Coffee with Craig Show – daily CRE news covering the CEE region, Thursday, June 2 with Winston Norman, Editor and Chief of EuropaProperty.com.
Hines raises €900 million at first closing for its latest European value-add fund
Hines has raised almost €900 million of equity from institutional investors at the first closing of its new value-add fund, Hines European Value Fund 3.
The fund is targeted to be the largest fund in the series to date. It will complement Hines’ other flagship European funds, the open-ended core-plus Hines European Property Partners (HEPP) and Hines European Core Fund (HECF).
HEVF 3 will once again build from the consistent principles of the series: high conviction thematic investment into tactical opportunities for value creation, supported by fundamental trends and capital markets inefficiencies. The fund has already secured control of two separate deals in the logistics and residential sectors.
Alex Knapp, CIO – Europe at Hines, commented: “To attract this level of capital to our third value-add fund despite market uncertainty and cloudy macroeconomic conditions is a testament to the strength of our team.”
Paul White, fund manager for the HEVF Series, said: “For a value-add fund with an active strategy like ours, disruption is an opportunity.”
Cavatina plans international expansion
Cavatina Group has started Cavatina International and plans to expand its portfolio of the residential sector’s projects not only in Poland but also in foreign markets. Jason Drennan, a manager with more than 20 years of investment experience in Europe and the US, and more than 15 years connected with the real estate market will be responsible for the new platform development. The company intends to expand its current portfolio of apartments for rent created under the Resi Capital brand from 2,000 to 10,000 units, focusing on environmentally certified projects.
Currently, within Cavatina Group, Resi Capital operates five projects, two of which are already under construction, and will deliver a total of over 2,000 rental apartments in Wroclaw, Krakow, Lodz, and Katowice over the next 2 years. Additional projects in key Polish cities are also already secured. They will be financed in cooperation with new investors and will be managed as part of the emerging investment platform.
“My focus is to create optimised and efficient designs to be the best in class in ESG and energy efficiency ratings and offer Resi Capital housing in all major cities in Poland to students, young professionals and couples, active seniors and those who currently can’t afford or do not want to buy. I will also be responsible for entry transactions in foreign markets”, says Jason Drennan, CEO of Cavatina International.
Panattoni Park Wrocław West Gate extended
Panattoni is extending Panattoni Park Wrocław West Gate. The building now under construction is to be occupied by international logistics operator Hellmann Worldwide Logistics Polska, which is to take up 16,200 sqm. After the expansion, the park will have an area of around 46,900 sqm and Panattoni will come close to having developed 2 million sqm in the Wrocław region.
“We believe that picking us was an important step in the development of a company that chooses extremely high-quality developments and strategic locations in Poland giving it access to key markets in this country and across Europe,” says Szymon Więcek, Senior Development Manager, Panattoni.
Panattoni Park Wrocław West Gate is a two-building complex (17,600 sqm and 29,300 sqm) and will have an eventual build-out of 46,900 sqm, developed in line with BREEAM certification. The developer is also implementing numerous energy-saving and well-being solutions for the user.
P3 starts work on the final facility at P3 Poznań Logistic Park
P3 Logistic Parks has started the construction of the final warehouse – comprising 77,630 sqm – at its Poznań park. Almost a third of the new space, 25,507 sqm, has already been leased to the logistics company Kurier, owned by the VAN group.
Magda Twarowska, Head of Leasing P3 Logistic Parks in Poland, said: “In the last year alone, we commissioned and leased over 120,000 sqm of modern warehouse space in this location.”
The new building is being constructed by the requirements of a BREEAM certification at the ‘Excellent’ level.
Leszek Stasiński, Contract Logistics Development Manager at VAN group, said: “We have been successfully cooperating with P3 Logistic Parks for many years, and that is why, when we were looking for a new suitable location in western Poland, we decided upon P3 and the Poznań park.”
To date, the location of the park between Berlin and Warsaw has attracted customers from the e-commerce, and manufacturing sectors, and those distributing products to western Europe.
