Coffee with Craig Show – daily CRE news covering the CEE region, Tuesday, June 28 with Winston Norman, Editor and Chief of EuropaProperty.com.
Indotek Group buys office building in Bucharest
Hungarian investor Indotek Group has purchased the One Victoriei Center office building in central Bucharest as part of its expansion strategy.
With the latest transaction, the group’s local portfolio includes three property assets of which two are office projects in Bucharest and one is a shopping mall in Târgu Mureș.
The project has a gross leasable area of 12,000 sqm and its mix of tenants includes 14 companies. Following the sale to Indotek Group, the building will be rebranded as Bucharest Business Center.
“The acquisition is fitting well into the value-added strategy of Indotek Group and it will establish and strengthen further our presence in Romania: by this transaction, the property investment we manage in the country comes already to 80,000 sqm and we are closing in the €100 million investment volume mark,” said Florin Tirla, Indotek Group’s regional manager responsible for Romania and Bulgaria.
Atrium sells Optima shopping mall in Slovakia
Atrium European Real Estate has completed the disposal of its Optima Shopping Centre in Košice, a city in eastern Slovakia, near the Hungarian border.
The transaction is for €118 million, equivalent to its book value, the company reported.
The 47,100 sqm GLA shopping centre, which was opened in Q2 2018 contains 152 stores. Optima’s brands include Billa as the grocery anchor, Pepco, C&A, H&M, Reserved, a Cinemax cinema, Jump Park, a Neonka fitness club, Cryo Center, and Steam Factory and a 3Ple Centrum spa centre.
The decision to sell is in line with the company’s strategy of focusing on its core markets of Warsaw and Prague from now.
Solida Capital advances plans on a flagship project in Warsaw
Following the establishment of their Joint Venture in Poland dedicated to Student Housing projects, both XIOR and SOLIDA are happy to announce the closing of their first project in Warsaw.
This investment will be a flagship project located in very close proximity to the Old Town and Warsaw University campus, offering students and tenants an above-average experience and unique conditions.
SOLIDA’s development team will be responsible for the project implementation and timely completion, working closely with XIOR officials to deliver the project as per agreed requirements and certifications.
Bank Pekao refinances the retail parks portfolio owned by Newbridge
Bank Pekao has completed the refinancing of a retail parks portfolio owned by Newbridge Poland. The investor was advised in this process by the Avison Young investment team.
The retail parks are modern facilities located in Namysłów (17A Bohaterów Warszawy St.), Włocławek (2B Komunalna St.) and Grodzisk Mazowiecki (48 Królewska St.). They offer a total leasable area of approximately 13,000 sqm, which is almost entirely leased to such strong tenants as, among others, CCC, Pepco, Rossmann, RTV Euro AGD, KiK, Martes Sport and Deichmann on long-term lease agreements.
“We are very pleased with the financial performance of the entire portfolio and that the portfolio has gained recognition of Bank Pekao,” comments Barbara Wojdełko, Director at Newbridge Poland.
“The retail parks which are a subject of refinancing are very well located and established in local communities’ points of purchase,” says Beata Peryt, Director at the Commercial Property Finance Department of Bank Pekao S.A.
“Retail parks are one of the hottest investment products on the commercial real estate market in Poland,” comments Michał Ćwikliński, Principal, Managing Director at Avison Young in Poland.