Coffee with Craig Show – daily CRE news covering the CEE region – Thursday, March 17 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.
REVETAS LAUNCHES LOGISTICS PLATFORM WITH ACQUISITION NEAR KRAKÓW
Revetas Capital has launched a sustainable logistics platform targeting key transport routes and hubs throughout Europe. The first acquisition is a multi-phased, sustainably developed logistics park that will offer 55,000 sqm GLA within an established location east of Kraków, Poland. The investment entails the development of a prime industrial/logistics park that aims to achieve BREEAM “Excellent” rating within one of the most sought-after logistics sub-markets along the “A4 corridor”. This transaction marks Revetas’ entrance onto the logistics market in Poland, a country where the firm has been active for more than ten years in the mixed-use, office, retail and residential sectors.
Investor appetite within the logistics sector in Poland has remained strong, especially in locations close to established clusters near metropolitan areas. Despite the pandemic, industrial sector investment volumes exceeded expectations for 2021, supported by Poland’s attractive positioning within the European market, strong economic fundamentals and organically growing demand. segments.
Eric Assimakopoulos, Founding Partner Revetas Capital, commented: “This investment provides a strong basis for our future expansion within the industrial/logistics sector. Our appetite for assets in the industrial sector remains strong and we look forward to meaningfully expanding our sustainable logistics platform across the major transport routes and hubs in Europe.”
POLISH REAL ESTATE INDUSTRY PROVIDES SHELTER FOR 3,000 REFUGEES
A total of 3,000 refugees will be accommodated in four buildings by Archicom, Echo Investment, Globalworth and Skanska. The real estate industry is uniting to provide shelter for refugees from Ukraine. At the moment, twelve companies are involved in the initiative: AFI Europe, Atenor, Cornerstone Investment Management, Echo Investment, EPP, Globalworth, Griffin Capital Partners, GTC, HB Reavis, Immofinanz, Panattoni and Skanska.
“On February 24, we found ourselves in a completely new reality. The attack of Russia on a free Ukraine changed everything overnight, and we in Warsaw had to adjust to operating in crisis conditions. We all reported for work, but we could not have prepared support on such a scale and of such a high standard if it had not been for the support of private companies. This is a huge expression of solidarity for which I am grateful,” says Michał Olszewski, Deputy Mayor of the Capital City of Warsaw.
“According to UNHCR, we are facing the fastest-growing refugee crisis since World War II. Therefore, it is crucial to, immediately, begin providing long-term support to Ukrainian refugees, primarily in terms of accommodation,” says Kamil Wyszkowski, Executive Director at UN Global Compact Network Poland.
Office spaces are currently being gradually converted into temporary refugee centres. This includes four buildings in Warsaw: two office buildings within the Empark complex, owned by Echo Investment and Archicom, and two skyscrapers in the centre of Warsaw – Skanska’s Ilmet – as well as Warta Tower, owned by Globalworth. Approximately 400 people already live in Echo Investment’s building. The spaces ready to accommodate refugees, together with sanitary facilities, will then become the responsibility of Municipal Social Welfare Centers, which will be in charge of their management.
PBB INCREASES FOCUS ON EXPANSION OF CORE BUSINESS DESPITE INCREASING UNCERTAINTY
Deutsche Pfandbriefbank AG (pbb) concluded the 2021 financial year with a pre-tax profit of €242 million, thereby exceeding 60 percent of the previous year’s results, which were burdened by the COVID-19 pandemic.
CEO Andreas Arndt commented: “With profit before taxes of €242 million, 2021 was an extremely successful year for pbb.” He noted that pbb clearly exceeded the recent years’ earnings levels of around €200 million in 2021, not least thanks to favourable developments, despite having further bolstered risk provisioning in the form of management overlays. “We will employ a series of measures to sustainably strengthen our earnings base in the coming years. In this respect, we will still regard at least 2022 as a year of investment for pbb.”
He added that whilst he does not anticipate any direct impact of the geopolitical situation on pbb, he envisages uncertainty as to the general economic development as a result.
Commenting on the current geopolitical situation, he said: “We currently see no immediate impact on pbb. Therefore, we are sticking to our plans for 2022 and the following years despite the uncertainty regarding the general economic development. If the war continues or the situation worsens, new conditions will probably apply.”
COLOSSEUM MALL TO OPEN ON MARCH 24
On March 24, Colosseum Mall in Bucharest will officially open to the general public. The new building and assigned commercial spaces will mark the completion of this retail development.
Mihai Dinu, General Manager Colosseum Mall comments: “I am pleased to publicly announce the inauguration of Colosseum Mall and of the new shopping spaces. We have achieved this development in a difficult period, marked by the effects of the Covid-19 pandemic and the unpredictable geopolitical context, but we are optimistic about the success and the role that Colosseum Mall will have on the retail market in Bucharest.”
The brands which will be joining this expansion stage are Sinsay, part of the Polish group LPP, New Yorker, CCC, Deichmann, Smyk All for Kids, Noriel, Stay Fit, Colin’s, 4F, Douglas, Teilor, English Home, Fun Planet, Magic Casino, KFC, Dristor Kebab, Noodle Pack, All For Six, Bunătăți Ardelenești, Restaurant Presto, La Galleria, Inmedio, Xpressions Beauty & Body Care.
