ARTICLES LABELLED WITH TAG retail

A Plaza Centers subsidiary has signed a non-binding letter of intent with an unnamed investment fund regarding the sale of the Torun Plaza shopping and entertainment centre in Poland. The LOI binds the purchaser to a strict timeline for undertaking a comprehensive due diligence process which would result in the transaction being completed by the middle of September 2017.

The residential and office markets have received the lion's share of attention in Budapest recently, but the retail market is also gaining more interest from both tenants and investors. Tourism is booming, domestic purchasing power is growing and the only thing that can hinder growth is the lack of available space and new developments on the market.

Echo Polska Properties announced the conclusion of the acquisition of three retail assets, Twierdza in Kłodzko, Twierdza in Zamość and Wzorcownia in Włocławek in Poland, from real estate funds managed by Blackstone for €141.60 million.

Through its subsidiary NEPI has concluded agreements to acquire the Serdika Center and Serdika Office buildings in Sofia, Bulgaria for €207.4 million.

Deutsche Asset Management, on behalf of its German funds, has acquired three Fashion House shopping outlets in Poland from a fund managed by Peakside Capital. The outlets are located in Warsaw, Gdansk and Sosnowiec.

The rapid growth of e-commerce is unlikely to put an end to existence of physical stores. Both online and offline platforms will co-exist, becoming increasingly intertwined. However, in-store technology innovations will change shopper behaviours in shopping centres. These are the key findings revealed in the Retail Revolutions report by Savills.

Echo Polska Properties (EPP) and Echo Investment have finalised the purchase of shares in the Galeria Młociny shopping centre in Warsaw, which is under construction. EPP is its majority shareholder (70%) and it will manage the completed asset whereas Echo Investment holds the remaining 30%, it is to finish the construction process and will be responsible for the commercialisation and marketing of the project.

Calioppe Investments has acquired the scheme from Rank Progress, a Warsaw Stock Exchange listed company engaged in the property investment and development sector. The total value of the transaction amounts to €26.7 million including €15.2 million of debt financing. The seller has been advised by BNP Paribas Real Estate.

Colliers International has launched a new business line in Romania, Retail Services, and aims to become a „one-stop shop” for retail developers. The Retail Services Division is coordinated by Simina (Istrate) Niculiţă, who has more than 12 years of experience in the real estate market, being in charge of both renting and selling shopping centers.

The European Bank for Reconstruction and Development (EBRD) is participating in the acquisition of Żabka, one of Poland’s leading food retailers, with an equity investment of up to €25 million.