GTC has presented strong financial results for the first half of 2023 with €90 of rental revenues, 8% higher than the €85 million recorded in the same period of the previous year.

According to the newest report prepared by Newmark Polska, in the second quarter of 2023, the total warehouse and industrial stock in Poland surpassed 30 million sqm. Both tenants and developers exhibited caution in decision-making, which resulted in a decline in leasing activity and construction volumes. Meanwhile, warehouse availability in existing facilities increased.

The first phase of the Le Jardin residential complex has reached its highest point. The residential park with 165 apartments is located on the shore of the Rákos stream, in a green zone location and developed by the Hungarian company Wing.

Speedwell has secured a loan of €13.6 million from Garanti Bank for the development of the third phase of The Ivy residential project in northern Bucharest.  

Industrial developer CTP has delivered a warehouse of almost 10,000 sqm in CTPark Bucharest North for FineStore, the largest online liquor retailer in Romania. The lease transaction was advised by iO Partners. 

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CA Immo has reported a solid operating performance record for the first half of 2023. The results for the first six months show, among other things, a significant increase in rental income (+12%) and strong income from the sale of non-strategic properties (sales result of €112 million, FFO II +122%), resulting in a 121% increase in EBITDA. In total, CA Immo generated a consolidated net profit of €13.5 million.

NEPI Rockcastle, the biggest owner of shopping centres in CEE, recorded a net operating income (NOI) of €241 million in H1 2023, up by 23% compared to the same period of last year over strong rental growth and leasing activity, alongside improved cost recovery

Romania ranks third in the top of the European countries with the cheapest housing, after Bosnia and Herzegovina and Greece, with an average price of €1,417 per sqm, according to a Deloitte report. Homes prices in Romania rose by 10.6% compared to 2021. 

Offices might become hotels, hotels can be converted into apartment buildings and warehouses may serve as retail centres. But location, revenue-generating capacity and environmental considerations are the most important factors in converting successfully an existing commercial property, say experts of Hungarian developer Wing. Ernő Takács, Deputy CEO, responsible for hotels and retail at Wing and Chairman of the Association of Hungarian Property Developers and Gábor Angel, Deputy CEO, responsible for offices at Wing, talked to Property Forum about the challenges of changing the use of a property.