Globe Trade Centre S.A. (GTC) agreed terms for acquisition of land and plans to develop 1300 high-standard apartments in Bucharest.
Following its announcement of accelerated expansion program in Central&Eastern Europe, GTC signed a memorandum of understanding on acquisition of 105,000 sqm land in Bucharest.
GTC expects to achieve building rights of 130,000 sqm of gross residential space. The plot is located in the northern part of the capital .The Project will comprise 1300 high-standard apartments to be developed in stages over the next 5-7 years.
This new investment will increase GTC’s portfolio in Romania to 400.000 sqm of gross commercial and residential space. The acquisition further demonstrates the importance of the Romanian real estate market in GTC portfolio.
GTC will finalise the transaction after performing due diligence. The acquisition price is approximately 12.6 million euro.
GTC will acquire the land together with a partner while GTC’s share in the project will amount to 80%.
