Project description
and objectives:
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The proposed project would finance the development, construction, letting and
management of a Class B+ office development. It will consist of 26,300 sqm
gross built area above ground comprising 20,800 rentable sqm for office space
in two buildings; 2,400 rentable sqm for retail and 7,850 sqm of surface
parking for 350 cars. The property will be situated in the prime area of New
Belgrade just 10 minutes drive from the city centre and within close proximity
to the major international hotels in the city. The project will target large
national and international clients who require a large floor plate.
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Transition impact:
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The transition impact of this Project stems from the product differentiation.
Over the last few years the development activity picked up and several
high-quality office schemes have appeared in the market. However all of them,
being Class A, target the high end of the market. A Class B office targets and
attracts local companies and the back-office operations of multinationals who
do not want to compromise on quality and efficiency but are unwilling to pay a
extra-premium. In general this Project will help to address the lack of modern
office space in the Belgrade market which consists mainly of Class C office
space and a few Class A buildings. In a mature office market roughly half of
the stock should be Class B.
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The client:
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The proposed project will be carried out through Atlas Centar d.o.o., a
Serbian legal entity, which is wholly owned by GTC Real Estate Investment
Serbia B.V., a subsidiary of the Globe Trade Centre Poland S.A. GTC has been
active as a developer in the Central Eastern European real estate markets
since 1994, operating in 9 countries, incl. Poland, Czech Republic, Hungary,
Romania, and Serbia. GTC has positioned itself as one of the leading
developers in CEE with over 1,500,000 sqm of office, retail, and residential
space under operations and/or development. It is listed on Warsaw Stock
Exchange since May ’04 and member of various equity indexes such as WIG 20.
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EBRD finance:
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Senior loan of EUR 23.6 million consisting of an EBRD A Loan of EUR 10.7
million and a B Loan of EUR 12.9 million to be provided by RZB- Raiffeisen
Zentralbank Oesterreich AG.
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Total project cost:
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EUR 30.7 million.
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Environmental impact:
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Screened B/1. The Sponsor is an existing client, and their environmental
reporting on the preceding GTC Belgrade project has been satisfactory to date.
The soil and ground water contamination examination for the Project site
confirms that the site is not contaminated. The City of Belgrade’s solid
waste treatment provisions will be in place in accordance with the national
law during the operation of the project. The due diligence up to date does
not indicate any significant environmental issues. Sponsor will be required
to ensure that the project complies with national and EU environmental, health
and safety standards and requirements as well as continue to submit an Annual
Environmental Report on the existing projects and new project to the Bank.
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Technical
cooperation:
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None.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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Hagai Harel, GTC S.A.
Tel: +48 22 60 60 770
Email: hagai.harel@gtc.com.pl
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EBRD contact:
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Thomas Mueller, Operation Leader: muellert@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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