Globe Trade Center will start work on the second phase of its University Business Park in Łódź within the next few days. Another 118,800 sqm of office space will be added to the city’s central district, at the corner of Al. Kościuszki and Wólczańska streets. UBP’s first phase, delivered in 2011, is fully leased. The cost of the investment is €17m, including bank financing. Strabag will oversee the construction.
“With a low supply of new office space, we see Łódź as a highly promising office market, with a number of international corporations looking to launch their BPO operations there, including Japanese companies, which see the city’s biggest advantage is its close proximity to Warsaw,” said GTC’s CEO Thomas Kurzmann.
GTC is also preparing to launch another office project, Platinum offices, in Warsaw’s Mokotów district next year. However, the company says it won’t start construction until it signs a pre-lease. In the meantime, GTC is offloading two plots in the town of Konstancin, near Warsaw. A preliminary agreement has already been signed for one of them, while the second has been put on the market.
The company wants to spend up to €40m on existing, income-generating assets, mostly office projects, by the end of the year. GTC is already has its eye on eight schemes. “The opportunities we’d been considering before our first attempts to raise some capital from a share issuance were blocked are no longer out there,” said Kurzmann.
