Polish real estate developer Globe Trade Centre (GTC) has grown its portfolio value nearly 25% since its inward listing on the JSE in 2016. The group would be a reliable dividend payer for South African investors who were seeking euro-denominated dividends, CEO Thomas Kurzmann said on Monday. As at September 30, the group’s portfolio had a book value of €1.872bn (R31.77bn). This was up 24.8% from €1.5bn at the end of September a year ago. Net asset value per share grew 11% in the nine months to September, results released on Monday showed. "The GTC Group has become a leading real estate investor and developer since it was established in 1994. We focus on Poland and three capital cities in eastern and southern Europe. We operate in Poland, Romania, Hungary, Croatia, Serbia and Bulgaria. We also hold land in Ukraine," said Kurzmann. The group achieved a revaluation gain on Galeria Pólnocna, in Warsaw, worth €57m in the third quarter of 2017. It earned profit before tax of €134m in the...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.