Real estate developer GTC's Romanian assets devalued last year by more than EUR 36 million. These include the office complex City Gate in northern Bucharest and its two retail gallerias in Arad and Piatra Neamt.

The company’s assets in Romania reached EUR 156.5 million, below the City Gate value in 2013, reports local Mediafax.

The two malls are now worth only EUR 8 million, compared to over EUR 35 million in 2013.

The portfolio decrease comes from lower future rental incomes, due to the high number of new office buildings to be delivered in 2016, according to the developer’s financial report.

editor@romania-insider.com