Coffee with Craig Show – daily CRE news covering the CEE region, Monday, September 25, with Winston Norman, Editor and Chief of EuropaProperty.com.
Lithuanian Capitalica Asset Management to start investing in Poland
The uncertain investment market situation is seen as a chance for new players to enter Poland’s real estate market. Capitalica Asset Management, an investment management company based in Vilnius, Lithuania, is one of the funds to take this move into Poland and expand beyond its Baltic borders.
This year, the company launched its 4th commercial real estate (RE) investment fund, the Capitalica European Office Fund, offering investors the opportunity to diversify their portfolios geographically by investing in the leading Central and Eastern European cities, including Wrocław, Poznań, and Katowice.
According to the company, the regional geopolitical landscape, marked by economic challenges, war, and uncertainty, has created a vacuum of quality investments in Poland. “As the West undergoes changes, a window of opportunity opens for foreign investors from nearby regions to enter and fill this void,” said Andrius Barštys, Chairman of Capitalica Asset Management. Capitalica plans to reach an investment portfolio of €1 billion.
Złote Tarasy attracts more new tenants
Popeyes is to open its first Warsaw restaurant in Złote Tarasy. The fast food chain from Louisiana is the seventh new tenant to come to Złote Tarasy in 2023 after such brands as LUSH, Candy Pop, and Hugo. Cushman & Wakefield, which is responsible for the re-commercialisation and property management of the scheme, expect to see more international debuts in Złote Tarasy later this year.
“Złote Tarasy boasts a diverse mix of retail, service and F&B outlets which it continues to expand and enhance,” comments Anna Oberc-Krzycka, Leasing Team Manager, Cushman & Wakefield.
Złote Tarasy is a five-level shopping centre with an area of over 66,000 sqm. It has a portfolio of 180+ stores located in the very heart of Warsaw, Złote Tarasy is the place for new trends in fashion, lifestyle, retail and first-rate entertainment in the city.
Galeria Młociny with 16 new tenants including Popeyes and Nike
Galeria Młociny, owned by EPP and Echo Investment, has signed 16 new tenants since the beginning of 2023. Brands like Nike, Popeyes, Fielmann and Lovisa, have strengthened the project’s position on the Warsaw retail market.
One of the tenants that recently debuted in Galeria Młociny is Nike. The salon in the Well Collective concept is – in accordance with the brand’s vision – a space for body and mind, designed to provide customers with the best experience and impressions.
Later this year, the offer will be strengthened by Popeyes. The restaurant’s hallmark is juicy chicken in crispy breading, served with distinctive Louisiana spices. Visits to Popeyes also offer a unique atmosphere that allows guests to feel like they are in New Orleans.
“Galeria Młociny, is constantly expanding its offer with new, unique tenants looking for attractive retail space in the capital,” comments Michał Pękala, Asset Manager at EPP.
Galeria Młociny is located in Warsaw’s Bielany district, close to a transport hub serving 24 million passengers a year, and offers 81,000 sqm of commercial and office space, which houses over 200 shops and 50 cafes and restaurants.
Savills to manage Okam City development in Warsaw
OKAM City, the former Żerań FSO car factory site, in Warsaw has a new property manager. The owner and developer OKAM Capital instructed Savills to provide property management for the site.
OKAM City is a 62-hectare plot with mixed-use buildings offering a total of almost 425,000 sqm of leasable space. The complex will offer residential, offices, warehouse and industrial facilities, as well as paved yards for storing containers, events, photo sessions and film sets.
“The acquisition of the former car factory was one of the largest transactions of this kind on the commercial property market in Poland. Due to the scale of the investment, we have spread our plans and preparations over many years to come,” says Anna Watkowska, Head of the Project and member of the Management Board of OKAM City.
“The planned development will incorporate brownfield sites that are conveniently located and have access to infrastructure, including train and tram services. It already offers attractive space and multifunctional infrastructure meeting the needs of various companies and organisations from a range of sectors,” says Marta Mikołajczyk-Pyrć, Head of Retail and Mixed-Use Property Management at Savills.
Land in central Bucharest sells for €5 million
Pharmaceutical company Biofarm has sold a plot of land close to Victoriei Square in Bucharest for around €5 million. The land spanning 2,176 sqm, which used to host an industrial facility, was taken over by Romanian company Iancu de Hunedoara Residence SRL. The deal was brokered by Crosspoint Real Estate.
“The buyer is one of the clients we are constantly in touch with, always looking for new investment opportunities. This transaction also represents the security of a lasting collaboration, as we have already established the premises of an agreement for the promotion of the future residential project that will be developed here, where future tenants will have the opportunity to live in a building of the highest standards,” said Oana Popescu, Head of Residential at Crosspoint Real Estate.
This acquisition marks an important step in the development of one of Bucharest’s inner-city sites, which will feature 6,700 sqm of housing.
Biofarm will use the proceeds from the sale to expand its production and distribution operations.