ARTICLES LABELLED WITH TAG CEE

Manufacturing PMIs in CEE showed that the recovery slowed at the end of Q3 2020 and the carryover to Q4 2020 was small (and even negative in some cases). This assessment pertains also to the outlook, with new orders and output expectations either rising less or showing a slower recovery in September than in the previous months, according to Dan Bucsa, Chief CEE Economist at UniCredit Bank in London.

Gábor Futó, the founder of Futureal and Cordia has funded a new industrial and logistics property development and investment company, HelloParks. The firm will operate as a member of Futureal Group and is headed by Rudolf Nemes. HelloParks aims to obtain a leading position of this dynamically growing segment, as a first step in Hungary, later on in the whole CEE market. Expanding the group’s portfolio will also contribute to Hungary becoming a true regional logistics center.  

Real estate investor and manager Cromwell Property Group has appointed Elwira Pyrkowska as Head of Asset Management, CEE. She will be based in Cromwell’s Polish office.

CTP Group recorded a profit of €99 million (more than CZK 2.5 billion) in the first half of 2020, while its Portfolio of Class A property under management grew to over 5.8 million sqm. During the first six months of the year, CTP Group added 268,926 sqm of lettable area to its portfolio, and plans to grow by additional 595,000 sqm by year-end. The pandemic has transformed the nature of demand, but rental incomes increased in the second quarter.

GTC Supervisory Board has appointed Mr. Yovav Carmi to the position of the President of the Management Board of GTC.

The SES-operated shopping centre Weberzeile located in Ried, Upper Austria, now generates its own environmentally friendly solar power, which is also the case at SES shopping centre Murpark in Graz. Last week, SES Spar European Shopping Centers commenced operation of a 520-kWp photovoltaic rooftop installation, which produces approximately 500,000 kilowatt-hours of clean electricity per year for its own use and reduces CO2 emissions by 128 tons. The photovoltaic system installed atop Weberzeile is the largest to be mounted by SES to date and is the benchmark for the installation of solar power systems on the roofs of other SES shopping centres throughout Austria.

Six investors, representing the most active players of the Slovak property market, discussed the experiences of the pandemic period and shared future strategies at Bratislava Property Forum 2020, an annual event co-organised by Property Forum and RICS.

Germany and Central Eastern Europe (CEE) reported investment turnover growth across commercial real estate in H1 2020, despite the effects of COVID-19 in Q2, according to the latest Savills European Investment Spotlight.

CPI Property Group’s property portfolio increased to €9.8 billion (up 8% from year-end 2019) as the Group made €928m of acquisitions, primarily offices in Warsaw and a 29.4% stake in Globalworth. The company published its unaudited financial results for the first half of the 2020 financial year.

Warimpex achieved a positive operating result (EBITDA) in the first half of 2020 despite losses in the hotel segment due to the coronavirus. This can be attributed primarily to the earnings contribution from the rental of office properties – this segment saw a 15% increase in revenues compared with the prior-year period. Following the posting of property impairments and currency losses, this led to a loss of €21.7 million for the first half of 2020, including a result of minus €3.0 million for the second quarter of 2020.