Warsaw's GTC Issues $66 Million in Bonds

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Warsaw-based real estate developer Global Trade Centre has issued bonds worth 200 million zlotys ($66 million) for future growth plans. 

GTC issued 20,000 bonds worth 10,000 zlotys each, maturing in 2019, according to a company announcement. 

"The bonds issue is in line with the company's previously announced plans to refinance a portion of the bonds maturing in April 2014 and be able to fund future growth of the Group," Erez Boniel, GTC's finance director and management board member, said in the announcement. 

The company was hard hit by decreasing real estate prices during the global financial crisis. 

Last October, GTC agreed to sell its 50 percent stake in the Galeria Kazimierz shopping mall in Krakow for 90 million euros ($122 million). 

However, Polish commercial property investments have been increasing with 2013 volumes totaling €3.12 billion, a six-year high. 

GTC operates in Poland, Hungary, the Czech Republic, Romania, Serbia, Croatia, Slovakia, Bulgaria, Russia and Ukraine, according to the company website. Earlier this year the company completed a  224-million zloty share offer.