ARTICLES LABELLED WITH TAG residential

Echo Investment summarizes the first half of 2021, taking into account the results of the Archicom S.A. group for the first time. The first six months of 2021 brought the Group over PLN 47 million in net profit, which was mainly the result of handing over to customers 398 apartments built by Echo Investment, as well as 202 apartments of Archicom and an increase in the value of office buildings – in particular Malthouse Offices in Warsaw Breweries and Brain Park I in Cracow. Important item that influenced the results for the first half of the year and the second quarter was the profit on purchase price allocation of Archicom S.A. shares.

Property developer Novum Business Invest has kicked off the development of a new residential compound in Bucharest with an estimated investment value of more than €90 million. 

Hungary-based developer Cordia completed the 54.5-metre-high Horyzont Praga in Warsaw, which is the highest-ever residential building of the company. Hungary's leading residential property developer plans to develop 3,500 homes in Poland, in addition to the nearly 900 homes currently under construction.

Hagag Development Europe says it has received the completion certificate for its residential project H Victoriei 139 in central Bucharest. 

Property developer Zacaria says it will start residential investments in three Romanian cities after it partially sold its local industrial portfolio to CTP.

Retailers and residential developers are driving demand in the land market and the volume of transactions is hampered by uncertainties regarding urban development legislation. 

Following the acquisition of Polish residential developer Budimex Nieruchomości - now renamed Spravia - construction of its first project has begun with its new owner, Czech developer and investor Crestyl. The two phases of the Mińska 69 residential complex in Warsaw will offer nearly four hundred apartments for long-term rent. Based on a previously concluded strategic partnership, they will be bought by Heimstaden Bostad, one of Europe’s leading residential real estate rental companies.

Mint Investments’ residential fund (MINT I. rezidenční podfond SICAV) has entered into an agreement for the acquisition of four apartment buildings in Plzeň-Skvrňany with developer Trigema Real Estate. Construction of the 100 apartments for rent is scheduled to be completed in Q4 2022. The parties did not unveil the transaction price.

Atrium plans to demolish three old shopping mallls in Warsaw - Atrium Reduta, Atrium Targówek and King Cross – and build apartments in these locations. City authorities comply, but the change of the spatial plans may take years.

Asking prices of apartments in Romania were up 2% in August compared to the previous month to €1,508 per sqm, according to property portal Imobiliare.ro.