GTC announced that it finalized the purchase of 105k sqm of land in Bucharest for EUR12m to develop at last 100k sqm of residential projects, hence GTC’s Romania portfolio would stand at 400k sqm. We believe that there is a significant demand for quality residential projects in Bucharest given the increasing disposable income, wide availability of mortgages and underdevelopment in the past. As we believe that the market expected GTC to finalize the acquisition, the news should have a limited direct impact on trading with GTC’s share. We, however, reiterate our Buy recommendation.