Globe Trade Centre to re-invest its profit in long-term growth
Polish real estate investment trust (Reit) Globe Trade Centre (GTC), which obtained a secondary listing on the JSE in August, reported an aftertax profit of €107m for the nine months to end-September from the matching period’s €17m. The group, whose primary listing is on the Warsaw Stock Exchange, owns and manages 36 commercial buildings in Central, Eastern and Southern Europe with a total value of €1.5bn. GTC said it would re-invest profit after tax to support the long-term growth of the business. Rental and service revenue for GTC was up €6m to €85m during the period. The group is based in Warsaw and operates in Poland, Romania, Hungary, Croatia, Serbia and Bulgaria. Expenses decreased by €2 from €22m in matching period last year due to the refinancing and paying off of loans. The group reported that the it had weighted average debt maturity of 3.9 years and average cost of debt of 3.2% a year.
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