Immofinanz has successfully closed the sale of the Grand Center Zagreb office property to a Croatian real estate company. This transaction represents a further step in the optimisation of the portfolio.

S Immo successfully concluded the disposal of the Eurocenter office building in Zagreb, Croatia. In addition to offices, the Eurocenter also includes a bank branch and a café and has a gross lettable area of around 9,000 sqm. The transaction of the centrally located and well communicated mixed use office building with an asset value of €26.5 million to buyer Atlantic Grupa d.d. was carried out by way of a share deal.

Brno-based Domoplan from the Fipox Group continues its expansion into Southern Europe. At the beginning of the year, it announced the construction of apartments worth hundreds of millions of crowns in Zagreb, Croatia, and now it is also entering the Serbian market. At the beginning of next year it will start construction in Belgrade, where it is planning a luxury residential project worth €20 million, reports e15.cz.

Accolade Group continues its international expansion. The Group recently expanded its portfolio with Croatia, its seventh European country. North of the city of Zagreb, Accolade has obtained a building permit for its first industrial hall of approximately 50,000 sqm. In parallel with this project, the group is working on other sites in the Balkans.

In a strategic move to strengthen its presence in the Croatian real estate market, ALFI Real Estate Fund (ALFI RE) recently added another gem to its investment portfolio. The acquisition of the Matrix B office building in Zagreb's bustling business district marks a significant milestone for the Fund, propelling its real estate portfolio value to over €100 million.

SES is refurbishing the King Cross shopping centre in Zagreb, Croatia which it has owned and managed since 2018. Construction work to completely refurbish the centre will begin in 2024 following an investment of approximately €40 million. Completion is scheduled for autumn 2025.

Construction of one of the largest logistics projects in Croatia is entering its next phase. Development company RC Europe Group from the Czech Republic has started construction work on the RC Zone Samobor project in the Bobovica economic zone. The total land area of 170,000 sqm will feature an 86,000 sqm warehouse facility intended for leasing. In line with the tenants’ requirements, the space in the future logistics park can be used for storage, production, or office operations.

For the first time, Zagreb Property Forum was organised in the Croatian capital, bringing together real estate experts from the local market and beyond. The event confirmed increasing interest by investors and developers for Croatia, especially following the country’s admission to the Eurozone and the Schengen Area. However, given the global macroeconomic climate, uncertainty persists.

GTC signed an SPA to sell its Matrix A and B office buildings in Zagreb to a strong local real estate group from Croatia. This transaction will mark a return on cost exceeding 22% and is about 7% above the book value. GTC’s ability to sell assets well above the book value demonstrates that the current discount to NAV on its share price is not justified.

GTC is set to further develop the Matrix Office Park in Zagreb by adding another building to the complex. The third building, Matrix C, which received a building permit earlier this year, will be the newest extension to the business centre. Just like the previous two, Building C is meant to provide innovative office space, while maintaining a high ecological standard for an international tenant mix. The shell & core of the building is scheduled for completion in Q2 2023 ready for the fitting out of tenant areas.