WOOD Flash – GTC: 2Q21 – Belgrade out, Budapest in; office leasing remains difficult, retail recovery encouraging
In 2Q21, GTC’s FFO accelerated, driven by acquisitions and the reopening of retail stores. Although the sale of the Belgrade offices has been compensated for largely by the purchases in Hungary, coupled with deteriorating occupancy across the office portfolio, we believe our FY21E FFO I forecast of EUR 69m may prove slightly too optimistic: c.EUR 65m could be more likely. The LTV increased, to 52%, following the acquisitions in Hungary, but we estimate that the closing of the sale of the Belgrade offices should bring it to the mid-40s. We expect the planned capital increase to bring the leverage down further.Globe Trade Centre is the parent company of the capital group, Globe Trade Centre (the Group). The Group is engaged in the development and rental of office and retail space and the development and sale of residential units. The Group is a real estate company in Central and Eastern Europe and South-eastern Europe, operating in Poland, Romania, Hungary, Croatia, Serbia, Bulgaria, and Slovakia. Additionally, it co-owns land in Ukraine and Russia and operates in the Czech Republic. The Group's portfolio comprises: completed office buildings and office parks as well as retail and entertainment centres; residential projects; and undeveloped plots of land and suspended projects.
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