GTC Belgrade Office 41



Project number:


Business sector:

Property and tourism

Notice type:


Environmental category:


Approval date:

20 Mar 2007



PSD disclosed:

16 Feb 2007

Project Description

The proposed project would finance the development, construction, letting and management of a Class B+ office development. It will consist of 26,300 sqm gross built area above ground comprising 20,800 rentable sqm for office space in two buildings; 2,400 rentable sqm for retail and 7,850 sqm of surface parking for 350 cars. 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 project will target large national and international clients who require a large floor plate.

Transition Impact

The transition impact of this Project stems from the product differentiation. Over the last few years the development activity picked up and several high-quality office schemes have appeared in the market. However all of them, being Class A, target the high end of the market. A Class B office targets and attracts local companies and the back-office operations of multinationals who do not want to compromise on quality and efficiency but are unwilling to pay a extra-premium. In general this Project will help to address the lack of modern office space in the Belgrade market which consists mainly of Class C office space and a few Class A buildings. In a mature office market roughly half of the stock should be Class B.

The Client

The proposed project will be carried out through Atlas Centar 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. GTC has been active as a developer in the Central Eastern European real estate markets since 1994, operating in 9 countries, incl. Poland, Czech Republic, Hungary, Romania, and Serbia. GTC has positioned itself as one of the leading developers in CEE with over 1,500,000 sqm of office, retail, and residential space under operations and/or development. It is listed on Warsaw Stock Exchange since May ’04 and member of various equity indexes such as WIG 20.

EBRD Finance

Senior loan of EUR 23.6 million consisting of an EBRD A Loan of EUR 10.7 million and a B Loan of EUR 12.9 million to be provided by RZB- Raiffeisen Zentralbank Oesterreich AG.

Project Cost

EUR 30.7 million.

Environmental Impact

Screened B/1. The Sponsor is an existing client, and their environmental reporting on the preceding GTC Belgrade project has been satisfactory to date. The soil and ground water contamination examination for the Project site confirms that the site is not contaminated.  The City of Belgrade’s solid waste treatment provisions will be in place in accordance with the national law during the operation of the project. The due diligence up to date does not indicate any significant environmental issues. Sponsor will be required to ensure that the project complies with national and EU environmental, health and safety standards and requirements as well as continue to submit an Annual Environmental Report on the existing projects and new project to the Bank. 

Technical Cooperation


Company Contact

Hagai Harel, GTC S.A.

Tel: +48 22 60 60 770



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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