Zoltán Fekete and Ariel Ferstman, the CEO and CFO of Globe Trade Centre, have talked to Property Forum about GTC`s financial results in 2021, shaking off the last COVID-related restrictions and biggest challenges for the commercial property market in 2022.

Barely has the pandemic subsided, the investment market is already facing new challenges due to the war in Ukraine. The end of the first quarter of the year was partly influenced by the new geopolitical situation when the whole real estate market held a breath. Despite new circumstances, ongoing transactions are closing, which is reflected in Q1 2022 investment market results. Furthermore, regional investors from Lithuania, the Czech Republic, Hungary and Slovakia are keeping their interest in real assets located in Poland.

YIT Slovakia has announced an international urban planning and architectural competition for the transformation of the area along Viedenská cesta (Vienna Road) in Bratislava into quality housing. The sensitive transformation of the site in the distant neighbourhood of the former "Pečnianský rameno" is to be carried out with an emphasis on ecological forms of housing and with respect for the existing environment. 6 renowned studios from 4 countries were invited to participate in the competition, YIT Slovakia informed.

Real estate advisor Avison Young has announced Wesley Thomson has joined the firm as Director of ESG, UK & Europe, to lead ESG strategy in the region.

Real estate investor and fund manager, Cromwell Property Group acting on behalf of CEREIT, has leased 17,500 sqm of office space to two Santander Group businesses at the Business Garden Poznań in Poland.

Work has been underway for more than ten years on a major planning document for Prague - the new zoning plan. Its elaboration has cost the capital city CZK 135 million so far, while the assessment and elaboration of changes cost CZK 181 million. According to the city's statistics, 367 amendments are submitted annually, a number that the new metropolitan plan should significantly reduce. The new plan is also expected to unlock up to 15 areas where there is currently a building closure. If the metropolitan plan is approved as proposed, it could begin to take effect as early as 2023 and could unlock the construction of up to 150,000 new flats. The public now has 66 days to comment on the plan, local daily E15.cz reports.

The asset management arm of Hungarian developer Market Group has signed a €65 million loan agreement with Raiffeisen Bank to finance a huge mixed-use project in a prestigious district of Budapest, not far from the embankment of the river Danube. A Class A office complex and a boutique hotel offering 127 rooms will be completed by 2023. 

Anchor Grup has kicked off the development of Select Residences, a new residential complex that will be developed in Bucharest following an investment of €40 million.  

Penta Real Estate has sold three real estate projects in Bratislava. The buyer is former Penta co-owner Jozef Oravkin, who left the group at the end of 2021 to set up his development and investment company, Penta announced in a press release.

Geopolitical tensions hurt demand for commercial property, appetite for property development, financing conditions and property investment decisions over the short run, the Hungarian National Bank (MNB) reports.