Coffee with Craig Show – daily CRE news covering the CEE region, Monday, May 9 with Winston Norman, Editor and Chief of EuropaProperty.com.
CATELLA ESTABLISHES OPERATIONS IN POLAND THROUGH THE MAJORITY ACQUISITION OF WPP
Catella has agreed to acquire 65 percent of Warsaw Property Partners, an independent real estate investment, asset, and development management company, operating exclusively in the Polish market.
WPP will continue to be run by its current management team to further pursue its successful growth strategy in Poland.
“Poland is a key strategic market for us, where we see potential property development opportunities and significant investment management synergies across the Group. With the acquisition of WPP, we get a highly skilled team with a strong track record and an exceptional knowledge of the Polish real estate market, who now will have a much-increased ability to grow with Catella’s capital supporting their ambitious plans,” said Christoffer Abramson, President and CEO at Catella.
“We are confident that the combination will be successful and result in strong asset management and development capabilities ready to serve both local, Catella internal and international clients,” said Jacek Wachowicz, CEO of WPP.
The transaction is expected to be completed during the second quarter of 2022.
SKANSKA SELLS NOWY RYNEK D IN POZNAN TO EASTNINE FOR €121 MILLION
Skanska has sold the Nowy Rynek D office building in Poznan, Poland, to Eastnine AB, a Swedish real estate company focused on modern and sustainable office and logistics properties. The project is designed and built-in line with environmental, social and governance (ESG) principles and is the first transaction between the two parties in Central and Eastern Europe.
Nowy Rynek D is part of a mix-used complex located in the heart of Poznan, which will ultimately consist of five buildings and will offer over 100,000 sqm of modern office and retail space. Completed in June 2021, Nowy Rynek D offers around 39,000 sqm of sustainable and modern office and retail space, which is 96 percent leased. The anchor tenant is Allegro, one of the most popular shopping platforms in Poland.
“It feels very exciting to be able to acquire such a prestigious property located in one of Poland’s larger regional cities. We are entering a new market with great opportunities,” says Kestutis Sasnauskas, CEO of Eastnine AB.
“The acquisition of Nowy Rynek D proves that investors are ready to diversify their portfolios with new assets located in major Polish cities and that Poland has a lot to offer in this respect. In turbulent times, well leased, core assets built-in line with ESG principles are what investors look for across our region,” says Adrian Karczewicz, Head of Divestment at Skanska’s commercial development business unit in CEE.
CROMWELL LEASES 17,500 SQM OF SPACE TO SANTANDER AT BUSINESS GARDEN POZNAN
Cromwell Property Group (Cromwell), acting on behalf of CEREIT, has leased 17,500 sqm of office space to two Santander Group businesses at the Business Garden Poznań in Poland.
Including this letting, Cromwell has leased around 39,500 sqm of office space in 19 deals across six buildings in Poland over the past 12 months, demonstrating the strength of demand for high-quality, well-located office space from national and international businesses.
Business Garden Poznań is a multi-let office building totalling 42,269 sqm of space across four buildings and is built to LEED Platinum green building certification standards.
Justyna Filipczak, Head of CEE, commented: “This latest lease to Santander tops a very active 12 month period of leasing activity in our Polish office portfolio. What’s more, we’ve been encouraged by the level of demand for high-quality office space from international blue-chip companies.
SIERRA BALMAIN TO MANAGE THREE MORE SHOPPING CENTRES IN POLAND
Sierra Balmain will manage three more shopping centers in Poland for Stage Capital: Pasaż Łódzki, Galeria nad Jeziorem, and CH Osowa. These three mandates add to a successful management partnership with Stage Capital, which already included Centrum Galardia in Starachowice.
Sierra Balmain is currently managing a total of twenty assets in 15 polish cities, its portfolio includes multifunctional shopping and entertainment venues, retail parks, convenience, and logistic centres. Thanks to the new contract, the retail space managed by the company will increase by another 75,000 sqm, totalling over 550,000 sqm.
“It is our goal to make sure that the acquired properties maintain their stable position as the valued local shopping and entertainment destinations that they are,” commented Sierra Balmain’s Head of Operations, Dorota Suchodolska.
James Huckle, Partner of Stage Capital, said: “The three shopping centres are attractive retail properties, with their own specific demands on property management. We are confident that Sierra Balmain will contribute to the success of our centres with active management and continuous, forward-looking optimization.”
AVISON YOUNG RECRUITS NEW DIRECTOR OF ESG UK AND EUROPE
Avison Young has announced that Wesley Thomson has joined the firm as Director of ESG, UK & Europe, to lead ESG strategy in the region.
Wesley is an internationally accredited sustainability & technology expert. Drawing on over 16 years of experience in the energy & sustainability sector with a strong track record of driving business growth across global markets.