Coffee with Craig Show – daily CRE news covering the CEE region, Monday, November 13, with Winston Norman, Editor and Chief of EuropaProperty.com.
Over €12 billion to be invested in European PBSA sector over the next five years
The Class Foundation and Savills’ new European Purpose Built Student Accommodation Investment Barometer Report reveals that 93,600 beds, equating to €12.3 billion in investments, can be expected over the next 2-5 years. According to Savills, there are currently 1.94 million PBSA beds (public and private) in Europe, with an estimated total value of c.€286 billion.
Kelly-Anne Watson, Managing Director of The Class Foundation, noted: “The data shows the strength and confidence of the PBSA sector after unprecedented growth in recent years. Investors are eager to meet the growing demand for PBSA by expanding in European markets. However, several challenges present us with a reality check that will need to be addressed by our community to ensure much-needed student housing will be built.”
Richard Valentine-Selsey, Director of Residential Research at Savills, said: “Unsurprisingly, given the economic backdrop, equity and debt for development came out as the biggest concern. However, this also points to an opportunity for investors who have already raised capital and are in a position to start deploying.”
Panattoni Park Gdańsk West II nears full occupancy
Panattoni has completed the next stage of Panattoni Park Gdańsk West II and the current area of 73,000 sqm has been let 90 percent. Tenants already using the space in the new park include representatives of the TSL (Transport, Shipping, and Logistics), gardening, and tire industries. In addition, a leading manufacturer and supplier of refrigeration products and solutions for the automotive aftermarket, marine, rail, and industrial sectors has taken advantage of modern office space.
“The subsequent developments in the Pomeranian province are a natural response to the business development of the region, which is increasingly making better use of its potential, resulting from, among other things, the proximity of one of the largest seaports in Europe,” says Martyna Sochaczewska, Leasing Director at Panattoni.
Stokado acquires self-storage asset and grows its portfolio
Stokado, a company from Poland’s fast-growing self-storage industry, owned by Redefine Properties and Griffin Capital Partners, has acquired Top Box, a self-storage rental company
Stokado is now focusing on strengthening its position in the major Polish cities to become the self-storage market leader in Poland with a portfolio of more than 150,000 sqm. The acquisition of the Top Box has added 4,500 sqm in Warsaw to Stokado’s current portfolio, which now stands at 25,000 sqm of operating assets.
Andrew Konig, CEO at Redefine Properties, says: “Redefine’s acquisition of Stokado provides us with a platform to unlock growth opportunities in the Polish self-storage market, which remains in its infancy and offers plenty of upside potential.”
In April 2023, Griffin Capital Partners, together with the South African-based Real Estate Investment Trust Redefine Properties acquired a majority stake in Stokado. Griffin Capital Partners acts as the platform’s asset manager, while Stokado’s founders will remain involved as minority shareholders and the company’s management team.
Ingka Centres launches free coworking space in Bratislava
Ingka Centres has launched its newest Hej!Workstation coworking space in its Avion Shopping Park in Bratislava, a smaller version of the already successful and thriving Hej!Workshop concept. The space in Bratislava’s Avion will open on the 1st floor, offering workplaces that can be booked for free.
“We are excited to welcome Hej!Workstation to Avion in Bratislava,” said Andrea Aujeská, Meeting Place Manager, “We see Hej!Workstation is a local hub for creative minds, entrepreneurs and businesses; offering a variety of accessible workspaces to foster collaboration and growth. It’s where flexibility meets community and where work meets well-being.”
The space is thoughtfully designed and equipped with IKEA for Business furniture to ensure the best possible workstation experience for many people.