GTC gets EUR 100 mln loan from Erste for new refinancing of City Gate towers in Romania

Real estate developer Globe Trade Centre (GTC) has received a EUR 100 million loan from Erste Group Bank to re-finance the investment in the City Gate office compound in Bucharest. This would be the second refinancing for this project, according to Shimon Galon, general manager of GTC, quoted by Mediafax. GTC also received a EUR 80 million syndicated loan from Alpha Bank Group, Bank of Cyprus and Eurobank EFG Group last year.

GTC currently negotiates with two banks for a loan to cover the investment in the office building it will develop in partnership with businessman George Copos. City Gate, developed by GTC, which has 59 percent of the project, and Blue House Capital, with the rest of the shares, is located in the Free Press Square in Bucharest and was finalized in 2009. It has 46,000 sqm of leasable area and is made of two towers on 18 floors. It required an investment of EUR 100 million. The compound hosts the headquarters of Microsoft, Millenium Bank, Romtelecom, Hoffman La Roche, Rompetrol, E.On and Autoitalia. Corina Saceanu, corina@romania-insider.com (photo source: Corina Saceanu/Romania-Insider.com)