ARTICLES LABELLED WITH TAG land

Warimpex Finanz- und Beteiligungs AG announced the purchase of the B52 Office building in Budapest for an undisclosed price. The transaction was signed on 20 April 2018 and will be closed before the end of the second quarter. The seller is CCE Investment Kft., the investment arm of the prominent real estate investor and development company ConvergenCE.

In 2017 the residential market took the lead in terms of land deals, recording all-time highs for both the number and value of sale/purchase contracts. The market for land suitable for office buildings and hotels also continued apace in 2017. The appetite of developers for new purchases was underlined by deals for several dozen properties throughout Poland, according to JLL.

Last year, the total value of land transactions in Romania for real estate projects (excluding the industrial segment) increased significantly from 2016, exceeding the €350 million threshold at the national level. According to Colliers International, about 70% of this value was ascribed to the capital, where land transactions for residential development represented more than half of the investment volume.

Immofinanz started selling land plots from the portfolio of Adama, a residential developer part of the Immofinanz Group. Two land plots located in the Bucharest area have already been sold, while the transaction for another piece of land is set to be finalised in November. The three assets have a total surface area of almost 36,000 sqm. The parties have agreed not to disclose further details.

Plaza Centers has concluded an agreement with NEPI Rockcastle, on the termination of land use rights over a circa 21,788 sqm land plot adjoining Arena Plaza in Budapest, Hungary, registered to a subsidiary of the company, Kerepesi 5 Irodaépület Kft. NEPI Rockcastle has recently acquired the Arena Plaza shopping centre from a third party.

Romanian developer Forte Partners has acquired a 1,700 sqm plot in the city centre of Bucharest for office development. The plot, sold by Telekom Romania, is located next to Palatul Telefoanelor and the Novotel hotel. It allows the development of up to 9000 sqm of office space.

Skanska has acquired land in Prague, Czech Republic, from Codeco UK. The total investment amounts to CZK841 million (app. €31.1 million).

Echo Investment – a Polish developer – and Echo Polska Properties – an international fund operating as a REIT - signed agreements to jointly buy and jointly develop a real property at ul. Towarowa 22 in Warsaw from Griffin Real Estate, a Polish private equity fund. The buyers will pay €120 million for the property – €78 million upon signing the agreement, while the remaining amount will be paid after certain planning conditions are met.

Last year there has been a significant increase of interest from investors for logistics properties and properties for development, which signals the emergence of the automotive and e-commerce industry as well as the start of large-scale real estate developments – says DLA Piper’s annual Hungarian Real Estate Intelligence Report. According to DLA Piper, the increased acquisition activity from developers will translate into new commercial assets being introduced into the market around 2017 Q4 and 2018 Q1.