GTC HOUSE BELGRADE

Location:

Serbia

Project number:

32429

Business sector:

Property and tourism

Notice type:

Private

Environmental category:

B

Approval date:

15 Jul 2003

Status:

Completed

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

None.

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
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

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Text of the PIP

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