ferenc Daróczi

Independent Member of the Supervisory Board

Member of GTC’s Supervisory Board since 22 April 2025

Mr. Ferenc Daróczi has more than three decades of experience in construction, investment and real estate development. He began his career with almost six years of construction work in Germany before returning to Hungary to develop the ECE ÁRKÁD shopping centers in Budapest, Pécs und Győr, as team leader. In 2008, he was appointed Managing Director of HOCHTIEF Development Kft, whose name is associated with the development of the Capital Square office building in Budapest. Since 2013, he has been managing a private investment management and real estate development company, which has continuously prepared and implemented factories, monument projects, logistics projects, office buildings and residential projects in Hungary, realizing hundreds of thousands of square meters of investments so far.  He also acts as the Hungarian managing director of three large international real estate companies, specifically highlighted Allianz Eiffel Square Kft of Allianz Group and Szervita Square Kft of Union Group, which are emblematic office buildings on the Budapest office market.

Ferenc Daróczi graduated in architecture from the Ybl Miklós Technical University in Budapest. He has been a member of the RICS (Royal Institution of Chartered Surveyors) since 2012.

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Magdalena Frąckowiak

Independent Member of the Supervisory Board

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Magdalena Frąckowiak

Independent Member of the Supervisory Board

Member of GTC’s Supervisory Board since 25 September 2024.

Magdalena Frąckowiak is an attorney-at-law with over 15 years of professional experience in legal advice in commercial, corporate, mergers and acquisitions (M&A) and financing matters. She is authorized to practice as a lawyer in Poland and Great Britain. Mrs. Frąckowiak specializes in transaction advisory, in particular M&A transactions, Venture Capital, financing and cross-border transactions. Mrs. Frąckowiak started her career at KPG Spółka Partnerska Attorneys Keller, Książek, Grodzińska (currently Keller&Wspólnicy sp.k.) and later worked for Credit Suisse Poland Sp. z o. o., Global Trading Group (Cash Equities Trading Support). Currently, Mrs. Frąckowiak is an attorney at LSW Bieńkowski, Laskowski, Leśnodorski, Melzacki i Wspólnicy sp.k.

Magdalena Frąckowiak graduated in law, Faculty of Law, Administration and Economics of the University of Wrocław, and then completed legal training. Additionally, graduated from English-language LL.M postgraduate studies with specialization in International Commercial Law at Kozminski University, Warsaw.


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László Gut

Member of Supervisory Board

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László Gut

Member of Supervisory Board

Member of GTC’s Supervisory Board since 24 August 2023

László Gut graduated from the Faculty of Finance and Accountancy of the Budapest Business School in 2014.

Mr. Gut started his career as an auditor at Ernst & Young, gaining significant experience – among others - in real estate and oil & gas industries. As an auditor, he observed the operation of listed companies from close and participated in a number of management boards, audit committee and supervisory board meetings. After 8 years, he decided to look for new challenges in his professional career and joined Optima Investment Ltd. Since January 2022 he leads the financial department.


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István Hegedüs

Member of Supervisory Board

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István Hegedüs

Member of Supervisory Board

Member of GTC’s Supervisory Board since 17 April 2025

Mr. István Hegedüs is a graduate of the predecessor institution of Budapest Corvinus University, as economist. He has extensive, decades-long entrepreneurial experience and knowledge. Throughout his career, he has been involved in start-ups where he was holding top management positions in newly established businesses in industries including media, finance, food. Mr. Hegedüs manages Optima Group in his capacity of CEO since March 2025.

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Dominik Januszewski

Independent Member of the Supervisory Board

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Dominik Januszewski

Independent Member of the Supervisory Board

Member of GTC’s Supervisory Board since 16 May 2023.

Dominik Januszewski is a Senior Advisor in the field of management and finance with more than 25 years of experience in Ernst&Young and Artur Andersen. Between 2005-2019 he worked as a Partner in Ernst&Young, responsible for business advisory, transaction consulting, privatization projects, as well as financial audits. Between 2016 and 2019 was a member of European Executive Boards of Ernst&Young Financial Sector Division. His clients included the largest financial institutions in Poland. Currently, he is responsible for Strategic Consulting team of JLL, focusing on development and implementation of ESG and energy optimisation strategies for enterprises.

Mr. Januszewski is a Polish Chartered Auditor. He completed many professional trainings relating to advisory and management. In 2018 completed the course for Top Executives in Harvard Business School. In 2022 obtained the University of Cambridge Certificate: „Business Sustainability Management”. Dominik Januszewski graduated from University of Łódź, Economics and Sociology Department, Finance and Banking Faculty.


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Artur Kozieja

Independent Member of the Supervisory Board

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Artur Kozieja

Independent Member of the Supervisory Board

Member of GTC’s Supervisory Board since June 2022.

Artur Kozieja, the founder of the Europlan group, is an experienced investor and investment banker who, between 1995 and 2017, worked as a senior executive at Credit Suisse, Morgan Stanley and Barclays Capital in London, where he was responsible for M&A transactions and the raising of capital for corporations, banks and countries in Central and Eastern Europe. In addition, as a partner in a family hotel business started in 1983, he also developed hotel projects in Lower Silesia in Poland. Since 2017, as part of the Europlan group, he has been carrying out hotel investments in Poland, where he has opened, among other things, the Lake Hill Resort & Spa hotel complex in the Karkonosze Mountains and the Metropolo by Golden Tulip hotel in Cracow, and is currently preparing several hotel projects in cooperation with international hotel chains.

Artur Kozieja holds an MBA from the Wharton School of the University of Pennsylvania (USA) and is a graduate of the Diplomatic Academy in Beijing (China).

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Zoltán Martonyi

Independent Member of the Supervisory Board

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Zoltán Martonyi

Independent Member of the Supervisory Board

Member of GTC’s Supervisory Board since 10 July 2025

Dr. Zoltán Martonyi is a senior partner at Martonyi & Partner Law Firm, advising on complex legal, financial, and defense industry transactions. He previously served as a global relationship partner at PwC and held senior roles at leading international law firms, including Linklaters and Baker & McKenzie, where he was a partner leading the banking and finance practice in Budapest. Dr. Martonyi holds an LL.M. from Cornell Law School and a law degree from Eötvös Loránd University. He currently chairs the supervisory board of the Foundation for Theatre and Film Arts and leads the international affairs committee of the Hungarian Defence Industry Association. He is a former member of the board of directors of KDB Bank Europe Zrt. and currently serves on the supervisory board of the Habsburg Ottó Foundation.


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Ferenc Minárik

Independent Member of the Supervisory Board

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Ferenc Minárik

Independent Member of the Supervisory Board

A member of GTC’s Supervisory Board since 17 April 2025

Mr. Ferenc Minárik is a wide-experienced attorney-at-law who has more than 15 year experience in real estate developmentand M&A transactions, as well as in corporate governance. As an attorney-at-law he manages several international real estate portfolios of his clients. In 2018 he acquired the Real Estate Lawyer of the Year award in Hungary. In the last few years he moved on to the financial markets and he provides professional legal assistance for Hungarian banks and financial institutions as well.

Dr. Ferenc Minarik graduated from Faculty of Law and Political Sciences of Eötvös Lóránd University (ELTE) in 2009.

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Marcin Murawski

Member of the Supervisory Board

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Marcin Murawski

Member of the Supervisory Board

Member of GTC’s Supervisory Board since March 2013.

Marcin Murawski graduated from the Faculty of Management of Warsaw University. He also holds the following certificates: ACCA, ACCA Practising Certificate, KIBR entitlement, CIA.He has been an independent member of the supervisory board and chairman of the audit committee of: GTC S.A., Apart S.A., SecoWarwick S.A., SANTANDER-AVIVA JV TU S.A., SANTANDER-AVIVA JV TUNŻ S.A. Mr Murawski was an independent member of the supervisory board and chairman of the audit committee of CCC S.A until 2019. Between 2005 and 2012 Mr Murawski was a director of the internal audit department at WARTA Group - KBC GROUEP NV and secretary of the audit committee at TUIR WARTA S.A. and TUNŻ WARTA S.A. Between 1997 and 2005 he worked at PricewaterhouseCoopers Sp. z o.o., as manager of the audit department (2002-2005), senior assistant in the audit department (1999-2001), assistant in the audit department (1997-1999).

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Sarolta Várszegi

Independent Member of the Supervisory Board

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Sarolta Várszegi

Independent Member of the Supervisory Board

Member of GTC’s Supervisory Board since 15 July 2025.

Dr. Sarolta Várszegi is an attorney-at-law holding an LL.M. from University College London (UCL) and the Certified European Financial Analyst (CEFA) designation, with 20 years of experience in advising corporate clients on corporate law, mergers and acquisitions, corporate restructurings, as well as capital markets transactions involving debt instruments and shares, stock exchange listings, and corporate governance. She started her practice in the Budapest offices of international law firms such as Clifford Chance and White & Case. Before establishing Várszegi Law Firm, she held the position of manager, and subsequently associate partner at EY, co-heading the legal service line and managing complex projects.

Dr. Sarolta Várszegi is a member of the Issuers Committee of the Budapest Stock Exchange.


The Supervisory Board is appointed by shareholders who hold stakes of 5% and above of our shares, and in turns appoints and supervises the work of the Management Board.

The Supervisory Board acts pursuant to the Polish Commercial Companies Code and also pursuant to the articles of association of the Company and the Supervisory Board regulations dated 14 April 2005 with the changes introduced by the Shareholders Meeting on 16 May 2017. The Supervisory Board meets regularly at least once every quarter.

Pursuant to our articles of association, the Supervisory Board performs constant supervision over activities of the enterprise. Within the scope of its supervisory activities, the Supervisory Board may demand any information and documents regarding the Company’s business from the Management Board.

Members of the Supervisory Board are required to take necessary steps to receive regular and full information from the Management Board regarding material matters concerning the Company’s business and risks involved in the business and the strategies of risk management. The Supervisory Board may (while not infringing the competencies of other bodies of the Company) express their opinion on all the issues related to the Company’s business, including forwarding motions and proposals to the Management Board.

Committees of the Supervisory Board

The Supervisory Board may appoint committees to investigate certain issues which are in the competence of the Supervisory Board or to act as advisory and opinion bodies to the Supervisory Board.

The Supervisory Board has appointed the Audit Committee, whose principal task is to make administrative reviews, to exercise financial control, and to oversee financial reporting as well as internal and external audit procedures at the Company and at the companies in its group.

The Supervisory Board has appointed the Remuneration Committee of the Supervisory Board, which has no decision-making authority and which is responsible for making recommendations to the Supervisory Board with respect to the remuneration of the members of the Management Board and the policies for setting such remuneration.

Independent Members of the Supervisory Board

The Supervisory Board members listed below fulfil the independence criteria as specified in Annex No. II to Commission Recommendation 2005/162/EC of 15 February 2005 on the role of non-executive or supervisory directors of listed companies and on the committees of the (supervisory) board according to their statements presented to the Company’s Management Board:

  • Ferenc Daróczi
  • Magdalena Frąckowiak
  • Dominik Januszewski 
  • Artur Kozieja
  • Zoltán Martonyi
  • Ferenc Minárik
  • Sarolta Várszegi 

Key Highlights

€2Bn+

Book Value of Portfolio

44

Commercial Buildings

30

30 Years' Experience