Coffee with Craig Show – daily CRE news covering the CEE region with Publisher Craig Smith and Winston Norman, Editor & Chief of EuropaProperty.com.
Revelop revitalises historic industrial building in central Malmö
Sweden-based real estate investor Revelop has signed a 15-year lease agreement covering 9,000 sqm with AcadeMedia, northern Europe’s largest education company. The parties are converting Revelop’s property Tuborg 1, in central Malmö, into a modern education campus through the agreement. The property, a historic red brick industrial building, originally developed as a textile factory, will house three of AcadeMedia’s upper secondary school programmes. AcadeMedia will take possession of the premises during the summer of 2025.
“This investment is a textbook example of how Revelop extends the life of buildings and takes them on a journey from brown to green. It also exemplifies our strategy to convert outdated commercial real estate assets into core social infrastructure products”, says Revelop’s Group CEO and Executive Partner Thomas Sipos.
Regional office market in Romania surpasses 1 million sqm
New office deliveries in regional cities totalled 83,000 sqm in 2023 and the total leasable area has climbed close to 1.1 million sqm, according to a new report from Cushman & Wakefield Echinox.
Cluj-Napoca remains the largest regional office hub, with around 340,000 sqm of leasable space, followed by Iași, where the stock expanded after the delivery of Palas Campus (60,000 sqm) and the first phase of Silk District (23,000 sqm) to around 296,000 sqm. In Timișoara, the stock stood at 293,500 sqm, while in Brașov it was around 152,000 sqm.
Going forward, the office pipeline is limited and comprises two projects with a leasable area of 26,000 sqm that will be completed by early 2025. Vlad Săftoiu, Head of Research Cushman & Wakefield Echinox, says there is potential for regional cities to absorb another 400,000 sqm of offices in the long term.
CTP increases Czech portfolio to over 4 million sqm
CTP has increased its total lettable area in the Czech Republic to over 4 million sqm, reaching a 27% share of the Czech industrial real estate market. With a net rental income of €247 million in 2023, CTP is optimistic for the year ahead. CTP currently owns 7.6 million sqm of land for further development in the Czech Republic.
“We are seeing changes in demand; logistics and e-commerce may not be growing as they have in the past, but they still have their place and potential for growth. The world is changing very fast and even today companies across industries must think about the availability of their resources and goods, for example, due to the disruption of shipping lanes in the Red Sea,” explained Jakub Kodr, Managing Director and Head of Business Development at CTP, Czech Republic.
