Coffee with Craig Show – daily CRE news covering the CEE region, Monday, October 2, with Winston Norman, Editor and Chief of EuropaProperty.com.
Panattoni sells three industrial parks for €100 million
A global property company has acquired three fully let industrial parks in Poland, totalling 135,000 sqm for €100 million, from Panattoni.
Michał Stanisławski, Head of Asset Disposition at Panattoni, comments, “Poland, situated at the centre of Europe, is one of the most important logistics and industrial hubs. It presents dynamic rental and occupational growth due to local and global factors.”
Robert Dobrzycki, Panattoni CEO and co-owner of Europe, the UK, and India, explains, “In a changing investment landscape influenced by factors like inflation, rising interest rates, and construction costs, the industrial real estate segment stands out as a promising option.”
Trinity Bank buys banking palace in Prague’s centre
The largest transaction on the Czech office market this year took place in Prague. A listed building in one of Prague’s most expensive streets, Na Příkopě, was bought from Commerzbank Group by Trinity Bank. The price of the transaction has not been officially disclosed, but it is likely to exceed CZK 2 billion (€82 million), making it this year’s largest transaction on the office building market.
The 16,000 sqm building was built in 1930-37. It has been listed since 1958.
“We want to revive the building and bring it closer to the people of Prague, so we are planning various cultural events, social gatherings and pop-up activities,” said Radomír Lapčík, co-owner of Trinity Bank.
Radisson Hotel Group to operate hotel within the Central District Lagoon City Development
Forty Management announced that Radisson Hotel Group has been selected to be the operator of the hotel component in the Central District Lagoon City being developed in Bucharest.
The Radisson Lagoon Hotel Bucharest will be an upscale urban resort-style hotel with 323 rooms, a spa, 1,100 sqm of exclusive sandy beach and access to a 10,000 sqm lagoon.
“The fact that this concept was created for the first time in our country, by a Romanian, is an extraordinary signal for the Romanian entrepreneurs and investors that it is a good time to have the courage to innovate”, said Lucian Azoiței, CEO of Forty Management.
“Central District Lagoon City is a first-of-its-kind project, both in terms of innovation and sustainability and of the huge interest from international hotel operators”, added Mircea Drăghici, CEO of EST Hospitality, Forty Management’s consultant.
LogiCube Park expands with the second phase
The construction of the second phase of the 21,000 sqm LogiCube logistics park, which will be built in four phases, has started. The new warehouse is expected to be handed over in the summer of 2024.
The LogiCube Park, developed by local company DEFACTORING, has been awarded the BREEAM In-Use ‘Excellent’ rating. Pre-leasing negotiations for the second phase of LogiCube Park have already started with 108 Agency as the exclusive partner of the investor.
“We are seeing that demand for well-designed, newly-built energy-efficient facilities continues to grow, and while this will increase our construction costs, it is still worthwhile in the longer term for both developers and businesses,” said Olivér Nagy, CEO of DEFACTORING Zrt.