Polish GTC to build 265 mln euro complex in Prague

...and office complex in the Czech capital Prague.

The company said it bought 9 hectares of land next to the Sazka Arena complex just east of the city centre and would begin construction of some 40,000 square meters of retail and 80,000 square meters of office space in the fourth quarter of 2007.

GTC holds 30 percent in the joint venture with its two partners -- Deutsche Bank real estate fund RREEF and Israel's Scorpio BSG. GTC did not reveal how much it paid for the land, but said the total cost of the investment is estimated at 265 million euros.

GTC, which grew on the back of a series of successful office and shopping centre projects in Warsaw in the 1990s, have expanded with investments in a series of other central European countries since listing on the Warsaw stock exchange in 2004.

The stock is included in the bourse's WIG 20 blue-chip index . By 1305 GMT on Wednesday it traded down 0.2 percent at 41.10 zlotys.

[WARSAW/Reuters/Finance.cz]