ARTICLES LABELLED WITH TAG retail

Multi Corporation, a pan-European fully integrated retail real estate service platform, recently acquired the asset and property management of Allee Centre. This shopping centre is located in the city-centre of Budapest and includes 46,700 sqm of retail space. Multi’s centre management team took over the management of Allee Centre on 1 January 2018, marking Multi’s first entry into the Hungarian retail real estate market. This is the fourteenth country in which Multi Corporation is developing its operations.

Retail and hotel sectors recorded highest investment volumes in the Croatian commercial property market in 2017. According to information available and Colliers’s estimate, 2017 brought more than €320 million investment in transactions of 22 investment properties. This does not include pending transactions or confidential deals.

EPP published its financial results for the full-year of 2017. During the period, the distributable income was at €76.6 million, exceeding the forecasts. At the same time, the company kept building its strong presence in Poland’s key cities, while EPP-owned properties enjoyed growing footfall and increasing sales. The value of asset portfolio rose by 29%, to €1.95 billion.

Czech start-up Opifer, which has so far invested in biotechnology and IT start-ups, has acquired the Futurum shopping centre in Brno from Atrium European Real Estate, e15.cz reports.

Czech online retailer alza.cz plans to bring its new self-service concept store to Hungary, local daily Magyar Nemzet reports. Alza opened its first similar store at Prague’s Flora metro station this January. The store, which is able to serve 1,000 costumes daily, operates with no staff and offers 24-hour accessibility. The company invested nearly €200 million in the opening of the store.

Hystead Limited, a UK company co-owned by Hyprop Investments Limited (Hyprop) and PDI Investment Holdings Limited (PDI), has acquired a 90% interest in two Croatian shopping centres. The purchase consideration net of €154.4 million asset-based finance is €129.1 million, of which Hyprop’s effective share is approximately €77.5 million. The two malls, namely City Center one Zagreb West and City Center one Zagreb East, are located in Zagreb, the capital of Croatia. The transaction is conditional upon approval of the Croatian competition authority and is expected to close at the end of March 2018.

With GDP growth outperforming by a significant extent neighbouring CEE countries, 2017 was very good for the real estate market in Romania, especially for office, investment and land segments. According to Colliers International’s new report, the market’s dynamism will be extended through 2018, supported by new demand and trends in the capital and especially in the major regional cities in the country.

In 2017, approximately 360,000 sqm of new retail space was delivered to the Polish market, which is 15% less than in 2016. Most new shopping centres were completed in the eight largest agglomerations (over 66% of completions). Thus, at the end of 2017, the total stock of modern shopping centre space in Poland reached approximately 11.5 million sqm, according to Colliers International.

Owner Unibail-Rodamco plans to extend the Aupark shopping centre in Bratislava by 7,000 sqm. According to etrendk.sk, the developer has already filed documentation for a construction permit.

Atrium European Real Estate Limited announced the sale of 18 assets in Hungary and one in the Czech Republic for a combined price of €70 million, representing an 8% premium to the book value as at 30 September 2017. The disposals form part of the company’s ongoing strategy to improve its portfolio through the selective rotation of capital towards high quality, well-established shopping centres which dominate their catchment areas.