As expected, GTC announced completion of an office building Centre Point with 41k sqm with a CAPEX of cEUR50m in Budapest. The tenants are Exxon Mobil, Nalco and Honeywell. As the completion was expected to take place during 2006 we view the news as neutral, nevertheless, the recent correction on the CEE markets creates an 51% upside to our valuation on PLN334 per share.