Join Craig Smith and Winston Norman on the Coffee with Craig Show for your daily dose of CRE news in the CEE region, brought to you by EuropaProperty.com.
ROS Retail Outlet Shopping Acquired by French Property Group FREY
The French property group FREY has acquired ROS Retail Outlet Shopping, an Austrian company managing outlet shopping destinations across Europe. ROS, founded in 2011, oversees 215,000 sqm of retail space, attracting 25 million visitors annually. This acquisition grants FREY access to the European outlet market, enhancing its position and supporting its goal of leading in open retail and high-end shopping destinations. ROS’s sales increased by 16.5 percent in 2023 compared to the previous year. This partnership aims to create new synergies in the development of outlet locations, ESG initiatives, and retail property digitalization.
Antoine Frey, Chairman and Chief Executive Officer of FREY, made the following statement: “We are delighted to announce what is a major strategic operation for FREY. Acquiring ROS, Europe’s 4th largest outlet operator, will not only give us access to a very high-performing asset class but also offer us vastly diversified geographic exposure.”
Cornerstone Ceremony for Portowo Housing Estate in Poznan
A cornerstone ceremony for the Portowo housing estate took place in Poznan’s Staroleka district, attended by city officials and representatives from Vastint Poland and Mostostal Warszawa. The project involves 11 buildings housing 377 apartments for long-term rental, with completion of the first phase expected by 2026. The development aims to transform a post-industrial area into a modern, eco-friendly housing estate, enhancing urban aesthetics and utilizing the natural assets of the Warta River. The project will seek LEED environmental certifications upon completion.
“The project we have been working on for a long time is the result of our efforts and commitment to creating a space that not only meets housing needs but also enhances urban aesthetics,” declares Roger Andersson, Managing Director of Vastint Poland.
Flanco Relocates Headquarters to SkyTower Bucharest
Romanian electronics retailer Flanco has moved its headquarters to SkyTower, the tallest building in the country, occupying the entire 11th floor. This strategic relocation aims to provide employees with a modern, comfortable working environment, fostering innovation and collaboration. SkyTower offers top-tier facilities including natural lighting, high-speed elevators, a high-tech events centre, and sustainable features. The move aligns with Flanco’s repositioning as Romania’s first smart discounter store chain in the electro-IT sector.
“Moving to SkyTower is a strategic step for Flanco. We are confident that this change will help increase the productivity and satisfaction of our team”, said Dragoș Sîrbu, CEO of Flanco.
LPP Expands E-commerce Facility at CTPark Bucharest West
Fashion retailer LPP is expanding its presence at CTPark Bucharest West with a new e-commerce facility, increasing its total footprint to around 90,000 sqm. The facility, designed to support LPP’s growing online sales, will employ up to 1,500 people and feature state-of-the-art technology and sustainable operations. Located on the A1 highway, the park offers excellent access to Bucharest and the Port of Constanta, facilitating efficient order fulfilment from Asian suppliers. CTPark Bucharest West also includes a community hub, enhancing the work environment for its 2,500 employees.
Sebastian Sołtys, President of the Management Board of LPP Logistics, said: “The recognition of LPP brands in Southern Europe built for several years now is paying off in the form of positive results and optimistic sales forecasts. For logistics, this means the need to optimise processes and adapt them to growing volumes, so that at the final stage the customer can enjoy product availability and fast delivery.”