Colliers International Romania has been assigned to provide property management services for Business Garden Bucharest, the newest office complex developed by Vastint Romania, in the Orhideea area in Bucharest. As a result, Colliers reaches a managed portfolio of over 400,000 sqm and strengthens its property management activity for offices in the Capital’s Center-West area.

Immofinanz has successfully finalised the acquisition of the Warsaw Spire Tower through the purchase of the respective real estate holding companies. The closing took place today, 11 July 2019, following the release of the transaction by the Polish antitrust authorities. The sellers are the Ghelamco Group, which completed the tower in 2016, and Madison International Realty, a global real estate private equity firm. The agreed property value for the office tower equals roughly €386.0 million. The expected annual rental income based on invoiced rents totals approximately €19.6 million.

The second quarter of 2019 reconfirmed the increased interest for office space in Romania. Over 115,000 square meters of office space was leased over this period at the national level, a value similar to that registered in the second quarter of 2018.

Globalworth has worked with Signify to deliver the first implementation of a light-wave wireless communication solution in the CEE region. Trulifi is available in the Warsaw office building Spektrum Tower. Investments in new technologies improving the use of the office buildings managed by the company are one of the pillars of Globalworth's development strategy in Poland. 

Immofinanz is making a further strategic acquisition in the office sector with the purchase of the Palmovka Open Park in Prague through the takeover of the related real estate holding companies. This office location consists of three buildings with 25,800 sqm of rentable space. The agreed property value amounts to €76.4 million, and the expected rental income totals roughly €4.4 million per year. The seller is Metrostav Development, the project development company which completed the property in 2018. The seller was represented by Knight Frank.

Adventum International, a Malta-based boutique investment fund manager with a partial Hungarian background, has acquired the 18,000 sqm Poznan Financial Center from Peakside Capital Advisors. The purchase price was not disclosed.

Millennium Gardens, TriGranit’s newest office development in Budapest, is already under the structural construction phase. Structural works of the office building with over 37,000 sqm GLA, is being carried out by Bayer Construct Zrt. The project will be the final element of Millennium City Centre with completion in Q2 2021.

M7 Real Estate, a pan-European investor and asset manager, has acquired a further five office, light industrial and logistics assets in Poland on behalf of its M7 Polish Active Fund (M7 POLAF) for a total of €65 million in three separate transactions.

Employees working in modern offices in Bucharest spend an average of 46 minutes between home and work, while 52% of them consider the commuting time to be long or too long, according to the first edition of the Working Habits and Commuting Patterns study, realised by Cushman & Wakefield Echinox.

Prague’s modern office stock located within a 10-minute walking distance from a metro station grew from 2.54 million sqm to 2.69 million sqm between Q4 2017 and Q1 2019, taking the amount of Prague offices located within this walking distance to 77% of the total stock, according to the third annual edition of the Prague Office Metro Map from Colliers International Czech Republic.