Coffee with Craig Show – daily CRE news covering the CEE region, with Winston Norman, Editor and Chief of EuropaProperty.com.
Park Lane Developments break ground on new Sofia office project
AG Capital has announced that Park Lane Developments, its commercial development company, has broken ground on its latest project – the AYA Business Centre in Sofia. The building is become the new home for MFG (Management Financial Group).
The new project will be a built-to-suit model. The total investment is expected to reach around €30 million, with financial support provided by United Bulgarian Bank (part of KBC Group Bulgaria). The building is scheduled for completion in 2 years’ time from its launch.
“The future of office spaces lies with green design, energy efficiency, and the best experience for the occupants in every building,” said Tanya Kosseva-Boshova, Managing partner at Park Lane Developments, during the groundbreaking ceremony.
Bank Pekao and Berlin Hyp provide investment loan for Promenada
G-City Europe has concluded an investment loan agreement with Bank Pekao and Berlin Hyp for €125 million. The loan was granted to the Promenada shopping centre. The project underwent a significant upgrade this year with around 13,200 sqm of new retail space added.
“We are forward-looking in the management of our portfolio, taking advantage of development opportunities and keeping our assets appealing to both our tenants and customers, as well as finance providers,” says Or Ackerman, Group CFO, G-City Europe.
“Pekao has recognised the strength and potential of Promenada, and we strongly believe that its regular modernisation and numerous extensions reflect an unwavering commitment to providing a better shopping experience,” says Lukasz Białecki, Director at Bank Pekao S.A.
pbb provides €120 million loan to logistics fund managed by GCP
pbb Deutsche Pfandbriefbank has provided a €120 million investment loan facility to a Logistics Fund, managed by GLP Capital Partners. The fund will utilise the proceeds for the refinancing of the development of a logistics portfolio in the Czech Republic, Poland and Hungary. The portfolio comprises a total of over 235,000 sqm gross lettable area and has a well-diversified tenant mix.
7R announces ambitious decarbonization plan
Polish warehouse developer 7R is implementing a decarbonization plan. This plan aims to reduce the company’s carbon footprint by 42 percent by 2030 and systematically decarbonize individual warehouse projects.
7R’s decarbonization goals have been verified by SBTi (Science-Based Targets Initiative). The SBTi is a partnership between CDP, the United Nations Global Compact, the World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).
“By setting and validating science-based targets, 7R aims to reduce the carbon footprint and contribute to a more sustainable future for Poland and the world”, explained Piotr Miodek, Head of Construction & Engineering and Head of Sustainability at 7R.
Jimmy Key opens second store in Romania
Jimmy Key company from Turkey, with over 30 years of experience in womenswear, will open a second store in Romania within the AFI Cotroceni in Bucharest, developed by AFI Europe. Jimmy Key has leased a space in the project through a transaction brokered by Cushman & Wakefield Echinox.
Dana Radoveneanu, Head of Retail Agency, Cushman & Wakefield Echinox, commented: “We believe the Romanian retail market remains a key location both for existing brands and for those which are looking to increase their footprint in the region”.
Romania is the fourth market where Jimmy Key is present, with the company having most of its stores in Turkey. Jimmy Key has grown exponentially over the years and has established itself as a household name in Turkey, with 68 standalone stores.
Elvan Ünlütürk, Chairperson of the Board, Jimmy Key: “Over the next five years we are planning to open more than 10 stores in Romania, as per our global strategy.”
Panattoni appoints Nick Preston to lead Panattoni Investment Management
Panattoni has appointed logistics real estate veteran Nick Preston to diversify and increase its investor base as head of the newly created Panattoni Investment Management.
Preston is a renowned real estate investment expert with a wealth of experience in the industrial and logistics sectors, having previously served as the CEO of Tritax EuroBox plc.
At Panattoni, he will focus on creating discretionary pools of capital with longer investment horizons, growing the existing investor base in Europe.