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Globe Trade Centre buys offices in Moldova, land in Budapest

Globe Trade Centre SA, a Polish real-estate developer, bought an office building in Moldova and land in Hungary as it continues expanding in eastern Europe. Globe Trade Centre bought 11,800 square meters of office and retail space for €10 million in the Moldovan capital, Chisinau, its first investment in the country, the Warsaw-based company said today.
It also paid €7.3 million for 22,700 square meters of land in Budapest, where it plans to build a 90,000 square-meter office building, the company said in an e-mailed statement. Globe Trade Centre said in March it may invest at least $1billion by the end of 2008 to expand in central Europe. It already operates in eight countries, including Bulgaria, and plans to start projects in Ukraine, it said today. Last week, GTC said it bought land in Sofia. The developer's net income for the three months ended March 31 rose to a record 274 million zloty ($85 million) from 112 million zloty in the same period a year earlier. The shares rose 0.4% to 248 zloty as of 10:20 a.m. in Warsaw.

Update 28 June: It already operates in eight countries, including Bulgaria, and plans to start projects in Ukraine, it said today. Last week, GTC said it bought land in Sofia. The developer's net income for the three months ended March 31 rose to a record 274 million zloty ($85 million) from 112 million zloty in the same period a year earlier. The shares rose 3.2% to 255 zloty in Warsaw. (Bloomberg)