Higher disposable income across CEE markets are outpacing those in more mature Western European economies, with existing retail spaces trying to keep up with growing demand, according to a NEPI Rockcastle report.
Bucharest-based Calea Victoriei is the 50th most expensive main retail street out of 57 locations based in Europe, according to a Cushman & Wakefield report. On this ranking, Bucharest is behind Ljubljana, with a monthly rent of €55 per sqm.
Real estate group NEPI Rockcastle has recorded a net operating income of €365 million in the first nine months of 2023, up by 23% compared to the same period of last year. The result was boosted by improved tenant sales and the contribution of the acquisitions completed during 2022.
Dm-drogerie markt has signed an agreement to lease new warehouse space in Prologis Park Prague-D1 Ostředek. The new dm distribution centre will cover an area of 21,000 sqm and will also include offices.
Hagag Development Europe has kicked off the construction works for the consolidation and repurposing of Știrbei Palace on Calea Victoriei. The building will be transformed into H Știrbei Palace, the company's first retail project in Bucharest.
A CZK 4 billion (€162 million) real estate deal is set to take place in the Czech Republic in 2024, which will undoubtedly be one of the biggest in the next year. Development group Portin is set to sell a set of around ten retail parks whose main tenants include Billa, Penny Market, DM Drogerie and Datart, writes online daily e15.cz.
LCP Properties has completed the first phase of its ESG strategy aimed at making electric car charging stations widely available on its properties. Thanks to the signed agreement with Pure City, a total of 80 such devices will be installed directly at M Parks. The first of these will be set up at the M Parks currently under construction in Reda, Iława and Łochów.
Mitiska REIM has announced the expansion of its joint venture partnership with Karuzela Holding with the opening of a new food-anchored retail park in the Polish city of Biała Podlaska.
The Lux Med Group will join the ranks of the Fabryczna Office Park complex being developed by the Inter-Bud Group as part of the Fabryczna City project - an omni-functional investment being built on Aleja Pokoju in Krakow. The lease agreement between Lux Med Group and Inter-Bud Group was signed for over 1.7 thousand sqm.
The group of tenants of Dekada Nysa (southwestern Poland) is expanding. Family Pets & Zoo will occupy a 258 sqm showroom, where it will offer a wide selection of food, supplements for dogs and cats, cosmetics, toys and many other pet products.
Flexion Mobile Plc's Hungarian branch has chosen traditional long-term office leasing over previously used serviced office rental and is moving to the ZenGarden office building in Budapest.
New appointments
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.
Dominika Bombik has taken up the position of Marketing and Communications Director at BPI Real Estate Poland. She will be responsible for the creation and implementation of marketing activities for the residential property product portfolio and the developer's image on the Polish market.
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