ARTICLES LABELLED WITH TAG Serbia

Market players are optimistic of the future of the SEE property market, according to the speakers of Balkans Property Forum 2018, co-organized by Property Forum and RICS in Belgrade, which brought together more than 150 industry experts.

Erste Group has laid the cornerstone of the second phase of the Sirius Offices business complex in Belgrade which will include the construction of 12,500 square metres of space over eight floors and a parking lot for 200 vehicles. Erste plans to invest €25 million in the second phase of the project. The building will be completed by the middle of 2020.

On 4 December 2018, Balkans Property Forum 2018, a conference and networking event for real estate professionals from all over Southeastern Europe will be held in Belgrade. Over 100 guests will come together in the Serbian capital to discuss key issues and explore the latest trends influencing the future of the real estate industry. Key speaker of the event, co-organized by Property Forum and RICS, answered questions about the local real estate market.

Immofinanz is driving the expansion of its Stop Shop retail park brand and has now purchased eight retail parks in Slovenia, Serbia and Croatia. The purchase price totals approximately €90.5 million. The newly acquired properties are fully rented and generate an annual rental income of roughly €7.2 million, which represents a gross return of 8.0%. These transactions increase Immofinanz’s Stop Shop portfolio to 80 locations in nine countries with over 567,000 sqm of rentable space and a carrying amount of approx. €800 million. Further acquisitions are currently under evaluation, and two Stop Shops in Poland and Serbia are now in the active development phase.

Deputy Mayor of Belgrade, Goran Vesić and CEO of MPC Properties Ingo Nissen have officially laid down a foundation stone at the construction site of a new shopping centre in Belgrade with over 43,000 sqm of sales space and a total built area of 130,000 sqm. The project is a joint venture of MPC Properties, the largest investor in the region of South-East Europe and Atterbury Europe, focused on shopping centre investments and retail development opportunities in Europe, which will collectively invest more than €110 million in this project.

Ikea intends to complete the construction of a €50 million retail park in Belgrade by the end of 2020, the company’s CEO for SEE, Stefan Vanoverbeke said.

Serbian real estate developer MPC Properties will invest €45 million in the second phase of the Navigator Business Centre office project in Belgrade.

As of August 2018, the Radisson Collection Hotel, Old Mill Belgrade began a new chapter as the latest addition to the premium lifestyle collection of hotels by Radisson Hotel Group.

CTP plans to invest €75 million in the acquisition of properties in Belgrade and Novi Sad as well as further developments all totalling 120,000 sqm of lettable area.

Belgrade’s real estate market continues to grow cautiously. Prime yields currently stand at 8.50% for offices, 8.00% for shopping centres and 9.75% for industrial assets, according to JLL’s Belgrade City Report for Q1 2018.