Polish mall investor to pour 1.5B euro in Central, Eastern Europe by 2009
Polands real estate developer Globe Trade Center GTC, which has mall projects in the Bulgarian cities of Stara Zagora, Varna and Bourgas, as well as several plots in Sofia, has announced plans to invest about 1.5 billion euro in new projects across Central and East Europe CEE in 20082009, investor.bg reported. The companys activity will be directed primarily towards acquiring land and developing new projects.GTCs profit in 2007 stood at 261 million euro, a 32 per cent markup on 2006. The companys profit for the last quarter of the year alone recorded a 376 per cent year on year increase, peaking at 60 million euro. Company officials commented that this could be attributed to the completion of new office buildings in Serbia and Poland, comprising a 46 000 sq m net leasable area.