Coffee with Craig Show – daily CRE news covering the CEE region, Monday, June 20 with Winston Norman, Editor and Chief of EuropaProperty.com.
Adventum successfully closes its largest deal to date
Adventum Group has successfully closed its largest deal to date – a portfolio of 18 retail parks anchored by Tesco across Hungary and the Czech Republic with a GLA of 360,000 sqm let to over 900 tenants. With this transaction, Adventum’s assets under management have reached €1 billion.
Kristóf Bárány, Founding Partner of Adventum commented: “In unprecedented times of market turbulence, this food-anchored retail park portfolio offers a haven for Adventum’s investors seeking inflation-adjusted returns and robust cash flow. By executing our ESG-focused refurbishment program and by the planned further diversification of the tenant mix with local and international tenants, we believe this retail park portfolio will serve the needs of local Hungarian and Czech consumers even better.”
A banking consortium of OTP Bank and Erste Group provided a €150 million Acquisition Facility to finance the acquisition of the portfolio.
Sirin Development plans to invest €100 million in Riga
Sirin Development, an industrial real estate developer, won an auction organised by Riga Municipality and signed a purchase and sale agreement for the acquisition of a 39 ha area for €5.6 million near the international airport of the capital – where a 180,000 sqm modern warehouse complex for more than €100 million is planned.
“We are confident that the new project will not only meet the growing needs of customers and create favourable conditions for businesses to engage in logistics and warehousing activities but will also be able to significantly contribute to the development of the territory and its infrastructure based on the highest standards,” says Laurynas Kuzavas, Managing Director of Sirin Development.
“The construction of modern and sustainable infrastructure is a critical component in transforming Riga into an internationally recognised Northern European metropolis,” adds Mārtiņš Kokalis, Riga Investment and Tourism Agency’s Head of Investment Attraction.
Cavatina agrees to sell three office buildings
Cavatina Holding has signed preliminary agreements for the sale of Carbon Tower, Ocean Office Park and Tischnera Office projects in Poland acquired by an affiliate of Lone Star Funds. The buildings offer a total of nearly 66,000 sqm of GLA, and their average lease rate is at the level of 90 percent. The sale of the properties, upon fulfilment of conditions precedent, is to be finalized by the end of November 2022.
“Well-considered, beneficial transactions, such as the one we intend to make with partners like Lone Star, are the result of our philosophy and operating model. In Cavatina we built the competencies necessary for each stage of investment in commercial real estate. This allows us to sell the assets at the optimal time for us”, says Daniel Draga, Vice-President of the Management Board of Cavatina Holding.
J&T sells new Red Court office centre in Prague 8
Less than a year before completion, developer J&T Real Estate is selling its Red Court office centre in Prague’s Karlín district to BlackBird Real Estate. The price of the transaction has not been disclosed by either party, but BlackBird has declared that it is its largest investment so far.
“We have signed a future contract with J&T Real Estate for the purchase of the Red Court office building. The purchase itself will take place after the completion and approval of the building,” said Jan Kotaška, CEO of BlackBird.
GLP Warsaw III Logistics Centre completed
GLP announced that its fourth logistics project near Warsaw has been completed. Totalling 35,500 sqm, the latest building – GLP Warsaw III Logistics Centre – is located just beyond the eastern boundary of Warsaw, offering a perfect alternative to city warehouses.
The project is a high-specification building, well-suited to a range of customers, and is situated in a prime location, allowing access to key logistics regions throughout the country.
Companies using GLP Warsaw III Logistics Centre already include top-tier customers such as Sanico and Mateus.
Magdalena Górska-Wojtas, Warsaw Business Development Manager at GLP, commented: “The proximity to Warsaw is also an advantage for employers, who can tap into the pool of highly qualified specialists.”