ARTICLES LABELLED WITH TAG Colliers

Romanian bank BCR has completed the sale of the historic Oscar Maugsch Palace, located on Bucharest’s Universitatii Square, to the Luxembourg-based Vivion Investment Fund, controlled by Isaac and Amir Dayan from Israel. The value of the transaction is estimated to be between €30-35 million, according to unofficial sources quoted by Economica.net.

This year has been a good year for the Romanian real estate market. The latest and last report of the year from Colliers International shows that the market has evolved better than expected in many segments.

In Q3 2019, the total office stock in Prague reached 3.59 million sqm, according to Colliers International. Completions include two new and one refurbished property: Dock In Three in Prague 8 (16,000 sqm), Argentinská Office Building in Prague 7 (5,800 sqm) and the refurbished Life Building C in Prague 4 (11,100 sqm).

For the first three quarters of 2019, the CEE region has recorded an investment volume of ca. €9 billion. Offices dominate the deal flows with a 58% share, followed by a much slower retail sector with 18%, industrial & logistics (9%) and hotels (8%).

The Greenline office building, located in the heart of the Prague 4 business district, has been purchased by WOOD & Company from property developer Karimpol International. WOOD & Company’s real estate funds invest in commercial real estate (office buildings and shopping centres), and are among the best-performing funds in the market. With the acquisition of The Greenline, the market value of the fund's assets has exceeded €500 million.

Lukáš Svobodník from the industrial leasing team of Colliers International Czech Republic has successfully negotiated the long-term lease of 14,700 sqm of production, warehouse, and administrative space in Contera Park Ostrava City on behalf of Chassix/Aludyne.

In the past five years, Colliers International has performed valuation for a total of over 500,000 commercial and residential properties worth €40 billion in Romania. The most complex and comprehensive appraising process in Colliers International’s portfolio was for BCR Palace on University Square in Bucharest.

The UK is the 5th or 6th biggest export destination for both Romania and the country’s major trading partners – Germany, Italy and France. Thus, a negative Brexit scenario would have significant second-round effects via Romania’s other trading partners which do a significant amount of business with the UK. According to Colliers International’s estimates, the stock of modern industrial space is still expected to grow considerably in the next three years (by 2023).

Colliers International has expanded its partnership with the promotion of five new Partners. Laurențiu Duică (Head of Industrial Agency), Simina Niculiță (Head of Retail Agency), Sebastian Dragomir (Head of Office Advisory), Raluca Buciuc (Head of Valuation Services) and Octavian Trofin (Head of Operations) have all been named Partners, effective November 1st. The heads of the five departments join Laurențiu Lazăr, Managing Partner, and Ștefania Baldovinescu, Senior Partner at Colliers International Romania.

According to the new CEE research from Colliers International, which looks at entertainment sector in 13 CEE countries, the leisure offer in shopping centres is dominated by multiplex cinemas and fitness clubs, but there are also other concepts that are being added to the mix. Czech consumers spend the most on recreation and culture, the average is €38.23/month. Key findings of the report include the following.