Coffee with Craig Show – daily CRE news covering the CEE region, Tuesday, November 15, with Winston Norman, Editor and Chief of EuropaProperty.com.
pbb generates nine-month profit before tax of €159 million
Deutsche Pfandbriefbank AG posted a solid result in the third quarter of the current financial year 2022 despite the more difficult economic and political conditions. The pre-tax results for the first nine months of 2022 came to €159 million, compared to €186 million in the same period of the previous year.
pbb’s CEO Andreas Arndt commented: “Our expectation of a possible stagflation scenario has been largely confirmed – inflation remains high, interest rates have markedly increased and a recession is expected. Especially during times of crisis, a risk-conservative business model pays off. This is why we remain on track to stay within our guidance for the full year.”
Peakside JV raises pln 500 million from Bank Pekao
A joint venture between Partners Group and Peakside Capital Advisors has signed a portfolio loan facility agreement with Bank Pekao, comprising an investment loan of more than PLN 500 million. The funds have been used to finance the acquisition of three logistics properties in and around Warsaw and the redevelopment of the City Point Targówek park.
When selecting investments, Peakside focuses on a value-add strategy, allowing it to maximise the value of the properties it owns through leasing, redevelopment, expansion or ESG upgrades.
“The flexible financing structure has been aligned to the pace of our project,” noted Konrad Pazorek, Head of Finance Structuring at Peakside Capital Advisors.
“At Bank Pekao we aim to provide our clients with strong financial support in implementing warehouse and other commercial property development projects in Poland. We have a positive view of the industry as offering strong growth potential,” added Piotr Kwadrans, Director at Bank Pekao.
Immofinanz opens its largest retail park in Croatia
IMMOFINANZ has opened its sixth and largest STOP SHOP in Croatia in Velika Gorica. The new retail park has 12 stores and a coffee house. With more than 8,500 sqm of rentable space and a wide range of brands, all customer needs are met.
The Mayor of Velika Gorica, Krešimir Ačkar, and the representative of STOP SHOP in Croatia, Joško Piteša, attended the opening ceremony with numerous visitors and media representatives.
Among the retailers are well-known brands such as KiK, Pepco, Deichmann, Sinsay, New Yorker, DM, ZOO City and Hervis.
Futureal secures WELL Platinum certification for Budapest project
The first phase of Budapest ONE, developed by Futureal, has received a WELL Platinum certification. The office building was the first in Hungary to meet the highest requirements of the International Well Building Institute (IWBI).
Following the first phase of Budapest ONE, all works related to the second and third phases developed in parallel will soon be completed. These two projects will provide 40,000 sqm of office space and nearly 3,500 sqm of commercial and service space.