GTC Sells 11 Office Buildings in Belgrade to Hungarian Investor Indotek Group – One of the Biggest Transactions in Real Estate in CEE Market

Globe Trade Center – GTC has decided to sell its portfolio of office space in Belgrade to the Hungarian investor Indotek Group. The proposed acquisition price is EUR 267.6 million, which exceeds the book value of GTC’s portfolio in Serbia as of December 31, 2020, Property Forum reports.

The agreement will cover the sale of 11 buildings within 5 business parks (Green Heart, FortyOne, Belgrade Business Center, 19 Avenue and GTC House) of a total 122,175 sqm GLA with high occupancy rates, located in the New Belgrade district. Once completed in Q3 2021, the sale will become one of the largest real estate transactions in the last 5 years on the CEE market.

– The sale of 11 premium class office buildings in Belgrade is a bold move which will allow us to complete our development cycle in Serbia and start a fundamentally different chapter on this market. The sale of the Serbian portfolio couldn’t be timelier as we are currently in process of redefining market strategy and advancing our operations to be more sustainable and futureproof. This is a benchmark transaction in Belgrade demonstrating liquidity post covid. Selling some of our assets and relocating the free cash flow for the development of brand-new, ambitious projects in Serbia and other markets of CEE is truly an “exit on a strong note”, which will drive us forward – said Yovav Carmi, President of the Management Board of GTC.

With this sale, GTC will become one of the first companies to complete the development circle in Serbia – from land acquisition and construction, through years of enjoying the high rent levels and free cash flow, to the exit on respectable terms.

The Hungarian investor, Indotek Group, is happy to enter the Serbian market with such a strong portfolio.

– Indotek Group has been present in its domestic market for almost 25 years. In the last decade, the company also started to expand outside of Hungary, resulting in Indotek Group being active in 10 countries today. We have been looking for the opportunity to enter the Serbian market for a long time, and with the current transaction, we are able to significantly strengthen our position in the region. I am particularly proud that our first transaction in Serbia makes us one of the most dominant participants in the Belgrade office market – said Dániel Jellinek, Founder and CEO of Indotek Group.

GTC Business Park Beograd

Globe Trade Center GTC

Indotek Group

Yovav Carmi

Dániel Jellinek

Green Heart

FortyOne

Belgrade Business Center

19 Avenue

GTC House

sale of office space

sale of buildings

office buildings

sale of office buildings