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.
Forestay and Recorde Launch New International Student Accommodation in Budapest
Recorde Forestay Residence Real Estate Fund, managed by Recorde Asset Management in partnership with Forestay Group, has acquired and refurbished a building on Gellért Hill in Budapest to create the Móricz Student Living residence. The facility will welcome international students starting September 15, 2024, offering 72 double rooms for both short- and long-term stays. The development also includes offices, conference rooms, and catering facilities. Financing was provided by HYPO BANK NOE AG, with legal advice from Taylor Wessing Budapest and Kálmán & Partners.
Stokado Developing New Self-Storage Facility in Krakow
Stokado has begun constructing a 5,000 sqm self-storage facility in Krakow, the first in Poland to receive BREEAM certification. Owned by Redefine Properties and Griffin Capital Partners, this modern facility will feature contactless services, a mobile app, and 24/7 access. Sustainable features include photovoltaic panels and LED lighting. Completion is expected in Q3 2025, with further projects planned for Krakow and Warsaw.
Hubert Rossa, Senior Vice President of Investments at Griffin Capital Partners, adds: “Alongside the Krakow facility, we have already secured other sites for construction in Krakow and Warsaw that we will start building still this year. We will be announcing further development projects in the coming months.”
Vis à Vis Wilanów Retail Park Has a New Owner
Precordia Capital and Septyma have acquired a 66% stake in the Street Mall Vis à Vis Wilanów in Warsaw from Capital Park. The retail park, which spans 4,300 sqm and includes 17 outlets such as Decathlon and RTV EURO AGD, is fully leased and offers 104 parking spaces. Real Management Services has been appointed as the new property manager.
“Key retail indicators confirm that convenience centres perform best among retail formats,” said Jerzy Motz, President of the Management Board at Precordia Capital.
First Half of 2024 Sees Arrival of 20 New Brands in the Czech Republic
Between January and June 2024, 20 new brands entered the Czech retail market, predominantly in Prague. Highlights include luxury brands Balmain Hair Couture, Parfums Christian Dior, and Le Labo, and F&B chains like Five Guys and dean&david. This influx indicates a growing interest in the Czech market, particularly in luxury and diverse dining experiences. Other notable entries include MIA Dynamics, DJI, and the Europa Experience visitor centre.
“We can confirm that we remain in talks with several luxury and premium cosmetics brands looking to enter the Czech market,” said Jan Kotrbáček, Partner and Head of Retail Agency CEE at Cushman & Wakefield. “This trend suggests that the Czech Republic is emerging as an increasingly attractive proposition for luxury brands, which see expanding potential here.”
