Equity strong private investors have become active due to the most attractive yields seen in years, although the overall investment volumes have continued to fall in Q2 2023, while hotels remain a strong asset, according to a report of Arnold Investments.
Two large railway stations in Prague are about to be modernised. After Masarycka station, Czech national railway infrastructure manager (SŽ – Správa železnic) is now looking for a construction contractor for the Prague-Smíchov station as well. The result will be wholly modernised tracks and platforms, extended underpasses under the whole station, and a new footbridge leading over the station and allowing barrier-free access to individual platforms. The construction implementation will take place between 2024 and 2027, the total cost amounts to CZK 5.2 billion (€215 million), says SŽ in a press release.
Nrep, the ESG-focused real estate investor with €19 billion of assets under management, has purchased a controlling stake in Polish industrial developer 7R. Following the deal, Nrep will invest around €200 million of new equity in the company.
Czech investment company Fidurock is expanding its portfolio. The latest acquisition, which took place in Trutnov, concerns one of the largest retail parks in the Czech Republic. According to idnes.cz, representatives of the investment holding company signed an agreement on the sale of Retail Park Trutnov with representatives of the Czech Real Estate Investment Fund at the end of June. The price of the transaction was not disclosed.
Czech real estate fund Investika's latest acquisition is the Royal Trakt Offices building in Warsaw. The roughly 150-year-old property in the centre of the capital city was bought by the fund from global real estate investor Patrizia SE. The acquisition was announced to Property Forum by Linklaters, the law firm that advised the real estate fund Investika during the acquisition. No further details of the transaction have been disclosed yet.
Prague's Arkády Pankrác shopping centre is changing hands. The Czech real estate fund Trigea is buying it from the Israeli company G City for €265 million, according to information from Trinity Bank, newstream.cz reports.
Archicom has absorbed the residential development projects, the team of employees and the land bank of Echo Investment. The General Meetings of Shareholders of both companies have given their approval for the consolidation of their residential business. Following the completion of the transaction, Archicom is positioned as one of the largest residential developers in Poland, while Echo Investment is focused on commercial real estate, apartments for rent and mixed-use "destinations" projects. The company's share in Archicom's capital will total 89.30%.
Isle of Man-registered Black Sea Property, a company involved in property development, financing, and sales in Bulgaria, has recently announced a significant acquisition. They have signed an agreement to acquire 98.27% ownership of the Bulgarian hotel operator, Grand Hotel Varna, for approximately €28 million. The deal is to be finalized by October 30th. It aims to bolster Black Sea Property's investments in the hospitality sector.
Globalworth has signed a contract to sell the Warta Tower office building in Warsaw to a company from the Cornerstone Investment Management platform. The value of the transaction has been set at over €63 million.
The Aura Centrum Olsztyn shopping centre saw the opening of the largest Ochnik brand store in the Warmia and Mazury region in Poland. The shop occupies an area of 433 sq m and is located in the modernised passageway of the gallery on level +2.
Zwieger, a brand selling small household appliances for the kitchen, has joined the ranks of tenants at Designer Outlet Sosnowiec (southern Poland). The newly opened showroom has 105 sqm.
Aviareps will lease almost 187 sqm of office space in the newly modernised LIFE Building in Warsaw, formerly the Atrium Tower, owned by Austrian company VIG FUND. JLL Polska is responsible for the full commercialisation of the LIFE Building, while Biuro Na Miarę represented the tenant, Aviareps, in the negotiation process.
New appointments
Axi Immo is developing its Capital Markets Department. As of November 2023, Jakub Grabara was appointed as Associate Director in the Capital Markets Department. He will be responsible for transactional services, i.e., acquiring, purchasing, and selling commercial real estate.
Romanian developer ARQA has named Alexandru Rădulescu as Chief Sales Officer. During his career, he has overseen the sale of 17 residential and mixed-use projects.
Multi Corporation appoints Ola Zajac as New Business Ventures Manager. Ola will be looking for new business expansion strategies and venture capital investment opportunities across Europe and will be based out of Lisbon.
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