Coffee with Craig Show – daily CRE news covering the CEE region, with Publisher Craig Smith and Winston Norman, Editor and Chief of EuropaProperty.com.
Retail accounts for most investment volume in Romania
The total investment in commercial real estate assets, encompassing office spaces, retail establishments, logistics and industrial spaces, and hotels, across Poland, Czech Republic, Hungary, Slovakia, and Romania, amounted to a mere €5.1 billion in 2023. This figure represents the lowest annual amount recorded in the past decade.
Within the four countries covered by iO Partners, Romania saw a sharp contraction in investment activity across all asset classes, including a reduction in the number and size of individual transactions. It is noteworthy that the Romanian market performed exceptionally well in 2022, reaching a record high of €1.2 billion, setting a high baseline for the year-on-year comparison. However, Romania stands out as having achieved the highest transaction in terms of volume, namely LCP’s acquisition of a portfolio comprising 25 retail parks nationwide from Mitiska REIM, successfully intermediated by the iO Partners Capital Markets team.
Harden Construction building factory for furniture manufacturer
Harden Construction is implementing an investment for the WERSAL Furniture Factory. A production and warehouse building with an area of nearly 15,000 sqm is being built in Jankowy near Kępno. The investment is planned for completion by the end of July 2024.
“The facility is located between factories. This means that we have little space to carry out construction work. This requires us to coordinate the work appropriately so as not to disrupt the operation of the active furniture factory where construction works are underway. At the same time, the building will be connected to the existing factory. This is a big coordination challenge, requiring us to adapt to the investor’s requirements regarding the maintenance of operational facilities,” says Paweł Fiuczek, Managing Director at Harden Construction.
Colliers appoints new ESG Chief Officer for CEE
Colliers has promoted Andrzej Gutowski as ESG Chief Officer for the CEE region. In his extended role, Andrzej will be responsible for the implementation of global ESG goals in the CEE region as set out in Colliers’ global ESG approach.
Andrzej will strongly focus on expanding and strengthening Colliers’ competencies within its ESG teams across the region and creating a valuable service offering for clients. He will also continue developing an ESG education program for CEE employees and support the marketing and communication strategy for ESG services.
