ARTICLES LABELLED WITH TAG development

Logistic company Geis has leased 5,600 sqm of a brand new logistic centre in the Řehlovice Industrial Zone. The premises were developed by Czech real estate company Real Spektrum in a built-to-suit project. During this February and March, fit-out of the premises was carried out according to the specifications of Geis, and the new logistics hub started operation at the beginning of April. The tenant was represented by JLL during the transaction.

CTP Invest has signed a lease agreement with MAKRO Cash & Carry ČR, for approx. 53,000 sqm of warehouse and office space at CTPark Prague North. The transaction ranks among the biggest deals recently concluded on the Czech industrial market. Total investment by CTP is planned to reach approximately €35 million.

The current forecast for total construction volumes in Hungary shows increases of 8% and 12% for 2017 and 2018, respectively. The barriers for the realization of the developments are the rise of construction costs and the lack of skilled labour force. CBRE expects that these issues raise risks of delivery delays and decrease of developers’ profit margins.

Panattoni Europe is to build another facility for DSV Solutions. The 25,000-square-metre logistics centre will be erected in Pęcice, as part of Panattoni Park Janki II. The cornerstone ceremony initiating the project took place on 23 March, and completion of the investment is scheduled for August 2017.

Vienna-based real estate investment company S Immo AG has launched another project in Bratislava, the Einsteinova Business Center. The property is located right near the Danube in the Petržalka district and is directly connected to the old town via a pedestrian and tram bridge. An office building offering 23,500 sqm of lettable space is being built on the site, which encompasses roughly 11,600 sqm. The building is planned as a green building and should receive BREEAM certification with a level of “Excellent”.

Budapest was among the 50+ cities that showcased its strengths and potential to real estate professionals at MIPIM 2017 with an emphasis on new developments and investment opportunities. Two panel discussions were held during the first two days of the event, both of them moderated by Portfolio Property Forum, the media partner of the Budapest stand. Here are some takeaways from the first two days in Cannes. 

Futureal Group signed a credit agreement of €45.1 million with Erste Bank Hungary Zrt. in order to finance the realisation of the Corvin 5 office building. The first phase of the building is expected to be handed over at the end of 2018. 

HB Reavis has gained planning consent for its next new major development, Agora Budapest, situated next to city’s busiest boulevard and the Váci Road office corridor. Construction on the first building called Agora Hub has already commenced. Agora Budapest will be built in several phases and will comprise more than 136,000 sqm of modern office spaces and retail units by 2023. The project will require an investment of approximately HUF140 billion (€447 million).

InterContinental Hotels Group (IHG), one of the world’s leading hotel companies, has announced the signing of Holiday Inn Warsaw West Station. The hotel will be developed with franchisees VHM Hotel Management, owned by the Satoria Group SA, and investors Capital Park. 

The ceremonial laying of the cornerstone for Ada Mall, GTC’s latest retail investment in Belgrade, was held on 6 March 2017. The opening of the 34,000-sqm mall is scheduled for autumn 2018.