Coffee with Craig Show – daily CRE news covering the CEE region, Wednesday, July 12, with Winston Norman, Editor and Chief of EuropaProperty.com.
S IMMO AG acquires Vienna Twin Towers
S IMMO has acquired Vienna Twin Towers from IMMOFINANZ. Considered among Vienna’s most renowned office towers, the Twin Towers have a lettable area of about 66,000 sqm and were recently valued at €194 million and generate rental income of €12.6 million per year.
Herwig Teufelsdorfer, member of the Management Board of S IMMO AG, commented: “We are proud to add these excellent office properties to S IMMO’s portfolio in our home market of Vienna.”
ELI’s total Polish portfolio exceeds 1 million sqm
European Logistics Investment owned by Redefine Properties, Madison International Realty, and Griffin Capital Partners concluded the first half of 2023 with 1 million sqm of standing and under-construction projects.
ELI continues to capitalise on the strong growth momentum of the Polish logistics market. At the end of H1 2023, ELI’s portfolio, including the landbank, amounts to 1.3 million sqm and spans 30 projects across 10 logistics hubs throughout Poland.
“When we started the ELI venture back in 2018 we set a goal of reaching 1m sqm within five years, and we can now proudly announce the successful achievement of this strategic milestone,” says Nebil Senman, Co-owner and Managing Partner at Griffin Capital Partners.
“ELI continues to invest in the strategic markets of Kraków and Warsaw, which are among the best-performing submarkets in Poland,” says Pieter Prinsloo, Chief Executive Officer at European Logistics Investment.
Diana Shieh, Madison International Realty’s Co-Head of Portfolio and Asset Management, says: “Madison continues to be impressed by the steady progress of ELI’s investment projects and its status as one of Europe’s premier logistics platforms.”
Panattoni secures €27.5 million loan for another Action BTS centre
Panattoni has been granted a €27.5 million loan by Berlin Hyp to finance a distribution centre developed for Action. The latest BTS development has an area of 53,000 sqm, which is enough space for up to 47,000 pallets. This will allow 160 Action stores to be supplied throughout Poland and in particular further growth across the Warsaw region.
“The bank financing granted by Berlin Hyp demonstrates the trust financial institutions have in our developments for the non-food discount retail sector, which is growing particularly fast,” says Karina Trojańska, Chief Financing & Operating Officer at Panattoni.
“Once again we are developing a made-to-measure building for Action,” says Marek Foryński, BTS Managing Director at Panattoni.
Yareal completes largest residential project to date
Yareal announced the completion of its largest residential project to date, the Pozytywny Mokotów housing estate in Warsaw. Spanning three stages, this development is set to welcome over 600 families. The majority of the apartments have already been sold.
Pozytywny Mokotów has been awarded a “Very Good” rating under BREEAM green building certification. Yareal now holds the largest number of green certificates in Poland, covering a total of 20 residential and office projects, establishing the company as a nationwide leader in sustainable construction, according to the BREEAM system.
“We take immense pride in the implementation of numerous environmentally friendly solutions in Pozytywny Mokotów, including some that are groundbreaking,” explains Jacek Zengteler, CEO of Yareal.