ARTICLES LABELLED WITH TAG coronavirus

After the Polish government announced a major reopening of the retail economy last month, outlets are seeing more than 80% of footfall on average, with convenience centres attracting between 90% to 100% clients as compared to the previous year. Such positive results are due to the fact that these types of centres are shopping destinations in their own right but only offer a limited number of options for spending free time. However, this paradoxically is now working in favour of outlet centres and convenience centres.

72 speakers and several hundred attendees will be joining the next online event organised by Property Forum and RICS, Virtual Property Forum 2020. With three speeches and eleven panel discussions, this event will provide a comprehensive overview of the trends currently driving real estate markets in the CEE region and beyond.

In Q1 2020, S Immo’s rental income rose by around 10% in annual comparison to €31.1 million (Q1 2019: €28.4 million). The FFO I – a key figure for operating performance – advanced by 27.8% to €13.8 million (Q1 2019: €10.8 million). At the same time, the results on property valuation turned negative to reach minus €31.5 million in the wake of the COVID-19 pandemic (Q1 2019: plus €9.9 million). This corresponds to around 1.3% of the IFRS real estate assets. All in all, the company saw a loss for the period of €21.4 million as of 31 March 2020 (Q1 2019: profit for the period of €15.1m million).

Knight Frank has been present in Hungary since 2018, mostly focusing office leasing – a process that will significantly be impacted by COVID-19. Erika Lóska, Head of Office Division at Knight Frank Hungary and Colin Fitzgerald, Partner International Occupier Services at Knight Frank London talked to Property Forum about the company’s plans for Hungary and how COVID-19 could change the occupier services sector.

As of 29 May, CPI Property Group collected 76% of rents in April 2020. The company published unaudited financial results for the first quarter of 2020.

Reduced output in March & May in the automotive sector could change the typical activity curve in 2020, with busier summer months ahead to make up for lost time. Colliers International has just launched its recent research piece in which e it discusses the importance of particular months for the manufacturing sector in the EMEA region as well as presents the outlook for the coming months.

In Q1 2020, Echo Investment commissioned four housing projects and two office buildings, sold 399 apartments and handed over 190 to clients, started the rental process in the second Resi4Rent building in Wrocław and secured the purchase of attractive plots of land on which 4,000 apartments can be built. During this time, the Group’s next profit exceeded PLN 40 million.

Immofinanz’s rental income in Q1 2020 rose by 13.4% to € 74.0 million, above all due to the expansion of the portfolio through acquisitions and completions as well as a growth of 1.9% in like-for-like rental income. The results of asset management increased by 18.1% to €59.5 million, and the results of operations were 18.0% higher at €43.5 million. However, the revaluation results of €-45.0 million from standing investments and goodwill reflect the adverse effects of the COVID-19 pandemic. Net profit for Q1 2020 was, therefore, negative at €-37.6 million.

In the current time of intense market changes, space in centrally located boutique office buildings might become a good option for companies migrating from large Warsaw facilities, according to consultancy firm Walter Herz.

European real estate investment activity is set to plummet by 50% before rebounding sharply within the next 12 months, according to Savills, who predicts that neither the speed or the depth of the crash will be as bad as the global financial crisis when volumes across the continent plunged by 72% between 2007-2009.