America House sale increased GTC’s profit to €261 million

GTC’s operating profit amounted to €323.2 mln, some 40 percent higher year-on-year. The sale of America House led to a 5.5 percent rise in profit, while a further 5.6 percent growth was due to the sale of the Lighthouse building in Prague.

The value of GTC’s assets rose 53.8 percent, up to €1.86 billion.

The company plans to invest some €1.5 billion in 2008 and 2009 to purchase land and develop new projects. In Romania, GTC sold America House last year to the BBW II real estate fund, part of French group Nataxis. It also developed the northern Bucharest Europe House, sold to Austrian fund Europolis, in 2003. Investments in GTC’s current projects in Romania exceed €450 mln.