ARTICLES LABELLED WITH TAG retail

SES is refurbishing the King Cross shopping centre in Zagreb, Croatia which it has owned and managed since 2018. Construction work to completely refurbish the centre will begin in 2024 following an investment of approximately €40 million. Completion is scheduled for autumn 2025.

Kaufland intends to significantly reduce CO2 emissions in the future in the construction of new stores. Therefore, the retailer is currently testing various alternatives to materials such as concrete and steel at pilot locations. In Bratislava, the company is opening the largest timber store in Slovakia. In Tuttlingen, Baden-Württemberg, a store is being built using recycled building materials including items such as walls, the facade, and the parking lot.

Consolidation of the residential business, maintaining a high rental level in all completed Resi4Rent projects, starting new "destination" projects – this is a summary of the operational activities of Echo Investment Group in the first half of 2023. The Group's development plans are supported by a high cash balance of over PLN 662 million. 

According to the latest data from Cushman & Wakefield, the average retail vacancy rate in Poland’s largest cities currently stands at 3.5%, down by 1.2 pp year-on-year. More importantly, falls were recorded in six out of the eight largest cities, with the availability of retail space at the lowest in Kraków, Łódź and Szczecin. This suggests a gradual retail recovery in Poland, says Cushman & Wakefield. Meanwhile, as the market continues to stabilize, retail landlords should increasingly turn their focus onto diversifying their offer.

Trei Real Estate has just presented its mid-year financials for 2023. Despite a difficult market environment for developers, Trei continues its developments of residential real estate in Germany, Poland and the United States as well as of retail real estate in Poland. The development pipeline amounted to a total value of €1.9 billion by 30 June 2022, which represents a drop of c. €100 million since 31 December 2022. The decline is essentially explained by the completion of three retail parks in Poland as well as by the completion and the highly successful sale of the “Atlantic Beach House” residential project in Charleston/South Carolina, whose disposal generated around 35 per cent IRR for Trei. Out of the total development pipeline of €1.9 billion, the residential use class accounts for €1.7 billion while retail developments in Poland account for €200 million.

Popeyes is to open its first Warsaw restaurant in Złote Tarasy on 21 September. The fast food chain from Louisiana is the seventh new tenant to come to Złote Tarasy in 2023 after such brands as LUSH, Candy Pop, and Hugo. Cushman & Wakefield, which is responsible for the re-commercialisation and property management for the scheme, expects to see more international debuts in Złote Tarasy later this year.

The land market in Romania recorded transactions with a combined value of around €250 million in H1 2023, driven by increasing demand in the retail and residential segments.  

CTP has leased approximately 68,000 sqm of industrial and warehouse space to Mercator, a major Serbian supermarket chain, at CTPark Belgrade City, which will be the largest logistics hub in Serbia when complete.

Czech real estate fund ZDR Investments has bought the Galeria Bakar shopping park in Rijeka, Croatia, for €40 million. Part of the shopping park has already been completed and another one will be ready within a year. The acquisition brings the fund's portfolio to 39 properties with a value in excess of CZK 10 billion (over €411 million), the group reports on its website.

Focus Estate Fund plans to convert its entire shopping centre portfolio to solar-powered facilities. The first initiative was inaugurated with the installation of solar panels at Galeria Awangarda in Bartoszyce.