GTC has completed the sale of two assets — a land plot in Warsaw’s Wilanow district for EUR 55 million and the Matrix C office building in Zagreb for EUR 27 million — as part of its ongoing strategy to strengthen its financial position.
The EUR 55 million received by GTC for the land plot in Wilanow that was sold to a Polish residential developers represents a 20% premium over its latest book value, and the EUR 27 million sale of Matrix C, part of the Matrix Office Park complex in Zagreb, generated EUR 13 million in free cash flow.
“These strategic asset disposals are aligned with our goal of consolidating cash and enhancing our financial flexibility,” said Gyula Nagy, President of the Management Board of GTC. “Our financial results for the first three quarters of 2024 reflect the solid condition of our business. To further strengthen our position, we have strategically disposed of selected assets, enabling us to enhance our cash reserves.”
According to GTC, for the first nine months of 2024, rental income increased by 3% to EUR 139 million, and the gross rental margin rose by 2% to EUR 97 million. Cash on hand and in escrow accounts stood at EUR 70 million, while the occupancy rate remained at 87%.
“We are confident in our ability to navigate both upcoming challenges and opportunities,” added Nagy. “With a well-executed strategy and disciplined approach, GTC is well-positioned to continue growing and cement its role as a leading regional investor.”
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