2024 will be a challenging year for many companies in the CEE real estate sector that will have to refinance their loans at new, increased costs. Those that need to redeem their corporate bonds in the coming quarters may also have a lot of problems.

Over the past decade, Hungarian real estate investors have successfully expanded outside of their home market. Firms such as Wing, Futureal, Adventum, Indotek and others have become major players in many European countries, mainly Poland and Romania. They managed to expand via acquisitions of both companies and projects. Part of their funds came from bond issues in Hungary within the Bond Funding for Growth Scheme of the National Bank of Hungary. We have prepared a timeline of the notable transactions and an overview of the market’s key players to provide a better understanding of this trend.

A real estate bond sale in Slovenia worth €9.5 million was announced by Slovak property developer Corwin and Czech investment company Hartenberg operating in CEE.

MLP Group has successfully placed €29 million worth of bonds with 36 investors in a public offering intended for qualified buyers. The transaction was arranged and conducted by mBank. The Warsaw office of global law firm Taylor Wessing provided legal advice to MLP Group, and mBank was advised by CMS Cameron McKenna Nabarro Olswang.

GTC has published its latest ESG report, summarizing the Group’s activity for the previous year. The 2021 report presents industry-unique data on GTC’s engagement in sustainable development, responsible construction and asset management, collaboration with local communities and responding to stakeholders’ expectations. The report highlights that 88% of GTC's portfolio is environmentally certified and the success of GTC Group’s “green” eurobonds in 2021.

Individual investors subscribed to all L-series bonds offered by Echo Investment. For the second time this year, the developer will issue securities with a total nominal value of PLN 50 million.

Cavatina Holding S.A. has placed in the public offering 3.5-year bonds with a value of over PLN 40 million. Debt securities of one of the largest developers of office space in Poland will go to approx. 560 investors.

Individual investors subscribed to all K-series bonds offered by Echo Investment. The developer will issue securities with a total nominal value of PLN 50 million.

Echo Investment is launching a new bond series for individual investors. The developer will issue the securities for a total of PLN 50 million.

MLP Group is set to carry out another bond issue worth €20 million. The debt securities will be issued on November 17th 2021 and repurchased on May 17th 2024.