ARTICLES LABELLED WITH TAG report

With over 42,000 sqm of modern office space due for completion in 2020, Brno should receive one of the biggest additions of office space in recent years. Ostrava, on the other hand, hasn’t seen supply growth in several quarters and currently, there are no new office buildings under construction in the city. Colliers International has published its regional office market overview of the Czech Republic for H1 2020, focused on Brno and Ostrava.

CPI Property Group published an update regarding the lawsuit filed in April 2019 in the United States District Court for the Southern District of New York. The lawsuit concerned a group of Kingstown companies, Investhold LTD and Verali Limited (who filed a claim against CPIPG and Mr. Radovan Vitek and other parties alleging violations of the Racketeer Influenced and Corrupt Organizations Act in the United States. On 4 September 2020, the SDNY Court dismissed the claims against all defendants and directed the clerk of court to close the case.

Savvy hotel operators could harness the remote working trend and adapt their space to deliver a ‘hybrid hospitality’ concept to generate an additional source of income. Colliers International, predicts that where hotels provide office space to enable co-working and interacting, turnover could be increased by up to 20 percent.

CPI Property Group’s property portfolio increased to €9.8 billion (up 8% from year-end 2019) as the Group made €928m of acquisitions, primarily offices in Warsaw and a 29.4% stake in Globalworth. The company published its unaudited financial results for the first half of the 2020 financial year.

New European hotel transaction data from Cushman & Wakefield reveals that the first half of 2020 saw a marked increase in investors retreating to their home regions amid COVID-19 related uncertainty, with 78% of the recorded €5.7 billion in transactions (a year-on-year fall of 55%) originating from within Europe.

In mid-March, when COVID-19 challenged every aspect of ‘normal’, the European higher education and student housing industries entered an unpredictable time with regards to knowing how best to secure positive learning and living experiences. Given the nearly daily changes accompanying the situation, many higher education institutions and student housing operators chose to follow an active co-learning path, flexible scenario-planning and making bold decisions when necessary. During the summer, Bonard and The Class of 2020 launched a joint research project with the aim to provide as accurate and up-to-date information as possible to assist industry leaders in making further strategic decisions to create more sustainable knowledge ecosystems for global talent amidst the pandemic.

Warimpex achieved a positive operating result (EBITDA) in the first half of 2020 despite losses in the hotel segment due to the coronavirus. This can be attributed primarily to the earnings contribution from the rental of office properties – this segment saw a 15% increase in revenues compared with the prior-year period. Following the posting of property impairments and currency losses, this led to a loss of €21.7 million for the first half of 2020, including a result of minus €3.0 million for the second quarter of 2020.

The market for flexible office space has been experiencing dynamic growth for several years. The COVID-19 pandemic has changed a lot of things about our daily lives, also in the office sector, and thus has significantly affected tenant preferences. Many tenants have made or are considering a decision to move some of their branches or even headquarters to flexible spaces. The main reasons for the growing interest in flex spaces include the possibility of enlarging or reducing the space, no long-term commitments, and no need for investment outlays, according to an analysis by experts from Mindspace, a global operator of flexible workspaces.

Immofinanz started the 2020 financial year with strong operational performance, but the development of business in the second quarter was negatively influenced by the COVID-19 pandemic. Rental income rose by 10.4% to €145.5 million due to the expansion of the portfolio through acquisitions and completions, but a crisis-related increase in receivables write-offs led to substantially higher property expenses.

CC Trust Group AG, a family office owned by the Swiss serial entrepreneur Claudio Cisullo, and Romanian property developer One United Properties, owned by local entrepreneurs Victor Căpitanu and Andrei Diaconescu, have launched a global private equity firm in Switzerland.