Savills has been appointed as an exclusive agent responsible for the recommercialisation of part of Centrum Krakowska 61 retail park in Warsaw. The complex will soon undergo a substantial refurbishment, including refurbishment of one of the buildings which comprises 11,800 sqm.

SachsenFonds, a company that manages investments in real estate and renewable energy sources, is changing its name. The new business name EURAMCO stands for European Asset Management Company and reflects its growing presence on international markets. The company was started in 1999 as one of the subsidiaries of Landesbank Sachsen. Today, the EURAMCO Group administers close to €4 billion in approximately 60 private investment funds. In Europe, EURAMCO has three offices: the headquarters in Ascheim near Munich (investment management in Western Europe), in Prague (investment management in Central and South-Eastern Europe) and in Warsaw. In addition, the company also operates on the Australian market with a branch office in Sydney.

Immofinanz recorded a significant increase in net profit to €105.3 million in the first half of 2017 (H1 2016: €-243.3 million). Net profit from continuing operations, i.e. excluding Russia, totalled €113.1 million (H1 2016: €-123.9 million). Rental income remained stable at €114.9 million (H1 2016: €115.9 million) despite the continuing sale of non-strategic properties. After an adjustment for new acquisitions, completions and sales (like-for-like), rental income rose by a sound 4.6% to €92.4 million. The results of asset management increased by 10.0% to €79.1 million, and financial results turned sharply positive at €104.4 million (H1 2016: €-58.0 million). This improvement resulted, above all, from positive valuation effects related to the investments in CA Immo and BUWOG.

JLL has been selected as the exclusive leasing agent for office and retail space located in Ghelamco's biggest investment in Poland to date, The Warsaw HUB. The complex will consist of three skyscrapers and it will offer approx. 113,000 sqm of multi-functional space.

It the first six months of 2017 GTC refinanced and concluded loans for almost €400 million through euro bonds offering, project loans and construction loans.

The industrial real estate market in Hungary hit the vacancy rate of 5.5% in the first half of 2017, which is the lowest number on record since it has been measured by the Budapest Research Forum (BRF). In total, less than 73,000 sqm space is currently vacant in the Budapest metropolitan area of the 1.95 million sqm total modern logistics area, and only four Class A buildings can offer more than 5,000 sqm contiguous warehouse space. The lack of available space is due to the strong absorption of the last few years, and at the same time there are still limited number of speculative projects in progress or have building permits, says Tamás Beck, Director of Industrial Agency at Colliers International Hungary.

Colliers International was assigned by Piraeus Bank to offer property management services for the office project The Landmark, in the central area of Bucharest. With this new project, the Colliers International team strengthens its position on the office property management market, and the whole managed portfolio reaches a total of over 320,000 leasable sqm.

P3 has promoted Sînziana Pardhan to the role of Country Head in Romania. Pardhan, who was recently appointed as Acquisitions Director for Romania, takes over from Blake Horsley, who has become P3’s Group Development Director. 

The first half of 2017 saw the Czech Republic overtake Poland as the most popular investment destination within CEE. Based on the current pipeline of deals Poland might retake its position rather soon, nevertheless, the combination of growth, yields and stability make Czech Republic and other countries in the CEE region highly attractive to international and domestic investors. Luke Dawson, Managing Director & Head of Capital Markets CEE at Colliers International shared his expectations with Property Forum.

BNP Paribas Real Estate Poland acting as the exclusive agent commenced the process of recommercialisation of the Class A office space in the Diamante Plaza building in Kraków on behalf of the building’s owner, Aldesa, a leading Spanish construction company.