ARTICLES LABELLED WITH TAG retail

Only two shopping centres will be completed in 2016 in the Czech Republic due to the slow-down of construction activity in response to the perceived market saturation. Colliers International has released its Q3 retail market report for the Czech Republic, which also states that there are signs of new entrant demand which do not match suitable space availability. 

Romania has significantly strengthened its position as a favourable investment destination within Central & Eastern Europe and unlike other countries in the region, the Romanian property market is not entirely dominated by its capital city. Although investors and developers are most active in Bucharest, secondary and even tertiary cities have a lot of potential as well, and several companies have decided to explore what these regional hubs have to offer. 

CA Immo has concluded an agreement with WOOD & Company to sell the Šestka Shopping Center in Prague, continuing its strategic withdrawal from segments that do not belong to the core business. The centre covers more than 27,300 sqm of retail space and had been part of the asset portfolio of CA Immo since 2011. The buyer is a fund of WOOD & Company, the leading investment bank in Emerging Europe. The transaction, which is subject to the standard conditions precedent, is expected to be closed within the next weeks. It was agreed not to disclose the purchase price. Law firm Clifford Chance Prague advised the seller on the disposal.

After a calm Q3, the Polish retail market is set to pick up momentum. In Q4 developers may deliver up to 276,000 sqm of modern shopping centre space. JLL has published its Q3 2016 report on Poland's retail market.

The commercialization of Gdańsk’s Galeria Metropolia, which is scheduled to open on 22-23 October, is nearing completion. Fourteen new tenants include fashion stores, cafés and services. Cushman & Wakefield  acted as the agent on the lease agreements.

HB Reavis’ Central Europe Real Estate Fund (CEREIF) has sold its retail asset, Aupark Piestany in Slovakia, to New Europe Property Investments (NEPI) for €39.5 million. The shopping centre, totalling 10,000 sqm of GLA and 380 parking spaces, is home to brands such as CCC Shoes, Mango, Orsay and 

According to the latest report by JLL, High Street Retail in Prague 2016/2017, the Czech capital is the most attractive destination for expansion of international retailers in CEE and is being considered as the gate when entering this region. Demand for quality space on Prague’s high streets, Pařížská and Na Příkopě, is outstripping supply which is reflected in the current rent rate of up to €190/sqm/month for a notional unit of 100 sqm in a prime location.

Hungarian retail sales and turnover continue to show healthy growth, buoyed by the abolition of the Sunday closing law after barely one year in effect. Retailer demand is unbroken but remains pressed by the lack of available supply resulting in upward pressure on rents. Fashion retailers remained the most active in H1 2016, followed by the footwear and F&B segments which both expanded significantly, according to the latest Retail Market View published by CBRE.

Emerging Europe Properties Fund and Discovery Group have sold Nakupní Park Centro Ostrava to Focus Estate Fund. The subject of the sale is a fully leased retail park in Ostrava. Operating since 2011, it offers 7,700 sqm of retail space. Long-term tenants include Mountfield, JYSK, Okay Electric, Breno, Jitona, Kasa, Super Zoo, and Rossmann.

TriGranit has completed the sale of two assets. Millennium Towers, an office complex in Budapest, has been sold to CA Immo for €175 million and Bonarka City Center, a shopping mall in Krakow has been purchased by Rockcastle. The developer will remain the property manager of both assets.