Coffee with Craig Show – daily CRE news covering the CEE region, Friday, August 05, with Winston Norman, Editor and Chief of EuropaProperty.com.
pbb provides €120 million refinancing to EQT Exeter
Deutsche Pfandbriefbank has underwritten an investment facility, totalling €120 million to refinance a logistics portfolio located across Poland for EQT Exeter. This is the second deal that pbb has closed with the EQT Exeter team.
The portfolio comprises 4 properties providing approximately 200,000 sqm of logistics and warehouse space in established logistics locations. The portfolio is let to a mix of good quality tenants including BBK, Fresh Logistics, The Hut Group and Fedex.
Charles Balch, Head of Real Estate Finance International Clients, UK, CEE & USA at pbb Deutsche Pfandbriefbank said: “The deal underlines our continued strong interest in the key European logistics and warehouse markets, including Poland.”
Nicholas Boccella Director, Debt Placement at EQT Exeter said: “Poland is an important market for us and we are thankful to PBB for further helping us create value for our investors by delivering sustainable and future-proofed assets while capitalizing on key demographic and urbanization trends.”
7R sells City Flex Warsaw Airport I to Macquarie AM
7R, in a joint venture partnership with MFC Real Estate and DIL Polska Baumanagement, has finalized the sale of 7R City Flex Warsaw Airport I to Macquarie Asset Management. The facility includes three buildings, comprising 15,900 sqm, and is fully leased. The value of the transaction is approx. €29 million.
“The Polish logistics sector has demonstrated consistent growth in recent years as the demand of e-commerce continues to accelerate. With its strategic location and technically advanced facilities, this investment provides an exciting opportunity to capitalise on the strong demand for logistics in the region whilst deepening our partnership with 7R,” says Florian Winkle, Co-Head of Macquarie Asset Management’s Core/Core-Plus Real Estate strategy.
7R City Flex Warsaw Airport I is already fully leased to tenants representing such industries as pharmaceuticals, engineering, logistics, and home improvement.
Futureal Investment Partners retro-fitting Wratislavia Tower
Futureal Investment Partners will begin the renovation of the Wratislavia Tower office building in the city centre of Wroclaw, Poland.
“Wratislavia Tower provides us with another fantastic value-add opportunity. We are planning to redevelop the building into a modern, high-quality retail, entertainment and office building with a focus on IT tenants. “We believe that this strategy will result in a smaller carbon footprint compared to the development of new buildings,” said Karol Pilniewicz, CEO of Futureal Investment Partners.
The renovation will include upgrading the facade, and technical installations, including the heating, ventilation and air conditioning (HVAC) system to reduce electricity and water consumption to create a more sustainable building and obtain the BREEAM Excellent In-Use certificate after the completion.
Hagag receives building permit for first retail project
Hagag Development Europe has received a building permit for the renovation works on Știrbei Palace in Bucharest. The company has initiated the tender process for the selection of the general contractor and is making all the necessary arrangements to soon start construction works on its first project dedicated to the retail market.
The palace building will be fully refurbished and consolidated and its original proportions and height regime preserved, while the facades and the external and internal decorative elements will be restored to their original appearance, following the design of the initial project. The building is classified as a class A historical monument and is considered one of the most prestigious and representative buildings in Bucharest, due to its architectural, cultural and historical heritage value.
“Știrbei Palace is one of the most impressive buildings in Bucharest. Its architecture, the neoclassical decorative elements and its proportions were impressive back in 1835 when it was built, and they are just as spectacular now, in 2022 – even if today the property finds itself in an advanced state of degradation,” says Yithzak Hagag, Co-founder and shareholder of Hagag Development Europe.
