Coffee with Craig Show – daily CRE news covering the CEE region, Thursday, March 9 with Winston Norman, Editor and Chief of EuropaProperty.com.
Lithuanian investors buy Prague hotel for co-living project
Lithuanian investors Baltic Asset Management and Hanner have acquired a hotel in Prague to convert it into a co-living project called Youston. The total investment is estimated at €14 million. They are planning to convert this hotel into a co-living project with 100 small flats. The new co-living project should offer small flats to tenants by the beginning of 2024.
Ugnius Latvys, CEO of Baltic Asset Management, said, “Location in the central part of the city is one of the main features of successful co-living projects. Another very important aspect is that we can complete the project and bring it to the market almost twice as fast as with new construction.”
“This is in line with our strategic development direction – to invest more in real estate projects in Central and Southern Europe,” Arvydas Avulis, the chairman of Hanner’s board said.
Syrena launches PRS platform in Poland
Syrena Real Estate is entering the private rented sector. The company’s new business line operates under the Habitu brand and the first property from the PRS sector in the company’s portfolio located in Warsaw was fully leased in two months. The company has announced intensive development of Habitu mainly in the capital city but also in other Polish cities. Syrena plans to offer 3,000 units on its PRS platform within five years.
Habitu’s development strategy provides for the expansion of the brand primarily in Warsaw but also over time in Wrocław, Gdańsk, and Kraków. Discussions are currently underway with a view to acquiring further projects for its portfolio.
“Institutional rental is a new branch of business for our company, which we will systematically develop through the Habitu brand. We plan that by the end of next year, the number of flats available through our platform will have increased several times, while the company’s long-term strategy is to have three thousand residential units added to our portfolio in the next five years,” says Witold Zatoński, Partner at Syrena Real Estate.
Żabka to open a new logistics centre near Warsaw
Żabka Polska is preparing to open a new logistics centre in Małopole by Radzymin near Warsaw. It will be one of the largest and most innovative logistics centres in Europe. The launch of the new facility with an area of approximately 60,000 sqm is planned for the second quarter of 2023. Thanks to this investment, more than 600 people will find work in the region – employed directly by Żabka or in companies cooperating with it.
“Modern and automated logistics are a guarantee of the highest quality, as well as fast and efficient delivery service for franchisees running Żabka stores. Under this principle, we have been creating solutions in our new logistics centre in Małopole by Radzymin near Warsaw,” says Katarzyna Słabowska, logistics department director in Żabka Polska.
HelloParks to build huge logistics centre near Budapest
HelloParks, a subsidiary of Futureal Group announced a fourth major industrial development in the Budapest logistics market. This time the firm will start construction on the southern outskirts of the Hungarian capital. The new 60,000 sqm industrial property in Alsónémedi is the biggest industrial project in the firm’s history and is scheduled to open in Q2 2024.
Grifton Property assisted in obtaining the 135,000 sqm plot. The developer wants to get Outstanding accreditation in the New Construction category of the BREEAM system upon opening.
Over the last two years, HelloParks launched similar projects in the western, northern and eastern vicinity of Budapest. With this new one, the development pipeline topped the 1 million sqm mark.