GTC Investment leading to important times in Budapest

GTC Hungary, a subsidiary of Globe Trade Center SA, has acquired Spiral Commercial Center, the owner of a 14,000 sq m plot in Budapest, for around 11 million euros. The site is situated in a prime location in Budapest's District XIII. Its proximity to the city center and easy access to important public and commercial facilities as well as public transportation, make the Spiral project an attractive commercial undertaking.

On the site acquired, GTC plans to develop a multi-phase project, which will include four or five office buildings. Plans provide for the construction of B+/A- class office space, combined with retail and service units on the ground floor, an underground parking lot for 440 cars and a multi-story car park for 290 vehicles. In total, the investment will offer more than 53,000 sq m of gross office and commercial space.

The construction of the first building should start in mid-2006. GTC Hungary will finance 60 percent of the acquisition through a bank loan from the Hungarian Foreign Trade Bank. Completion of the Spiral Project, together with existing office buildings-Center Point I (18,600 sq m net) and Center Point II (23,000 sq m net)-will give GTC Hungary more than 80,000 sq m of net rentable space.

Spiral Office centre (Dózsa Gy. út 128-130) will be built in two phases by GTC. 40.000 sm of the 65.000 sm project will be ready at the end of 2007.

In addition to these investments, GTC Hungary is developing a residential project in Budapest called Riverloft Apartments, where 60 percent of the units have already been sold, and the Bird Hill residential estate in District XI. Globe Trade Center SA owns 97.48 percent of GTC Hungary's share capital.