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Sector
Financials
Size
Mid Cap
Market Cap £637.8m
Enterprise Value £1.62bn
Revenue £152.7m
Position in Universe 54th / 750

GTC in talks to buy properties in Poland, Hungary

Fri 13th November, 2015 8:46am
WARSAW, Nov 13 (Reuters) - The Warsaw-listed commercial real 
estate developer GTC  GTCP.WA  is in exclusive talks to buy two 
income generating properties in Poland and Hungary, as it looks 
around Eastern Europe to return to a growth path, it said on 
Friday. 
    Portfolio restructuring helped GTC, controlled by real 
estate fund Lone Star, stage a turn-around year, with its share 
price up 28 percent year-to-date - wiping out all of last year's 
decline. 
    Earlier this year, the developer secured 596 million zlotys  
($151.4 million) from a long-flagged rights issue, aiming to 
fund real-estate acquisitions in Poland and eastern Europe. 
 ID:nL5N11B049  
    The disposal of non-core assets was the main reason behind 
the 10-percent fall in GTC's third-quarter revenue 28 million 
euros ($30.2 million). 
    The group's net profit for the quarter more than doubled to 
11 million euros, as valuation of GTC's investment properties, 
spread around Eastern Europe and the Balkans, stabilised, GTC 
said. 
($1 = 3.9369 zlotys) 
($1 = 0.9287 euros) 
 
 (Reporting by Adrian Krajewski, editing by William Hardy) 
 ((adrian.krajewski@thomsonreuters.com; +48 22 653 97 09; 
Reuters Messaging: 
adrian.krajewski.thomsonreuters.com@reuters.net)) 
 
Keywords: GTC POLAND/RESULTS
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