Coffee with Craig Show – daily CRE news covering the CEE region, Tuesday, December 20 with Winston Norman, Editor and Chief of EuropaProperty.com.
NEPI Rockcastle buys Gdańsk shopping centre for €250 million
NEPI Rockcastle has acquired Forum Gdańsk shopping centre from Blackstone-managed funds. Forum Gdańsk is a 63,500 sqm GLA shopping centre, situated in Gdańsk, the sixth largest city in Poland.
The acquisition represents one of the biggest single-asset shopping centre transactions by value in Europe in 2022. The transaction is in line with NEPI Rockcastle’s investment strategy to increase the concentration of its portfolio in countries with an investment-grade rating and focus on core dominant properties.
Forum Gdańsk has a BREEAM In-use Excellent certification and an occupancy rate of 93%, including anchor tenants such as Eurospar, H&M, Helios, Reserved, TK Maxx, Van Graaf and Zara.
“Forum Gdańsk represents a compelling investment opportunity,” says Rüdiger Dany, CEO of NEPI Rockcastle.
LivUp finalises residential investment in Kraków
LivUp has finalized the purchase of a property in Kraków from Galinvest. The new LivUp project will include about 80 residential apartments for long-term rental, as well as additional amenities and facilities. The first tenants are expected to move in by Q2 2023.
“The success of LivUp projects confirms that the PRS sector is starting to play an integral role in the residential market and LivUp’s solutions are able to address the tenants’ needs”, informs Roee Shamir, LivUp CEO.
Panattoni proceeds with third development for Flex this year
Panattoni proceeds with another development for Flex, a global supplier of equipment and technology. The lease agreement covered a total of 28,000 sqm at Panattoni Park Łódź A1, where the company will occupy both warehouse and office space.
This year’s cooperation between Panattoni and Flex includes the start of the expansion of the Tczew plant and the lease of warehouse space in Elbląg, which the company will use in February 2023. Shortly thereafter – in April 2023 – Flex will begin logistics operations for one of its customers on nearly 30,000 sqm at Panattoni Park Łódź A1.
“The availability of Panattoni facilities throughout Poland allows our customers to develop in multiple locations”, says Jakub Kaczorek, Leasing Manager at Panattoni.
pbb and Helaba provide medium-term refinancing loan facility for Dock in Five
Deutsche Pfandbriefbank (pbb) and Helaba have jointly underwritten an investment facility, totalling €63 million to refinance “Dock In Five” the last addition to the Dock project developed by Crestyl Group in Prague.
The award-winning Dock In Five offers 21,500 sqm of high-quality office and retail space spread over six floors. The property has been completed in May this year and represents the final addition to the Dock scheme where Crestyl created a new vibrant district along the Vltava River anchored by residential apartments and including restaurants, cafés and even a public park with a marina.
The entire project Dock is designed in accordance with ESG principles. The combined gross lettable area approaches 80,000 sqm and is let to well-known tenants such as Saint-Gobain, Delivery Hero, BNP Paribas, ASSA ABLOY, LEGO Trading, Henkel and Hornbach.
Helaba and pbb now finance the entire Dock-In scheme with a total loan amount of €190 million.
Logport and Invesco building last-mile logistics facility near Prague
Invesco Real Estate has committed to developing a circa 37,900 sqm Grade A last-mile logistics facility strategically located adjacent to the Prague ring road deal on behalf of a US client.
Constructed by Logport Development, the facility will consist of 11 separate units to be completed by Q1 2024. More than half of the space as of today is already pre-let to a range of prime tenants.
Henry Grant, Director of Fund Management at Invesco Real Estate, said: “The continued pressure on global supply chains, further forecast e-commerce penetration and the supply-demand imbalance for new build last mile logistics space, serving Prague, makes for a highly compelling investment case to drive long-term outperformance.”
“Such opportunities are a rare commodity in the Czech Republic and even more so in Prague, due to a stringent planning system,” says Tomas Picha, Senior Director – Transactions, CEE at Invesco Real Estate.
“The prevailing strong demand from tenants confirms both the wisely developed concept, as well as favourable timing of this project,” added David Vais, CEO of Logport Development.
Global Vision unveils new brand identity
Global Vision unveiled a new brand identity, including a new logo and website, which align with the company`s current position in the market and spotlight the expansion during the past 18 years in Romania.
The new branding also reflects the commitment to build sustainable real estate across all sectors and at any scale, to support setting up strong business communities. Global Vision`s strategy is now focused on a more agile and flexible approach covering the complete array of real estate services – construction, development, and asset management.
“We set out to bring Global Vision’s philosophy and business values closer to our customers and partners through a redesigned visual identity and business tools,” says Sorin Preda, CEO & Founder of Global Vision.
