Global Trade Centre SA (GTC), the Warsaw and JSE-listed Poland-based real estate investment and development company, said Thursday an investigation into the acquisition of assets in Germany is ongoing.
Image: Nicola Mawson / Independent Newspapers
Global Trade Centre SA (GTC), the Warsaw and JSE-listed Poland-based real estate investment and development company, said Thursday that an investigation into the acquisition of assets in Germany had not yet reached final conclusions, but “indications of irregularities” had been identified.
GTC’s management board had, in the autumn of 2025, initiated a review related to the acquisition of assets in Germany, which culminated in an internal forensic investigation at the start of 2026.
In the third quarter of 2025, GTC exercised the option to acquire minority stakes in its German residential portfolio, comprising 5,200 rental apartments.
“The internal investigation is currently ongoing, supported by external legal and forensic advisors. The company emphasises that no final conclusions have been reached at this stage,” the board said in a statement to the JSE news service.
However, based on the preliminary findings of the internal investigation established as of Thursday, the company had identified indications of irregularities in connection with the acquisition of assets in Germany, including those announced by the company in November 2024.
“As part of its immediate response, the management board decided to continue the internal investigation to ensure a full and comprehensive review of all relevant aspects. Any material results of the internal investigation will be communicated in due course as the review process progresses, and in accordance with applicable laws and regulations,” the company said.
As of December 31, 2025, GTC’s investment portfolio was worth about €2.6 billion (nearly R50 billion).
In 2024, GTC entered the German residential rental sector. The group’s portfolio also includes 37 commercial office buildings and 6 retail properties in Poland, Serbia, Romania, Bulgaria, and Croatia.
GTC’s adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) for the year 2025 amounted to €102 million compared with €108m in 2024. GTC’s share price remained untraded at R26.92 on the JSE on Thursday morning.
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