Coffee with Craig Show – daily CRE news covering the CEE region with Publisher Craig Smith and Winston Norman, Editor & Chief of EuropaProperty.com.
M Core launches joint venture with Square 7 Properties in Romania
Real estate investment group M Core has launched a strategic venture with Square 7 Properties for the management of 25 retail parks in Romania that it purchased at the end of last year.
The new venture Square 7 part of M Core will be led by Clemens Petschnikar, with support from M Core Romania Co-CEOs Sebastian Macdonald-Hall and James Fife.
The M Core network includes 73 assets in Romania and Poland. The local portfolio records 150,000 daily visitors.
In Europe, M Core has a portfolio of assets valued at close to €6.2 billion.
Indotek Group buys shopping centre in Budapest
Hungarian real estate developer and investor Indotek Group has acquired a majority of Vörösmarty 1 retail centre in downtown Budapest from Redevco.
Cushman & Wakefield assisted with the deal: “This is a strong and positive message to the whole retail sector in Hungary,” the agency said.
Situated in Budapest’s prime retail district, the property, completed in 2007, consists of retail units and 150 parking spaces. The retail units are fully let to international tenants including H&M.
7R is ready to start its first Czech project
Having secured the necessary building permit, the 7R Group is set to launch its first warehouse development in the Czech Republic as part of its strategic expansion. This is the first foreign project for the company, which has been growing rapidly in Poland for the past 15 years.
7R Park Lavičky D1 Highway will be a warehouse park consisting of one building with a total area of 26,000 sqm. The inaugural project in the Czech Republic has just obtained a building permit. The project is designed to achieve a BREEAM Excellent certificate. The value of the investment is over €30 million. The planned completion date for the project is Q3 2025.
