EuropaProperty.com https://europaproperty.com/ Thu, 28 Mar 2024 15:47:09 +0000 en-GB hourly 1 https://europaproperty.com/wp-content/uploads/2020/08/cropped-ep_favicon-32x32.png EuropaProperty.com https://europaproperty.com/ 32 32 Has the Czech industrial property market reached its peak? https://europaproperty.com/has-the-czech-industrial-property-market-reached-its-peak/ Fri, 29 Mar 2024 06:41:16 +0000 https://europaproperty.com/?p=33400 The Czech industrial market‘s development slowed down to some extent last year after years of growth, but it is rather returning to normal after the record activity of 2021 and 2022. According to Cushman & Wakefield, 2023 saw industrial and logistics vacancy rates double year-on-year to 1.8 percent, with total demand down 31 percdent year-on-year. Construction of new halls slowed down compared to 2022 and rents grew only slightly by 3 percent year-on-year. However, the Czech Republic is doing well within the CEE region: the market slowdown is occurring in all CEE countries and vacancy is the lowest in the Czech Republic, which also has the most space per capita. Czechia: one-fifth of the CEE area and the lowest vacancy rate The total area of industrial (i.e. manufacturing and logistics) space in the CEE region at the end of 2023 was almost 61.5 million sqm. The Czech Republic accounts for 19 percent of this area, i.e. 11.7 million sqm. In … Continued

The post Has the Czech industrial property market reached its peak? appeared first on EuropaProperty.com.

]]>

The Czech industrial market‘s development slowed down to some extent last year after years of growth, but it is rather returning to normal after the record activity of 2021 and 2022. According to Cushman & Wakefield, 2023 saw industrial and logistics vacancy rates double year-on-year to 1.8 percent, with total demand down 31 percdent year-on-year. Construction of new halls slowed down compared to 2022 and rents grew only slightly by 3 percent year-on-year. However, the Czech Republic is doing well within the CEE region: the market slowdown is occurring in all CEE countries and vacancy is the lowest in the Czech Republic, which also has the most space per capita.

Czechia: one-fifth of the CEE area and the lowest vacancy rate

The total area of industrial (i.e. manufacturing and logistics) space in the CEE region at the end of 2023 was almost 61.5 million sqm. The Czech Republic accounts for 19 percent of this area, i.e. 11.7 million sqm. In terms of per 1,000 inhabitants, we have 1,104 sqm of such space, the highest number in the region.

Industrial halls in the Czech Republic continue to be very well occupied: the vacancy rate has been around 1 percent in recent years, rising slightly to 1.8 percent at the end of last year – this still being a very good ratio and the best result among the countries compared.

Jiří Kristek, Head of the Industrial and Retail Warehousing Team, Cushman & Wakefield, commented: “The reason for the increase in vacancy in the Czech Republic is mainly due to the correction of certain sectors which, after rapid growth, are experiencing stagnation or even decline, as can be very well observed, for example, in the e-commerce segment. Other causes may be the streamlining of warehousing processes, the merging of multiple warehouses into one location or the transfer of capacity to other countries.”

Total area and vacancy rate of industrial space in CEE countries (Q4 2023)

Country Total area  (sqm) Vacancy rate Share on total CEE area Area per 1,000 inhabitants
Czech Republic 11,707,500 1.8% 19% 1,104
Poland 31,695,300 7.4% 52% 862
Hungary 5,090,600 7.7% 8% 522
Slovakia 3,999,100 3.6% 7% 735
Romania 7,003,500 4.9% 11% 367
Bulgaria* 1,991,800 2.3% 3% 287
CEE total 61,487,800 5.7% 694
* only Sofia

Source: Cushman & Wakefield

Less construction than last year

The volume of newly completed industrial space in the Czech Republic fell slightly year-on-year last year, but 2022 was a record year in this respect. In a long-term comparison, with 921,000 sqm last year, we are still above the ten-year and five-year average (623 and 722,000 sqm respectively). Other CEE countries, except Hungary and Bulgaria, also recorded a year-on-year decline in construction last year.

There was also less space under construction in the Czech Republic at the end of the fourth quarter of last year than in the previous year – 981,000 sqm. However, similarly to the space completed, the figure is still above the long-term and five-year average (550 and 752,000 sqm respectively), and most countries in the region, except Slovakia and Romania, recorded a decline. The largest volume of construction is taking place in Poland, but even there the amount of space under construction has been gradually decreasing since 2021.

Demand fell by a third

Gross realised demand for industrial space fell year-on-year in most countries in the region last year, with the Czech Republic showing the largest drop of 31 percent.

Jiří Kristek, added: “The significant drop in demand is mainly due to its unusually high volume in 2021 and 2022, when the market reacted to the increase in e-commerce related to the pandemic. However, compared to the five-year average in the pre-COVID period, 2023 demand is still higher: 1.52 million sqm compared to 1.46 million sqm in 2015 to 2019. It is therefore a return to normal from previous extremes rather than a decline.”

In the record years of 2021 and 2022, e-commerce accounted for 10 percent of gross realised demand, compared to less than 3 percent last year. It seems that this segment has already reached its peak, and so its need for warehouse space will be rather stagnant in the future, depending on retail demand from end consumers.

Rents rose only slightly

The two largest industrial markets in CEE have seen very strong increases in prime rents over the last five years: 71% in Poland and as much as 82 percent in the Czech Republic. However, last year rental growth already slowed down in the Czech Republic, with rents reaching €7.75 per sqm per month, an increase of only 3 percent year-on-year.

Jiří Kristek, said: “In Poland, for example, rent growth is still significant, most recently by 20 percent. This is because the market there had been at very low levels for a long time, mainly due to strong expectations for investment property appreciation, low construction costs and different building standards, sufficient supply of land and a simpler permitting process.”

The Czech market remains attractive and promising

The Czech industrial property market is now set to stabilise. However, it is still a very healthy sector within the commercial real estate industry. Demand is gradually changing, remaining strong in logistics, with interest from manufacturing companies newly interested in locating their operations in our region. Typically, these are plants that need skilled labour and thus offer interesting jobs. Companies are looking around for regions where similar facilities are already in operation and they can build on them. In terms of demand, these are areas that are close to the final markets (Germany, Austria), or traditionally the north of Moravia.

From the investors’ point of view, industrial properties are an attractive product that can diversify the level of risk of investments into other sectors of commercial real estate. However, there are very few suitable industrial projects for investment in our country, as ownership is concentrated in the hands of long-term owners who are reluctant to sell these properties.

 

 

The post Has the Czech industrial property market reached its peak? appeared first on EuropaProperty.com.

]]>
Lease renewals for more than 3,500 sqm in Equal Business Park https://europaproperty.com/lease-renewals-for-more-than-3500-sqm-in-equal-business-park/ Fri, 29 Mar 2024 05:54:24 +0000 https://europaproperty.com/?p=33406 Apollo-Rida, the owner and manager of the Equal Business Park in Krakow, has renewed leases for more than 3,500 sqm of office space with four tenants. Real estate advisory firm Savills is the exclusive leasing agent for the complex. The companies who chose to stay on in the Equal Business Park include Kimberly Clark, a manufacturer of personal care products, occupying 1,480 sqm, and a branch of Phinia, a provider of vehicle aftermarket solutions, which renewed its lease for 1,040 sqm of office space. In addition, the Murapol Group, a residential and PRS developer, renewed and expanded its office lease to nearly 800 sqm, and insurance company Allianz extended its 250 sqm office lease in the complex. “The trust of our tenants is the best evidence of the high quality of the office space and attractive location of the Equal Business Park. We are delighted that such prestigious tenants decided to renew their leases and remain in the complex for … Continued

The post Lease renewals for more than 3,500 sqm in Equal Business Park appeared first on EuropaProperty.com.

]]>

Apollo-Rida, the owner and manager of the Equal Business Park in Krakow, has renewed leases for more than 3,500 sqm of office space with four tenants. Real estate advisory firm Savills is the exclusive leasing agent for the complex.

The companies who chose to stay on in the Equal Business Park include Kimberly Clark, a manufacturer of personal care products, occupying 1,480 sqm, and a branch of Phinia, a provider of vehicle aftermarket solutions, which renewed its lease for 1,040 sqm of office space. In addition, the Murapol Group, a residential and PRS developer, renewed and expanded its office lease to nearly 800 sqm, and insurance company Allianz extended its 250 sqm office lease in the complex.

“The trust of our tenants is the best evidence of the high quality of the office space and attractive location of the Equal Business Park. We are delighted that such prestigious tenants decided to renew their leases and remain in the complex for more years. Our priority is to maintain a positive tenant experience, to create an optimal work environment and to facilitate a sense of community so that employees are happy to come to the office,” comments Rafał Nowicki, CEO of Apollo-Rida Poland.

The Equal Business Park is a complex of modern and functional buildings with a combined area of 49,500 sqm of class-A office and service space. It has been awarded a BREEAM certificate with an Excellent rating for its eco-friendly solutions, including renewable energy supply, comprehensive cycling facilities, electric vehicle charging stations, and energy-efficient lifts and lighting.

The owner and manager of the Equal Business Park in Krakow is Apollo-Rida Poland, a developer and investor in office, industrial, retail and residential real estate in Warsaw, Krakow and Gdansk.

The post Lease renewals for more than 3,500 sqm in Equal Business Park appeared first on EuropaProperty.com.

]]>
Trident BMC expands its office space in C200 Office in Gdańsk https://europaproperty.com/trident-bmc-expands-its-office-space-in-c200-office-in-gdansk/ Fri, 29 Mar 2024 05:37:55 +0000 https://europaproperty.com/?p=33397 Trident BMC, which cooperates with maritime, shipbuilding and offshore industry clients, will continue as a tenant in the C200 Office. It has renewed and expanded its lease to occupy more than 2,200 sqm of office space. The tenant was represented by Newmark Polska. “To get some insight into the Tricity office market, Trident BMC turned to us for assistance. Several factors impacted its decision to continue its business relationship with Inopa – these included its satisfaction with the developer and the opportunity to expand the leased space. Another important factor was the location which is attractive to both its employees and business partners. We are pleased that we were able to draw on our expertise to help Trident BMC renegotiate its lease,” says Kaja Karbowska-Nowak, Associate, Newmark Polska. “We are very pleased with our cooperation with Inopa. It was largely our strong business relationships that convinced us to choose this location for another five years. The office has been fitted … Continued

The post Trident BMC expands its office space in C200 Office in Gdańsk appeared first on EuropaProperty.com.

]]>

Trident BMC, which cooperates with maritime, shipbuilding and offshore industry clients, will continue as a tenant in the C200 Office. It has renewed and expanded its lease to occupy more than 2,200 sqm of office space. The tenant was represented by Newmark Polska.

“To get some insight into the Tricity office market, Trident BMC turned to us for assistance. Several factors impacted its decision to continue its business relationship with Inopa – these included its satisfaction with the developer and the opportunity to expand the leased space. Another important factor was the location which is attractive to both its employees and business partners. We are pleased that we were able to draw on our expertise to help Trident BMC renegotiate its lease,” says Kaja Karbowska-Nowak, Associate, Newmark Polska.

“We are very pleased with our cooperation with Inopa. It was largely our strong business relationships that convinced us to choose this location for another five years. The office has been fitted out to meet our needs and create a uniquely functional and user-friendly space where we are happy to pursue our business goals,” comments Monika Stencel, Financial Director, Trident BMC.

“The expansion of the office footprint resulted from the company’s growth plans. In addition, its decision to stay on in C200 was also influenced by the landlord’s flexible solutions and the positive experience of the last five years,” says Beata Podsiadło, Head of Leasing and Commercialization, Inopa S.A.

C200 Office is a modern office building situated near the Śródmieście district of Gdańsk. Its key advantage is its location in the immediate neighbourhood of the Gdańsk Shipyard, which is important to maritime companies. C200 Office enjoys easy access to public transport, Tricity’s ring road and the S7 expressway.

The post Trident BMC expands its office space in C200 Office in Gdańsk appeared first on EuropaProperty.com.

]]>
Iso Paja in Helsinki advances towards operational carbon neutrality  https://europaproperty.com/iso-paja-in-helsinki-advances-towards-operational-carbon-neutrality/ Thu, 28 Mar 2024 15:46:16 +0000 https://europaproperty.com/?p=33424 Iso Paja, located in Helsinki, is set to implement a hybrid power plant into the property heating solution. This initiative is part of an energy solution pilot led by the owners of Iso Paja and Trevian Asset Management, to improve the energy efficiency of the property. By utilizing a hybrid power plant and intelligent control systems, the usage of thermal energy in the property can be optimized, and energy consumption peaks can be addressed. Introducing an innovative and more eco-friendly heating system in the property is an essential part of the long-term sustainability strategy of the owners of Iso Paja. The owners of Iso Paja include Yle Pension Fund, Pharmacy Pension Fund, and Suomen Ässä-Asunnot Oy. In the energy pilot, heating is generated by a hybrid power plant utilizing renewable energy sources. The heating solution consolidates various energy sources, such as heat pump-generated energy, renewable solar energy, and recovered waste heat. Intelligent control systems and energy storage enable the optimization … Continued

The post Iso Paja in Helsinki advances towards operational carbon neutrality  appeared first on EuropaProperty.com.

]]>

Iso Paja, located in Helsinki, is set to implement a hybrid power plant into the property heating solution. This initiative is part of an energy solution pilot led by the owners of Iso Paja and Trevian Asset Management, to improve the energy efficiency of the property. By utilizing a hybrid power plant and intelligent control systems, the usage of thermal energy in the property can be optimized, and energy consumption peaks can be addressed. Introducing an innovative and more eco-friendly heating system in the property is an essential part of the long-term sustainability strategy of the owners of Iso Paja. The owners of Iso Paja include Yle Pension Fund, Pharmacy Pension Fund, and Suomen Ässä-Asunnot Oy.

In the energy pilot, heating is generated by a hybrid power plant utilizing renewable energy sources. The heating solution consolidates various energy sources, such as heat pump-generated energy, renewable solar energy, and recovered waste heat. Intelligent control systems and energy storage enable the optimization of heating, considering factors such as energy price fluctuations and energy consumption peaks. Furthermore, the system increases the self-sufficiency of the property in the event of any possible national electricity shortages.

Iso Paja offers approximately 18,000 sqm of office space for lease, with its eco-efficiency certified by BREEAM. The credentials underscoring the sustainability of Iso Paja include the BREEAM International Refurbishment and Fit-out 2015 certification. Currently, Iso Paja is pursuing the BREEAM In-Use V6 certification, enhancing transparency and providing confidence to investors relating to sustainable practices.

“Trevian specializes in creating tailored solutions to enhance the energy efficiency of existing properties while considering both the technical and financial aspects. We work closely with property owners to deliver proactive solutions that align with the increasing demand for sustainability from tenants, while also ensuring transparent reporting. We always strive to build solutions that provide the best possible outcome for our customers,” says Elisa Loitto, Trevian’s Business Director.

“According to the standards set by the EU taxonomy, a property that is in use must meet certain criteria, including being highly energy-efficient and primarily powered by renewable energy sources. This implies that the carbon footprint of each asset must be tracked, and its long-term sustainability must be evaluated. With the help of the energy solution piloted in the property, Iso Paja will achieve operational carbon neutrality. This concept can also enhance the energy efficiency of several other properties managed by Trevian,” says Matti Niemi, Trevian’s Technical Manager.

“Sustainability has been a central theme in the development work of Iso Paja. Actively monitoring the carbon footprint, optimizing energy efficiency, and achieving carbon neutrality are essential to implementing the sustainability strategy of the property. Sustainability is also a fundamental part of the Pharmacy Pension Fund’s mission as an investor. The fund aims to reduce its environmental impact by lowering its carbon footprint in its operations and direct real estate investments. Significant progress has already been made in Iso Paja,” says Antti Jäntti, Head of Real Estate Investment of Pharmacy Pension Fund.

The post Iso Paja in Helsinki advances towards operational carbon neutrality  appeared first on EuropaProperty.com.

]]>
Coffee with Craig Show – daily CRE news covering the CEE region https://europaproperty.com/coffee-with-craig-show-daily-cre-news-covering-the-cee-region-330/ Thu, 28 Mar 2024 14:52:55 +0000 https://europaproperty.com/?p=33421 Coffee with Craig Show – daily CRE news covering the CEE region with Publisher Craig Smith and Winston Norman, Editor & Chief of EuropaProperty.com. Panattoni sells industrial park in Wrocław An international real estate company has purchased Panattoni Park Wrocław West Gate with a total area of 46,900 sqm. The park is a complex of two buildings that were built to BREEAM certification standards. The tenants include international logistics operators, Hellmann Worldwide Logistics and ESA Logistika, as well as packaging manufacturer Schumacher Packaging. “Another successful disposal in the Wroclaw region further confirms Lower Silesia’s and Poland’s investment quality and strong fundamentals of industrial real estate,” comments Michał Stanisławski, the Head of Asset Disposition at Panattoni. Hillwood’s full portfolio of buildings with BREEAM certificates at Excellent level Hillwood Poland’s 15 buildings have been certified BREEAM In Use at the Excellent level, completing the company’s entire portfolio certification. Obtaining the certificates was the result of cooperation with JWA, a consulting firm specializing … Continued

The post Coffee with Craig Show – daily CRE news covering the CEE region appeared first on EuropaProperty.com.

]]>

Coffee with Craig Show – daily CRE news covering the CEE region with Publisher Craig Smith and Winston Norman, Editor & Chief of EuropaProperty.com.

Panattoni sells industrial park in Wrocław

An international real estate company has purchased Panattoni Park Wrocław West Gate with a total area of 46,900 sqm. The park is a complex of two buildings that were built to BREEAM certification standards. The tenants include international logistics operators, Hellmann Worldwide Logistics and ESA Logistika, as well as packaging manufacturer Schumacher Packaging.

“Another successful disposal in the Wroclaw region further confirms Lower Silesia’s and Poland’s investment quality and strong fundamentals of industrial real estate,” comments Michał Stanisławski, the Head of Asset Disposition at Panattoni.

Hillwood’s full portfolio of buildings with BREEAM certificates at Excellent level

Hillwood Poland’s 15 buildings have been certified BREEAM In Use at the Excellent level, completing the company’s entire portfolio certification. Obtaining the certificates was the result of cooperation with JWA, a consulting firm specializing in green solutions.

“We are extremely proud to certify all our projects as BREEAM Excellent. It confirms our commitment to the highest standards of quality and care for the environment,” says Renata Michalczyk, Head of Asset and Property Management Poland, Hillwood.

“The biggest challenge was to obtain certification for so many buildings simultaneously in a very short time,” says Sylwia Bieda, Sustainability Specialist & Junior Coordinator at JWA.

Warimpex successfully closes sale of Palais Hansen stake

After holding an interest in the project company for Palais Hansen located in Vienna for over ten years, Warimpex announced the sale of its stake in the property. The sale was concluded together with the consortium partner UBM Development.

Located in Vienna’s historic city centre, Palais Hansen was converted to a hotel for the World’s Fair in 1873 but was never used as one. In 2007, the consortium partners Porr Solutions (now UBM Development), Warimpex, Wiener Städtische Versicherung, and Wien Holding decided to undertake refurbishment of the listed building. In March 2013, it was opened as a five-star hotel.

“Our core business involves developing projects, operating them to generate stable cash flows, and selling them as soon as the highest added value can be achieved. Palais Hansen has developed very well since 2013, and now the optimal time has come to sell our share,” commented Warimpex CEO Franz Jurkowitsch on the transaction.

 

The post Coffee with Craig Show – daily CRE news covering the CEE region appeared first on EuropaProperty.com.

]]>
Hillwood’s full portfolio of buildings with BREEAM certificates at Excellent level https://europaproperty.com/hillwoods-full-portfolio-of-buildings-with-breeam-certificates-at-excellent-level/ Thu, 28 Mar 2024 06:54:59 +0000 https://europaproperty.com/?p=33387 Hillwood Poland’s 15 buildings have been certified BREEAM In Use at the Excellent level, completing the certification for the company’s entire portfolio. Obtaining the certificates was the result of cooperation with JWA, a consulting firm specializing in green solutions for commercial real estate. Hillwood is a real estate developer and investor, specializing in providing logistics, warehouse, industrial, and dedicated e-commerce facilities. Globally, the company has developed over 24 million sqm of warehouse space, including over 2.8 million in Poland. Recently, 15 of the company’s facilities (14 warehouse halls and an office building), in Warsaw, Wroclaw, Lodz, and Szczecin, among others, received BREEAM In-Use certificates at the Excellent level. Certification for these facilities completed the company’s strategy of obtaining BREEAM Excellent certification for the entire portfolio of buildings constructed in Poland. “We are extremely proud to certify all our projects as BREEAM Excellent. It confirms our commitment to the highest standards of quality and care for the environment. This accreditation, which … Continued

The post Hillwood’s full portfolio of buildings with BREEAM certificates at Excellent level appeared first on EuropaProperty.com.

]]>

Hillwood Poland’s 15 buildings have been certified BREEAM In Use at the Excellent level, completing the certification for the company’s entire portfolio. Obtaining the certificates was the result of cooperation with JWA, a consulting firm specializing in green solutions for commercial real estate.

Hillwood is a real estate developer and investor, specializing in providing logistics, warehouse, industrial, and dedicated e-commerce facilities. Globally, the company has developed over 24 million sqm of warehouse space, including over 2.8 million in Poland. Recently, 15 of the company’s facilities (14 warehouse halls and an office building), in Warsaw, Wroclaw, Lodz, and Szczecin, among others, received BREEAM In-Use certificates at the Excellent level. Certification for these facilities completed the company’s strategy of obtaining BREEAM Excellent certification for the entire portfolio of buildings constructed in Poland.

“We are extremely proud to certify all our projects as BREEAM Excellent. It confirms our commitment to the highest standards of quality and care for the environment. This accreditation, which covers the entire Hillwood portfolio, provides customers with the assurance that our investments are benefiting the environment and generating economic savings, which is another step towards creating a sustainable future,” says Renata Michalczyk, Head of Asset and Property Management Poland, Hillwood.

The cooperation with JWA consisted of implementing recommended solutions – mainly related to optimizing water consumption and rainwater storage, as well as installing specialized metering equipment. In addition, the ecologist’s recommendations were implemented, which translated into an increase in biodiversity, and special areas were created for car-sharing services.

“The biggest challenge was to obtain certification for so many buildings simultaneously in a very short time,” says Sylwia Bieda, Sustainability Specialist & Junior Coordinator at JWA. “In just six months, we successfully conducted several audits at facilities located in different parts of the country, commissioned many additional studies, and coordinated client communications that involved multiple stakeholders. As a result, the process of obtaining all certifications went very smoothly and, most importantly, efficiently.”

The post Hillwood’s full portfolio of buildings with BREEAM certificates at Excellent level appeared first on EuropaProperty.com.

]]>
Warimpex successfully closes sale of Palais Hansen stake https://europaproperty.com/warimpex-successfully-closes-sale-of-palais-hansen-stake/ Thu, 28 Mar 2024 06:35:28 +0000 https://europaproperty.com/?p=33394 After holding an interest in the project company for Palais Hansen located on Vienna’s Ringstrasse boulevard for over ten years, Warimpex Finanz- und Beteiligungs AG announces the sale of its 9.88 percent stake to Wiener Städtische Versicherung, which is now the 100 percent owner of the property. The sale was concluded together with the consortium partner UBM Development AG. The parties agreed that the purchase price would not be disclosed. “Our core business involves developing projects, operating them to generate stable cash flows, and selling them as soon as the highest added value can be achieved. Palais Hansen has developed very well since 2013, and now the optimal time has come to sell our share,” commented Warimpex CEO Franz Jurkowitsch on the successful transaction. Located in Vienna’s historic city centre, Palais Hansen was converted to a hotel for the World’s Fair in 1873, but was never used as one. In 2007, the consortium partners Porr Solutions (now UBM Development), Warimpex, … Continued

The post Warimpex successfully closes sale of Palais Hansen stake appeared first on EuropaProperty.com.

]]>

After holding an interest in the project company for Palais Hansen located on Vienna’s Ringstrasse boulevard for over ten years, Warimpex Finanz- und Beteiligungs AG announces the sale of its 9.88 percent stake to Wiener Städtische Versicherung, which is now the 100 percent owner of the property. The sale was concluded together with the consortium partner UBM Development AG. The parties agreed that the purchase price would not be disclosed.

“Our core business involves developing projects, operating them to generate stable cash flows, and selling them as soon as the highest added value can be achieved. Palais Hansen has developed very well since 2013, and now the optimal time has come to sell our share,” commented Warimpex CEO Franz Jurkowitsch on the successful transaction.

Located in Vienna’s historic city centre, Palais Hansen was converted to a hotel for the World’s Fair in 1873, but was never used as one. In 2007, the consortium partners Porr Solutions (now UBM Development), Warimpex, Wiener Städtische Versicherung, and Wien Holding decided to undertake the careful refurbishment of the listed building. In March 2013, the jewel on the Ringstrasse boulevard was opened as a five-star hotel.

Since 1 March 2024, the Asian-based international Minor Hotel Group has been operating the hotel under the name Anantara Palais Hansen Vienna. Up until its acquisition by Minor Hotels, the hotel had been operated by Kempinski Group for more than a decade before the company withdrew from the Viennese market on amicable terms. The hotel has an area of 4,858 sqm and a net floor space of 25,655 sqm over three floors. Premium residences were built on the top two floors and sold.

The post Warimpex successfully closes sale of Palais Hansen stake appeared first on EuropaProperty.com.

]]>
Investment volume in Czech could rise to 22% in 2024 https://europaproperty.com/investment-volume-in-czech-could-grow-by-up-to-22-in-2024/ Thu, 28 Mar 2024 06:34:58 +0000 https://europaproperty.com/?p=33352 According to Savills research, Q1 2024 real estate investment volumes in the Czech Republic are forecast to reach approximately €350 million and European real estate investment volumes approx. €34 billion. Savills forecasts that year-end investment volumes for the Czech Republic will exceed €1.5 billion and for Europe €177-182 billion. This would mark a considerable rebound in investment volumes, up by 19 percent and 22 percent respectively on the €1.25 billion recorded in Czechia for 2023 and €149 billion for Europe. Fraser Watson, Head of Investment at Savills CZ & SK, commented: “From the beginning of the year we are noting a lot more owners coming forward to put their hands up to say “we are a seller“. The primary reasons for this are that interest rate rises appear to have stopped, bringing in a great degree more certainty overall to the market. Along with the fact that there are enough other transactions that have happened that give some confidence in … Continued

The post Investment volume in Czech could rise to 22% in 2024 appeared first on EuropaProperty.com.

]]>

According to Savills research, Q1 2024 real estate investment volumes in the Czech Republic are forecast to reach approximately €350 million and European real estate investment volumes approx. €34 billion. Savills forecasts that year-end investment volumes for the Czech Republic will exceed €1.5 billion and for Europe €177-182 billion. This would mark a considerable rebound in investment volumes, up by 19 percent and 22 percent respectively on the €1.25 billion recorded in Czechia for 2023 and €149 billion for Europe.

Fraser Watson, Head of Investment at Savills CZ & SK, commented: “From the beginning of the year we are noting a lot more owners coming forward to put their hands up to say “we are a seller“. The primary reasons for this are that interest rate rises appear to have stopped, bringing in a great degree more certainty overall to the market. Along with the fact that there are enough other transactions that have happened that give some confidence in where pricing is at, as well as the general feeling amongst investors that the market has already reached the bottom.”

The ability to achieve desirable yields on investments has been very complex in 2023, leading to strong outward yield movement across all real estate sectors, says Savills. However, the international real estate advisor believes that the expected decline in central bank rates will provide a boost to investment activity later this year and will generate a stabilisation of yields from H2 2024 onwards. Savills expects that yields in the Czech Republic will broadly hold firm throughout 2024, with forecasts for prime office yield remaining at 5.25 percent, prime industrial yield at  5.25 percent and prime retail yield at 6.5 percent.

“There’s a level of confidence in the market that prices now are probably about where they’re going to settle. I think FOMO (the fear of missing out) in 2024 is possibly going to creep back into the market — probably in the 2nd and 3rd quarters — as investors see there’s a greater level of activity being done by other investors which will push them back into the market,“ added Fraser Watson.

Tristam Larder, Head of European Capital Markets at Savills, said: “As the gap in buyer and seller price expectations is beginning to close, we anticipate seeing a gradual resurgence in investment activity from H2 2024 onwards. Logistics and multifamily will remain the preferred asset classes in Europe this year, although there is a growing appetite for retail properties and given recent price adjustments, we are also seeing more and more investors enquire about offices.”

The post Investment volume in Czech could rise to 22% in 2024 appeared first on EuropaProperty.com.

]]>
JDE Peet’s joins Diuna https://europaproperty.com/jde-peets-joins-diuna/ Thu, 28 Mar 2024 06:34:48 +0000 https://europaproperty.com/?p=33357 Diuna office complex in the Syrena Real Estate portfolio has welcomed a new tenant – JDE Peet’s (JDEP). The company has taken 900 sqm in the Warsaw office building. Warsaw-based design studio BIT Creative is responsible for the interior design of the new office. JDE Peet’s is the world’s leading pure-play coffee and tea company, serving approximately 4,100 cups of coffee or tea per second. JDE Peet’s unleashes the possibilities of coffee and tea in more than 100 markets with a portfolio of over 50 brands including L’OR, Peet’s, Jacobs, Senseo, Tassimo, Douwe Egberts, OldTown, Super, Pickwick and Moccona. The new tenant occupies 900 sqm in Diuna. JDE Peet’s was represented by Colliers in the commercialization process. “We are seeing a steady increase in interest in Diuna from new companies that appreciate the metamorphosis that our complex has undergone. We are very pleased that another company from JDE Peet’s joins the group of Diuna’s tenants, which, like us, is close to the concern for employee welfare and ESG aspects that we implement in the complex”, comments Ewa … Continued

The post JDE Peet’s joins Diuna appeared first on EuropaProperty.com.

]]>

Diuna office complex in the Syrena Real Estate portfolio has welcomed a new tenant – JDE Peet’s (JDEP). The company has taken 900 sqm in the Warsaw office building. Warsaw-based design studio BIT Creative is responsible for the interior design of the new office.

JDE Peet’s is the world’s leading pure-play coffee and tea company, serving approximately 4,100 cups of coffee or tea per second. JDE Peet’s unleashes the possibilities of coffee and tea in more than 100 markets with a portfolio of over 50 brands including L’OR, Peet’s, Jacobs, Senseo, Tassimo, Douwe Egberts, OldTown, Super, Pickwick and Moccona. The new tenant occupies 900 sqm in Diuna. JDE Peet’s was represented by Colliers in the commercialization process.

“We are seeing a steady increase in interest in Diuna from new companies that appreciate the metamorphosis that our complex has undergone. We are very pleased that another company from JDE Peet’s joins the group of Diuna’s tenants, which, like us, is close to the concern for employee welfare and ESG aspects that we implement in the complex”, comments Ewa Lubanska, Leasing Director at Syrena Real Estate.

Adapting the interiors to the needs of the new tenant and creating optimal working conditions was entrusted to the experienced studio BIT Creative.

Diuna, formerly known as Marynarska Business Park, has undergone a huge metamorphosis thanks to the efforts of Syrena Real Estate and PineBridge Benson Elliot. The office complex in Warsaw’s Służewiec district has been brought up to current market standards, and the changes made included revitalizing the outdoor areas and remodelling the entrance lobbies of the four buildings.

In the process of modernization at the Diuna office complex, several solutions were introduced that significantly improved its energy efficiency. Carbon dioxide concentration-dependent ventilation control, VAV ventilation systems and airflow control have had a significant impact on reducing carbon dioxide emissions, which were reduced by 827 tons in 2023. Diuna has also achieved certifications: BREEAM In-Use in the new v6 system at Excellent level, Well HSR and WiredScore at Silver level.

The main designer of the new look of Dune is architectural studio MJZ, the green project was developed by iGreen Landscape Architecture, and the design of the new interiors is the work of Loskiewicz Studio. Reesco Group is responsible for the remodelling, and cmT is responsible for project management.

With a total usable area of 46,000 sqm, the companies headquartered here include Accord, NewCold, Colgate, Daikin Europe, Eurocash, Ford, JDE, Oceanic, S.C Johnson, FOUNDEVER, Business Lease, Leasing Team and WDX. The complex also houses a LUX MED clinic and a café and bakery I highly recommend. The complex has 1,200 parking spaces in three underground parking garage levels.

The post JDE Peet’s joins Diuna appeared first on EuropaProperty.com.

]]>
Coffee with Craig Show – daily CRE news covering the CEE region https://europaproperty.com/coffee-with-craig-show-daily-cre-news-covering-the-cee-region-329/ Wed, 27 Mar 2024 13:51:18 +0000 https://europaproperty.com/?p=33412 Coffee with Craig Show – daily CRE news covering the CEE region with Publisher Craig Smith and Winston Norman, Editor & Chief of EuropaProperty.com. Real estate is at a ‘pivot point’ globally say ULI and PWC Despite the monetary headwinds and continued economic uncertainty around the world, there is a strong belief that the global real estate industry is at a ‘pivot point’, with improving prospects ahead for renewed investment activity, according to the latest Emerging Trends in Real Estate® Global Outlook 2024 from PwC and the Urban Land Institute (ULI). The industry snapshot indicates that with moderating inflation and interest rates potentially peaking, and greater clarity on monetary policy, there is a degree of optimism that the market is gradually reconciling with an elevated ‘higher for longer’ interest rate environment. Lisette van Doorn, CEO of ULI Europe, comments, “This year’s report indicates that the market is beginning to get to grips with a new era of higher interest rates, … Continued

The post Coffee with Craig Show – daily CRE news covering the CEE region appeared first on EuropaProperty.com.

]]>

Coffee with Craig Show – daily CRE news covering the CEE region with Publisher Craig Smith and Winston Norman, Editor & Chief of EuropaProperty.com.

Real estate is at a ‘pivot point’ globally say ULI and PWC

Despite the monetary headwinds and continued economic uncertainty around the world, there is a strong belief that the global real estate industry is at a ‘pivot point’, with improving prospects ahead for renewed investment activity, according to the latest Emerging Trends in Real Estate® Global Outlook 2024 from PwC and the Urban Land Institute (ULI).

The industry snapshot indicates that with moderating inflation and interest rates potentially peaking, and greater clarity on monetary policy, there is a degree of optimism that the market is gradually reconciling with an elevated ‘higher for longer’ interest rate environment.

Lisette van Doorn, CEO of ULI Europe, comments, “This year’s report indicates that the market is beginning to get to grips with a new era of higher interest rates, and how this will need to impact pricing levels. Depending on the level of distress that might emerge, this may help the implementation of the ESG and, especially, the decarbonisation agenda, with potential buyers in a stronger negotiation position to incorporate the required capital expenditure.”

CTP completes 19,000 sqm letting to Yusen Logistics in Bucharest

CTP has agreed a five-year lease for 19,000 sqm of warehouse space at CTPark Bucharest in Romania to Yusen Logistics, a leading global logistics provider. Yusen Logistics was advised on by CBRE.

The warehouses leased by Yusen Logistics (Romania) will aundergo significant refurbishment through a substantial investment by CTP to refresh and upgrade the facility, bringing it up to the latest ESG standards by incorporating environmentally sustainable features such as LED lighting.

Andrei Bentea, Senior Business Developer, CTP, said: “Our focus on sustainable development aligns perfectly with Yusen Logistics’ commitment to ESG principles.”

Cosmin Rusu, Managing Director, Yusen Logistics, commented: “This lease agreement is an important strategic move that aligns with our commitment to delivering exceptional logistics solutions to our clients.”

Danubiu Enterprises to start retail investment near Bucharest

Danbuiu Enterprises will start the development of A1 Shopping Center, a new retail project near Bucharest that will have a value over €10 million. The project is slated for completion in Q3 2025 and will target wholesale and cash & carry retailers.

“We are convinced by the viability of our business model and we are ready to open negotiations with new players,” says Maria Iancu, Development Director of Danubiu Enterprises.

The retail project will have a leasable area of 24,000 sqm and facilities for tenants such as a food court and numerous parking spaces.

 

 

The post Coffee with Craig Show – daily CRE news covering the CEE region appeared first on EuropaProperty.com.

]]>
Panattoni sells industrial park in Wrocław https://europaproperty.com/panattoni-sells-industrial-park-in-wroclaw/ Wed, 27 Mar 2024 06:44:01 +0000 https://europaproperty.com/?p=33362 An international real estate company purchased Panattoni Park Wrocław West Gate with a total area of 46,900 sqm. The park is a complex of two buildings (17,600 sqm and 29,300 sqm) that was built to BREEAM certification standards. The tenants include international logistics operators, Hellmann Worldwide Logistics and ESA Logistika, as well as packaging manufacturer Schumacher Packaging. “Another successful disposal in the Wroclaw region further confirms Lower Silesia’s and Poland’s investment quality and strong fundamentals of industrial real estate. Our sector is the most liquid and well-perceived by international institutional capital. Improving finance cost outlook has a positive impact on the overall market and motivates investors to take action in the current phase of the cycle,” comments Michał Stanisławski, the Head of Asset Disposition at Panattoni. The park is located in the Miękinia area of the Średzki district near to Intel’s future semi-conductor factory. The location provides excellent communications since Wrocław’s city centre is just 20 minutes away while it … Continued

The post Panattoni sells industrial park in Wrocław appeared first on EuropaProperty.com.

]]>

An international real estate company purchased Panattoni Park Wrocław West Gate with a total area of 46,900 sqm. The park is a complex of two buildings (17,600 sqm and 29,300 sqm) that was built to BREEAM certification standards. The tenants include international logistics operators, Hellmann Worldwide Logistics and ESA Logistika, as well as packaging manufacturer Schumacher Packaging.

“Another successful disposal in the Wroclaw region further confirms Lower Silesia’s and Poland’s investment quality and strong fundamentals of industrial real estate. Our sector is the most liquid and well-perceived by international institutional capital. Improving finance cost outlook has a positive impact on the overall market and motivates investors to take action in the current phase of the cycle,” comments Michał Stanisławski, the Head of Asset Disposition at Panattoni.

The park is located in the Miękinia area of the Średzki district near to Intel’s future semi-conductor factory. The location provides excellent communications since Wrocław’s city centre is just 20 minutes away while it is a 5-minute drive to the airport. Public transportation is available to workers. Nearby the development runs National Road 94. This road leads onto the S3 expressway, which runs parallel to Poland’s western border and also leads on to the Wrocław Motorway Bypass, which connects the A4 with the S5 and S8 expressways. The park provides its tenants with access to over 5 million potential customers within a one-hour drive.

The post Panattoni sells industrial park in Wrocław appeared first on EuropaProperty.com.

]]>
Peakside certifies property portfolio with BREEAM https://europaproperty.com/peakside-certifies-property-portfolio-with-breeam/ Wed, 27 Mar 2024 06:28:44 +0000 https://europaproperty.com/?p=33354 Peakside Capital Advisors has achieved two BREEAM IN-USE certifications at the “Very Good” level for over 50,000 sqm of warehouse-office space at Logistics Point Raszyn and Logistics Point Piaseczno. The attained rating results from the successful modernization of fully commercialized logistic centres near Warsaw. The quality enhancement initiatives are by Peakside’s business strategy – Value Add. “We are pleased that the modernization of Logistics Point Raszyn and Logistics Point Piaseczno has led to obtaining BREEAM IN-USE certificates at the ‘Very Good’ level. We achieved this result within just two years of their acquisition. Our team continues to work intensively on implementing changes in facilities that have been in the warehouse market for years. As investors, but also as asset managers of these properties, we are proud of the certification achieved, as well as the level of satisfaction of our tenants, confirmed by the full commercialization of these two parks,” said Bożena Kaczanowska-Tajan, Asset Manager at Peakside Capital Advisors in Poland. … Continued

The post Peakside certifies property portfolio with BREEAM appeared first on EuropaProperty.com.

]]>

Peakside Capital Advisors has achieved two BREEAM IN-USE certifications at the “Very Good” level for over 50,000 sqm of warehouse-office space at Logistics Point Raszyn and Logistics Point Piaseczno. The attained rating results from the successful modernization of fully commercialized logistic centres near Warsaw. The quality enhancement initiatives are by Peakside’s business strategy – Value Add.

“We are pleased that the modernization of Logistics Point Raszyn and Logistics Point Piaseczno has led to obtaining BREEAM IN-USE certificates at the ‘Very Good’ level. We achieved this result within just two years of their acquisition. Our team continues to work intensively on implementing changes in facilities that have been in the warehouse market for years. As investors, but also as asset managers of these properties, we are proud of the certification achieved, as well as the level of satisfaction of our tenants, confirmed by the full commercialization of these two parks,” said Bożena Kaczanowska-Tajan, Asset Manager at Peakside Capital Advisors in Poland.

Peakside, as an expert in assessing opportunities and conducting value-enhancing activities for properties, defines compliance with the principles of sustainable development as a key factor influencing the value of every building. The right approach to environmental impact and natural resource issues, as well as resulting savings for tenants, can determine the success of an investment.

“We are focusing on a “Value Add” strategy based on leasing, redevelopment, expansion, and enhancing the quality of properties in terms of ESG. We aimed to obtain BREEAM certification for the parks in Raszyn and Piaseczno, as the ESG strategy is at the forefront of our investment concept. We are committed to providing the highest quality services and establishing long-term cooperation with tenants. Our approach and skilful asset management have resulted in improved relationships with users of the facilities, as well as double-digit rental value growth,” said Michal Nawrot, Head of Investments CEE Peakside Capital Advisors.

Logistics Point Raszyn is located on the outskirts of Warsaw, just 12 km from the city centre. The park consists of two warehouse buildings with a total GLA of 31,000 sqm. Logistics Point Piaseczno comprises two warehouse facilities with a total GLA of 25,000 sqm. The park is situated near National Road No. 79 and the railway station in Nowa Iwiczna, only 16 km south of the city centre. The modernization of the facilities was carried out while tenants maintained complete comfort and business-operational activity. The works included optimizing water consumption and replacing lighting, resulting in approximately 220 MWh of annual electricity consumption savings. Additionally, fire safety was enhanced, pedestrian communication was improved, and interiors were refreshed. Furthermore, a green relaxation area for employees was established. In the coming years, the pace of introduced changes will be maintained, along with new solutions in terms of functionality and aesthetics.

Logistics Point Raszyn, along with Logistics Point Piaseczno and City Point Targówek, is part of the real estate portfolio acquired by Peakside and Partners Group in early 2022. After the completed modernization of all facilities, the portfolio will provide the market with approximately 150,000 sqm of modern logistics space.

The post Peakside certifies property portfolio with BREEAM appeared first on EuropaProperty.com.

]]>