ARTICLES LABELLED WITH TAG development

Ikea intends to complete the construction of a €50 million retail park in Belgrade by the end of 2020, the company’s CEO for SEE, Stefan Vanoverbeke said.

Penta, Sudop and Czech Railways are planning a new real estate project next to Prague's main railway station. The project would involve covering the railroad tracks between Španělská, Legerova and Vinohradská streets at the southern tip of the station, local daily E15 learned.

MOL Group has laid the foundation for the new MOL Campus headquarters. The future workspace for up to 2,500 employees will be located on the banks of the Danube in the southern part of Budapest, close to the current HQ building. Construction is scheduled to be completed by 2021.

Prologis celebrated the topping out of the first facility at its new Prologis Park Łódź. The roof progress means construction of the 16,500 square meter building is on track for completion in early 2019. The park has the development potential for three facilities totalling 93,000 square meters.

Belgian entrepreneur Yves Weerts has completed the construction of the 73-meter-tall Unirii View, the tallest office building in the Romanian capital, following an investment of €33 million.

Zeitgeist Asset Management has purchased an office building at ul. Solec 22 in Warsaw and intends to convert into student halls. The office building has been acquired for a German pension fund from Solec 22 z.o.o.

In Central and Eastern Europe, hotel owners are experiencing record months in terms of average daily rates which was the primary driver of the double-digit RevPAR (Revenue per available room) growth recorded by central European cities in 2017. The growing trend was also seen in the first half of this year (H1 2018). The only exception was Warsaw where RevPAR dropped slightly due to declining occupancy, yet the prices of rooms increased as in other capitals. The higher room rates translated to notable gains in hotels’ profitability which brought significant interests from investors. The lack of hotel properties available for sale and shortage of development sites in prime locations is turning attention to conversions of existing buildings into hotels. As the demand continues to grow and the development pipeline remains limited in most markets (except for Warsaw and Vienna), profitability is expected to stay strong also in the coming years.

Serbian real estate developer MPC Properties will invest €45 million in the second phase of the Navigator Business Centre office project in Belgrade.

Panattoni Europe has launched a new project, Panattoni Park Bielsko-Biała III, which is with close to 68,500 sqm is the largest investment project in the Podbeskidzie region. The complex has already secured its first tenants, including Seifert Logistics Group (7,500 sqm) and an interior design company (3,600 sqm), who will be able to move into the facility in spring 2019.

Skanska is investing about €29 million in the third phase of Nordic Light office complex, located in the 13th district of Budapest with a total leasable area of 14,000 sqm. Nordic Light Trio is designed to meet the WELL Building Standard.