GTC issued 1.8 news shares representing almost 9% of its capital at PN285 per share. The fund should be used for the company’s expansion into new markets including Bulgaria, Slovakia and Ukraine. We believe that these countries represent a strong growth opportunity due to strong lack of any quality real estate assets combined with higher yields offering yield compression upside. In addition, due the lack of the quality real estate assets, rents are rising fast too. We believe that the issue should give GTC further upside. We reiterate our Buy recommendation.