GTC sells Warsaw plot for EUR 55M and Zagreb office building for EUR 27M

GTC has finalized the sale of a prime development plot in Warsaw’s Wilanów district for €55 million and the Matrix C office building in Zagreb for €27 million, the company announced. The transactions align with GTC’s strategy to optimize its portfolio and enhance financial liquidity.

The Warsaw plot was acquired by one of Poland’s leading residential developers, with the sale price reflecting a 20% premium over its last book value. Meanwhile, the Matrix C building, part of the Matrix Office Park in Zagreb, was sold at its accounting value, generating €13 million in free cash for GTC.

“These strategic asset sales are part of our broader plan to consolidate cash reserves and increase financial flexibility,” said Gyula Nagy, President of GTC. “Our strong financial performance in the first three quarters of 2024 has provided a solid foundation, and these transactions further strengthen our market position by ensuring greater capital efficiency.”

GTC Group is a real estate investor and developer specializing in Central and Eastern Europe, with a strong presence in Poland and key capital cities across the region. The company has been listed on the Warsaw Stock Exchange (WSE) since 2004 and continues to streamline its asset portfolio, focusing on high-value investments and strategic liquidity management.

Source: GTC and ISBnews