Coffee with Craig Show – daily CRE news covering the CEE region, Tuesday, April 18, with Winston Norman, Editor and Chief of EuropaProperty.com.
Redefine and Griffin join forces in growing Polish self-storage market
Redefine Properties and Griffin Capital Partners have set up a venture to acquire Stokado, Poland’s second-largest self-storage operator.
Andrew Konig, the CEO of Redefine Properties, sees plenty of upside in the self-storage space as Poland’s economy continues to show exciting growth potential: “This deal leverages the strengths of all parties and opens the door to expansion, diversity and growth in line with Redefine’s focus on strategically allocating capital into areas with upside at low risk. ”
Nebil Senman, Managing Partner, Griffin Capital Partners, adds: “Poland has less than 4,000 sqm of self-storage space per million residents, compared to roughly 8,500 in Germany, ca. 22,000 in France, or Spain. We believe the sector offers vast growth opportunities.”
Dawid Bechcicki, the co-founder of Stokado, says: “Are goal is to develop 50 new self-storage buildings over the next 5 years, focusing on major cities throughout Poland and becoming the market’s largest operator.”
Kaufland opens its first retail park in Bulgaria
Situated in the southwestern city of Sandanski, Kaufland’s first Bulgarian retail park spans over 5,000 sqm. The German retail chain invested over €1 million in the outdoor retail area, the company said in a press release.
The new shopping area is part of the chain’s One Stop Shopping concept in response to rising consumers’ demand to shop all in one place. It features companies such as Polish discount retailer Pepco.
Masterbuild completes logistic hall in VGP Park Stefanesti-Ilfov
MASTERBUILD has completed a new 14,500 sqm warehouse space, located in the Stefanesti area for the developer VGP. Located in the Northern area of Bucharest, the new building – Hall D – is intended for warehousing activity and will be leased to operators in sectors such as distribution and the logistics segment.
“We are glad that we can contribute in generating added value in the local logistics and industrial market and that we can contribute to the development of a still very dynamic sector,” says Stefan Ferdinand Vayna, CEO of MASTERBUILD General Contractor & Property Developer.
CTP developing a further 58,000 sqm at CTPark Cerhovice
CTP has leased two speculatively developed warehouses to French automotive supplier Valeo, and to Austrian logistics and transport provider Raben at CTPark Cerhovice.
Valeo has taken a 7,000 sqm unit on a 10-year lease, while Raben has signed for a 5,000 sqm unit, also on a 10-year lease. CTP will develop another 58,000 sqm of industrial space at CTP Cerhovice between now and the end of 2024.
Jakub Kodr, Head of Business Development at CTP, said: “These two new units will provide Raben and Valeo with state-of-the-art facilities that will support the further growth of their businesses.”