GTC offered 108 906 190 of K-series shares for 5.47 zlotys per each. Current shareholders of the company submitted basic subscriptions for nearly 100 per cent of shares within the performance of subscription right. Jointly, the subscriptions were submitted for nearly 146 million of shares, which exceeded the number of offered shares by over 34 per cent. Great performances of the subscription are a good signal from the shareholders that they accepted our new strategy and believe in its realization. As we mentioned before, all means gained from increase in capital will enhance our balance sheet and they will allow to finance the further development by purchase of assets generating profits, development of chosen projects on markets which are crucial to us and searching for new investment opportunities which are going to enhance the company's value – says Thomas Kurzman, Chairman of the Board, GTC.
New means will improve our relations with lenders and they will provide a base for even better use of financial leverage to enhance rates of return from investments – adds Erez Boniel, Financial Director, GTC. Means obtained from the issue of shares will be intended for financing of development of such projects of GTC as Galeria Wilanów in Warsaw, University Business Park complex in Łódź and the second stage of office investment in Belgrade. The canvassing as developer projects of the company will enable increase in value of the property portfolio and they will contribute to enhancement of financial performances. Moreover, GTC Group selected assets which sign themselves into its investment criteria. The company is going to invest in office and commercial properties with the growth potential which are located in Poland and capital of the countries of Eastern and Central Europe as well as Southern and Eastern Europe.
GTC Group functions in the sector of commercial properties in Central, Eastern and Southern Europe. At present, the company is an owner and manager of 33 commercial structures jointly offering ca. 613 000 sq. m of office and commercial area in Poland, Serbia, Romania, Croatia, Bulgaria, Slovakia, Czech Republic and Hungary.