Multinational company Kardan has announced it planned to expand its real estate operations in Bucharest and Belgrade through its subsidiary Globe Trade Centre S.A. to develop residential and commercial projects in the two cities, according to Dutch portal Euronext.

In Bucharest, Globe Trade Centre S.A. announced it eyed a 10.5 ha plot of land in north Bucharest, for which it would pay 12.5 million euro. The area would be used to develop a residential area with over 1300 luxury apartments in a construction period of 5 to 7 years. GTC holds 80% of the business.

The investment would boost the GTC portfolio in Romania to some 400,000 square meters.

The company also eyes a 20,000 square meter area downtown Belgrade, evaluated at 10.5 million euro.

GTC develops real estate projects in six countries: Romania, Poland, Hungary, the Czech Republic, Serbia and Croatia. It is listed on the Warsaw Stock Exchange with a capital of 2 billion euro.