ARTICLES LABELLED WITH TAG Poland

The amendment to the Construction Law in Poland came into force on 19 September. Changes include a division of project documentation, organization of the provisions which specify what works require a building permit, and legislation on unauthorized construction, and in the opinion of experts from JLL, ought to be of benefit to investors, developers and construction companies operating on the Polish market.

In the second quarter of 2020, Echo Investment generated a net profit of €2.3 million (PLN 10.4 million), which mainly resulted from the appreciation in the value of projects under construction and the handover of 222 apartments to buyers.

The condition of the Kraków office sector has been defined by successive records in recent years. It is the largest regional office market in Poland, the second city after Warsaw, which in 2017 crossed the one million sqm threshold, and the main location for BPO/SSC companies in Central and Eastern Europe. However, the global pandemic, which affected all segments of the economy, undoubtedly also affected the office sector. How? According to JLL’s latest report, in the first half of the year, demand for offices in Kraków was about 15% lower than H1 2019. In addition, the increase in remote working has prompted some employers to reorganize their offices.

Panattoni is to deliver a central warehouse in Łódź for school and nursery school supplies. Their distributor has leased 11,200 sqm in Panattoni Park Łódź West, which is currently under construction. The building is to be built in Konstantynów Łódzki, near two express roads 8 km from the international airport. It is the developer's first investment project on the western side of Łódź.

Knight Frank has been selected as the property manager of the building at Na Ostatnim Groszu Street, which is owned by Echo Investment. The office building with an area of over 21,000 square metres is the first stage constructed as part of the West 4 Business HUB office complex in Wrocław.

Panattoni has begun the construction of Panattoni Park Bydgoszcz III with a planned area of 43,000 sqm. The first tenant is Reconext, a company that services electronic equipment, and the size of the lease is 12,800 sqm. The building is to be constructed to BREEAM 'Very Good' certification standards, and solar panels are to be installed for the use of the tenant.

Madison International Realty has acquired a stake in the newly developed Chmielna 89 office building in Warsaw’s CBD from the Cavatina Group. The acquisition values the project at over €100 million. Chmielna 89 is fully let to Poland’s largest, PKO BP, on a ten-year lease.

Accolade is investing in another location in the Zachodniopomorskie Province. As part of the first stage of Panattoni Park Szczecin Airport, located in Goleniów, the Accolade portfolio will be expanded with 28,800 sqm of modern warehouse space. The value of the investment is estimated at €21.3 million, and the first tenant of the new space will be Bosch brand. The construction is already underway and the first phase will be completed in the first quarter of 2021. The developer of the project is Panattoni. The project in Goleniów is a natural step in the development of Accolade in the region, after the company has continuously invested in the expansion of Panattoni Park Szczecin, which currently has an area of more than 183 thousand sqm.

Panattoni and Phoenix Contact E-Mobility, operating in the area of charging technology for electromobility, celebrated the first construction phase of a new electric mobility plant at Rzeszów-Dworzysko Science and Technology Park. Just in two months, the entire hall structure was constructed and covered with a roof. Starting Q1 2021, Phoenix Contact E-Mobility will manufacture and test various AC and DC charging cables and will supply them, among others, to leading automotive producers. Polish Investment & Trade Agency (PAIH) helped with the efficient implementation of the investment. Colliers International advised the tenant for this transaction.

Globalworth’s revenue and net operating income rose by 9.9% to €114.0 million and by 17.1% to €79.6 million as compared to H1 2019, respectively, mainly due to the acquisition of standing properties in Poland and completion of the development of properties in Romania. Globalworth has published its interim results for the six months ended 30 June 2020.