Kardan NV (TASE: KRNV;AEX:KARD) sub-subsidiary Global Trade Centre SA (WSE:GTC) (GTC Poland), held through Global Trade Centre Real Estate NV (TASE:GTC), will build a luxury residential and recreation project in southern Croatia for €80 million.
The project will be built over the next three years, and include 23,000 sq.m. of residential space, a five-star hotel, and a golf course. This Croatian project is the latest of a string of projects by GTC Real Estate. In mid-June, the company signed an agreement to buy an office building under construction in the Moldovan capital of Kishinev. Total construction costs of the building are estimated at €12.5 million. Earlier this year, the company bought a project in Bulgaria and another in Hungary for a total cost of €9 million.
GTC Real Estate is also active in Western Europe. In late April, the company announced that it would collaborate with Property and Building Ltd. (TASE: PTBL). The two companies announced the purchase of nine Swiss office properties for NIS 343 million. In addition to Croatia, GTC Real Estate owns properties in Poland, the Czech Republic, and Hungary.
GTC Real Estate has a market cap of NIS 2 billion. The company’s revenue rose 66% in 2005 to NIS 431 million, and posted a net profit of NIS 35 million.
Published by Globes [online], Israel business news - www.globes.co.il - on July 2, 2006
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