GTC has announced that it acquired 3.8k sqm of land in Sofia, the capital of Bulgria, for EUR2.4m, located in proximity to the US Embassy. GTC has a permit to develop an 11.6k sqm of office/retail building. The announcement is in line with GTC's strategy to enter new markets (i.e. Bulgaria and Slovakia), following its recent share issue. We repeat that the decision to enter the new countries is definitely positive for the company, given the significant imbalance between quality real estate assets supply/demand. In addition, given the strong inflow of funds into the traditional CEE3 markets, the market yields seemed to have converged too fast. Therefore, expansion further east opens larger upside potential. We reiterate our Buy recommendation on the stock.