Coffee with Craig Show – daily CRE news covering the CEE region – Tuesday, February 22 with Winston Norman Editor and Chief of EuropaProperty.com. Celebrating over 300 shows!!! Become a partner and reach over – 8,000 viewers weekly – 14,000 viewers on the Executive interviews.
7R TO DEVELOP POST-INDUSTRIAL SITES IN UPPER SILESIA
7R continues to pursue its expansion strategy with 800,000 sqm currently under construction throughout Poland. In Upper Silesia, the company is developing a number of projects including a production and warehouse facility 7R City Park Katowice I, which will deliver over 49,600 sqm to the market. The project will be ready in Q4 2022.
Experts predict that in the first six months of 2022, the total warehouse space stock in Poland will exceed 25 million sqm. According to JLL, Upper Silesia stood out among the Big Five markets with the largest increase in new supply of 400,000 sqm in the first three quarters of 2021. Developer activity in the region continues to grow.
“Brownfield investment is an important element of the smart city concept and regional development, of which we want to be a part. Using urban brownfield locations, we can contribute toward sustainable construction, and provide facilities that support last-mile logistics processes and production development,” said Bartłomiej Krawiecki, Vice-Chairman of the Board and COO of 7R.
The general contractor of the project is STRABAG.
WHITE STAR LOGISTICS LAUNCHES WAREHOUSE INVESTMENT NEAR WARSAW
White Star Logistics, a joint venture between White Star Real Estate and Bain Capital Credit, is commencing the development of a 55,000 sqm logistics centre near Warsaw. Within the investment, whose commercialization began at the beginning of the year, three buildings will be constructed in stages.
“Our new investment is located just 14 km from the Palace of Culture and Science, the very centre of Warsaw, which will be important for dynamically developing logistics and e-commerce companies,” says Bartosz Szewczyk, Managing Partner in White Star Real Estate.
The logistic centre in Raszyn will combine BIG BOX space and small modules typical for city logistics and production (SBU – Small Business Unit), in which office facilities will constitute a significant part. In addition, the centre will a BREEAM certificate at least at a Very Good level.
FORTY MANAGEMENT SECURES €65 MILLION LOAN FOR BUCHAREST PROJECT
Romanian developer Forty Management has secured a syndicated loan worth €65 million for a new mixed-use project in Bucharest.
The company will start the development of Central District Lagoon City. It will comprise a 5-star hotel with 314 rooms, an office building with a leasable area of 8,173 sqm, 272 apartments and 7,840 sqm of commercial spaces surrounding an artificial lagoon.
The total project cost stands at €108 million and will be delivered in a single phase by 2025. The financing granted by CEC Bank, Alpha Bank and First Bank.
“Central District Lagoon City is an ambitious project that meets a few national and European pioneer features: it is the first urban regeneration in the Central and Eastern Europe that implements the Crystal Lagoons concept – allowing the development of large turquoise lagoons with reduced maintenance costs – as well as the first project in Europe to reach the Carbon Neutral sustainability standard,” said Lucian Azoiței, CEO Forty Management.
ACCOR STRENGTHENS ITS REGIONAL DEVELOPMENT TEAM
Accor appointed Maria Drăgulin as Director of Hotel Development in Romania, Bulgaria, Moldova and the Czech Republic. Maria will reinforce the hotel pipeline in the area and will support Accor’s partners in identifying and setting in place the right brands and concepts for their hotels. Maria has more than 22 years of experience in tourism, working for international hotels such as Novotel, InterContinental, Hilton and Vienna International.
“I am committed to long-term cooperation with Accor’s potential partners, to create a genuine experience for the future journey of our guests,” says Maria Drăgulin, Director of Hotel Development for Accor in Romania, Bulgaria, Moldova and the Czech Republic.
Accor has a robust pipeline in Romania for the upcoming years, with 10 new hotels already announced, which will bring more than 1,000 new rooms to the market.
BRITISH HOSTEL CHAIN BEDS & BARS TO OPEN IN VIENNA
The former MEININGER Hotel Vienna Central Station has a new operator. Christie & Co successfully brokered the hotel to Beds & Bars.
Beds & Bars, a British hostel chain, is taking over the 68-room property and will operate it as a “St. Christopher’s Inn” hostel after renovation. The hotel, which is strategically located near the main train station, will thus focus primarily on young travellers and groups.
Beds & Bars is a leading operator of hotel and restaurant concepts based in London. With backpacker hostels, bars, and traditional pubs in currently 10 cities in 7 countries, the operator is excited to expand into Austria. “Vienna is a very attractive market for our concept and we see great potential in this location,” commented Luke Knowles, Strategy & Development Director of Beds & Bars.
The hotel is set to open this Spring.
The owner, D&S Investments Group, is also pleased with the new operator. “We are convinced that we have found a solid tenant for a long-term cooperation in Beds & Bars, whose fresh concept is an ideal fit for our property,” said Sergej Schawlo, CEO of D&S Investments Group.
The lease was initiated by hotel real estate specialist Christie & Co, who was able to find a suitable tenant on behalf of the owner through a targeted operator approach. “We are pleased that we were able to support the new owner in the choice of a new operator, and at the same time bring a new hostel brand to Vienna with Beds & Bars,” said Melanie Waraschitz, Consultant Investment & Letting, who accompanied the operator search.
