ARTICLES LABELLED WITH TAG Poland

Bogi Gabrovic, CFO of CTP Poland talked to Property Forum at MIPIM about the current situation in the Polish warehouse market, the main drivers of demand and the developer’s plans for growth.

With a €10 million investment, M Core has made another commitment to its portfolio in Poland through the announcement of the Świdnik M Park development. At 7,700 ssqm, the retail park will be the largest development for M Core in Poland and the first created under the M Park brand, built by LCP Properties — one of the five property entities that sits under the M Core umbrella.

Moje Miejsce II, which is the second office building of Echo Investment’s multifunctional project in Warsaw, was acquired by Trigea Real Estate Fund. The project is fully leased to tenants such as Tchibo or NetWorks and has been awarded BREEAM environmental certificate with an 'Excellent' rating. The transaction amounted to nearly €45 million.

Newport Logistics Fund II, a fund investing in full cycle related to the development of warehouses in Europe, was established in Luxembourg as an investment company. The second fund is looking to raise €100 million for further investments in Western Europe.

Mitiska REIM has announced on behalf of the MEREP 3 fund the acquisition of Europa Centralna, a retail center covering a gross leasable area (GLA) of 67,000 sqm located on a 27ha land plot in Gliwice, Poland. The price has not been disclosed.

Trei Real Estate GmbH just opened another two retail parks of its Vendo Park brand in Poland. The properties are located in Zambrów (Podlaskie Voivodeship) and in Kraków (Lesser Poland Voivodeship). The investment volume adds up to c. €16.4 million. The two retail parks have a combined lettable area of around 11,000 square meters.

The Echo-Archicom Group closes the year 2022 with a strong cash position and further reduced the company's net debt. This is the result of selling seven office buildings worth nearly €320 million. In 2022, the Group generated a net profit of PLN 127 million attributable to shareholders of the parent company, which was mainly the outcome of handing over to customers 2,168 apartments for sale and rent built by Echo Investment and Archicom, as well as an increase in the value of office buildings and apartments for rent.

More than three-quarters (76%) of Europe’s office buildings are at risk of obsolescence by the end of this decade unless landlords invest in improvements or find alternative uses for it. This is the warning from Cushman & Wakefield in its latest report.

The Echo-Archicom 2030 strategy is to follow a road map that lays out year by year how both companies are to decarbonize through zero-emission developments while further increasing the role of greenery in the group’s projects and supporting appropriate city development. The developers also intend to provide their employees with equal career and training opportunities, maximize construction site safety and strengthen its corporate governance.

In 2022, the Polish industrial and warehouse market maintained its solid growth momentum despite headwinds such as project financing constraints and rising occupancy costs. The expected decline in new supply and shrinking land availability are likely to result in a supply gap in the space of the next year or so, says real estate advisory firm Savills.