Coffee with Craig Show – daily CRE news covering the CEE region, Monday, September 4, with Winston Norman, Editor and Chief of EuropaProperty.com.
VGP closes seed portfolio with new JV partner Deka Immobilien
Industrial and logistics developer VGP has closed a seed portfolio transaction with joint venture partner Deka Immobilien. The acquisition price for the seed portfolio corresponds to a gross asset value of over €700 million, resulting in a cash recycling for VGP of over €450 million. A further two closings with the Fifth Joint Venture are set for 1Q24 and 3Q24, resulting in a total gross asset value of over €1.1 billion to be transferred and cash recycling for VGP of over €700 million for the three transactions combined.
Prime Kapital opens new mall in Alba Iulia
Prime Kapital has inaugurated Carolina Mall in Alba Iulia following an investment of around €47 million. The mall has a leasable area of over 33,100 sqm and hosts 70 stores.
Prime Kapital is one of Romania’s largest shopping malls and retail park developers. It is also developing mixed-use and residential projects. In late 2022, the company announced investment plans of more than €330 million in a massive urban regeneration project in Cluj-Napoca.
Modepark Röther opens in Klagenfurt, Austria
Röther has opened the 49th Modepark retail development in Klagenfurt, Austria. In the new project on an area of 4,500 sqm shoppers can find many well-known retail brands, as well as office space and a fitness centre. Röther operates in another 48 locations in Germany and Austria with around 2,300 employees.
Panattoni receives another BREEAM Outstanding certificate in Poland
Panattoni has received a BREEAM Outstanding certificate for Panattoni Park Konin. The total area of Panattoni’s portfolio with an ecological certificate now exceeds 12 million sqm, and another 4.5 million sqm is in the certification process, including five BREEAM Outstanding investments.
Panattoni Park Konin has become the highest-rated industrial building in Poland. Water consumption has been reduced by almost 88 percent and recycling on the construction site exceeded 99.6 percent.
“By 2028 all new buildings will have to be operationally net-zero. Hence, the number of buildings certified at the highest level in our portfolio is rapidly increasing,” says Emilia Dębowska, Sustainability Director, Panattoni.
ConvergenCE moves to ZenGarden in Budapest
Development, investment and asset management company ConvergenCE is relocating to the ZenGarden Office Building. After a €2.5 million refurbishment, the 9,500 sqm building has earned the prestigious BREEAM environmental certification.
The revamped ZenGarden prioritizes indoor gardens, energy efficiency, and tenant-focused design. Csaba Zeley, Managing Director of ConvergenCE, said, “Having our own office in a building that we operate has always been crucial to us.”