Coffee with Craig Show – daily CRE news covering the CEE region with Coffee with Winston Norman, Editor and Chief of EuropaProperty.com.
Nuveen and Value One complete second student living asset in Poland
Investment manager Nuveen Real Estate, alongside its joint venture partner, Value One, has completed the development of Fabryczna 22, the second Polish student living asset to be delivered by the two firms’ Eagle joint venture.
Located in Poland’s third-largest city, Wrocław, the asset was designed by Polish architectural firm, Kuryłowicz & Associates, and accommodates 512 beds. The asset will be managed by Value One’s student accommodation operator, MILESTONE.
Marta Cladera de Codina, Head of Portfolio Management for Housing, Alternatives and Strategic Transactions at Nuveen Real Estate, said: “Student accommodation is one of our priority sub-sectors within the wider living asset class, as we see university cities across Europe lacking sufficient purpose-built and high-quality student accommodation to meet demand.”
Panattoni completes 50,000 sqm BTS complex for Poczta Polska
Panattoni has completed a three-building complex in Radzymin for Poczta Polska. The development is to play a key role in the implementation of one of the operator’s strategic initiatives, its Logistics Network Architecture (LNA) project. Within the 50,000 sqm logistics centre is to operate a sorter capable of handling over 15,000 packages an hour.
“By gaining a new logistics centre in the direct vicinity of Warsaw, we will be able to service the growing volumes of parcel and palette deliveries and automate our logistics processes. By as soon as next year, the hall will be equipped with the company’s largest parcel sorter”, says Krzysztof Falkowski, the CEO of Poczta Polska.
“The Polish e-commerce market has grown fivefold in value over the last decade and almost tripled over the past five years. With the rapid development of the sector, consumer expectations regarding service and above all concerning delivery speeds have also grown,” said Marek Dobrzycki, the Managing Director of Panattoni.
The development is situated around 25 km from the centre of Warsaw allowing it to effectively handle the region’s growing volume of parcel deliveries.
Erste Group releases first loan instalment for Cavatina project in Wrocław
Erste Group Bank has granted a new loan to Cavatina Holding for the realization of Cavatina’s flagship project in Wroclaw. The financing will ultimately provide the Polish developer with funds for refinancing the costs of the Quorum D office building (up to €25 million) and for further financing of the Quorum A construction (up to €20 million). The multifunctional Quorum complex, rising on the banks of the Oder River, is the largest project of its kind in the city.
“For years, we have been building trust within the international financial sector through consistent implementation of our objectives and strong results in the Polish office development market. This has once again enabled us to secure financing for one of Cavatina’s flagship projects,” says Daniel Draga, Vice President of the Board at Cavatina Holding S.A.
The Quorum complex will ultimately consist of five buildings with various functions. All Quorum office buildings will undergo BREEAM and WELL Health-Safety Rating certification.
Ennismore to open a hotel in Bucharest
The first Mondrian Hotel in Bucharest will be opened by Ennismore following a deal with Romanian developer One United Properties. Mondrian Bucharest will be located near the Romanian Athénée, where One United Properties has previously bought an unfinished building to transform it into a hotel.
“This will be a significant milestone in redefining luxury and the hotel landscape in Bucharest and marks our company’s debut in the hospitality market. Mondrian Bucharest will become for sure a landmark for the city and will help increase tourism to our capital and our country. This collaboration is a statement of our commitment to growing the attractiveness of Bucharest as a European capital,” said Victor Căpitanu, Co-CEO One United Properties.