Real estate developer Hagag Development Europe and Global Vision signed a collaboration agreement for the property management services of Hagag’s office building H Victoriei 109. Thus, Global Vision takes over the administration of the property located on Calea Victoriei.

Adventum International, a Malta-based boutique investment fund manager, has acquired yet another property in Poland. The 17, 000 sqm Centrum Orlat office building at Plac Lwowskich in Wrocław was purchased from seller EFL Service S.A. being part of the financial groups of the European Leasing Fund S. A. With this transaction Adventum’s Quartum Polish office portfolio grew to 63.000 sqm GLA.

In Q1 2020, Echo Investment commissioned four housing projects and two office buildings, sold 399 apartments and handed over 190 to clients, started the rental process in the second Resi4Rent building in Wrocław and secured the purchase of attractive plots of land on which 4,000 apartments can be built. During this time, the Group’s next profit exceeded PLN 40 million.

Cushman & Wakefield won a double mandate for the property and asset management of the Nowogrodzka Square office building which was recently acquired by Amundi Real Estate from developer Yareal.

Immofinanz’s rental income in Q1 2020 rose by 13.4% to € 74.0 million, above all due to the expansion of the portfolio through acquisitions and completions as well as a growth of 1.9% in like-for-like rental income. The results of asset management increased by 18.1% to €59.5 million, and the results of operations were 18.0% higher at €43.5 million. However, the revaluation results of €-45.0 million from standing investments and goodwill reflect the adverse effects of the COVID-19 pandemic. Net profit for Q1 2020 was, therefore, negative at €-37.6 million.

In the current time of intense market changes, space in centrally located boutique office buildings might become a good option for companies migrating from large Warsaw facilities, according to consultancy firm Walter Herz.

Global investment firm KKR and Franek Sodzawiczny, a leading data centre entrepreneur and executive, announced the formation of Global Technical Realty, a build-to-suit and roll-up acquisition data centre platform in Europe.

Europi Property Group has acquired a 12.3% stake in Capital Park, an owner, operator and developer of office and mixed-use assets in Poland, predominantly Warsaw. While EPG had been tracking the company since late 2019, the opportunity to invest arose as a result of the market distress in March, enabling the acquisition at an attractive discount to the net asset value.

Belgian developer Atenor has obtained a building permit for its Up-Site Bucharest project which will consist of 270 residential units in two glass towers of 12 and 24 floors. Upon completion, these two towers will be the tallest residential buildings in the Romanian capital.

In Q1 2020, the total office stock of Poland’s nine largest markets (Warsaw, Krakow, Wrocław, Tricity, the Upper Silesian and Zagłębie Metropolis, Poznań, Łódź, Lublin, and Szczecin) reached close to 11.3 million sqm, up by 5% on the same period in 2019. Cushman & Wakefield summarised Q1 2020 on the Polish office market.