Project number:


Business sector:

Property and tourism

Notice type:


Environmental category:


Approval date:

15 Jul 2003



PSD disclosed:

09 Jun 2003

Project Description

The proposed project would finance the development, construction, letting and management of a Class A office development comprising 14,285 sqm of rentable area with underground and surface parking located in a prime location in New Belgrade. The Bank’s role will be to arrange a senior loan of €10.16 million consisting of an A/B loan structure with EBRD A Loan of €5.08 million and B Loan of €5.08 million provided by RZB-Raiffeisen Zentralbank Oesterreich AG.

Transition Impact

The project would assist in developing the Belgrade property market and would introduce a new product into the market with the construction of a modern Class A office building, meeting the growing demand for quality office space in the under-developed Serbian and Montenegrin market. In addition, it would provide for a long term loan thereby introducing new investment financing terms into Serbia and Montenegro, which are appropriate for commercial real estate transactions. Finally, the project would have a strong demonstration effect in the redevelopment of Belgrade following many years of under-investment and under-development during wartime hostilities in the 1990s.

The Client

The project will be carried out through GTC Medunarodni razvoj nekretnina d.o.o (the Company), a limited liability company held 100% by GTC Real Estate Investments Serbia B.V Amsterdam NL and controlled by GTC International B.V.

EBRD Finance

Senior loan of €10.16 million consisting of an A/B loan structure with EBRD A Loan of €5.08 million and B Loan of €5.08 million provided by RZB- Raiffeisen Zentralbank Oesterreich AG.

Project Cost

Senior loan of €10.16 million.

Environmental Impact

The project was classified B/0, requiring an environmental analysis of the proposed development.  The environmental analysis included a review of the soil examination report and an environmental questionnaire, which confirmed the following:
  • the project site is suitable for the construction of a new commercial project building;
  • the project management team will ensure adequate health and safety practices all through the project operation by adhering to  internationally recognised standards;
  • building materials used in the construction process does not contain substance for harmful to the environment or human health;
  • a fire detection and alarm system as well as fire hose reels and stand alone fire extinguishers will be installed in the building;
  • car parking will include 56-car underground parking space, 173-car parking space around the building and additional off street parking all around the building will be available;
  • necessary permits are either in place or will be in place in a required timeframe;
  • environmental opportunities may involve energy efficiency improvement for the new building;
  • the project is required to comply with relevant national as well as EU environmental, health and safety standards; and
  • the Bank’s environmental monitoring after the implementation of the project will be carried out by a  review of Annual Environmental Report submitted by the sponsor.

Technical Cooperation


Company Contact

Hagai Harel, GTC International B.V.
Tel: +31 20 664 88 84

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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