GTC announced that it signed a lease agreement with Hungarian Development Bank in its Centre Point office building in Budapest bring the occupancy to 95% while selling already 86% of residential units in the Riverloft Apartments project (Budapest) comprising in total 176 loft apartments. Finally, GTC signed a pre-sale agreement for 120 flats in the Sasad resort (Budapest) out of the total of 270 units in the first phase.
Our view: Certainly 95% occupancy at the Centre Point project is positive. At the same time, we see the progression of sale of residential units are supportive following the relatively weak 3Q06 period for residential sales; we note that revenues from residential sales are difficult to forecast on quarterly basis.