OF GLOBE TRADE CENTRE S.A.
CAPITAL GROUP FOR THE FINANCIAL YEAR ENDED 31 DECEMBER
Place and date of publication: Warsaw, 30 April 2026
2025
LIST OF CONTENTS:
Letter of the management board
Management board's report on the activities of Globe Trade Centre S.A. Capital Group in the financial year ended 31 December 2025 including Statement on the application of the principles of corporate governance for the financial year ended 31 December 2025
Management board's representations
Management board's information on the appointment of the audit company
Supervisory board's statement
Assessment of the supervisory board
Consolidated financial statements for the year ended 31 December 2025
Independent auditor's report on the audit of the annual consolidated financial
statements
Dear Stakeholders,
I am really honored and privileged to write the first letter to shareholders as CEO of GTC. I am also very pleased with the new Management Board team, experienced, international and very much focused and interested in driving the future of GTC.
We all joined the company at a very demanding time during the summer of 2025. Some of the challenges have already been tackled, but there are big tasks ahead of us still to maneuver the company to calmer waters. Our mandate is clear: to stabilize, deleverage and strengthen the Group's foundations. And the priorities remain liquidity protection and the extension of debt maturities, while balancing the need for deleveraging through asset disposals with improving the operations of the Group's income-generating portfolio.
As new CEO, my priorities are to strengthen collaboration across GTC's regional teams, complete the planned refinancings and divestments, and driving disciplined execution of mid-term financial plan to ensure stability, efficiency and long-term value creation.
With this in mind, I invite you to review the detailed report on GTC's activities in 2025. REFINANCING
Strengthening our balance sheet and extending debt maturities were key priorities in 2025. A major
milestone was achieved in October, when GTC Finance DAC issued € 455 million of senior secured notes due 2030, generating € 429 million of net proceeds designated for the repayment of outstanding senior unsecured notes ("SUNs") issued by GTC Aurora. This transaction significantly extended our debt maturity profile and reduced refinancing risk. We repaid the first tranche of unsecured notes in October by repurchasing € 195 million of outstanding principal. Whilst the remaining € 299 million was shown as outstanding as at the balance sheet date, we repaid this amount after the balance sheet date on 25 March. As at that date, GTC Finance DAC liabilities were assumed by GTC Aurora.
The successful refinancing strengthened our financial position and was recognised by the market, with Scope Ratings upgrading GTC's issuer rating to B from B- with a Positive Outlook, whilst Fitch assigned B+ rating (Rating Watch Negative) to the new secured bonds.
In parallel, we extended key bank financings, including the € 100 million loan secured on Galeria Jurajska to 2030, and completed the € 84 million refinancing of Galeria Północna.
Apart from the refinancing efforts, our liquidity and deleveraging objectives were further supported by selective asset disposals, with combined € 135 million of net proceeds raised during the year.
PORTFOLIO DEVELOPMENT AND MANAGEMENT
In 2025, we also remained focused on maintaining the strength and stability of our portfolio. Across our office assets in CEE, we leased 100,700 sqm, maintaining 83% occupancy. Our retail portfolio also delivered solid results, with 50,400 sqm of leases signed, supporting 96% occupancy. Tenant performance remained strong, with retail turnover increasing 5% year-on-year, while our shopping centres attracted over 30 million visitors, representing a 1% increase in footfall.
With regards to the German Peach portfolio, the assets are now 86% occupied, representing an increase of 3 pp compared to year-end 2024, with average headline rental rate rising from € 7.0 per sqm in Q4 2024 to € 7.2 per sqm in Q4 2025.
Our development activity remained focused exclusively on completing previously commenced projects in selected markets.
FINANCIAL PERFORMANCE
In 2025, we delivered revenue growth and stable operating cash flows, with rental and service revenues increasing to € 202 million, supported primarily by the consolidation of our German residential portfolio. Excluding Germany, revenues from rental activity declined by 5% YoY reflecting the sale of GTC X in Belgrade and Matrix C in Zagreb, as well as decline of rental revenue in Poland and in Hungary as we stabilize occupancy following the departure of key tenants from some of our office buildings.
Operating performance was stable, with gross margin from operations nearly unchanged at € 129 million vs € 131 million a year ago. Excluding Germany gross margin declined by 10% YoY, as the decline of revenue described above was not satisfactorily compensated by a corresponding decline in costs, making the cost control one of our key priorities for the near-term.
Adjusted EBITDA totaled € 102.1 million when adjusted for non-recurring expenses, down from € 108.2 million a year ago, while FFO I adjusted for non-recurring items amounted to € 33.1 million, down from
€ 68.0 million a year ago, reflecting higher financing costs following the German acquisition and completed refinancings.
At year-end 2025, our Total Investment Portfolio value stood at € 2.75 billion, with EPRA NTA of € 1.96 per share, down from € 2.24 per share a year ago due to revaluation loss in the period.
Our balance sheet with total net debt of € 1.57 billion, a weighted average maturity of 2.9 years (including
€ 0.3bn SUNs due June'26 which were repaid in March'26) and net LTV of 57.0% will benefit from the planned deleveraging that we are actively pursuing. Liquidity remained satisfactory, supported by nearly
€ 400 million of cash and deposits set aside at year-end to repay the remaining € 299 million of SUNs. ESG FRAMEWORK
Sustainability remains an integral part of our long-term strategy and a key consideration in our
investment, asset management and financing decisions. By the end of 2025, 99% of our commercial portfolio was certified under LEED, BREEAM or DGNB, or undergoing recertification, with full coverage across Poland, Serbia, Romania, Bulgaria and Croatia.
During the year, we continued to implement initiatives aimed at reducing the environmental footprint of our assets, including energy efficiency upgrades, further progress in portfolio decarbonization and the deployment of intelligent waste monitoring solutions in our office buildings in Poland.
These measures support our ESG commitments while strengthening the long-term resilience and attractiveness of our assets for tenants, investors and financing partners.
DIVESTMENTS
On 15 November 2024 the Group entered into a series of share purchase agreements with, inter alia, Peach Property Group AG and LFH Portfolio Acquico S.À R.L, leading to the acquisition of German residential portfolio valued at € 452 million.
In 2025, the new management team began a review of the acquisition and an evaluation of its business potential in the German market. Following a detailed reassessment, we started last year market sounding and are preparing the process of selling parts of the portfolio in a cluster approach, selectively monetizing regional concentrations. At the same time, we are cognizant of the risk that prices achieved may be in some cases materially below the book value of assets.
As we embarked on the ambitious deleveraging plan, including selective disposals in Germany, we will strive for maximization of the disposal value working on the operational improvements of the assets occupancy and achieved NOI.
LOOKING AHEAD
We enter 2026 with a clear strategic focus: continued deleveraging, disciplined capital allocation, operational excellence and active asset management. The actions taken in 2025 have improved our liquidity.
We would like to thank our employees for their dedicated and hard work, and also thank our shareholders, tenants, business partners and financing institutions for their continued trust and cooperation. As we move forward, we remain fully committed to managing the business responsibly while pursuing opportunities that support sustainable growth and long-term value creation for our stakeholders.
Sincerely,
Botond Rencz, CEO GTC S.A.
Management board's report
on the activities of Globe Trade Centre S.A. Capital Group in the financial year ended 31 December 2025
1
TABLE OF CONTENT
Presentation of the Group 5
General information about the Group 5
Main events of 2025 6
Structure of the Group 9
Changes to the principal rules of the management of the Company and the Group 9
The Group's Strategy 11
Information on the Company's policy on sponsorship, charity, and other similar activities 13
Business overview 14
Overview of the investment portfolio 14
Overview of commercial income generating portfolio 15
Overview of the office portfolio 16
Office portfolio in Budapest 16
Office portfolio in Poland 17
Office portfolio in Sofia 18
Office portfolio in Bucharest 18
1.7.1.1.1.6 Office portfolio in Zagreb 19
Overview of the retail portfolio 19
Retail portfolio in Poland 19
Retail portfolio in Belgrade 20
Retail portfolio in Zagreb 20
Retail portfolio in Sofia 21
Retail portfolio in Budapest 21
Overview of residential income generating portfolio 22
Overview of properties under construction 22
Overview of landbank 22
Rights of use - investment property 22
Non-current financial assets 23
Overview of the markets in which the Group operates 25
Office market 25
Retail market 30
Residential market 34
Investment market 34
Selected financial data 40
Operating and financial review 41
General factors affecting operating and financial results 41
Specific factors affecting financial and operating results 42
Presentation of differences between achieved financial results and published forecasts 43
Statement of financial position 43
Consolidated income statement 44
Consolidated cash flow statement 46
Alternative performance measures 47
Future liquidity and capital resources and availability of financing 49
Information on loans granted with a particular emphasis on related entities 50
Information on granted and received guarantees with a particular emphasis on guarantees granted to related entities 51
Description of the use of proceeds from the issuance of senior secured notes by GTC Finance DAC up to the date of preparation of the management report 51
Off balance sheet assets and liabilities 52
Major investments, local and foreign (securities, financial instruments, intangible assets, real estate), including capital investments outside the Group and its financing method 52
Remuneration policy and human resources management 52
Remuneration policy 52
Incentive system 54
Phantom Shares program control system 54
Agreements concluded between GTC and management board members 54
Evaluation of the remuneration policy for the realization of its objectives 54
Remuneration of the members of the management board and supervisory board 55
Number of employees 56
Training policy 56
Information on any liabilities arising from pension and similar benefits for former members of the management board and the supervisory board 56
Shares in GTC held by members of the management board and the supervisory board 56
Transactions with related parties concluded on terms other than market terms 57
Information on signed and terminated loan agreements within a given year 57
Information on contracts of which the Company is aware of (including those concluded after the balance sheet date) which could result in a change in the shareholding structure in the future 58
Proceedings before a court or public authority involving Globe Trade Centre SA or its subsidiaries the total value of the liabilities or claims is material 58
Material contracts signed during the year, including insurance contracts and co-operation
contracts 58
Agreements with an entity certified to execute an audit of the financial statements 59
Key risk factors 59
Terms and abbreviations 75
Statement on the application of the principles of corporate governance for the financial year ended 31 December 2025 77
PRESENTATION OF FINANCIAL INFORMATION
Unless indicated otherwise, the financial information presented in this Report was prepared according
to International Financial Reporting Standards ("IFRS") as approved for use in the European Union.
All the financial data in this Report is presented in € or PLN and expressed in millions unless indicated otherwise.
Certain financial information in this Report was adjusted by rounding. As a result, certain numerical figures shown as totals in this Report may not be exact arithmetic aggregations of the figures that precede them.
PRESENTATION OF PROPERTY INFORMATION
The properties' valuation is based on the value that the Group presents in its consolidated financial statements. The occupancy rate given for each of the markets is as of 31 December 2025.
INDUSTRY AND MARKET DATA
In this Report the Group sets out information relating to its business and the markets in which it operates and in which its competitors operate. The information regarding the markets, their potential, macroeconomic situation, occupancy rates, rental rates, and other industry data relating to the Group's markets are based on data and reports compiled by various third-party entities. The information included in that section is not expressed in millions and is prepared by Jones Lang LaSalle IP, Inc , iO Partners ("JLL") for CEE and SEE commercial properties. It is based on material that JLL believes to be reliable. While every effort has been made to ensure its accuracy, GTC cannot offer any warranty that contains no factual errors.
Moreover, in numerous cases, the Group has made statements in this Report regarding the industry in which it operates based on its own experience and examining market conditions. The Group cannot guarantee that any of these assumptions properly reflect the Group's understanding of the markets in which it operates. Its internal surveys have not been verified by any independent sources.
FORWARD-LOOKING STATEMENTS
This Report contains forward-looking statements relating to future expectations regarding the Group's business, financial condition, and results of operations. You can find these statements by looking for words such as "may", "will", "expect", "anticipate", "believe", "estimate", and similar words used in this Report. By their nature, forward-looking statements are subject to numerous assumptions, risks, and uncertainties. Accordingly, actual results may differ materially from those expressed or implied by forward-looking statements. The Group cautions you not to place undue reliance on such statements, which speak only as of this Report's date.
The cautionary statements set out above should be considered in connection with any subsequent written or oral forward-looking statements that the Group or persons acting on its behalf may issue. The Group does not undertake any obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of this Report.
The Group discloses essential risk factors that could cause its actual results to differ materially from its expectations under Item 3. Operating and financial review and under Item 16. Key risk factors, and elsewhere in this report. These cautionary statements qualify all forward-looking statements attributable to us or the persons acting on behalf of the Group. When the Group indicates that an event, condition, or circumstance could or would have an adverse effect on the Group, it means to include effects upon its business, financial situation, and results of operations.
Presentation of the Group
General information about the Group
GTC Group is an experienced, established, and fully integrated real estate group of companies operating its commercial real estate in the CEE and SEE region with a primary focus on Poland and Budapest and capital cities in the SEE region, including Bucharest, Belgrade, Zagreb, and Sofia, where it directly acquires, develops and manages primarily high-quality office and retail real estate assets in prime locations. Additionally, in 2024, GTC Group entered a German residential for rent sector In Germany where currently its owns a residential portfolio of approximately 5000 residential units. The Company is listed on the Warsaw Stock Exchange and the Johannesburg Stock Exchange. The Group operates an asset management platform and is represented by local teams in each of its core markets.
As of 31 December 2025, the book value of the Group's Adjusted Total Investment Portfolio was
€2,595.1 (incl. fixed assets for own use in the amount of €6.6) and the breakdown was as follows:
37 completed commercial office buildings and 6 retail properties, with a total combined commercial space of approximately 721 thousand sqm of GLA, an occupancy rate at 87% and a book value of €1,872.0 (including property held for sale in the amount of €19.6) which accounts for 72% of the Group's Adjusted Total Investment Portfolio;
5,169 flats with a total combined residential space of approximately 325 thousand sqm, an occupancy rate at 86% and a book value of €453.2, which accounts for 18% of the Group's Adjusted Total Investment Portfolio;
four projects under construction with a total GLA of approximately 54 thousand sqm and a book
value of €140.9, which accounts for 5% of the Group's Adjusted Total Investment Portfolio;
investment landbank (excl. right of use of land) with the book value of €94.5 which accounts for 4% of the Group's Adjusted Total Investment Portfolio;
residential landbank (excl. right of use of land) with the book value of €27.9 which accounts for 1% of the Adjusted Total Investment Portfolio;
fixed assets for own use in the amount of €6.6 which accounts for under 1% of the Group's Total Investment Portfolio.
As of 31 December 2025, the book value of the Group's Total Investment Portfolio (including non-current financial assets) was €2,751,4. Additionally Group holds right of use of land under perpetual usufruct with value of € 34.5. The total property portfolio including right of use assets and excluding fixed assets for own use amounted to €2,779.3.
43 5,169 4
completed
commercial buildings with
721,000 sqm of GLA
completed flats with 325,000 sqm residential space
projects
under construction
Additionally, GTC holds non-current financial assets in the amount of €156.3 mainly including:
25% of notes issued to finance Kildare Innovation Campus (technology campus) project, which currently comprises nine completed buildings with the total GLA of approximately 102 thousand sqm (the project extends over 72 ha of which 34 ha are undeveloped). Fair value of these notes
as of 31 December 2025 amounted to €135.0, which accounts for 5% of the Group's Total Investment Portfolio;
33% of units in Regional Multi Asset Fund Compartment 2 of Trigal Alternative Investment Fund GP S.á.r.l., which holds 4 completed commercial buildings including 3 office buildings and
1 retail property with a total combined commercial space of approximately 41 thousand sqm of GLA. The fair value of these units amounted to €17.6, which accounts for under 1% of the Group's Total Investment Portfolio;
other non-current financial assets amounted to €3.7
Main events of 2025
FINANCING
On 24 February 2025, GTC Galeria CTWA sp. z o. o., a wholly-owned subsidiary of the Company, signed a prolongation of the existing facility with Erste Group Bank AG and Raiffeisenlandesbank Niederosterreich-Wien AG. Final repayment date was extended by 5 years from the signing date. Due to the requirements in the signed amendment Group deposited € 44.0 cash in the blocked account for the purpose of buy-back of bonds issued by GTC Aurora Luxembourg.
On 18 June 2025, Centrum Światowida sp. z o.o., a wholly-owned subsidiary of the Company, signed a loan facility agreement (the "Facility Agreement") with J&T BANKA, a.s. with its registered seat in Prague. Under the terms of the Facility Agreement, Centrum Światowida sp. z o.o. will be granted a loan facility in the amount of up to € 84.0. The maturity of the loan is 5 years from the date of the Facility Agreement. In July 2025 the loan was fully drawn.
In October 2025, the bond refinancing process took place. The notes that ultimately will be assumed by GTC Aurora bear a fixed annual interest rate of 6.50% and will mature in October 2030, with a three-year non-call period. As part of this refinancing, GTC Magyarország Zrt. ("GTC Hungary") launched a tender offer to repurchase SUNs, resulting in the successful acquisition of € 195.0 in aggregate principal amount. Further details are provided in note 9 of the annual consolidated financial statements for 2025.
On 19 December 2025, GTC Francuska sp. z o.o. and GTC Pixel sp. z o.o., wholly-owned subsidiaries of the Company, signed the annex to the facility agreement with Santander Bank Polska S.A. which extended final repayment date to 22 April 2026.
On 22 December 2025, GTC Sterlinga sp. z o.o., a wholly-owned subsidiary of the Company, entered into an amendment and restatement agreement with Bank Pekao S.A., subject to certain conditions precedent which were all satisfied in January 2026. Consequently, the final repayment date for the facility has been extended to 31 December 2030.
TRANSACTIONS -- GERMAN PORTFOLIO
As the part of the acquisition of the German residential portfolio (detailed description of the transaction is presented in the note 28 in the Group's annual consolidated financial statements for the year ended 31 December 2024), the Company has issued the Participating Notes, which were transferred to LFH Portfolio Acquico S.À R.L., as an in-kind settlement of the portion of the purchase price under the share purchase agreement concluded with LFH Portfolio Acquico S.À R.L. Since the initial recognition Group classifies Participating Notes as equity instrument.
Additionally, GTC Paula SARL was granted an option against LFH Portfolio Acquico S.À R.L. and ZNL
Investment S.À R.L. to purchase all of the shares held by LFH Portfolio Acquico S.À R.L. ("LFH") and
ZNL Investment S.À R.L. in Kaiserslautern I GmbH & Co. KG (0.01%), Kaiserslautern II GmbH & Co. KG (0.01%), Portfolio Kaiserslautern III GmbH (5%), Portfolio KL Betzenberg IV GmbH (5%), Portfolio KL Betzenberg V GmbH (5%), Portfolio Kaiserslautern VI GmbH (5%), Portfolio Heidenheim I GmbH (10.1%), Portfolio Kaiserslautern VII GmbH (10.1%) and Portfolio Helmstedt GmbH (10.1%), altogether the "Call Option".
In accordance with the Call Option Agreement, GTC Paula SARL exercised its right to acquire non-controlling interests held by LFH Portfolio Acquico S.À R.L. and ZNL Investment S.À R.L. on 31 March 2025. The agreement stipulated that the Company would be entitled to exercise its right to early redemption of the Participating Notes provided that certain conditions were met, including the adoption of a resolution by the General Meeting to increase the Company's share capital, with the exclusion of pre-emptive rights of existing shareholders, and/or any other resolution necessary to enable early redemption.
As of 31 December 2025, the Call Option has been fully settled, total consideration amounted to € 47.3, hence Group finalised the acquisition of all shares held by Marco Garzetti, LFH Portfolio Acquico S.À
R.L. and ZNL Investment S.À R.L. Accordingly, the Group completed the final settlement of the option, recognizing € 11.7 million in the reserve capital with a corresponding entry in the adjustment to fair value of financial assets. Additionally, through the exercise of the Call Option, the Group became a party to the Put and Call Options relating to non-controlling interests in acquired residential portfolio by the Peach Group. Under these arrangements, the Group has the right to acquire the remaining non-controlling interests held by Peach Group after 5 or 10 years, while the Peach Group holds the right to sell its interests to the GTC Group after 10 years. A liability for option exercise amounting to € 7.9 was recognized on 31 December 2025 at amortised cost and presented in non-current liabilities in line Liabilities for put options on non-controlling interests and other long-term payables.
OTHER TRANSACTIONS
In January 2025, the Group received € 10.0 regarding the sale of GTC Seven Gardens d.o.o., a wholly-owned subsidiary of the Company, which was finalized in December 2024.
On 17 January 2025, the Group finalized the sale of land plot in Warsaw (Wilanów district). The selling price under the agreement is € 55.0 which was equal to value presented in assets held for sale as of 31 December 2024, (€ 93.2) deducted by liabilities related to these assets held for sale (€ 38.2), the amount was settled in full during reporting period. Transaction was not concluded with any related party.
On 31 January 2025, the Group finalized the sale of the entire share capital of Serbian subsidiary Glamp
d.o.o. Beograd (Project X) for € 22.7 (net of cash and deposits in sold entity) which was close to the amount of assets held for sale deducted by the amount of liabilities related to those assets presented in the annual consolidated financial statements for 2024. The amount was settled in full during reporting period. Transaction was not concluded with any related party.
On 14 February 2025, GTC Origine Investments Pltd, a wholly-owned subsidiary of the Company finalized a business quota swap agreement to purchase 100% of shares of Chino Invest Ingatlanhasznosító Kft and Infopark H Építési Terület Kft for exchange of shares in subsidiaries: GTC VRSMRT Projekt Kft (owner of the over 1,000 sqm land plot in Hungary) and GTC Trinity d.o.o. (owner of the over 13,900 sqm land plot in Croatia) and 3rd party bonds owned by GTC Origine Investments Pltd. The total fair value of acquired assets amounts to € 14.8 and is not materially different from total consideration of the transaction. The two acquired companies own over 6,800 sqm residential plots in Budapest, which provide opportunity for GTC to participate in the booming residential developments in Hungary. The Management Board has assessed this transaction to be an asset acquisition. Transaction was not concluded with any related party.
In April 2025, the Management Board adopted the resolution concerning the sale of the office building Artico in Poland. It is expected to finalize the sale transaction within one year after the end of the reporting period, relevant assets were reclassified to assets held for sale in the amount of € 20.1.
On 7 May 2025, the Group signed the preliminary agreement regarding sale of land plot in Katowice. The sale price under the Agreement is € 3.8. Transaction was finalized in the July 2025, the amount was settled in full during reporting period. Transaction was not concluded with any related party.
On 25 July 2025, the Group signed a conditional sales agreement for the land plot located in Warsaw. The selling price under the agreement is PLN 29.0 (€ 6.8). Transaction was finalized in September 2025, the amount was settled in full during reporting period. Transaction was not concluded with any related party.
In September 2025, the Management Board adopted the resolution concerning the sale of land and building in Budapest (GTC Future). In last quarter of 2025, a sale agreement with sale price of EUR
19.0 was signed. The transaction was finalised and settled in cash in December 2025 and was not concluded with any related party.
On 22 September 2025, GTC Origine Investments Pltd., a wholly-owned subsidiary of the Company, entered into agreement concerning the sale of 1,303,377 ordinary shares in NAP Nyrt. The shares were sold for a total consideration of EUR 4.5, which was collected on 1 October 2025. The transaction resulted in the disposal of GTC Group's entire shareholding in NAP Nyrt on 28 September 2025. Transaction was not concluded with any related party.
On 12 December 2025, the Group entered into an agreement for the sale of a plot of land together with building under construction located in Zagreb (Matrix D). The total sale price under the agreement amounted to € 13.3. The transaction was finalised before year end 2025 and was not concluded with any related party.
OTHER
On 24 June 2025, the Annual General Meeting of GTC S.A. approved a resolution to retain the entire net profit of PLN 120.1 (€ 27.9) for 2024 within the Company.
EVENTS THAT TOOK PLACE AFTER 31 December 2025:
In March 2026 the Group successfully finalized repurchase of senior unsecured notes issued by GTC Aurora and assumed the senior secured notes issued previously by GTC Finance DAC under its subsidiary GTC Aurora.
On 24 February 2026, Centrum Światowida sp. z o.o., a wholly owned subsidiary of the Company, signed an annex to the facility agreement with J&T BANKA a.s. Under the terms of the annex, Centrum Światowida will be granted a loan facility in the amount up to € 20. In February the loan was fully drawn down.
On 27 March 2026, GTC Corius sp. z o.o., a wholly owned subsidiary of the Company, signed an annex to the facility agreement with LBBW (previously: Berlin Hyp AG) which extended final repayment date to 31 March 2027.
On 30 March 2026, Globe Office Investments Kft. signed the facility agreement with K&H Bank Zrt. which will refinance current bank loan in Erste Bank. Under the terms of the Facility Agreement, company will be granted a loan facility in the amount of up to EUR 28.0 The maturity of the loan is on 31 December 2031.
On 9 April 2026, companies GTC HBK Project Kft. and GTC VI188 Property Kft., signed the prolongation to the facility agreement with Erste Bank which extended final repayment date to 31 December 2026.
On 13 April 2026, Portfolio Heidenheim I GmbH, Portfolio Kaiserslautern II GmbH, Portfolio Kaiserslautern III GmbH, Portfolio KL Betzenberg IV GmbH and Portfolio KL Betzenberg V GmbH (collectively, the "Borrowers"), entered into the third amendment and accession agreement with Berlin Hyp Unselbstständige Anstalt der Landesbank Baden-Württemberg, concerning credit facilities in respect of real estate properties owned by the Borrowers located in Kaiserslautern and Heidenheim in Germany (the "Amendment Agreement"). This loan facility refinances an expiring loan facility provided by another financing party. The loan in a total amount of up to EUR 148.8 (the "Loan") is intended for the refinancing of the existing loan and capex expenses in respect of the Borrowers' properties. The Loan consists of (i) a fixed rate loans in the amount of EUR 111.6 and (ii) a EURIBOR loans in the amount of EUR 37.2 bearing interest at 3M EURIBOR increased by applicable margin and liquidity costs - intended for the refinancing of the properties in Heidenheim and in Kaiserslautern. The Loan will mature on 30 March 2031. The fixed rate loans shall be repaid by way of annuity payments at the end of each month. The EURIBOR loans shall be repaid in full at maturity.
In March 2026, GTC Univerzum Projekt Kft., received binding offer from otpbank to extend current facility agreement for 16 years.
On 22 April 2026, GTC Francuska sp. z o.o. and GTC Pixel sp. z o.o., wholly-owned subsidiaries of the Company, signed the annex to the facility agreement with Santander Bank Polska S.A. which extended final repayment date to 31 December 2026.
Structure of the Group
The Group's structure is presented in the Group's annual consolidated financial statements for the year ended 31 December 2025 (see note 8 to the consolidated financial statements for 2024).
Changes to the principal rules of the management of the Company and the Group
During the year, the entire composition of the Company's management board changed, together with very substantial changes in the Supervisory Board, as detailed below. To strengthen oversight and improve governance, the new management introduced closer cooperation and more frequent communication with the Supervisory Board. Two Supervisory Board, members, Ms. Magdalena Frąckowiak and Mr. Zoltán Martonyi, were delegated to perform specific supervisory duties independently in the Company and their oversight responsibilities were expanded. Subsequently, on 14 April 2026, the extraordinary general meeting of shareholders adopted amendments to the Articles of Association aimed at raising corporate governance standards and strengthening the Company's standing among financial market participants. The underlying rationale was to enhance the system of checks and balances within the Company's corporate governance framework and to introduce clearer, more robust decision-making mechanisms. A key change is refining the rules for electing and dismissing the Shareholder Meeting Delegate, including a safeguard that if a controlling shareholder holds more than 50% of votes, the delegate must be nominated by another entitled shareholder not affiliated with the controlling shareholder. Other key changes include lowering the consent threshold for material transactions requiring Supervisory Board approval from €30 million to €10 million, as well as introducing a new threshold of €1 million for the value of professional services contracts requiring the Supervisory Board's consent. Prior to these amendments taking effect, the management board had already taken steps to keep the supervisory board regularly informed of material transactions below the then-applicable statutory threshold.
CHANGES IN THE COMPOSITION OF THE MANAGEMENT BOARD:
On 28 May 2025, the Supervisory Board of the Company:
dismissed Mr. Gyula Nagy from the position of the President of the Management Board of the Company, effective as of 28 May 2025;
appointed Ms. Małgorzata Czaplicka to the position of the President of the Management Board,
effective as of 28 May 2025;
On 7 August 2025, the Supervisory Board of the Company:
dismissed Mr. Zsolt Farkas from his position of the member of the Management Board of the Company, effective as of 7 August 2025;
dismissed Mr. Balazs Gosztonyi from his position of the member of the Management Board of the Company, effective as of 8 September 2025;
appointed Mr. Jacek Bagiński, to the position of the member of the Management Board of the Company and Chief Financial Officer, effective as of 8 September 2025.;
appointed Mr. Botond Rencz to the position of the member of the Management Board of the Company and Chief Business Sustainability Officer, effective as of 11 August 2025;
appointed Mr. Mihály Ország to the position of the member of the Management Board of the Company and Chief Corporate Finance Officer, effective as of 2 September 2025;
On 28 August 2025, the Supervisory Board of the Company appointed Mr. Mr. Sebastian Junghänel to the position of the Member of the Management Board of the Company and Chief Operating Officer, effective as of 2 September 2025.
On 27 October 2025:
Ms. Małgorzata Czaplicka resigned from the position of the President of the Management Board of the Company, effective as of the moment of that date;
The Supervisory Board adopted a resolution appointing Mr. Botond Rencz as President of the Management Board of the Company, effective as of the moment of adoption of the resolution;
CHANGES IN THE COMPOSITION OF THE SUPERVISORY BOARD:
on 5 January 2025, Mr. Lorant Dudas resigned from his seat on the supervisory board of the Company, effective as of 5 January 2025;
on 18 March 2025, Mr. Balint Szécsényi resigned from his seat on the supervisory board of the Company, effective as of 18 March 2025;
on 16 April 2025, GTC Dutch Holdings B.V. appointed Mr. Ferenc Minárik and Mr. István Hegedüs as members of the Supervisory Board of the Company, effective as of 17 April 2025;
on 22 April 2025, GTC Dutch Holdings B.V. revoked Mr. Tamás Sándor and Mr. Csaba Cservenák from the positions of member of the Supervisory Board of GTC S.A, effective as of 22 April 2025;
on 22 April 2025, GTC Dutch Holdings B.V. appointed Mr. Ferenc Daróczi as member of the Supervisory Board of the Company, effective as of 22 April 2025;
on 10 July 2025 GTC Dutch Holdings B.V. appointed Mr. Zoltán Martonyi as member of the Supervisory Board of the Company, effective as of 10 July 2025;
on 15 July 2025 GTC Dutch Holdings B.V. appointed Ms. Sarolta Várszegi as member of the Supervisory Board of the Company, effective as of 15 July 2025;
on 9 September 2025, Mr. János Péter Bartha resigned from his seat on the Supervisory Board of the Company, effective as of 10 September 2025.
on 12 December 2025 GTC Dutch Holdings B.V. appointed Mr. Csaba Ember as member of the Supervisory Board of the Company, effective as of 12 December 2025;
CHANGES THAT TOOK PLACE AFTER 31 December 2025 IN THE COMPOSITION OF THE SUPERVISORY BOARD:
on 17 March 2026, Mr. Ferenc Minárik resigned from his seat on the supervisory board of the Company, effective as of 17 March 2026.
The Group's Strategy
The Group's strategy centres around stable growth, financial prudence and environmental sustainability with a commitment to create long-term value for its stakeholders in a more disciplined balance sheet framework.
The key priorities for 2026 are:
Balance sheet deleveraging and reducing costs of debt through asset disposals
Cost and efficiency improvements; and
Reduced capital expenditures, limited to completion of started key projects and essential maintenance.
The Group's core business model is based on GTC 'score competences, i.e. construction of new real assets to earn developer's profit and adding value to the standing properties via strong asset management.
The Group's existing key asset classes include:
Green office buildings
Green shopping malls
Residential properties for rent located in Germany, mainly in Kaiserslautern, Helmstedt and Heidenheim
Portfolio management priorities:
Active management of the standing portfolio to improve rental income and occupancy and maintain cost efficiency.
Repositioning or repurposing older and non-energy-efficient assets or those in structurally weaker (especially regional) markets, where this creates value.
Sale of non-core assets for deleveraging, unlocking equity for selected developments and value-accretive opportunities, thereby increasing the return on invested equity.
Selective disposals of operating commercial properties that are either capex-intensive or have largely reached their value potential (fully rented with high WAULT), where capital recycling is attractive.
Value-add acquisitions only where there is tangible potential through reletting, improvement in occupancy and rental upside, and where the transaction fits within the Group's deleveraging and return criteria.
Entering asset classes which offer higher returns and further growth potential only if they
meet the Group's stricter investment and financing criteria.
Maintaining a measured development pipeline, with priority given to completing projects already started and those supported by pre-lets or strong market fundamentals.
Converting ongoing development projects and land reserves into income-generating properties, with disciplined capex allocation and clear return hurdles.
Active liabilities' management:
Financing investment needs from senior bank debt and debt capital markets.
Active management of financing cost through continuous refinancing, extension of maturities and optimisation of the debt structure to increase recurring return on equity.
Deleveraging is a key medium-term priority; while temporary increases in LTV associated with cash-intensive projects may occur, the Group aims to lower leverage over time, supported by selective disposals and disciplined capital allocation
Sustainability measures (ESG):
Focus on green buildings, carbon footprint reduction and sustainable portfolio certification to mitigate climate change and support long-term asset competitiveness.
Prioritising tenant relationships and community impact through responsible investments and high-quality property management.
Upholding robust anti-corruption and anti-money-laundering measures and effectively managing regulatory and sustainability-related risks.
Actively raising employees' awareness of ESG aspects and encouraging reporting of
ESG-related issues.
Strict adherence to sanctions policies in relation to countries, entities and individuals.
Supporting initiatives in the ESG area and memberships in organisations that promote sustainable real estate and responsible investment practice
Others:
Further optimisation of overheads through process improvements, digitalisation and centralisation of selected functions, coupled with outsourcing where specialist competences are missing or more efficiently sourced externally.
Maintaining a leaner, more efficient organisational structure focused on improving margins, supporting deleveraging and creating capacity for future, selective and high-quality growth, including a return to a sustainable dividend profile when conditions allow.
ESG Policy Pillars
Environmental issues, including climate issues, are an important area of the Group management. They are included in our ESG Policy which is based on 3 pillars and 8 focus areas:
Environment: concern for the environment
We are reducing our environmental footprint. We deliver and manage green-certified buildings (saving energy and resources, lowering carbon emissions). We contribute to a circular economy.
Focus areas of the pillar:
Green Buildings
Climate Change Mitigation
Social: empowerment, respect and diversity
We deliver office and retail space where our tenants can grow. We care about the employees, who are our biggest asset. We are a good neighbour, investing in local communities.
Focus areas of the pillar:
Tenants
Employees
Communities
Governance: best governance practices
We act ethically and assure compliance of all our operations. We implement processes minimising ESG-related risks. We lead open and honest communication with all our stakeholders.
Focus areas of the pillar:
Compliance
Rysk management
Transparency
Detailed description of the pillars is presented in the Group's annual report for the year ended 31 December 2022 (see item 4.5) or on the company website in ESG section.
Information on the Company's policy on sponsorship, charity, and other similar
activities.
As a Group, we set ourselves ambitious business goals that we want to implement in a sustainable manner. It is a responsible task for our entire team, which is why creating a stable and motivating work environment is so important to us. All our corporate social responsibility activities are run in a coordinated manner to support local communities in which the Group operates. Such support involves:
Enhancement of local infrastructure, including road and traffic infrastructure. Throughout the Group, we share the principle of taking responsibility for the space we create. The infrastructure created in connection with or for the purposes of the developments constructed is handed over to the local self-government free of charge to be used by all residents. Moreover, prior to the development of the Group's projects, public green areas (such as squares and parks) are placed on undeveloped plots or plots which will surround future developments following their completion by the Group.
Local initiatives. The Group takes an active part in a great number of non-profit activities as a partner, organizer, or sponsor. We often present our projects to local communities. We actively participate in public meetings dedicated to spatial planning. The Group's regional offices know the needs of the local community and the market in which they operate best, so they decide which social topics form a priority for them. The Group participates in and supports local initiatives such as:
support of Red Cross with providing a place for blood donations;
support of Red Cross, WWF, UNICEF, SOS Children Village, etc, humanitarian organisations in mall for collecting donations;
support of charity organizations with providing a place in our shopping malls and office buildings for promotional activities in attracting sponsors and making people aware of their initiatives as well as humanitarian associations and charities;
promotion of local businesses by continuously providing organic and home-made products for all visitors,
free medical examination for women and men;
organization of family picnics;
organization of monthly garage sales;
organization of Christmas concert and workshops;
opening free parking at night due to bad weather conditions.
Additionally, the Group conducted several local initiatives with support sports activities or participated in sponsorship:
yoga training - promotion of active leisure time activities;
exercise games for children during holiday;
city games for families - promotion of outdoor activities;
volleyball festival - promotion of a healthy lifestyle;
Beach Volleyball tournament - Cup of Silesia;
championship in beach volleyball in Galeria Jurajska;
the North Bridge Run ("Bieg przez Most") in Warsaw;
charity volleyball - JLL volleyball tournament.
Embracing environmental certification. The investments of the Company and the Group are fully compliant with LEED or BREEAM guidelines. As of 31 December 2025 approximately 99% of our properties hold a green certificate or was under recertification, which proves the sustainability of the properties that GTC develops and manages.
In 2025, the Group total expenses to support charities amounted to €399 thousand, including: €16 thousand for social organizations, €8 thousand for general donations, €22 thousand for sport related actions and €163 thousand for sponsorship of culture and, €189 thousand for sponsoring (education, health, ecology) and related actions.
Business overview
As of 31 December 2025, the book value of the Group's total property portfolio amounted to €2,779.3 and comprised mainly investment properties (including rights of use and assets held for sale). Additionally, GTC holds non-current financial assets (related to investment properties) with the book value of €156.3 (GTC's share).
Overview of the investment portfolio
% of Investment property
Residential
income
generating portfolio 17%
Investment property
under construction 6%
Investment
landbank 4%
Residential landbank 1%
Right of use 1%
Commercial income generating portfolio
(incl. AHFS) 71%
INVESTMENT PORTFOLIO
The Group's core business is focused on commercial assets, mainly office buildings and office parks as well as retail and entertainment centers.
In addition, the group currently has residential units for rent in Germany.
The Group's investment properties include income generating assets (including asset held for sale), projects under construction, commercial investment and residential landbank and rights of use.
Overview of commercial income generating portfolio
Belgrade 5%
Bucharest 9%
Sofia 11%
Zagreb 5%
Poland 39%
Budapest 31%
As of 31 December 2025, the Group had 43 income generating commercial assets (including 1 office asset held for sale) with total GLA of approx.. 721 thousand sqm as compared to 45 income generating commercial assets and approx. 745 thousand sqm as of 31 December 2024. The value of income generating commercial assets was €1,872.0 as of 31 December 2025, as compared to €1,987.9 as of 31 December 2024. The average occupancy rate within the income generating commercial portfolio was 87% as of 31 December 2025 as compared to 86% as of 31 December 2024. The commercial portfolio was valued based on an average yield of 7.9% as of 31 December 2025 as compared to an average yield of 7.3% as of 31 December 2024. The average duration of leases in the Group`s income generating commercial portfolio was 3.6 years as of 31 December 2025, as compared to 3.8 years as of 31 December 2024. The average rental rate was €19.0/sqm/month as of 31 December 2025 as compared to €19.0/sqm/month as of 31 December 2024.
As of 31 December 2025, approximately 70% of the income generating commercial portfolio (by value) is located in Poland and Budapest and 30% in Sofia, Bucharest, Belgrade and Zagreb.
The following table presents income generating commercial portfolio by country in which the Group operates as of 31 December 2025:
Total gross leasable area
% of GLA
Average occupancy
Book value
% of total book value
Location
(sqm)
(%)
(%)
(€)
(%)
Poland
312,300
43%
84%
727.0
39%
Budapest
203,000
28%
85%
590.4
31%
Sofia
74,900
10%
91%
203.7
11%
Bucharest
62,400
9%
84%
160.5
9%
Belgrade
33,900
5%
99%
90.2
5%
Zagreb
34,500
5%
96%
100.2
5%
Total
721,000
100%
86%
1,872.0
100%
Retail 38%
Office 62%
Within its income generating commercial portfolio, the majority of assets are in the office sector. As of 31 December 2025, office properties accounted for around 62%, and retail properties accounted for the remaining 38% of the book value of income generating commercial portfolio. During the year the mix of Office in the book value declined and the mix of Retail increased by 2 percentage points.
The following table presents income generating commercial portfolio by sector as of 31 December 2025:
Usage type
Total gross leasable area
(sqm)
% of GLA
(sqm)
Average occupancy(%)
Book value
(€)
% of total book value
(%)
Office
517,100
72%
83%
1,162,1
62%
Retail
203,900
28%
96%
709.9
38%
Total
721,000
100%
87%
1,872.0
100%
The Group's office buildings provide convenient space, flexible interiors and a comfortable working environment. They are located in the heart of business districts and in proximity to the most important transport routes, including international airports. All projects have earned the trust of a significant number of multinational corporations and other prestigious institutions, including ExxonMobil, evosoft, Ericsson, KEF, IBM, MBH Bank, Rempetrol, Concentrix, CBRE, LOT, Deloitte, KPMG and others.
The Group's shopping centers are located in both capital cities, in one Polish secondary city as well as in Serbia, Bulgaria, Croatia and Budapest. The majority of Group's shopping centres is very highly ranked in the city of their location. Their tenants include big multinationals as well as local brands like Carrefour, Cinema City, H&M, LPP, CCC, Inditex Group and others.
Overview of the office portfolio
Sofia 10%
Budapest
Zagreb 49%
1%
Bucharest 14%
Poland 26%
As of 31 December 2025, the Group's office portfolio comprised 37 office buildings (including one asset held for sale) as compared to 39 buildings as of 31 December 2024. Total gross rentable office space was 517,100 sqm as compared to 541,200 sqm as of 31 December 2024. The occupancy rate was 83% as of 31 December 2025, vs. 82% as of 31 December 2024. The average duration of leases was 3.5 years at the year-end 2025, as compared to 3.8 years as of 31 December 2024. The applied average yield was 7.5% as of 31 December 2025, as compared to 7.3% as of 31 December 2024. The average rental rate generated by the office portfolio was €17.6
sqm/month as of 31 December 2025, as compared to
€17.5 sqm/month as of 31 December 2024. The total value of the office portfolio as of 31 December 2025 was €1,162.1 compared to €1,273.9 as of 31 December 2024. The decrease in value is mainly attributable to the sale of GTC X office building in Belgrade, and declining valuation of regional offices in Poland as well as offices in Hungary, as explained in the following two sections.
The Group's office buildings are located in Poland and Budapest, Bucharest, Sofia and Zagreb. During the year the Group finalized the disposal of 18k sqm office building GTC X in Belgrade which was included as asset held for sale as at 2024 year-end and valued at €52.2.
The following table presents the office portfolio by country as of 31 December 2025:
Total gross leasable area
% of GLA
Average occupancy
Book value
% of total book value
Location
(sqm)
(%)
(%)
(€)
(%)
Budapest
196,400
38%
87%
568.5
49%
Poland
199,300
39%
76%
300.3
26%
Bucharest
62,400
12%
84%
160.5
14%
Sofia
52,100
10%
88%
117.6
10%
Zagreb
6,900
1%
100%
15.2
1%
Total
517,100
100%
83%
1,162.1
100%
Office portfolio in Budapest
The Group's total gross rentable area in Budapest comprised 196,400 sqm in twelve office buildings located in Budapest as of 31 December 2025, vs 203,100 in 2024. A landbank with a small office building at Váci 173-177 was sold during the year. The occupancy rate was 87% as of 31 December 2025 as compared to 86% as of 31 December 2024. The average duration of leases was 2.9 years at the year-end as compared to 3.5 years at the year-end 2024. The applied average yield was 7.0% as of 31 December 2025, as compared to 6.6% as of 31 December 2024. The average rental rate generated by the office portfolio in Hungary was €19.7 sqm/month as of 31 December 2025 as compared to €19.3 sqm/month as of 31 December 2024. The book value of the Group's office portfolio in Hungary amounted to €568.5 as of 31 December 2025, as compared to €606.9 as of 31 December 2024. This decrease is attributable mainly to yield expansion.
The following table lists the Group's office properties located in Budapest:
Property Location GTC's
share
Total gross
rentable area
Year of
completion
(%) (sqm)
2004/2006,
Center Point I&II
Budapest
100%
40,800
refurbished in 2025
Duna Tower
Budapest
100%
31,200
2006
GTC Metro
Budapest
100%
16,200
2010
Vaci Greens D
Budapest
100%
15,600
2018
Ericsson Headquarter
Budapest
100%
21,100
2017
Universum (evosoft Hungary
Ltd. Headquarter)
Budapest
100%
20,700
2020
V188
Budapest
100%
15,000
2001
Döbrentei
Budapest
100%
2,300
-
Pillar
Budapest
100%
29,100
2022
Rose Hill Park1
Budapest
100%
4,400
2023
Total
196.400
1 Two refurbished office buildings with 4,400 sqm, additional 10,700 sqm under redevelopment.
Office portfolio in Poland
The total gross rentable area in Poland comprised 199,300 sqm in 16 office buildings located in Warsaw, Kraków, Łódź, Katowice, Poznań and Wrocław and the list has not changed YoY as compared to 2024. The average occupancy rate was at the level of 77% as of 31 December 2025, as compared to 74% as of 31 December 2024. Significant progress in occupancy was achieved predominantly in the office buildings located in the Polish regional cities of Kraków, Katowice and Poznań. The average duration of leases was 3.8 years at the year-end as compared to 4.1 years at the year-end 2024. Applied average yield was at the level of 8.5% as of 31 December 2025 as compared to 8.3% as of 31 December 2024.The average rental rate generated by the office portfolio in Poland was at the level of
€15.2/sqm/month in 2025, as compared to €15.2/sqm/month as of 31 December 2024. The book value of the office portfolio in Poland amounted to €300.3 as of 31 December 2025 (including Artico held for sale), as compared to €325.4 as of 31 December 2024. The decrease in value despite overall operational improvements stems from assumed lower rental rates and higher fit-out capex estimates in the valuation assumptions of the offices located in regional Polish cities.
The following table lists the Group's office properties located in Poland:
Property
Location
GTC's share
Total gross rentable area
Year of completion
(%) (sqm)
Galileo
Kraków
100%
11,000
2003
Globis Poznań
Poznań
100%
14,200
2003
Newton
Kraków
100%
10,900
2007
Edison
Kraków
100%
11,400
2007
Nothus
Warszawa
100%
9,600
2007
Zephirus
Warszawa
100%
9,800
2008
Globis Wrocław
Wrocław
100%
16,800
2008
University Business Park A
Łódź
100%
20,500
2010
Francuska Office Centre (A i B)
Katowice
100%
23,300
2010
Sterlinga Business Center
Łódź
100%
13,800
2010
Corius
Warszawa
100%
9,600
2011
Pixel
Poznań
100%
14,600
2013
Pascal
Kraków
100%
5,900
2014
University Business Park B
Łódź
100%
20,300
2016
Artico
Warszawa
100%
7,600
2017
Total
199,300
Office portfolio in Sofia
The Group's total gross rentable area in Sofia comprised 52,100 sqm in four office buildings as of 31 December 2025, vs 52,000 as of 31 December 2024. The occupancy rate of the Group's office portfolio in Sofia was 88% as of 31 December 2025, as compared to 85% as of 31 December 2024. The average duration of leases was 4.0 years at the year-end, as compared to 3.7 years at the year-end 2024.The applied average yield was 7.3% as of 31 December 2025, as compared to 7.7% as of 31 December 2024.The average rental rate generated by the office portfolio in Sofia was at the level of
€15.8/sqm/month as of 31 December 2025, as compared to €16.7/sqm/month as of 31 December 2024, with some of the new extensions and leases booked at rates below previous levels that benefited from relatively high inflation-linked indexation in the past few years. Book value of the Group's office portfolio in Sofia amounted to €117.6 as of 31 December 2025 compared to €113.6 as of 31 December 2024. The increase in value was due to improved occupancy and yield compression that mirror falling rates environmenta offset somewhat by lower average rental rates.
The following table lists the Group's office investment properties located in Sofia:
Property
GTC's
share
Total gross rentable area
Year of completion
(%) (sqm)
Advance Business Center I
100%
16,100
2019
Advance Business Center II
100%
17,800
2020
Sofia Tower
100%
10,400
2006
Sofia Tower 2
100%
7,800
2022
Total
52,100
Office portfolio in Bucharest
The Group's total gross rentable area in Bucharest comprised 62,400 sqm in four office buildings as of 31 December 2025, vs. 62,500 sqm in 31 December 2024. The occupancy rate was 84% as of 31 December 2025, vs. 82% as of 31 December 2024. The average duration of leases was 4.3 years at the year-end, as compared to 3.8 years at the year-end 2024.The applied average yield was 7.0% as of 31 December 2025, as compared to 6.9% as of 31 December 2024. The average rental rate generated by the office portfolio in Bucharest was at the level of €18.0/sqm/month in 2025, as compared to €18.5/sqm/month as of 31 December 2024. More than half of the leasing activity in Bucharest was the extension of lease agreement with Rompetrol in City Gate building, which is located in the vicinity of the ongoing M6 subway construction zone. The new metro line is expected to open in 2027. Book value of the Group's office portfolio in Bucharest amounted to €160.5 as of 31 December 2025, compared to
€161.4 as of 31 December 2024.
The following table lists the Group's office properties located in Bucharest:
Property
GTC's
share
Total gross
rentable area
Year of
completion
(%) (sqm)
1.7.1.1.1.6 Office portfolio in ZagrebPremium Plaza
100%
8,500
2008
City Gate (North Tower and South Tower)
100%
47,500
2009
Premium Point
100%
6,400
2009
Total
62,400
The Group's total gross rentable area in Zagreb comprises 6,900 sqm in one office building as of 31 December 2025, unchanged vs. 2024. The occupancy rate of the Avenue Centre was 100% as of 31 December 2025, unchanged vs 2024. The average duration of leases was 1.7 years at the year-end, as compared to 2.7 years at the year-end 2024. The applied average yield was 8.6% as of 31 December 2025 as compared to 9.2% as of 31 December 2024. The average rental rate generated by the office portfolio in Zagreb was at the level of €15.7/sqm/month as of 31 December 2025, as compared to
€16.5/sqm/month as of 31 December 2024. The decline YoY reflects the office mix, as Matrix C office building with higher average rental rates was contributing to the base year result during the first nine months of 2024 and was subsequently sold. The average rental rates in Avenue Centre increased by 2% YoY. Book value of the Group's office portfolio in Zagreb amounted to €15.2 as of 31 December 2025 compared to €14.8 as of 31 December 2024 reflected improved LFL rent and lower yield.
The following table lists the Group's office investment properties located in Zagreb:
Property
GTC's
share
Total gross rentable area
Year of completion
(%)
(sqm)
Avenue Centre
70%
6,900
2007
Total
6,900
Overview of the retail portfolio
Sofia 12%
Zagreb
12%
Budapest 3%
Poland 60%
Belgrade 13%
As of 31 December 2025, the Group's retail properties comprised six shopping centres with a total gross rentable area of 203,900 sqm, unchanged vs. 31 December 2024. The occupancy rate was 96% as of 31 December 2025 and 31 December 2024. The average duration of leases was 3.6 years at the year end, as compared to 3.7 years as of 31 December 2024. The applied average yield was 7.5% as of 31 December 2025, as compared to 7.4% as of 31 December 2024. The average rental rate in the retail portfolio was €22.6 sqm/month as of 31 December 2025, as compared to €22.4 /sqm/month as of 31 December 2024. The total value of retail investment properties as of 31 December 2025 was €709.9 compared to €714.0 as of 31 December 2024.
The following table presents the retail portfolio by country as of 31 December 2025:
Total gross leasable area
% of total retail portfolio
Average occupancy
Book value
% of total book value
Location
(sqm)
(%)
(%)
(€)
(%)
Poland
113,100
55%
95%
426.7
60%
Belgrade
33,900
17%
99%
90.2
13%
Zagreb
27,600
14%
95%
85.0
12%
Sofia
22,800
11%
99%
86.1
12%
Budapest
6,500
3%
85%
21.9
3%
Total
203,900
100%
96%
709.9
100%
Retail portfolio in Poland
The total gross rentable retail space in Poland comprised 113,100 sqm in two retail schemes located in Warsaw and Częstochowa as of 31 December 2025, unchanged vs. 31 December 2024. The average occupancy rate was 95% as of 31 December 2025 as compared to 94% as of 31 December 2024. The average duration of leases was 3.5 years at the year-end, as compared to 3.1 years at the year-end 2024. The applied average yield was 6.7% as of 31 December 2025, as compared to 6.7% as of 31 December 2024 (unchanged). The average rental rate generated by the retail portfolio in Poland was
€22.0/sqm/month as of 31 December 2025, as compared to €22.8/sqm/month as of 31 December 2024. The decline is due to relatively large average area on newly signed contracts which changed the mix of occupied space. The book value of the Group's retail portfolio in Poland amounted to €426.7 as of 31 December 2025, as compared to €435.1 as of 31 December 2024. The slight decrease in value was attributed mainly to the decrease in average rental rates which was partially offset by improved occupancy.
The following table lists the Group's retail properties located in Poland:
Property
Location
GTC's
share
Total gross rentable area
Year of completion
(%) (sqm)
Galeria Jurajska
Częstochowa
100%
48,600
2009
Galeria Północna
Warsaw
100%
64,500
2017
Total
113,100
Retail portfolio in Belgrade
The total gross rentable retail space in Belgrade comprised 33,900 sqm in one shopping mall as of 31 December 2025, unchanged from 31 December 2024. The average occupancy rate was 99% as of 31 December 2025, unchanged from 31 December 2024. The average duration of leases was 4.3 years at the year-end, as compared to 4.6 years at the year-end 2023. The applied average yield was 9.1% as of 31 December 2025, vs. 9.0% in 31 December 2024. The average rental rate generated by the retail portfolio in Belgrade was at €20.3/ sqm/month as of 31 December 2025, as compared to €20.1/ sqm/month as of 31 December 2024. Book value of the Group's retail portfolio in Belgrade amounted to
€90.2 as of 31 December 2025 as compared to €90.1 as of 31 December 2024.
The following table lists the Group's retail properties located in Belgrade:
Property
GTC's
share
Total gross rentable area
Year of completion
(%) (sqm)
Ada Mall
100%
33,900
2019
Total
33,900
Retail portfolio in Zagreb
The Group's total gross rentable retail space in Zagreb comprised 27,600 sqm in one retail scheme as of 31 December 2025, unchanged from 31 December 2024. The occupancy rate was 95% as of 31 December 2025, vs 99% in 31 December 2024. The average duration of leases was 3.0 years at the year-end, as compared to 3.5 years at the year-end 2024. The applied average yield was 8.7% as of 31 December 2025, as compared to 8.6% as of 31 December 2024.The average rental rate generated by the retail portfolio in Zagreb was €23.6/sqm/month as of 31 December 2025, as compared to 22.6/sqm/month as of 31 December 2024. The key operational changes during the year which lowered the average occupancy and increased the average rental rate was the decision to take back two cinema halls along with the reception area located near the food court from the mall's cinema operator. The area is being renovated and upon completion in 2026, the reclaimed area adjacent to the food court will be leased to new tenants.
Book value of the Group's retail portfolio in Zagreb amounted to €85.0 as of 31 December 2025
compared to €86.0 as of 31 December 2024.
The following table lists the Group's retail properties located in Zagreb:
Property
GTC's
share
Total gross rentable area
Year of completion
(%) (sqm)
Avenue Mall Zagreb
70%
27,600
2007
Total
27,600
Retail portfolio in Sofia
The Group's total gross rentable retail space in Sofia comprises 22,800 sqm in one retail scheme as of 31 December 2025, unchanged vs. 2024. The occupancy rate was 99% as of 31 December 2025, vs 100% in 2024. The average duration of leases was 4.4 years at the year-end, as compared to 5.2 years at the year-end 2024. The applied average yield was 8.5% as of 31 December 2025, as compared to 8.3% as of 31 December 2024. The average rental rate generated by the retail portfolio in Sofia was
€27.0 /sqm/month as of 31 December 2025, as compared to €24.5 /sqm/month as of 31 December 2024. The considerable increase in average rents achieved during the year was primarily attributable to higher tenant turnover, resulting in increased turnover-based income and rent per square meter, as well as the impact of indexation. During 2025 Sofia mall management implemented a loyalty program aimed at driving turnover performance which improved the rental result.
The book value of the Group's retail portfolio in Sofia amounted to €86.1 as of 31 December 2025 as
compared to €80.6 as of 31 December 2024. The increase was driven by higher rents.
The following table lists the Group's retail properties located in Sofia:
Property
GTC's
share
Total gross rentable area
Year of completion
(%) (sqm)
Mall of Sofia
100%
22,800
2006
Total
22,800
Retail portfolio in Budapest
The Group's total gross rentable retail space in Budapest comprises 6,500 sqm in one retail scheme as of 31 December 2025, unchanged vs 2024. The occupancy rate was 85% as of 31 December 2025, as compared to 100% as of 31 December 2024. The average duration of leases was 3.0 years at the year-end, as compared to 5.4 years at the year-end 2024. The applied average yield was 7.1% as of 31 December 2025, as compared to 7.3% as of 31 December 2024. The average rental rate generated by the retail portfolio in Budapest was at €23.4/sqm/month as of 31 December 2025, as compared to
€20.4/sqm/month as of 31 December 2024. The book value of the Group's retail portfolio in Budapest
amounted to €21.9 as of 31 December 2025 as compared to €22.2 as of 31 December 2024.
The following table lists the Group's retail properties located in Budapest.
Property
GTC's
share
Total gross
rentable area Year of completion
(%) (sqm)
Hegyvidék Office and Retail Center
100%
6,500
2012
Total
6,500
Overview of residential income generating portfolio
As of 31 December 2025, the Group had 5,169 flats with a total gross rentable area of 325 thousand sqm and a book value of €453.1, which 86% occupancy rate. The following table lists the Group's residential income generating portfolio as of 31 December 2025:
Portfolio
Book value
GLA
thousand
Average Occupancy
Actual Average rent
sqm
%
€/ sqm/m
Kaiserslautern
207.5
135
89%
7.1
Heidenheim
99.2
58
91%
7.8
Helmstedt
66.9
62
86%
6.8
Schöningen
47.0
50
77%
6.7
Other
32.5
20
72%
7.9
Total
453.1
325
86%
7.2
Overview of properties under construction
As of 31 December 2025, the Group had four projects under construction with a total gross rentable area of 54,300 sqm and a book value of €140.9, which constituted 6% of the Group's total property portfolio (by value). Having sold a newly constructed Matrix D project in Croatia in Q4 2025, the Group had three office projects (CenterPoint 3, Rose Hill Campus, Andrassy) and a residential project in Berlin as of 31 December 2025.
The following table lists the Group's properties under construction:
Property
City
Segment
GTC's
share
Total gross leasable area
(sqm)
CenterPoint 3
Budapest
office
100%
36,000
Rose Hill Campus
Budapest
office
100%
10,700
Andrassy
Budapest
office
100%
3,600
Elibre
Berlin
residential for rent
100%
4,000
Total
54,300
Overview of landbank
As of 31 December 2025, the value of landbank amounted to €122.4 as compared to €149.0 as of 31 December 2024. The total number comprises the value of commercial landbank designated for future commercial development which amounted to €94.5 as well as residential landbank valued at €27.9 as of 31 December 2025. The most valuable pieces of land are designated for future office development in a centrally located plots in Belgrade and Budapest. In terms of residential landbank, the key plots are based in Budapest, Bucharest and Liznjan in Croatia.
Rights of use - investment property
As of 31 December 2025, the Group's right of use of lands under perpetual usufruct amounted to €34.5 which constituted over 1% of the Group's total property portfolio, as compared to €73.4 as of 31 December 2024.
Non-current financial assets
As of 31 December 2025, the Group held non-current financial assets measured at fair value through
Real estate investment in Slovenia and Croatia (Trigal)
11%
ACP Fund 2%
Technology hub (Ireland)
Other 1%
86%
profit or loss with a total value of €156.3. GTC mainly invested:
through a debt instrument into 25% stake of a technology campus in Ireland. The instrument is valued of €135.0 as of 31 December 2025.
into 33% units in the Trigal fund holding 4 completed commercial buildings. The fair value of this GTC's investment as of 31 December 2025 amounted to €17.6.
other non-current financial assets such as bonds and fund. The fair value of these other non non-current financial assets amounted to €3.7 as of 31 December 2025.
The fair value of non-current financial assets was as follows:
31 December 2025
31 December 2024
Notes in technology hub (Ireland)
135.0
120.4
Trigal Funds (Real estate investments in Slovenia and Croatia)
17.6
16.5
NAP
-
4.4
Grid Parity Bond
-
6.6
Bonds (ISIN HU0000362207)
-
3.8
ACP Fund
0.5
3.0
Other
0,6
-
Total
156.3
154.7
THE TECHNOLOGY HUB
On 9 August 2022, a subsidiary of the Company invested via a debt instrument into a joint investment into the innovation park in County Kildare, Ireland (further Kildare Innovation Campus or "KIC"). The project involves the construction of a data centre with power capacity of up to 179 MW, as well a life science and technology campus. GTC's investment comprised acquiring upfront notes in the value of
€115 and in accordance with the investment documentations GTC is obliged to further invest up to agreed amount of ca. €9 to cover the costs indicated in the business plan and comprising such costs as permitting, financing, capex as well as operating costs of the business.
The investment was executed by acquisition of 25% of notes (debt instrument) issued by a Luxembourg securitization vehicle, a financial instrument which gives the right to return at the exit from the project and dependent on the future net available proceeds derived from the project. The maturity date of the notes is 9 August 2032.
The investment is treated as joint investment due to the following GTC has indirect economical rights through their notes protected by the GTC's consent to the reserved matters such as material deviation from the business plan, partial or total disposal of material assets [transfer of units] etc. This debt instrument does not meet the SPPI test therefore it is measured at fair value through profit or loss.
Kildare Innovation Campus, located outside of Dublin, extends over 72 ha (of which 34 ha is undeveloped). There are nine buildings that form the campus (around 101,685 sqm): six are lettable buildings with designated uses including industrial, warehouse, manufacturing and office/lab space. In addition, there are three amenity buildings, comprising a gym, a plant area, a campus canteen, and an energy center. The KIC currently generates around €4.5 gross rental income per annum from the rental of the office and warehouse space and parking spaces on the KIC grounds.
A masterplan was permitted whereby the site and the campus are planned to be converted into a Life Science and Technology campus with a total of approximately 148,000 sqm. The planning permit was issued initially on 7 September 2023 and was finalized on 22 January 2024.
In February 2024 the contract with a major tenant was signed which is in line with the planning permit.
Additional external debt funding for the first phase of the project was formally completed in early 2026. The funds will be drawn down in line with CAPEX requirements over the next 2.5 years.
The first stage of the project involves upgrading existing and constructing new campus infrastructure to enable the development of the data center. During this phase, the energy infrastructure serving the entire data center campus will be built, along with the first section of the data center complex, for which the initial power supply has already been secured. The next landlord's milestone relates to energy infrastructure that is scheduled to be completed by end of 2026, with construction underway.
Ireland has recently updated its energy and grid-connection framework for large users, helping to clarify the conditions under which new data-centre projects can secure power connections.
The fair value the GTC's share in the consolidated financial statement amounted to €135.0.
TRIGAL FUNDS
On 28 August 2022, GTC Origine Investments Pltd., a wholly-owned subsidiary of the Company, acquired 34% of units in Regional Multi Asset Fund Compartment 2 of Trigal Alternative Investment Fund GP S.á.r.l. ("Fund") for the consideration of €12.6 from an entity related to the Majority shareholder. The Fund is focused on commercial real estate investments in Slovenia and Croatia and expected maturity is in Q4 2028.
The fair value the GTC's share in the consolidated financial statement amounted to €17.6. The following table lists real estate investments of the Fund in Slovenia and Croatia:
Property City/Country Type
GTC's
share
Total gross rentable area
Year of completion
(%) (sqm)
Feniks Building Ljubljana, Office
33%
14,700
2007
Point Shopping Center Zagreb, Croatia Retail
33%
13,600
2013
Rezidenca Building Ljubljana, Mixed-use
33%
8,200
2006
Kare A Building Kranj, Slovenia Office
33%
4,900
2007
Total
41,400
Slovenia
(Loma Center) Slovenia
(Krdu Building)
1.7.2.4. OTHER
ACP Fund
ACP Credit I SCA SICAV-RAIF (hereinafter referred as "ACP Fund") is a reserved alternative investment fund seated in Luxemburg with 2 compartments. GTC has a total commitment of €5 in ACP Fund, with approx. €1 remaining for commitment as at the end of 2025. ACP Fund investment strategy is to build a portfolio of secured income-generating debt instruments in SMEs and medium-sized companies in Central Europe.
NAP Shares
On 22 September 2025, GTC Origine Investments Pltd., a wholly-owned subsidiary of the Company, entered into agreement concerning the sale of 1,303,377 ordinary shares in NAP Nyrt. The shares were sold for a total consideration of € 4.5, which was collected on 1 October 2025. The transaction resulted in the disposal of GTC Group's entire shareholding in NAP Nyrt. on 28 September 2025. Transaction was not concluded with any related party.
Grid Parity Bond
Grid Parity Bonds were issued for 10 years by HG Energy Zrt on 17 July 2019 with fix interest rate of 4% p.a. and maturity date of 15 July 2029. During 2025 the bonds were written off in full as the management assessed these amounts as unrecoverable.
MBH Bank Bond
During 2025, MBH Bank bonds were sold. Transaction was not concluded with any related party.
Overview of the markets in which the Group operates
Office market
Back to office trends
Corporate occupiers are undergoing a significant transformation of workplace models, marked by the gradual stabilisation of hybrid solutions. According to the JLL Workforce Preference Barometer 2025, approximately 66% of office workers globally report that their employer sets clear expectations regarding the number of days working on-site. The majority-72% of employees-have a positive outlook on these attendance policies. The primary drivers of positive sentiment include improved team performance, a preference for office environments, and perceptions of fairness in policy application. Conversely, 28% of employees express negative sentiment, most often referencing concerns related to quality of life, followed by productivity challenges and disappointment with organisations that previously assured hybrid flexibility.
Despite formal policies, a misalignment persists between mandated hybrid office attendance and actual practice. Globally, 81% of the workforce adheres to structured hybrid policies, with compliance rates varying by region: Europe records the highest compliance (85%), followed by Asia Pacific (80%), Latin America (80%), North America (78%), and the Middle East (78%).
Within the EMEA region, in-office policies have remained relatively stable year on year. At present, the most prevalent policy is the requirement for a three-day in-office presence per week, typically without specific days designated. Notably, 44% of organisations in EMEA intend to further increase office-based workdays by 2030. In pursuit of this objective, companies are placing greater emphasis on enhancing the quality of the workplace, investing in amenities, and developing collaborative spaces that cannot be replicated in remote settings. The strategic focus has shifted from the provision of standard desk space towards the creation of environments that facilitate innovation, support organisational culture, and encourage meaningful in-person collaboration.
Warsaw
At the end of 2025, the existing office supply in Warsaw totalled 6.23 million sqm Due to the ongoing transformation of the office stock, over 160,000 sqm of obsolete office space was withdrawn from the market throughout 2025.
Approx. 88,700 sqm of new offices were delivered during the year, with the largest being The Bridge (51,800 sqm) and Office House (27,800 sqm). In addition, the modernized office building within the
Lipowy Park complex (10,000 sqm) returned to the market. Thanks to the construction start of the next office phase within the Towarowa 22 complex, the development activity in the capital increased to 185,000 sqm, but remains muted as compared to pre-Covid levels. New completions scheduled for 2026-2027 are estimated at approx. 80,000 sqm per year.
In 2025, office take-up in the capital accounted for nearly 800,000 sqm, representing a 7.3% increase compared to 2024. The last quarter registered a record-breaking result, with a total transaction volume exceeding 300,000 sqm. During the year, the City Centre (32% of demand) and Służewiec (23%) zones recorded the highest take-up levels. For the latter, over 60% of activity consisted of renegotiations. Similar take-up structure was recorded in the Jerozolimskie corridor, North, Ursynów/Wilanów, and Puławska zones. In previous years, tenants renegotiated agreements because they lacked clarity about workplace strategies. Today, renegotiations are a necessity for many occupiers due to limited choice of office units of appropriate size, quality and availability. This trend is more prominent in zones outside the city centre as these locations recorded virtually no new completions over the last few years. In 2025, lease renegotiations in Warsaw represented half of total demand.[
At the end of December 2025, the overall vacancy rate for Warsaw stood at 9.1% (-1.5 p.p. y/y). The revision of the existing stock and muted new supply contributed to a relatively rapid decline in the vacancy rate, particularly in the second half of the year. At the end of Q4, the vacancy in the city centre was at 6.1%. In non-central districts, it was nearly twice as high, standing at 11.6%. Over the year, the fastest decrease in availability was recorded in the premium segment, where only 6.3% of the existing supply is currently vacant, with this figure falling to merely 4% for office buildings in the city centre. Due to the higher-than-expected new supply, vacancy levels will increase slightly in Q1 2026. However, this is only a temporary reversal of the downward trend in vacancy.
2025 brought further increases in rental rates for the best office spaces. Prime rents in the Central Business District, after more visible increases in 2024, recorded a 2.7% y/y growth to
€28.75/sqm/month. In the past year, prices in the City Centre zone grew significantly faster (+6% y/y, to
€26.5/sqm/month), which was closely related to the delivery of new premium-class projects. Rates for the best properties in zones adjacent to the city centre, namely the Jerozolimskie corridor and West, also recorded considerable increases. The average rental growth in non-central zones was over 4.0% y/y. The market conditions will not change significantly in 2026, with further rental increases expected in good-quality buildings.
2025 brought stabilisation in prime cap rates in Warsaw. At the end of Q4 2025, prime yields accounted for approx. 6.0% and were unchanged as compared to Q4 2024.
Regional Cities in Poland
Poland's regional markets offered 6.7 million sqm of existing office stock at the end of 2025. New completions totalled a scarce 20,500 sqm annually, confirming record-low delivery levels. Only five small schemes were completed across Kraków, Poznań and Lublin, with Stella Office (9,900 sqm) in Kraków being the largest. Construction activity stood at 221,300 sqm, and was concentrated in Poznań (75,200 sqm), Kraków (59,700 sqm), and Katowice (27,800 sqm). Over 15% of office space under construction was secured by pre-let agreements, with most such contracts signed in Poznań and the Tri-City area. According to forecasts, new supply in eight key regional markets will reach approx. 95,000 sqm per year over 2026-2027.
Leasing volumes across regional markets totalled approx. 773,000 sqm in 2025, which was 8% more than in 2024. Q4 proved particularly strong with ca. 250,000 sqm transacted, representing 32% of annual activity. Both annual and quarterly figures set new records. New deals and expansions regained momentum, capturing a 48% share. However, the largest transactions (10,000 - 20,000 sqm range) were predominantly renewals, including the lease signed by Shell for 23,000 sqm in Kraków. Kraków recorded exceptionally strong take-up results, which represented 35% of regional cities' total demand (approx. 270,000 sqm). Similarly, in Wroclaw, approx. 180,000 sqm was leased. Both cities achieved their highest historical results. Demand was driven by tech companies (133,000 sqm), followed by professional services (approx. 125,000 sqm) and manufacturing (120,000 sqm) firms.
At the end of Q4 2025, the overall vacancy rate across the eight regional markets reached 16.9%, which was a decrease of nearly 1 p.p. on a year ago. Much of the vacant space was available in the older
stock with small, fragmented floor space that don't meet modern occupier requirements. The highest
vacancy levels were recorded in Katowice (21.6%) and Wrocław (20%).
Prime office rents ranged between €11.5 and €20.0/sqm/month, though rates approaching €17.50-20.00/sqm/month were limited to a handful of premium CBD buildings in Kraków and Poznań. Annual increases were recorded for prime stock in Kraków (by €1.5/sqm/month) and Poznan (by
€0.5/sqm/month), with modest growth in Wrocław and Łódź. Other markets remained stable. Regarding lease terms, the newest office buildings typically require lease agreements of 5-7 years; older buildings offer larger flexibility, with new contracts for 3-5 years and renegotiations for 2-5 years, depending on fit-out costs and other lease terms.
Kraków
The existing supply in Kraków stood at 1.8 millon sqm at the end of Q4 2025. Two new office schemes were delivered in 2025 totalling 11,900 sqm. Construction activity remains subdued, with new development starts pre-let dependent. During 2025, tenant activity totalled approx. 270,000 sqm, driven predominantly by lease renewals (63% of total take-up). The vacancy rate remained elevated and stood at 18.4% at the end of the year, with a relatively large supply of vacant space available in buildings delivered before 2020. CBD prime rent recorded a rapid growth over 2025 to €20.00 / sqm / month in December 2025.
Prime yields stood at 7.00% as of Q4 2025.
Poznań
The Poznan office market recorded no significant change in stock over 2025. Only one office building of 4,900 sqm was delivered during the year. The vacancy rate stabilised y/y and amounted to 13.9% at the end of Q4 2025. Take-up accounted for 71,800 sqm, up 7.6% y/y. Tightening availability of premium space is pushing rents up. Currently, the prime rent for best quality space is estimated at €17.50 / sqm
/ month.
Prime yields stood at 7.50% as of Q4 2025.
Wrocław
During the entire 2025, no new commercial office buildings were completed in Wrocław. The existing office stock totalled 1,337,600 sqm. The under construction pipeline is waning and, currently, stands at 22,600 sqm. Office take-up amounted to a record-breaking 179,600 sqm Lease renewals made up 53% of the total registered activity. Prime rent increased slightly in 2025 to €16.75 / m² /month as compared to €16.50 / sqm /month.
Prime yields stood at 7.00% as of Q4 2025.
Katowice
The existing office stock in Katowice totalled 742,100 sqm at the end of Q4 2025. No new office space was delivered to the market over the year. The vacancy demonstrated a downward trend and accounted for 21.6% in December 2025 (-1.6 pp. y/y). Tenant activity accelerated during the year with total take-up standing at 55,600 sqm, 16.8% up compared to 2024. Prime rent stabilised y/y and stood at
€14.80/sqm/month.
Prime yields stood at 7.75% as of Q4 2025.
Łódź
The existing supply of office space in the city stood at 642,700 sqm at the end of Q4 2025. No new completions were recorded in 2025, with similar prospects for 2026. Thanks to the acquisition of the Brama Miasta II building by the Government of the Łódzkie Voivodeship (14,200 sqm), total annual take-up in Lódz totalled 51,700 sqm. The vacancy rate decreased to 18.3% at the end of Q4 2025 and is
likely to continue the downward trend in the mid-term. Prime rent recorded only a modest uptick of €0.25 y/y and was at €14.25/sqm/month.
Prime yields stood at 8.00% as of Q4 2025.
Budapest
Total modern office stock in Budapest stood at 4.46 million sqm in Q4 2025, driven by the completion of two newly built owner-occupied buildings, adding 50,380 sqm to the market during the fourth quarter. Earlier in 2025, two additional office buildings were delivered in Q1 2025, contributing a further 5,060 sqm to the total stock.
At the end of Q4 2025, 117,060 sqm of speculatively developed office space was under construction, with expected completion scheduled for 2026-2027. Additionally, over 350,000 sqm of owner-occupied office space is under construction as part of the Hungarian State's relocation project, with planned delivery in 2026.
In 2025 the total leasing activity reached 505,850 sqm, which was on a par with 2024's result (representing a five-year peak). Gross take-up was dominated by lease renewals, which accounted for 42% of share, while new leases represented 33%. It is worth to underline, that net take-up increased by 37% y-o-y, primarily driven by owner-occupied transactions. The average deal size exceeded 895 sqm.
Among top 10 largest deals (excluding owner-occupied transactions) in 2025, six were renewals, while another two were pre-leases.
The largest deal of net take-up in 2025 was a pre-lease agreement signed by a pharmaceutical company in the 2nd phase of H2O, covering 22,180 sqm, resulting full pre-lease of the building.
The vacancy rate stood at 12.5%, corresponding to approximately 557,780 sqm of vacant modern office space in Budapest.
The vacancy rate declined y-o-y in almost all submarkets. The only submarket where an increase in vacancy was recorded was the CBD (+100 bps).
Average headline rent remained stable at €25.00/sqm/month in Budapest's premium locations. At the
same time, in Váci Corridor (Budapest largest submarket), the Grade A rental range begins at
€15.50/sqm/ month and the rental range's top is at €19.50/sqm/ month. The second largest submarket,
in Buda South, this range is between €15.00 - €20.00/sqm/ month.
Bucharest
Bucharest modern office stock remained stable at approximately 3.38 million sqm in Q4 2025, as no new office buildings were delivered throughout 2025, marking the first year without new supply in the modern market. The largest office submarkets remain Center-West (637,100 sqm) and Floreasca-Barbu Văcărescu (589,200 sqm).
For 2026, the market expects 58,600 sqm of new supply, a modest addition that is unlikely to significantly increase vacancy, especially given the strong pre-leasing activity observed in several pipeline projects.
Total take-up reached 247,900 sqm in 2025, being 23% below 2024 and roughly 20% under the five-year average. Net take-up amounted to 128,200 sqm, down 21% year-on-year.
The highest gross rental activity in 2025 was concentrated in the Center-West submarket (27.3%), followed by Floreasca-Barbu Vacarescu (18.4%) and the CBD (16.5%). In terms of sectors, Consumer Goods & Manufacturing led gross take-up with 27.5%, followed by Finance, Banking & Insurance (25.3%) and IT & Telecommunications (20.9%).
In 2025, the annual net absorption reached 21,700 sqm. This marked a decrease of 66.6% compared to 2024, when net absorption was 65,000 sqm.
In Q4 2025, the total vacancy rate decreased to 10.6%, down from 11.2% in the previous quarter and significantly below the 11.8% level recorded in Q4 2024. Vacancy remained lowest in the Center (4.3%), CBD (4.4%) and South (6.0%) submarkets, while the highest rates persisted in North-West Expozitiei (21.9%), Pipera North (19.1%), and West (16.4%).
Prime office rents remained stable at €22.0/sqm/month in the CBD, unchanged both quarter-on-quarter and year-on-year. In the Center, prime rents range between €16-20/sqm/month, and in outer or semi-central submarkets between €10-15/sqm/month. Pipeline projects in the Center and Floreasca-Barbu Văcărescu, where vacancy is structurally low, may exert upward pressure on market rents going forward due to their premium positioning and strong marketing features.
Belgrade
The modern office stock in Belgrade (CBD, City Centre, Wider City Areas, Other City Areas, and Outer City) amounts to approximately 1.15 million sqm. Currently, around 220,000 sqm of modern office space is under construction. Class A buildings account for 70% of the total stock, while Class B represents the remaining 30%. Approximately 72% of modern office space is located in New Belgrade (CBD), 15% in the city centre, and the remaining 13% across other parts of the city.
The total office stock increased by slightly more than 50,000 sqm during the year. The most significant completed deliveries included the East Gate building within the Airport City business complex, which added 22,400 sqm in the third quarter, as well as the Prokop office development which added around 18,000 sqm.
The vacancy rate remains generally stable within the 3-5`% range. Following the completion of new office buildings, vacancy temporarily increases towards 5%, typically stabilising at approximately 3% within a six-month absorption period.
Total leasing activity during 2025 reached approximately 130,000 sqm. The strongest contribution to renewal activity was recorded in the IT & Telecommunications and Consumer Goods & Manufacturing sectors, which together accounted for around 30 renewal transactions, confirming their key role in maintaining market stability. The total renewed area within these sectors reached approximately 108,000 sqm, representing a dominant share of overall leasing volume and indicating a strong level of tenant retention.
In terms of transaction structure, new deals and expansions continued to represent the larger portion of leasing activity, reflecting ongoing market expansion and the entry of new occupiers, while renewals remained a significant component of total leasing volume. New tenant deals accounted for approximately 63% of transactions, while renewal agreements represented around 37% of the total number of completed deals.
Average prime headline rents for Class A office space remain stable and currently range between €18.0 and €19.5/sqm/month, with exceptional projects can achieve above € 20/sqm/month.
Prime office yields in Belgrade currently stand at approximately 7.75%, with market expectations indicating a further compression of around 25 basis points in the coming period, supported by improving investment sentiment and continued investor interest in prime office assets.
Zagreb
The office market in Zagreb is growing at approximately 1% annually. There were no new office completions in Q4 2025. The current office stock in Zagreb still amounts to approximately 1.2 million sqm, of which about 59% is Class A office space, while the remainder comprises Class B offices.
With regard to upcoming office developments, future supply in the Zagreb market remains primarily focused on modern office buildings located in established business zones, particularly within the CBD and New Zagreb areas. Among the key projects, Matrix D, the newest phase of the Matrix business complex, is expected to be completed during 2026, adding approximately 10,500 sqm of modern office space to the market.
During 2026, new supply will be further supported by the Paromlin project, which will provide around 12,000 sqm, as well as Business Center Arena in New Zagreb with approximately 9,500 sqm of modern office space. In total, planned new deliveries in 2026 are estimated at approximately 32,000 sqm of office space.
Further growth of the office stock is expected in 2027, when several larger projects are scheduled for completion, primarily the VMD Business Tower with approximately 21,000 sqm, together with the Špansko project (4,500 sqm), Avenue V (2,000 sqm), and the Vrbani project, which will add 9,500 sqm of new office space. Overall planned new supply for 2027 is estimated at approximately 42,000 sqm of office space.
Prime headline rents reached €17.50/sqm/month, while average rents stood at €14.50/sqm/month. At the same time, the vacancy rate declined to 2.5%, reflecting continued strong occupier demand and limited availability of modern office space. Prime yields stabilised at approximately 7.25%, representing a year-on-year compression of 50 basis points.
Retail market
Poland
Poland's general retail sales growth (nominal value) of 3.58% in 2025, while in line with the Eurozone average, is set to accelerate significantly. Forecasts indicate Poland will surpass Eurozone performance by 3 pp in 2026, with particularly strong nominal value growth projections of +5.7% and +5.1% for 2026-2027, respectively (source: Oxford Economics).
In 2025, new supply in the retail market was similar to the previous year, totalling just over 650,000 sqm. This maintains the stable dynamic of annual new supply at 600,000 - 700,000 sqm, observed since 2014. Although the annual volume of new supply has remained relatively stable since 2014, today it is based on a completely different structure. Retail parks and convenience centres have once again dominated new supply, accounting for 80% of supply in 2025, compared to just 30% in 2013-2017, when shopping centres drove market growth.
The convenience shopping trend continues to drive market development, with cities below 100,000 inhabitants accounting for 63% of new volume. Small and medium-sized cities remain the primary beneficiaries, receiving over 50% of completed modern retail space.
Shopping centre vacancy rates in major agglomerations remain exceptionally low at 2.9%, indicating healthy market conditions and potential upward pressure on rental rates.
Development activity with approximately 630,000 sqm under construction reflects dominant market trends, with nearly 90% consisting of retail parks and convenience centres. The average size of new projects is increasing, with under-construction developments averaging nearly 8,300 sqm.
Investment activity is expected to remain strong, driven by continued yield compression in retail parks (prime cap rates at 7.20%) and growing interest from Polish capital in smaller retail formats. The market anticipates a comeback in large-scale shopping centre acquisitions as investors explore opportunities in high-performing regional assets.
Prime shopping centre yields remain stable at 6.50%, while further downward pressure on retail park yields is expected in 2026 due to intensifying competition for best-performing assets. Meanwhile, new shopping centre openings remain limited, with new retail offers in the largest cities being concentrated in popular mix-use projects.
Highlights and trends
Supply & Development Activity
Stable new supply: Retail market maintained consistent development momentum with approximately 600,000+ sqm delivered annually since 2014, continuing the established trend
Format shift towards convenience retail: Retail parks and convenience centres dominated new supply at ~80% share in 2025, compared to nearly 90% in 2024, reflecting ongoing market preference for smaller retail formats
Traditional shopping centre development declines: Limited openings with focus shifting to retail parks
Rental Growth & Pricing
Selective rental increases: Prime shopping centres and best-in-class 100-500 sqm units achieved
notable rent growth, reaching up to €160/sqm/month in select cases
Moderate retail park rental growth: Limited rental increases due to intense inter-project competition and dynamic supply growth
Market Saturation & Future Outlook
Signs of market saturation emerging: Development pipeline showing early saturation indicators with limited suitable locations remaining and some projects being deferred or converted to residential use
2026 supply forecast: Expected similar or slightly lower development activity compared to 2025, with market fundamentals remaining stable
Tenant Market & Brand Activity
Steady but modest brand expansion: Approximately 25-30 new retailers entered the market in 2025, maintaining similar pace to 2024 without major flagship openings
Market concentration strengthening: Established players (LPP, Inditex, H&M) consolidating market positions, potentially limiting new entrant opportunities
Key Market Drivers & Themes
Inflation stabilization impact: 2025 inflation stability positively influenced retail performance and tenant expansion decisions
High-street development acceleration: Mixed-use projects increasingly providing new urban retail opportunities as traditional mall development stalls
F&B sector expansion: Restaurant and dining concepts driving mall modernization strategies and retail park tenant mix enhancement
Emerging 2026 Trends
Asset repositioning wave: Aging shopping centres requiring comprehensive modernization to maintain competitiveness and foot traffic
Tourism-driven retail opportunities: Growing international visitor numbers creating demand for new retail concepts in tourist destinations and high-street locations
Residential-retail integration: Ground-floor retail in residential developments becoming key format for neighbourhood convenience shopping in large cities
Warsaw agglomeration
As of December 2025, the total retail space in the Warsaw agglomeration, which includes large-scale retail properties (GLA ≥ 5,000 sqm) and convenience centres (2,000 ≤ GLA ≤ 4,999 sqm), amounts to approx. 2.24 million sqm. Shopping centres account for 63% of the retail space, followed by retail parks (17%) and stand-alone retail warehouses (12%). Convenience and outlet centres represent the remaining retail market shares, comprising 5% and 3%, respectively.
The Warsaw agglomeration represents one of the least saturated markets among major agglomerations regarding the density of retail space per 1,000 residents. Currently, this density stands at 791 sqm per 1,000 residents. In contrast, Wrocław and Poznań exhibit higher densities, registering 986 sqm and 949 sqm per 1,000 residents, respectively. The overall relatively low density in the Warsaw agglomeration is primarily attributed to the numerous neighbouring municipalities. Due to limited available land within the city and the ongoing trend of suburbanisation, a substantial proportion of new retail developments are being established in the suburban areas surrounding Warsaw. The agglomeration has high annual purchasing power per capita, which is €18,297, approximately 61.4% higher than the national average of €11,338 in Poland.
The agglomeration comprises 18 retail parks, with Homepark Targówek being the largest with 99,300 sqm (GLA). Following closely are Okęcie Park, which covers 63,000 sqm, and Homepark Janki, with 60,900 sqm.
In addition, there are 26 stand-alone retail warehouses featuring well-known brands such as Castorama, Leroy Merlin, and OBI. The retail landscape is further enhanced by smaller retail properties-specifically convenience centres-totalling 37 properties, which serve the local community. Additionally, the agglomeration boasts three outlet centres, contributing to its diverse retail offerings.
As of December 2025, four retail properties are under construction in the Warsaw agglomeration. The largest project currently underway is the Agata Meble DIY in Mysiadło, offering approx. 12,000 sqm (GLA), with completion scheduled for Q1 2026. An extension of the Stara Papiernia shopping centre in Konstancin-Jeziorna, adding 3,700 sqm (GLA), is also under construction. In addition, two convenience centres are being developed: Oak Park, comprising 4,400 sqm (GLA) on Kłobucka Street in Warsaw, and N-Park with approx. 4,200 sqm (GLA) scheme located in Gołków.
In 2025, the vacancy rate in the Warsaw agglomeration stood at 1.9%, which is approx. 1 percentage point lower than the average vacancy rate of 2.9% across eight major agglomerations.
Prime shopping centre rents for fashion boutiques (100 sqm) in Warsaw are estimated at 160
€/sqm/month. Sub-prime centres in Warsaw are likely to range between 55 and 80 €/sqm/month. Meanwhile, rents within shopping centres in other major agglomerations of Poland range from 40 to 70
€/sqm/month.
Prime values for retail parks in the suburban areas of large cities (units ranging from 200 to 500 sqm)
are between €11 and 20/sqm/month.
Belgrade
During 2025, no new retail completions were recorded, and the total retail stock in Belgrade remained stable at 431,000 sqm. The refurbishment and expansion of Beo Shopping Center are still in the planning phase, with the project expected to add approximately 4,000 sqm of new retail space. Furthermore, the renovation and extension of Delta City Shopping Center are also planned, bringing around 11,000 sqm of new retail, F&B, and entertainment facilities, together with an expansion of parking capacity.
While the Belgrade market experienced limited development activity and no new project deliveries during the year, the rest of Serbia recorded significant growth. In the fourth quarter of 2025, five new retail parks were opened across the country, increasing the total retail stock by approximately 65,000 sqm, while overall retail completions in Serbia reached around 120,000 sqm during 2025.
Rental levels remained broadly stable toward the end of 2025, with prime shopping centers achieving monthly rents generally ranging between €26 and €29/sqm/month, while retail park rents were typically recorded between €9 and €12/sqm/month. Market expectations suggest that rental values are likely to remain stable in the near term, supported by steady occupier demand and balanced market conditions.
Prime yields for shopping centres stood at approximately 8.25% at the end of the year, while retail park yields remained lower at around 7.50%, reflecting continued investor preference for retail park assets supported by stable performance and strong occupancy levels.
Zagreb
The total stock of shopping centres in Zagreb and the rest of Croatia remained unchanged during 2025. Zagreb accounts for approximately 454,000 sqm of retail space, while the total retail stock in Croatia amounts to around 1.2 million sqm. As in 2024, the market focus in 2025 remained on retail park development, resulting in an overall increase in retail park supply by approximately 6%, reaching around 650,000 sqm.
Retail stock in the capital city expanded by approximately 26,000 sqm, supported by the expansion of Designer Outlet Rugvica, which added around 6,000 sqm of additional retail space, as well as the opening of Joy Retail Park located adjacent to the outlet. The new retail park introduced around 30 stores and expanded total retail supply by approximately 10,000 sqm. Additionally, the FT Park development in the Jankomir area was completed during 2025, contributing a further 10,000 sqm of retail space.
Across the rest of Croatia, retail stock increased by approximately 25,000 sqm. New supply was delivered through the opening of Stop Shop retail parks in Nova Gradiška and Ivanec, while Park & Shop Dugopolje was completed in southern Croatia.
The overall ratio between shopping centre stock and retail park stock in Croatia stands at approximately 66% to 34%. Average monthly rents in shopping centres range between €21 and €24/sqm/month, indicating stable market conditions and continued demand for space in established retail destinations. This rental level is typical for standard retail units within dominant regional and city shopping centres.
In the retail park segment, average rents range between €10 and €13/sqm/month per month. The lower rental level compared to shopping centres reflects the simpler asset concept, lower operating costs, and the presence of larger-format tenants. Nevertheless, retail parks remain the most dynamic segment of the market, supported by strong expansion activity and stable occupier demand.
Prime shopping centre rents reach approximately €55/sqm/month and relate to the best-positioned retail units within leading centres with the highest footfall and strongest international brands.
Prime yields stand at approximately 8.00% for shopping centres, while retail parks achieve prime yields of around 7.25%. The lower yield for retail parks reflects strong investor interest and the perception of stable income streams within this segment.
Sofia
The supply of new retail space in Bulgaria remained solid in 2025, driven primarily by retail parks. As a result, the total modern retail stock in the country increased by over 100,000 sqm in 2025, reaching approximately 1.5 million sqm. Of this total, shopping centres account for around 0.8 million sqm, while retail parks represent about 0.7 million sqm.
In 2025, Holiday Park Krasno Selo, developed by Videolux Holding, opened in Sofia, adding 32,300 sqm of retail space and. Additionally, XO Park Sofia, developed by Trinity Capital, expanded by 25,000 sqm, bringing its total size to 55,000 sqm.
The retail development pipeline for 2026-2027 includes over 200,000 sqm of new projects. Currently, only one shopping centre is planned: Promenada Plovdiv, located in Bulgaria's second most populous city. The 60,500 sqm GLA project is being developed by NEPI Rockcastle, with construction expected to begin in the first half of 2026 and completion targeted for Q3 2027.
The pipeline, however, is dominated by retail parks, with approximately 140,000 sqm under construction across 12 projects. Mitiska REIM, in joint venture with Park Lane Developments, has two retail parks underway in Sofia: the 14,000 sqm Estrea Park Hadzi Dimitar and the 13,000 sqm Estrea Park Nadezhda, both scheduled to open in 2026. Construction is also expected to begin on a third project, Estrea Park Varna, with 10,000 sqm, planned for delivery in late 2026 or early 2027.
Two additional projects under the Holiday Park brand, Holiday Park Vratsa (24,000 sqm GLA) and Holiday Park Vitosha (23,000 sqm GLA), are under construction and due for completion in 2026.
Trinity Capital is also developing XOPark Sandanski, which will add 12,000 sqm GLA to the national stock in 2026. This will be the company's fifth retail park development. The continued influx of retailers into the Bulgarian market is accompanied by the introduction of new brands looking to expand their presence in the country, alongside strong network growth among value and discount-oriented occupiers, particularly in retail parks.
The average vacancy rate in established schemes remains low. In Sofia, vacancy is approximately 2% in shopping centres and 1.5% in retail parks, while vacancy across established shopping centres nationally varies by asset and positioning.
Shopping centres are reporting rising footfall levels, turnover, rental rates and occupancy. In this context, the trend of tenant mix optimization will continue.
The rental rates for shopping centres have moved upward in prime schemes, with prime Sofia shopping
centre rents at €46-47/sqm/month, while average prime shopping centre rents are typically quoted at
€22-25/sqm/month. Retail park rents in Sofia are at €13/sqm/month, with wider prime ranges nationally typically at €10-13/sqm/month. Rental rates are expected to remain broadly stable in the short term, with upward pressure in best-performing and high-quality projects in the mid-term, supported by limited vacancy, sustained retailer demand and improving purchasing power.
Residential market
I. Germany
Germany's residential rental market remained tight through 2025, characterised by low vacancy with 2.8% country average, sustained rental growth with national Top-20 markets up approximately 5% YoY,
, and a structural supply shortage as new construction continued to lag demand. However, GTC's German assets sit predominantly in secondary and structurally weaker regional markets rather than the high-growth A-cities. The Paula portfolio spans Helmstedt with population of 25,000, Kaiserslautern with population of 101,000, and Heidenheim with population of 50,600. These towns are facing market vacancy rates which are above the national average, with Helmstedt at 10,0% market vacancy, Kaiserslautern and Heidenheim at 4.8-4.9% of market vacancy. Rental levels are also below the market average with low demographic momentum. GTC's Berlin Elibre project benefits from the capital's fundamentally stronger demand backdrop-Berlin rents averaged €16/m² in Q3 2025, up 11% year-on-year, with sub-1% vacancy and continued 4-5% annual growth forecast through 2027 driven by population increases and supply shortages.
Investment market
Poland
Sector
Prime yield
Investment volumes (€ M)
Office
6.00%
1,760
Retail (SC)
6.50%
840
In 2025, the Poland's investment market reflected global trends, with property prices stabilizing across most sectors and the number of transactions increasing, despite moderate overall volumes. Activity from CEE investors remained strong, led by the Czech Republic and Poland, which recorded its highest-ever share of transaction volume driven by non-institutional purchasers and private investors. US funds, particularly those focused on industrial properties, maintained a substantial presence, while Western European institutional capital made its first cautious return, marked not only by renewed market exploration, but also by several significant transactions that were successfully completed.
The market experienced exceptionally high transaction activity on office assets throughout 2025, driven by two large-scale M&A acquisitions. The first involved the repurchase of a 49% stake in a CPI Property Group portfolio worth approx. €1 billion, with the vast majority consisting of Warsaw office properties. The second was the acquisition by Mennica Polska Group of 50% of shares in the entity owning Mennica Legacy Tower, a prestigious complex consisting of two buildings located in Warsaw's city centre. These two atypical large transactions boosted the office sector to become the most active segment in Poland for 2025 by volume, reaching almost €1.8 billion (+8% YoY).
The transaction count reached 51 deals, representing the highest result since 2019 and the second highest on record. This indicates increased activity from non-institutional investors, including private investors, companies buying assets for their own use, and public institutions. These investor groups are capitalizing on market opportunities created by limited demand from large foreign funds. As a result, capital originating from Poland reached record investment levels in 2025 in the Polish commercial real estate market, with only funds backed by Czech capital recording a higher level of investment activity. Nevertheless, western capital, represented mostly by the UK and German funds, finally returned with several finalized acquisitions and intensifying market exploration.
Warsaw accounted for 30 office acquisitions, representing 79% of the total turnover in 2025. Beyond the aforementioned entity acquisitions, the largest deals included primarily centrally located office schemes. Wola Center was purchased by Czech investor Trigea from Hines. The most significant CBD transaction was the sale of the Senator office building, where Union Investment sold this scheme, anchored by the Orlen Group, to Cornerstone Investment Management and its partner Fidera. Two other major sales took place in the Rondo Daszyńskiego area. German-backed Manova Partners acquired Vibe I for nearly €70 million, while LaSalle IM sold Wronia 31 to UNIQA Real Estate for approx. €69 million. These transactions clearly demonstrate institutional foreign investors' strong appetite for high-quality, mid-sized office buildings located in central zones.
Regional markets generated strong interest with 21 transactions (the second-best result ever), accounting for 21% of 2025's total turnover. Kraków and Wrocław led this activity. The largest acquisition outside Warsaw was NIAM's sale of two buildings within the High 5ive complex to Stena RE, highlighting continued Scandinavian investor engagement in Poland's office sector. Equally significant was the purchase of Centrum Południe 3, a 15-story office building located in Wrocław, from Skanska to Czech investor Investika and its joint venture partner BUD Holdings for €62 million. The entire office space is leased to BNY Mellon and the retail space is occupied by Lux-Med medical clinic.
The growing number of active investors operates mostly in sub-prime market segments and does not significantly affect prime yield expectations. At the end of December, estimates for prime yields in Warsaw remained stable at approx. 6.0%. Prime cap rates in Kraków, which remains a core regional city, are currently estimated at approx. 7.0%.
After a strong performance in 2024, when retail investment volumes reached approx. €1.6 billion - the highest level since 2019 - investor activity in 2025 remained solid. Although overall volumes and average deal sizes were moderate at around €840 million, mainly due to the absence of major shopping centre transactions, the market recorded exceptionally high activity. In total, 44 purchases were completed during the year, marking one of the strongest results in recent years and nearly matching the robust performance seen in 2022.
The remarkable number of transactions across all retail property types demonstrates an increasingly broad investor base. Global funds remained active through portfolio acquisitions, while investors from Central and Eastern Europe represented a separate and the largest source of buying capital. Western European capital formed another distinct group of investors, alongside a several of significant transactions executed by buyers backed by Israeli capital. Particularly noteworthy was the growing
participation of Polish capital in retail park investments. This included both institutional and private buyers, with the latter increasingly targeting smaller retail formats that offer strong returns and manageable operational exposure.
Retail parks and retail warehouses continued to be the most sought-after asset classes, accounting for 28 transactions in total. These formats remain highly attractive to investors thanks to their stable income potential and resilience to changing consumer behaviours. Strong investor demand has resulted in continued prime yield compression. At the same time, increasing competition from new developments in selected areas is expected to widen the gap in pricing between top-quality assets and secondary retail properties.
The largest retail transaction recorded in 2025 was the first tranche of the TREI Portfolio, comprising 25 out of 36 retail parks. A joint venture between Ares Real Estate and Slate Asset Management acquired the portfolio from Trei Real Estate, completing one of the largest retail park portfolio transactions in the history of the Poland's investment market. The full portfolio of 36 parks is valued at over €300 million. The largest single-asset deal in 2025 was the sale of Libero Shopping Centre in Katowice by Echo Investment to Estonia-based Summus Capital. The transaction value was announced at €103 million.
Collectively, 2025's transactions reflect the current focus of active retail investors - primarily targeting wide spectrum of retail parks or value-add shopping centres located outside major metropolitan areas. The rising number of portfolio acquisitions may also signal an upcoming broader inflow of capital into the sector.
Although there is still a lack of recent transactional evidence in Warsaw, based on overall market sentiment, JLL estimates that prime shopping centre yields remain stable at 6.50% in Q4 2025. Prime cap rates for top-tier retail parks compressed to 7.20% in 2025. However, intensifying competition for best-performing assets is expected to put further downward pressure on prime yields in this segment in 2026, whereas the spread between top-quality and secondary assets is likely to widen.
Hungary
Sector | Prime yield | Investment volumes (€ M) |
Office | 6.75% | 316 |
Retail (SC) | 7.25% | 18.5 |
The increase in investment activity observed at the end of 2024 continued throughout 2025, with annual transaction volumes reaching €910 million - more than double the €420 million recorded in 2024 and the highest annual level since 2022.
The highest level of activity was recorded in the office segment, which accounted for 34% of total transaction volume, equivalent to approx. €316 million. Within this asset class, investor interest was strongest in centrally located office buildings over ten years old, particularly those with strong tenant retention or clear potential for conversion strategies. By contrast, only one core office asset (newly built A class) was transacted during the period.
Hotel and industrial assets generated similar transaction volumes, each amounting to roughly €160 million. Despite increasing investor interest in the retail sector, only one retail transaction was completed, while several others were postponed to Q1 2026, including the sale of a larger Park Center portfolio for which the SPA was signed at the end of 2025.
The remaining transaction volumes comprised various vacant possessions, lands and development sites. The largest from this category was the Ministry of Internal Affairs building by Eagle Hills.
Domestic capital continued to dominate investment activity; however, the market also saw the entry of new international investors, increasing the share of foreign capital to 40%.