GTC Belgrade II



Project number:


Business sector:

Property and tourism

Notice type:


Environmental category:


Approval date:

29 Nov 2005



PSD disclosed:

26 Oct 2005

Project Description

The proposed project would finance the development, construction, letting and management of a Class A office development. It will consist of 20,580sqm gross built area above ground comprising 16,847 rentable sqm for office space in two buildings; 556 rentable sqm for retail and 9,138 sqm of underground garage for 266 parking spaces. 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 Bank’s role will be to arrange a senior loan of €18.0 million consisting of an A/B loan structure with EBRD A Loan of €8.2 million and B Loan of €9.8 million provided by RZB-Raiffeisen Zentralbank Oesterreich AG.

Transition Impact

The proposed project would contribute to the improvement of the market structure and competition by promoting the growth and quality of the primary property market in Belgrade. At the present the stock of western grade office buildings in Belgrade is much lower than that of comparable cities in the region both in absolute and relative terms.

The proposed project would assist in alleviating the lack of western grade office space in Belgrade. In addition, it would provide for a long term loan with appropriate features, thereby introducing new investment financing terms into Serbia, which are appropriate for commercial real estate transactions and very common in more advanced real estate markets.

The Client

The proposed project will be carried out through GTC Business Park 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.

EBRD Finance

Senior loan of EUR 18.0 million consisting of an A/B loan structure with an EBRD A Loan of EUR 8.2 million and a B Loan of EUR 9.8 million to be provided by RZB- Raiffeisen Zentralbank Oesterreich AG.

Project Cost

EUR 23.4 million.

Environmental Impact

Environmental review summary


Screening categories and rationale for classification
Development, construction and management of the class A office building in Belgrade has some environmental impacts which can be readily identified and addressed through adequate mitigation measures and application of good international practice. For the above reasons, the EBRD has classified the project B/1, requiring an Environmental Analysis and Audit of the proposed project.

Information reviewed during the environmental appraisal
The environmental due diligence has been based on the review of the completed Environmental Questionnaire for Property Project and Annual Environmental Reports provided by the same Sponsor for the preceding property project in Belgrade.

Environmental impacts and mitigation measures
The sponsor has carried out soil test and presentation of the construction design to the public in accordance with local and national requirements. The initial construction permit was granted in September 2005 and other permits are underway.

The environmental due diligence to date confirmed the following:

  • The site is suitable for the project.
  • No harmful materials such as asbestos and formaldehyde will be used for the construction.
  • Sprinkler systems will be installed in the offices and garages.
  • Smoke detective systems will be provided for the building.
  • Waste water treatment and solid waste treatment provisions will be in place during the operation of the building.

The sponsor will be required to ensure that the project complies with national and EU environmental, health and safety standards and requirements. To achieve that, the Sponsor is committed to apply good international practice for all the aspect of the project.

Environmental opportunities
The project design includes the following environmental opportunities:

(i) greeneries will be provided on the garage roof, and the site area will be generally upgraded; and (ii) energy efficiency will be addressed through the building design.

The Bank will evaluate the project’s compliance with the applicable environmental and social requirements during the lifetime of the project by reviewing annual environmental reports (AER) prepared for the project covering: (1) on-going performance of project-specific environmental, health and safety programmes, and (ii) the status of implementation of environmental mitigation measures.

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

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Text of the PIP

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