Our opinion on the current state of GTC.

GTC is a property group operating in central and Eastern Europe. The company has properties in Poland, Bucharest, Budapest, Belgrade, Sophia and Zagreb. It manages forty-seven office buildings and 6 retail properties with gross lettable area (GLA) of 829 000 square meters worth about 2,35bn euros. The company is listed on the Warsaw Stock Exchange (WSE) and the JSE. In its results for the six months to 30th June 2023 the company reported occupancy at 87% and a loss of 2 euro cents per share. The company said, "As of 30 June 2023, the book value of the Group’s total property portfolio including non-current financial assets was EUR 2,408m". Unfortunately, the share on the JSE is extremely thinly traded which makes it impractical for private investors.