Coffee with Craig Show – daily CRE news covering the CEE region – Thursday, March 3 with Winston Norman, Editor and Chief of EuropaProperty.com. Celebrating over 300 shows!!! Become a partner and reach over – 8,000 viewers weekly – 14,000 viewers on the Executive interviews.
EUROPA CAPITAL LAUNCHES NEW €150 MILLION CENTRAL EUROPEAN LOGISTICS PLATFORM
Europa Capital in partnership with White Star Real Estate has launched the Central European Logistics Platform on behalf of its latest value add fund, Europa Fund VI, acquiring a prime 15 hectares site on which it will fund the development of park22, an urban logistics park in Budapest. The phased development of park22 will deliver a total of 61,400 sqm of Grade A logistics space across six units.
Jason Oram, Partner & Fund Manager at Europa Capital, commented: “Our decision to launch a Central European logistics platform and fund the development of park22 reflect our view that a continuation of urbanisation trends will fuel ongoing demand for logistics space across Central Europe.”
Robert Martin, Partner and Head of Investments at Europa Capital, said: “park22 presents an opportunity to invest in a high-quality project which offers amenities as well as strong transport links. Budapest is experiencing a shortage of logistics supply, with a vacancy rate of below 4 percent, and we believe park22 will prove an attractive location for both third-party logistics players and e-commerce businesses.”
Krisztián Barabás, Partner of Development and Operations at White Star Real Estate, added: “In the case of park22, we have responded to the accelerated growth of online commerce by combining warehousing with office functions in a practical way, all within the boundaries of the capital, with direct motorway access.”
DOM DEVELOPMENT GROUP ACQUIRES 100% STAKE IN BUMA GROUP’S RESIDENTIAL PORTFOLIO
Greenberg Traurig advised Dom Development Group, one of the leading real estate developers on the Polish market, on the acquisition of a 100 percent ownership stake in BUMA Group’s residential portfolio from Giovanni Fundusz Inwestycyjny Zamknięty.
The transaction comprises the takeover of selected construction and land bank companies holding investment land in Kraków with the potential to develop more than 1,300 residential units, as well as projects under construction. The value of the transaction is PLN 209.5 million.
“This is another complex portfolio transaction, following last year’s acquisition of BUMA Group’s office assets. We are proud to have gained our client’s trust and are looking forward to working together on future projects,” said Karol Brzoskowski, Partner in the Real Estate Practice.
Dom Development is the largest and one of the longest-running developers on the Polish market. The company has been active since 1996 and listed on the Warsaw Stock Exchange since 2006.
MDDP JOINS FORCES WITH INTERNATIONAL LAW FIRM OSBORNE CLARKE
The international law firm Osborne Clarke has joined forces with the Polish law firm MDDP.
“At MDDP Group we recognized international expansion as our strategic direction for development a long time ago. Now, in co-operation with one of the leading law firms in Europe and worldwide, we will be able to press ahead with our plans even more efficiently by relying on what we share with Osborne Clarke, being the areas of competence, work methods and organizational culture,” said Tomasz Olkiewicz, previous managing partner in the law firm MDDP Olkiewicz i Wspólnicy.
Omar Al-Nuaimi, International CEO at Osborne Clarke, commented: “Poland is an important and strategic move for us. Given it’s the fifth-largest EU economy and very well positioned for targeting international businesses in CEE. It’s also an increasingly important market given the rapidly evolving situation in Ukraine and the broader geopolitical factors. Many of our clients have welcomed the fact that we will have a team in Poland to assist them as they navigate the changing business landscape.”
The law firm’s new almost 40-strong team will service entities from key industries, such as new technologies, energy, infrastructure, real estate, and financial services sectors.
SAVILLS IN COOPERATION WITH ARAM TO MANAGE BOŘISLAVKA CENTRUM COMPLEX
REICO a leading Czech investment company operating in the Central Europe region has appointed international real estate advisor Savills as property manager for its Prague office complex Bořislavka. Savills will work in cooperation with Active Retail Asset Management (ARAM) who will manage the retail scheme within the asset.
Bořislavka Centrum is located in Prague 6. The complex comprises four class A office buildings with a total leasable area of 30,000 sqm and almost 10,000 sqm of retail space with 60 retail units on the ground floor.
Michaela Semanová, head of property management at Savills CZ&SK, says: “We are proud of this new appointment and the trust placed in us by REICO IS ČS. I look forward to cooperating with ARAM, an expert in retail asset management, on branding and to deliver high-quality property management services to further develop Bořislavka as a landmark asset.”
Martin Kubík, managing director of ARAM, adds: “We are very keen to start working on this first-class project together with Savills. For ARAM, as a purely Czech asset firm, it’s a great achievement to have been appointed. Our biggest goal for the year is to raise the overall awareness of Bořislavka Centrum within its immediate catchment area and to complete the existing offer with the best fitting retailers on the market.”