Coffee with Craig Show – daily CRE news covering the CEE region – Thursday, May 5 with Winston Norman, Editor and Chief of EuropaProperty.com.
LINKLATERS ADVISES ON THE ESTABLISHMENT OF A JOINT VENTURE MANAGING A RETAIL PORTFOLIO ACROSS POLAND
Linklaters has advised a leading investment firm on the establishment of Horse JV – a joint venture holding a portfolio of nine M1 shopping centres and two Power Park retail parks across Poland.
Horse JV was established as part of the reorganisation process of EPP, the largest asset manager of retail real estate located in Poland. In March 2022, EPP was delisted from the Johannesburg and Luxembourg stock exchanges, Redefine Properties acquired its controlling stake, and two joint ventures – Horse JV and Community Properties JV, were established. The combined gross asset value brought into the joint ventures has made it the largest investment in the retail sector in Poland since the outbreak of the COVID-19 pandemic.
SELECT RESIDENCES LAUNCHED BY ANCHOR GRUP IN BUCHAREST
Anchor Grup has launched Select Residences, its newest premium residential complex in Bucharest, after a planned investment of €40 million. About half of the investment value is covered by financing from Libra Internet Bank, the partner bank in the project’s development.
Residences will include 347 apartments – studios, two and three rooms and duplexes. Anchor Grup has already started the construction of the project Select Residences and it is estimated to be delivered in the second half of 2024.
”The residential segment, which has great potential, given that the number of homes delivered, but also of those sold in the Capital, is on an upward trend in recent years,” commented Affan Yildirim, General Manager, Board Member of Anchor Grup and Board Member of Shopping MallDova.
“We continue to support major real estate projects in Romania, as we have been doing for the last 8 years since we have become specialized in this field,” said Emil Bituleanu, General Manager of Libra Internet Bank.
CARREFOUR EXTENDS LEASE IN PESTKA SHOPPING CENTRE
Multi Poland has extended the leasing contract with Carrefour hypermarket Pestka Shopping Centre, Poznań. The asset is owned by Henley Investments, a globally established and fast-growing investment firm.
“Over the last seven years, we have made Galeria Pestka an attractive retail location in Poznań with a resilient and balanced tenant mix that will continue to perform well,” says Frederic Rouleau, Country Asset Manager Multi Poland.
Agnieszka Prędka, Head of Asset & Lease Management at Carrefour Polska. “Our store has built a strong position in the local market and has many loyal customers.”
Justin Meissel, Chief Investment Officer and Managing Director Europe, Henley Investments said: “The current retail real estate climate presents an attractive entry point for investment in well-located and well-managed properties. Our Polish debut investment last year with Galeria Pestka, Poznan, was an opportunistic off-market acquisition and illustrates Henley’s current interest in the retail sector.”
REGUS TO OPEN A CENTRE IN OKRĄGLAK
Regus, a leading provider of serviced offices, has signed up to join the tenants of Poznań’s iconic landmark office building Okrąglak and leased approximately 1,455 sqm spread over two floors. The landlord was advised of the transaction by real estate advisory firm Savills. The flexible offices will become available to the building’s tenants and external clients from September 2022.
“Poznań is an extremely attractive city for entrepreneurs. It is one of the leading business, industrial and tourist destinations in western Poland with a very strong demand for high-quality offices on flexible lease terms. We are delighted that our services will be available in this landmark building, which is one of Poznań and Poland’s symbols,” says Pawel Ornatek, Country Manager Poland, Regus.
“Okrąglak was built at the site of the former Bank in the late 1940s and early 1950s. In 2012, it went through a thorough a full refurbishment process that included its repurposing from a retail-only facility to a modern office building,” says Piotr Skuza, Associate Director, Office Agency, Savills Poznań.
Okrąglak is a fine example of Polish modernism and, together with the neighbouring Kwadraciak building, is under the supervision of a conservation officer. The properties are owned by Benson Elliot and Sharow Capital.