According to a summary of Q1 2017 results, NEPI made progress with planning and permitting for several developments and extensions, including those in Galati, Novi Sad and Ramnicu Valcea. Further to the receipt of certain approvals, Victoriei Office in Bucharest is expected to receive permitting for the internal fit-out during the next quarter, enabling tenants to start operations in the fourth quarter of 2017. Zoning and permitting for the Promenada Mall extension continue to experience delays. 

Swissôtel, part of AccorHotels, has entered into a franchise agreement with Al Shiddi International for the development of a new 218-room urban resort scheduled to open in early 2018. Situated next to Bosnian Parliament, within the mixed-use Sarajevo City Center project, consisting of shopping mall and office tower, Swissôtel Sarajevo will be located in the Bosnian capital’s centre.

MAS Real Estate, a commercial property investor, developer and operator listed in both Johannesburg and Luxembourg, announced the acquisition of two shopping malls in Bulgaria, for €62 million. The malls have been acquired from Globe Trade Centre and the European Bank for Reconstruction and Development. The Galleria Burgas Mall and the Galleria Stara Zagora Mall and are located in the Bulgarian cities of Burgas and Stara Zagora, respectively.

Cushman & Wakefield has renewed and rebranded its exclusive arrangement with Forton as its affiliate in Bulgaria and Macedonia. The formal affiliate appointment follows the 2015 global merger of Cushman & Wakefield and DTZ. Forton has been Cushman & Wakefield’s partner since 2006. From today, Forton will rebrand as Cushman & Wakefield Forton.   

2016’s record-breaking €12.2 billion investment in the real estate sector in the CEE region is likely to be surpassed in 2017 – this is according to CEE Real Estate Investment Compass 2017 published by Colliers International and CMS. The sources of investment flows into the CEE region are also expected to remain diverse in 2017, with Asian and CEE investors becoming increasingly active in the real estate market.

While individual markets in CEE have developed differently, the hotel market in the region as a whole has registered an upward trend in 2016, which makes it attractive for investors, Christie & Co reveals. The hotel property adviser has recently released its latest report on the Central & Eastern Europe (CEE) hotel market which examines market trends in major capitals across the region, namely Belgrade, Bratislava, Bucharest, Budapest, Prague and Warsaw. Christie & Co based some of their findings on performance data provided by STR.

SEE Property Forum 2017, a real estate conference co-organised by Property Forum and RICS, has been held for the third time in Bucharest. 50 speakers and more than 200 visitors came together in the capital to analyse the potential of the Romanian real estate market from a global perspective.

In the second half of 2016 Class A offices in Bulgaria took 70% in the total supply, shows the latest research of Colliers International. The interest is generated mainly from companies coming from the outsourcing and IT sector, which has a growing share in the office market transactions – 60% during the first half of 2016 and 74% during the second. Their requirements include modern and functional layouts, comfortable workspace, convenient location, easily accessible through public transport, availability of restaurants, sports centers and additional services in close proximity. As a result to the active demand for this type of offices, the annual net absorption in quality Class A and B buildings in Sofia increased by 26%.

The ceremonial laying of the cornerstone for Ada Mall, GTC’s latest retail investment in Belgrade, was held on 6 March 2017. The opening of the 34,000-sqm mall is scheduled for autumn 2018.

Colliers International announced that Luke Dawson has returned to Colliers International, effective immediately, in the role of Managing Director & Head of Capital Markets for Central & Eastern Europe (CEE).