This year has witnessed new players entering Central and Eastern European markets which, when combined with investments from the region's traditional players, has further increased CEE investment activity. Colliers, Skanska and JLL has released a joint report that analyses the region’s potential as an investment location.
Global law firm White & Case has signed a lease agreement for 2,500 sqm of modern space in the Q22 office building. The firm will relocate to its new office by the end of 2017 and will occupy floors 37-38 as well as part of floor 39. JLL represented White & Case during the process of selecting a new office and negotiating the lease terms.
Neinver, a Spanish developer, investor, property and fund manager, has entered into an agreement with Carrefour Polska to manage the Metropolitan Outlet in Bydgoszcz. The outlet centre, scheduled to open in spring 2018 will be the first and only retail centre of this kind in the Kujawsko-Pomorskie province.
The United Kingdom’s decision to leave the European Union dominated property news cycles over the summer. After the initial shock things have somewhat cooled down but it is still uncertain to what extent will London loose its position as the capital of the European real estate market. The first figures show that although investors have started acting a bit more cautiously they are just as hungry for yields as they have been before the referendum took place. Benjamin Perez-Ellischewitz, Head of Capital Markets at JLL Hungary has talked to us about the potential effects of Brexit on European property markets.
JLL has been selected as property manager for the Wołoska 24 office building in Warsaw. The firm’s responsibilities include maintaining the best relations with tenants and the complex operational, technical and financial management of the property. Ghelamco is the project’s investor and developer.
The Aviva Investors Polish Retail Fund has signed a preliminary sales agreement for Focus Park in Zielona Góra and Focus Mall in Piotrków Trybunalski. The two shopping centres are to be purchased by Rockcastle for around 161 million euros. JLL advised Aviva Investors on the transaction.
Adval Asset Management supported by JLL's Capital Markets team has successfully secured the refinancing of €6 million of Cascade Offices. Cascade Offices is a 4200 sqm office building delivered in 2005 and located on Buzesti Street, in the heart of the Central Business District of Bucharest. Among the main tenants, the project counts Procredit Bank, Enel and Taiwan TC.
With two companies recently signing a lease agreement in Building E, the fifth building in Krakow office complex Bonarka for Business (B4B) has reached 100% occupancy level. Gerda Broker Sp. z o.o. leases 301,91 sqm GLA on the ground floor of Building E, while Skelia Poland Sp. z o.o. takes 511,21 sqm GLA on the 4th floor. B4B adds approx. 10 000 sqm GLA new office space to Krakow’s office market each year and TriGranit, the developer of the B4B buildings plans to go on with this trend.
An expanding BPO/SSC sector does not just boost the economy but the construction market as well. Investment funds and real estate agencies point out that in CEE there is still a need for prime offices, shopping centers and logistics infrastructure. Skanska, JLL and Dentons, in cooperation with ABSL have published their latest CEE Investment Report 2016: Mission to Outperform.
Rockcastle, a listed retail property company, has acquired Forum Liberec from British retailer Tesco for approx. 80 milionl EUR. Forum Liberec is a regional shopping centre located in the heart of Liberec, the capital of the North Bohemia region. The 47,000 sqm centre is tenanted by strong retailers including: Tesco, Cinema City, C&A, Datart, Gant, H&M, Lindex, New Yorker, Nord Blanc, Norma, ProBest, Reserved, Sportissimo and Tiger.
Two new tenants have joined Galeria Echo in Kielce, owned by EPP. Dealz chain shop has leased a unit of nearly 580 sqm. The retail space of the Carrefour hypermarket is more than 4,500 sqm.
A Rossmann chain outlet has opened in the TGG shopping centre in Wrocław. The new chemist's shop took up over 600 sqm next to the grocery shop. In September, the second TGG site, the Astra shopping centre in Wrocław, will in turn see the opening of a Pepco chain shop.
InPost has opened a second logistics centre in Łódź. Ultimately, almost 300 people will find work in the 8,500 sqm facility. InPost's logistics centre, located in the vicinity of the A1 Central Logistics Hub motorway, occupies 7.5 thousand sqm of warehouse space and 1 thousand sqm of office space.
Agnieszka Boroń has joined Equilis Poland to take up the post of Development Director. She has worked in the construction and development industry for over 20 years, specialising in residential project management. Prior to joining Equilis Poland, she was programme director at Nexity. Prior to that, she worked in managerial positions at Dom Development.
Agnieszka Baczyńska took up the position of Head of Leasing - Retail in CPIPG. She is responsible for the commercialization of retail facilities from the CPIPG portfolio. Baczyńska also manages the leasing of office space on the buildings owned by CPIPG.
Ferenc Gondi has been appointed to a new post as Country Head for CTP Hungary. He's been part of CTP's activity for over 5 years.
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