GTC continues its expansion in CEE region as it signed a memorandum of understanding to acquire 105k sqm of land in Bucharest for EUR 12.6m. It is a joint project in which GTC will have 80%. GTC plans to use the land to build 130k sqm of gross residential space with 1,300 high standard apartments. The project is expected to be finished over the next 5-7 years. GTC’s exposure to Romanian real estate market will thus increase to 400k sqm of gross commercial and residential space. As the Romanian market still lacks high standard apartments and provides good growth opportunity we see this news as positive and reiterate our Buy recommendation.