Coffee with Craig Show – daily CRE news covering the CEE region in Panattoni Cafe with Craig Smith, Publisher and Founder of EuropaProperty.com and Winston Norman, Editor and Chief of EuropaProperty.com.
Ghelamco sells Crowne Plaza and Holiday Inn Express hotels in the Warsaw Hub complex
Ghelamco has sold the Crowne Plaza and Holiday Inn Express hotels in The Warsaw HUB complex to the French real estate fund Corum XL, managed by Corum Asset Management.
The Warsaw Hub complex consists of two office buildings and one hotel and service building, connected by an underground shopping arcade and a parking deck. Last year, the office part of the complex was sold to Google.
Greenberg Traurig advised Ghelamco. Managing Partner and Head of the Real Estate Practice Jolanta Nowakowska-Zimoch provided strategic advice on the transaction. “We are delighted to have advised Ghelamco on this complex sale transaction in such a significant business location in Warsaw. I believe that this transaction underlines the potential of the Polish hotel sector and its appeal to future investors attracted to the global hospitality industry.”
Panattoni sells two industrial parks near Wrocław
Panattoni has sold two industrial developments near the administrative capital of the Lower Silesian region. Together, Panattoni Park Wrocław East and Panattoni Park Wrocław S8 South comprise a total area of almost 43,000 sqm.
“The administrative capital of Lower Silesia is continuing to heat up for investors. Our sale of yet another two parks demonstrates the huge potential of this market. Industrial real estate has consistently been at the forefront of capital interest for years, with this trend is steadily accelerating. The Polish market, supported by stable foundations, is exceptionally attractive compared to Europe”, commented Michał Stanisławski, the Head of Asset Disposition at Panattoni.
Both developments are equipped with numerous sustainability solutions and they have both been awarded BREEAM environmental certificates.
Develia and Vastint sign preliminary agreement for Arkady Wrocławskie
Develia Group has signed a preliminary agreement with Vastint for the sale of the real estate on which the Arkady Wrocławskie multifunctional building is located. The net sale price has been set at €42.9 million. The transaction is to be finalized by the end of August 2025.
Arkady Wrocławskie is a retail and office building located in Wrocław. The property includes a 4-story shopping centre with a shopping and entertainment area, a 13-story office building, and a 1-story underground parking garage along with a cubic parking lot.
“We want to allocate the funds from this transaction to new investments in the residential segment, which allow us to achieve higher rates of return,” says Paweł Ruszczak, vice president of Develia.
“Our investment plans call for demolishing the existing complex and replacing it with a modern, mixed-use development. A well-planned project in the city centre will bring many benefits to the local community, attracting residents and businesses and creating a dynamic, attractive space to live, work and spend leisure time,” says Roger Andersson, managing director of Vastint Poland.
Trei invests around €35 million in retail parks in Poland for 2023
Trei Real Estate just opened the 38th retail park of its Vendo Park brand in Poland. The property is located in Konin, a town of around 80,000 residents in the Greater Poland voivodeship. The new Vendo Park has a lettable area of around 5,400 sqm, with units let to Aldi, Rossmann, Pepco, Dealz, Kakadu, Sinsay and Piekarnia Grochola. On the whole, Trei invested about €6.4 million in the property.
2023 marks the tenth anniversary of Vendo Parks in Poland: In October 2013, Trei opened its first site in Nysa, a city in the Opole voivodeship in the south of the country. In the years since, the company’s Vendo Park portfolio has grown to a total of 38 retail parks. In 2023 alone, six new retail parks with a combined lettable area of around 29,700 sqm were opened in Poland. In total, Trei invested around €35 million in Polish retail parks in 2023.
“The retail park segment in Poland continues to offer significant potential for growth. While the market share of shopping centres is shrinking due to changed shopping behaviour on the customer side, the number of retail parks keeps on growing,” comments Pepijn Morshuis, CEO of Trei.
Trei’s plans for 2024 include further investments to expand the company’s Vendo Park portfolio by opening six or seven new sites.