GTC boosts stake in City Gate offices

Israeli-held Globe Trade Center (GTC), which developed and sold office buildings Europe House and America House in Bucharest now owns 59% in City Gate office towers, located in Piata Presei Libere, following an acquisition worth several million euros. "The financial crisis brought GTC opportunities to consolidate its holdings and buy out minority shareholders. Recently the company purchased shares in the City Gate project in Bucharest and in Galleria Burgas in Bulgaria, bringing GTC's share to 59% and a 100% respectively. Approximately 12 million euros were invested in those two acquisitions," reveals a company report. The company's partners in this project, which entailed an over 100 million-euro investment are Greek companies Pantechniki and Bluehouse, but the report does not reveal the exact shareholder structure before or after the transaction. Construction of the City Gate buildings has been completed, with the project covering a 44,000 square-metre lettable area being one of the largest office building projects to be completed this year. "In the third quarter of this year both City Gate tower blocks received an occupancy permit. (...) The main tenants of City Gate include Romtelecom, Millennium Bank, Microsoft, Autoitalia, Hoffman LaRoche, Knauf and Global Eye. At present around 75% of office and retail spaces have been rented out," GTC representatives said.