Warimpex announced the partial sale of its hotel portfolio to Thai investor U City Public Company Limited (U City). The transaction includes eight hotel participations – two of which are partially (50 per cent) owned by UBM Development AG (UBM) – which comprise approximately 50 percent of Warimpex's total real estate assets and which have a property value of approximately €180 million (excluding the stakes of UBM in that portfolio).
The hotel portfolio that was sold includes the following hotels:
Czech Republic
Vienna House Diplomat Prague
angelo by Vienna House Pilsen (50 per cent share)
Poland
andel’s by Vienna House Łódź
andel’s by Vienna House Krakow (operating company)
Vienna House Easy Chopin Krakow
angelo by Vienna House Katowice (50 per cent share)
Vienna House Amber Baltic Międzyzdroje
Romania
angelo by Vienna House Bucharest
andel’s by Vienna House Łódź. Photo: warimpex.com
Warimpex expects from the transaction a positive earnings contribution, which is expected to range between €15 million and €20 million. The sale will increase the equity ratio of Warimpex to about 25%. The purchase contract is still pending subject to the fulfilment of the standard closing conditions for such real estate transactions. Warimpex expects closing to occur by summer 2017.
“Since 2015, the transaction markets in CEE for hotel investments have become increasingly attractive again. We are taking advantage of this positive momentum. The current sale will broaden our scope of action significantly and we are thus well prepared for new projects,” says Warimpex CEO Franz Jurkowitsch. “We will use the proceeds from the sale to improve our capital structure and for new developments – potentially together with U City as a future partner, who takes a step into the CEE region for the first time. We continue to see our future in hotel and office developments in CEE and Russia, as the markets have matured and are developing further.” Poland will remain one of Warimpex’s core markets with current development projects in Łódź and Krakow, and Warimpex is currently weighing several options for further investment plans in the country.
At the same time, Amber Privatstiftung and Bocca Privatstiftung, the two core shareholders of Warimpex, have signed an agreement to sell all their shares in VIENNA INTERNATIONAL Hotelmanagement Aktiengesellschaft (Vienna House), the hotel management company which manages all of the sold eight hotel participations, to U City. The closing is also expected by summer 2017.
U City is a listed Thai commercial property developer with 30 years of experience and a market capitalization of THB16.8 billion (€453 million). U City's strategy is to acquire or develop recurring income properties near mass transit lines both locally and overseas. On 20th April 2015, BTSG acquired a 35.64% stake in U City when it sold land plots and a hotel to U City in exchange for shares of the company
UDH, one of Poland’s largest distributors of premium imported beers, has leased approximately 1,400 sq m of modern warehouse and office space at the Park Rysy Kraków distribution centre. The tenant, which has chosen to expand its operations in southern Poland, was once again represented by AXI IMMO.
Golden Star Estate has secured a long-term lease agreement with global technology solutions and consulting provider C&F for nearly 1,900 sqm of office space at the Konstruktorska Business Center. Following the transaction, the property, located in Warsaw’s Mokotów business district, is now almost fully leased. The Polish branch of C&F will officially relocate to the facility at the beginning of 2027.
Natland Group has committed to its long-term presence at Prague-based Rohan Business Center through a lease extension covering 2,004 sqm of office space, together with storage facilities and dedicated parking spaces, in a deal brokered by iO Partners.
New appointments
Indotek Group has announced the appointment of Diederik Bakker as Group Chief Investment Officer and Group Head of Asset Management. In his new role, the Dutch real estate investment professional will gradually assume responsibility for the company's ITAM (investment, transaction, and asset management) activities across 12 European countries, supporting the next phase of Indotek Group’s growth. His focus includes facilitating sound investment decisions across Europe and developing a group-level portfolio management strategy that combines local market knowledge with international asset management know-how.
Peakside Capital Advisors has appointed Bogi Gabrovic to advise the board and support its investment and acquisition activities in Poland. Gabrovic brings more than 25 years of CEE real estate experience to the role, having previously held senior executive positions at CTP, Golub & Company, and White Star Real Estate, where she managed transactions exceeding €2 billion.
Katarína Brydone, Jana Vlková and Vendula Maršová have been appointed as the first Equity Partners of Colliers’ Czech business. Brydone brings more than 20 years of experience in international real estate. Vlková has more than 25 years of experience in commercial real estate. Maršová, Partner and Head of Valuation and Advisory Services, brings more than 16 years of experience in real estate valuation and advisory.
Matexi Polska Holding & Finance S.A. has listed its series D corporate bonds on the Catalyst market operated by the Warsaw Stock Exchange. The four-year bonds carry a total value of 105 million złoty and bear a floating interest rate of WIBOR 6M plus 400 basis points, with interest paid to investors on a semi-annual basis. Michael / Ström Dom Maklerski acted as offering agent and emission agent for the transaction.
Cordia Romania, a member of Futureal Group, has appointed Concelex as general contractor for Centropolitan, a residential development under construction near Alba Iulia Square in Bucharest. The project represents a continuation of a partnership between the two companies that began with PARCULUI20, a 485-apartment scheme delivered between 2019 and 2023 in the Expoziției area.
ATAL has begun construction and sales at Wzgórze Oruni, a new residential development on ul. Emilii Hoene in the Orunia Górna district of Gdańsk. The scheme comprises four five-storey buildings containing 111 apartments ranging from around 30 sqm to nearly 93 sqm, with one to four rooms. Upper-floor flats will have glazed balconies and ground-floor units will include private gardens. Completion is scheduled for the second quarter of 2028.
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