While investors in CEE are figuring out what is the best operating model for maximising hotel investments and returns, international investors are flooding the market to acquire assets. Marius Gomola MRICS, Managing Director of Horwath HTL Hungary and Founder of HOTCO talked to Property Forum about recent developments on CEE hotel markets.  

Diófa Asset Management, on behalf of its Magyar Posta Takarék Real Estate Fund, has reopened the Shopmark shopping centre in the southern part of Budapest. The complete overhaul the 24,000 sqm building was started in February by KÉSZ Építő Zrt.

pbb Deutsche Pfandbriefbank has provided a credit facility of €43 million to Revetas Capital Fund III for the acquisition of the newly built office complex called The Landmark, in Bucharest, Romania. It is envisaged that an affiliate of Cerberus Capital Management will join Revetas in this transaction. pbb acted as arranger and sole lender under the facility.

A recent report by CBRE and Panattoni Europe confirms a sustained positive outlook for the logistics market in Poland. The Logistics and Supply Chain Confidence Index in Poland stands at 57.4 pts (3.3 pts down from last year). Optimism is higher among logistics companies (64.1 pts) than among manufacturers and traders relying on logistics services (50.4 pts). What is more, as many as 8 out of 10 respondents expect to increase their revenues in the coming 12 months, and 6 out of 10 plan to increase headcount.

The vacancy rate slightly increased on the Budapest industrial market to 3.7%. At the end of the Q3 2018 a total of 76,240 sqm stood vacant, and there are only two existing schemes with more than 5,000 sqm of available warehouse space. The Budapest Research Forum published its quarterly industrial market analysis

In response to growing demand in the Czech property market for specialist asset and market analysis, Cushman & Wakefield has expanded its Advisory service line with a newly established team of 3 dedicated professionals headed by Richard Hogg MRICS. In conjunction, Michal Naskos MRICS, a veteran of the valuation industry, becomes Head of Valuation Czech Republic.

Atrium European Real Estate Limited has completed the purchase of the Wars Sawa Junior retail centre in Warsaw, Poland for €301.5 million. Following the acquisition, 84% of the company’s portfolio is located in Poland and the Czech Republic and includes four prime centres in Warsaw and two in Prague.

Ikea has postponed the opening of its €80 million second store in Bucharest for next year. The opening of the store in Eastern Bucharest was initially scheduled for the end of this summer.

Individual investors have subscribed to all offered I-series bonds of Echo Investment. The developer will issue the securities worth PLN 50 million (app. €11.6 million).

Bulgarian shopping mall Plovdiv Plaza will reopen its doors in November following an extensive renovation. The shopping centre will have a total retail area of 35,000 sqm.