Preliminary agreement regarding the consolidation of Echo Investment's and Archicom’s residential business, high level of cash amounting to PLN 778 million, PLN 11.5 million in net profit which was mainly the result of the revaluation of Resi4Rent projects and handing over to customers nearly 300 apartments – this is a brief summary of Q1 2023 results of Echo-Archicom Group.
Student Depot plans to complete two new investments in Warsaw and Łódź in the autumn. Both student residences will open at the beginning of the academic year 2023/2024, thereby increasing Student Depot's portfolio by nearly a thousand beds. The new residents will find fully furnished rooms, coworking areas, multimedia rooms, as well as fitness zones.
Piotr Staniszewski, Partner, Real Estate, Dentons talked to Property Forum about the awareness of the PRS investors in Poland, planned legislative changes and the current financing conditions.
After a period of rapid development in the years 2021-22, the Polish PRS market is experiencing a setback in terms of the number of both new projects and concluded deals. The participants of the investment panel during Property Forum’s Living Investment Forum 2023 conference in Warsaw tried to discover the reason for such a state of affairs.
The bull run in the European residential sector that was fueled by low interest rates in the past decade has been coming under strong pressure from ECB rate hikes, with valuations stagnating due to the wide gap in expectations between most buyers and sellers, according to research by property fund Catella.
The Lastavice development project in Belgrade, Serbia, has just completed its rough construction. The first building of the project, which will offer almost 500 flats and require an investment of more than CZK 2 billion (€84 million), will be completed by the Czech developer UDI Group in spring 2024, while the construction of the second of the project's two buildings will begin at that time.
The period of stagnation and waiting on the Prague residential market is over. Along with the spring came a revival in the Prague housing market. The demand is rising, and interest in buying and renting is also growing, according to the latest Knight Frank report.
NEPI Rockcastle, Europe’s third largest listed owner, developer, and manager of retail properties by portfolio market value at €6.6 billion, recorded a 27% rise in net operating income (NOI) in the first quarter of 2023 to €120 million compared to the same period of last year.
Yitzhak Hagag, Co-Founder and Shareholder of Hagag Development Europe, spoke with Property Forum about the ongoing developments in Romania and the company's plan to invest around €130 million in the local property market in the upcoming years. Hagag also outlined the growing potential of the newly launched private offices division, which has already reached an occupancy rate above 60%.
Romanian developer One United Properties recorded a turnover of €89.3 million in Q1 2023, up 27% compared to the same period of last year, while the net profit more than doubled to €30.8 million in the first quarter over higher residential sales and growing rental income.
Coci E-Motion, a Polish electric bicycle manufacturer, leased over 4,200 square meters of space within City Logistics Warsaw IV in Annopol by Pannatoni. Cushman & Wakefield advised Coci E-Motion during the negotiations.
Another brand from the CCC Group portfolio has joined the tenants of Galeria Sudecka in Jelenia Góra. The new CCC store will occupy 725 sqm of space. Customers can also do their shopping at the new Rossmann drugstore (450 sqm).
The EPP-owned Galaxy shopping centre in Szczecin is strengthening its offer by developing its partnership with HalfPrice. The relaunched showroom now has a wider assortment and larger floor space - about 3,200 sqm.
New appointments
Daniel Rutkowski joined Walter Herz Investment Advisory Department, currently consisting of six people, and took the position of Development Manager. He will be responsible for searching for and acquiring investment projects, developing investment potential analysis and building the value of real estate.
Dariusz Proniewicz has joined MDC2's team of experts to take on the position of Development Director BTS, with responsibility for the development of BTS investments.
Karol Czupryński has joined the management board of Empik. He will take the position of Chief Commercial Officer. Czupryński has previously worked at Allegro, Procter & Gamble and Boston Consulting Group, among others.
Property Forum is a leading event hub in the CEE real estate industry with nearly 10 years of experience. We organise conferences, business breakfasts and workshops focused on real estate, in London, Vienna, Budapest, Bucharest, Bratislava and Prague, amongst other locations.
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