Coffee with Craig Show – daily CRE news covering the CEE region, Monday, May 29, with Winston Norman, Editor and Chief of EuropaProperty.com.
REICO sells offices to Fio’s new real estate fund
After the recent sale of the Office Box building and the purchase of Bořislavka Centrum, Reico has now sold the Rohan Business Centre office in Prague. The value of the sale is €31.2 million.
“The sale of the Rohan Business Center demonstrates the liquidity of our real estate portfolio at current valuations, helps to optimise the fund’s sector allocation and will provide the necessary liquidity for other interesting acquisitions in the future,” says Tomáš Jandík, Chairman of the Board of Reico IS ČS.
The Rohan Business Centre was acquired by Fio Real Estate Subfund I, a retail real estate fund primarily focused on commercial real estate investments in the Czech Republic and in Slovakia.
GTC reports €12 million net profit in Q1 2023
GTC’s net profit amounted to €12 million in Q1 2023. Other Q1 2023 financial highlights include:
A strong cash position of €147 million as of 31 March 2023 and available undrawn credit facility in the amount of €94 million, Occupancy at 87 percent as of 31 March 2023, 86 percent of assets are green certified, 13 percent are under the certification process, disposal of Forest Offices Debrecen in January 2023
“We are observing the markets closely and constantly looking for opportunities to grow our business adjusting it to changing environment and market trends,” commented Zoltán Fekete, GTC’s President of the Management Board.
Echo-Archicom Group summarizes Q1 business
Echo Investment’s and Archicom’s residential business consolidated a high level of cash amounting to PLN 778 million, PLN 11.5 million in net profit which was mainly the result of the revaluation of Resi4Rent projects and handing over to customers nearly 300 apartments.
Resi4Rent, a platform with subscription apartments that has been developing fast, strengthened its position as the leader of the PRS market in the first quarter of 2023. Resi4Rent currently has over 3,300 ready and fully leased premises, while over 5,800 is under construction or planned to start later this year.
“With Echo Investment as a main shareholder with over 80 percent stake, the combined residential business will give Archicom a nationwide scale with greater growth potential, synergies and wider recognition on the market,” says Nicklas Lindberg, CEO of Echo Investment.
The Group also announced the ESG Echo – Archicom 2030 strategy. It is a step-by-step road leading the group to decarbonisation, and zero-emission investments, further increasing the role of greenery and supporting proper urban development.
Student Depot builds additional dormitories in Warsaw and Łódź
Student Depot plans to complete two new investments in Warsaw and Łódź. Both student residences will open at the beginning of the academic year 2023/2024, thereby increasing Student Depot’s portfolio by nearly a thousand beds.
“Now, with new investments in Warsaw and Łódź, we will be even better prepared to meet the significant demand for higher-standard dormitories,” says Jolanta Bubel, Managing Director of Student Depot.
“Entering the private dormitory market in Poland almost 10 years ago, we recognized a tremendous demand for such services,” comments Marek Obuchowicz, Partner at Griffin Capital Partners, responsible for the development of the Student Depot platform.
The investment in Warsaw is being carried out in collaboration with Kajima Poland, the general contractor for the building, and 4am Architekci, responsible for the design.