Romania’s largest hotel chain, Continental Hotels and French hotel group Accor have decided to terminate the management agreement signed 20 years ago for four hotels. According to the mutual agreement, starting with July 1, 2020, four hotels owned by Continental Hotels (Ibis Gara de Nord, Ibis Parlament, Ibis Constanta and Ibis Sibiu) will no longer operate under the Ibis brand, profit.ro reports.

Prologis is expanding its Hungarian portfolio with the acquisition of 13 hectares in the Budapest logistics market. Modesta Real Estate facilitated the transaction.

The PZU Group has leased 47,000 sqm of office, retail, service and warehouse space, as well as 325 parking spaces in Generation Park Y – Skanska’s highest office building in CEE located in Warsaw. With this lease, the building is now 98.5 percent occupied. The PZU Group will move its headquarters to the new office in Q2 2022. This is the largest lease agreement in the history of the office market in Poland and the history of the Skanska Group in the world.

Israeli-owned real estate developer Hagag Development Europe has received the urban planning certificate for the restoration of Știrbei Palace in Bucharest which will be converted into a modern office building.  

Accolade is entering Gorzów Wielkopolski with a project worth nearly €47 million. The first stage of construction of the new BREEM certified industrial park will be completed next month. Lease agreements have already been signed by Logoplaste and Omnipack.

Solid economic fundamentals will be instrumental in the fast rebuilding of asset values in Poland. If they are not weakened by the country’s overregulation and fiscal policy, and the government temporarily helps entrepreneurs maintain liquidity, investor confidence in most commercial real estate sectors should fully recover by the end of this year, says Bolesław Kołodziejczyk, PhD, Head of Research & Advisory, Cresa Poland.

Czech real estate group Českomoravská Nemovitostní (ČMN) has completed the €74.5 million (CZK 2 billion) acquisition of two office buildings, City West C1 and C2 in Prague's Stodůlky area. The seller is Luxembourg-registered Capital Financial Holdings (CFH). Raiffeisenbank provided financing for the acquisition.

Panattoni has completed the development of the largest warehouse facility in the Warsaw region – A2 Warsaw Park. The building, totalling close to 104,000 sqm, was delivered in Adamów, right next to the Grodzisk Mazowiecki junction on the A2 motorway. Nearly half of the space provided by the developer has been taken up.

EPP’s general meeting of shareholders has approved the appointment of Tomasz Trzósło to the position of CEO of the largest owner of retail real estate in Poland. The company’s Board of Directors announced it will nominate Tomasz Trzósło to this post in December 2019.

Savills Investment Management has signed a new lease agreement involving Gate One Business Park in Warsaw. An international company dealing with data centre services has leased 21,000 sqm of the modern space at the Gate Two building. The term of the agreement is 15 years.