Coffee with Craig Show – daily CRE news covering the CEE region in PANATTONI CAFE with Publisher Craig Smith and Winston Norman, Editor & Chief of EuropaProperty.com.
EBRD upgrades 2024 growth forecast for Poland
The European Bank for Reconstruction and Development has revised its GDP growth forecast for Poland upwards to 2.9 percent for 2024, from a forecast of 2.7 percent in September 2023.
The upward revision for 2024 reflects strong growth in the first half of the year, driven by domestic demand and EU-funded investments, in part as a result of falling inflation and relatively loose fiscal policy.
The Bank expects Poland’s economy to grow by 3.5 percent in 2025.
Despite the expected growth performance, the report highlights potential risks to economic recovery, such as Poland’s fiscal deficit which exceeded the EU’s fiscal rules in 2023 and is likely to remain high in 2024. According to the report, fiscal consolidation and reforms are needed to reduce the deficit and boost growth potential. A possible resurgence of inflation may also impede recovery.
Green financing for three CPIPG office assets
CPI Property Group Poland has successfully concluded a green refinancing transaction with Aareal Bank amounting to more than €277 million for refinancing three Warsaw office properties: Warsaw Financial Center, Equator IV and Eurocentrum.
The transaction was carried out by the principles contained in Aareal Bank’s Green Finance Framework specifying the lending institution’s criteria for granting green financing. These include for the properties in question: compliance with EU taxonomy criteria; sustainability certification recognised by the World Green Building Council; final energy consumption at an appropriate level; and a strategy for the further energy efficiency improvement of the real estate.
CPIPG is planning to continue obtaining eco-financing in the future. “We certainly aim to take advantage of such opportunities provided by banks. We are also introducing green lease agreements to make our properties even more attractive to tenants and investors,” reveals Barbara Topolska, the Poland Country Manager of CPIPG.
A new flagship Less Mess Storage facility near Chopin Airport
The cornerstone ceremony for Less Mess Poleczki’s flagship project in Warsaw has recently taken place. This marks the fourth construction project initiated by Less Mess Storage this year, reflecting the company’s consistent growth and commitment to strengthening its position in the self-storage market in Poland and the Czech Republic. This will be the fifth branch in Warsaw and the thirteenth in Poland. The completion of the construction is planned for the end of the second quarter of next year.
As specified during the ceremony, the building itself will be very interesting. The building is designed to provide optimal conditions for storage, with attention to ventilation and temperature control, as well as appropriate security systems.
Additionally, the facility will be equipped with photovoltaic panels, contributing to improved air quality and a reduced carbon footprint.
Harden Construction building a warehouse in Ruda Sląska
Harden Construction is undertaking a warehouse investment in Silesia. The investment in question is Panattoni Park Ruda Śląska IV, located in the heart of the Upper Silesian Conurbation. Harden began construction at the end of February this year, with the planned completion date set for September 2024. The building’s tenant is Mid Ocean Logistics Poland.
“The construction of the facility will include over 15,000 sqm of green areas. Additionally, the building will be equipped with a photovoltaic installation and will achieve a BREEAM certification at the Excellent level,” says Łukasz Kozerski, Operations Director at Harden Construction.
