Coffee with Craig Show – daily CRE news covering the CEE region, Thursday, March 16, with Winston Norman, Editor and Chief of EuropaProperty.com.
Apricot Capital Group starts Taśmowa 5 PRS project
Developers Apricot Capital Group announced the signing of the general contractor Budimex for the construction of a new Private Rental Sector development in the Mokotów district of Warsaw.
Once completed, the 8-storey development will offer 423 resident units. The building is being developed to the standards of the BREEAM “Excellent” certification. The entire complex will be managed and operated by Apricot Entertainment.
“The commencement of construction of our Taśmowa 5 development is a significant milestone on a journey which started 5 years ago, with ACG’s acquisition of this land, then zoned as industrial. We are pleased that our long-term PRS strategy conceived back in 2018, based on Poland’s housing market dynamics, has been proven to be the right one, especially in the light of the subsequent pandemic, inflationary environment, and higher interest rates”, said Raúl Martín Gámez, ACG’s Chief Operational Officer.
The opening of the building is expected in Spring 2025.
Wspólna 47/49 office building fully leased
Yareal Polska has 100 percent let the Wspólna 47/49 office building in Warsaw. “Last year saw intensive asset management activity and the re-commercialisation of the Wspólna 47/49 office building. Given the challenging macroeconomic environment, this was a formidable task. I am really pleased that our strategy has worked well and today we are proudly announcing the substantial success of attracting new tenants and fully leasing the buildings,” said Marta Zawadzka, Leasing Director at Yareal Polska.
Indotek Group sells Sofitel hotel in Budapest
Equilor Asset Management, owned by Hungarian developer BDPST Group, will buy the Sofitel complex which consists of a 4-star hotel and an adjacent office building, local news portal index.hu reports.
Indotek bought the hotel three years ago and managed to prepare it for a total refurbishment. In the meantime, the company obtained the neighbouring office building. However, as development and property management are out of the company’s core business strategy Indotek decided to put the complex up for sale. The company sold Hotel Gellért in Budapest in a similar transaction last year.
The refurbishment of the Sofitel hotel is underway and is scheduled to be finished next year.
Speedwell strengthens its position on the Romanian market
Speedwell is continuing to develop in the Romania market despite global economic uncertainties, and rising interest rates. The company targets mainly mixed-use projects, with a focus on the residential segment, followed by developments in office and industrial logistics.
“This year will continue to be challenging. However, we are confident that we will be able to put at least 200 to 250 units from the portfolio up for sale, which could generate around 50 million euros from the residential component alone,” said Didier Balcaen, CEO and Co-Founder of Speedwell.