#BUDAPEST week – Coffee with Craig Show – daily CRE news covering the CEE region Friday, July 8 with Winston Norman, Editor and Chief of EuropaProperty.com.
Peakside closes value-add CEE venture
Peakside Capital Advisors has completed the disposal of the 240,000 sqm portfolio of a CEE value-add real estate investment venture. Sales proceeds totalled over €160 million.
Composed of several retail and office properties in the Czech Republic and Poland, the properties were actively managed by the local Polish and Czech Peakside teams, with several value-add initiatives boosting the assets’ values over the holding period.
Currently, Peakside focuses on the logistics and industrial sector, actively looking for new opportunities in acquiring existing assets as well as developments.
Michał Nawrot, Principal at Peakside’s Warsaw office, commented: “We are happy with the great performance of our CEE investment venture and how we matched the high expectations of the investors. Our goal is to repeat that success story as we shift the investment focus to the industrial sector, where we see several interesting opportunities”.
German online fashion platform to take around 90,000 sqm at Panattoni Park Sulechów III
BestSecret, a leading German internet store, is to take around 90,000 sqm in Panattoni Park Sulechów III with the option to further expand by another 42,000 sqm. The development is to be handed over in stages between January and June 2023. It is also to be certified under BREEAM for a rating of ‘Excellent’.
According to projections, internet sales revenues in Europe for the fashion industry could rise to over USD 365 billion by 2025 from a figure that was less than half the size in 2020. Poland is playing an important role in this growth, especially in the western part of the country, which is becoming an e-commerce fashion hub for the whole of Western Europe and particularly for Germany.
“Sulechów is becoming a centre for the clothing industry and a very important hub for Western Europe,” says Aleksandra Kucharek, Development Director, Panattoni.
LQK Europe invests in a new central warehouse for Elit Polska near Krakow
LKQ Europe is investing in a new central warehouse in GLP Krakow Airport Logistics Centre, a large logistics park serving Western and Eastern European markets. The central warehouse will be operated by ELIT Polska, part of LKQ Europe.
Construction is expected to complete in the second half of this year. The commissioning of the new warehouse and office space is scheduled for November 2022. The transaction was brokered by Cushman & Wakefield.
“We are doing our best to respond to the needs of our clients in Poland, so we continue to expand our logistical capabilities and improve the quality of our delivery operations,” says Gelu Manta, CEO, ELIT Polska.
“Innovative technological and technical solutions are key to business growth. The solutions deployed in the new central warehouse will significantly bring down its operating costs and improve the workplace experience, allowing for much more efficient distribution,” says Paweł Wójcik, Head of Logistics, ELIT Polska.