GTC, a leading investor and manager of commercial real estate in Central and Eastern Europe, has signed a EUR 98 million agreement with InterCapital Real Estate Fund for the sale of Avenue Mall in Zagreb, one of the Croatian capital’s most established shopping destinations. The deal is expected to rank among the largest commercial real estate transactions in Croatia in recent years and marks another important milestone in the execution of GTC’s strategic priorities announced at the beginning of the year.
For GTC, the planned disposal is consistent with its active portfolio management strategy, focused on crystallising value from mature assets, reinforcing the Group’s liquidity position and maintaining financial flexibility.
"The sale of Avenue Mall marks another important milestone in the execution of GTC's portfolio strategy. This transaction demonstrates our disciplined approach to portfolio management while reflecting the continued demand for high-quality retail assets across Central and Eastern Europe. We are pleased to transfer ownership to a reputable local institutional investor and believe Avenue Mall is well positioned to continue building on its strong market position," said Botond Rencz, CEO of GTC Group.
Completion is expected to take place in the third quarter of 2026, subject to the fulfilment of customary closing conditions.
"Avenue Mall has been a remarkable journey, built on the dedication of our mall team, tenants and partners. We are proud of the strong position the centre has achieved over the years and are pleased to hand it over to a reputable new owner. I would like to thank everyone who contributed to making Avenue Mall one of Zagreb's leading retail destinations," commented Danny Bercovich, Executive Director Central and Eastern Europe – Retail Assets.
Avenue Mall is one of Zagreb’s oldest and most popular shopping destinations. Located in the heart of Novi Zagreb, it benefits from excellent visibility, convenient accessibility and a solid position within its catchment area.
The mall offers approximately 27,600 sqm of retail space, complemented by around 7,000 sqm of modern office space within the Avenue Center business tower. Featuring a diverse mix of well-known retailers, a wide selection of restaurants and a variety of entertainment options, Avenue Mall provides a complete destination for shopping, dining, leisure and business.
