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.
Mitiska REIM and Park Lane Launch Retail Joint Venture in Bulgaria
Mitiska REIM has partnered with Park Lane Developments to develop retail parks across Bulgaria. The joint venture plans to open at least five prime retail parks over the next five years, starting with a project in Sofia’s Hadzhi Dimitar district. The first park, scheduled to open by the end of next year, will offer 14,000 sqm of leasable space and aim for BREEAM Excellent certification. This collaboration seeks to capitalize on Bulgaria’s growing retail market, driven by rising consumer spending and demand for modern retail spaces.
“The Bulgarian market offers significant opportunities in the retail park sector – shoppers’ disposable income is rising, consumer spending is increasing, and retailers are looking for modern and sustainable retail space to meet this demand,” said Tomas Cifra, Mitiska REIM’s Managing Director for Romania, Czech Republic, Slovakia & Bulgaria.
Tanya Koseva-Boshova, Managing Partner at Park Lane Developments, added that the partnership will bring international knowledge to the Bulgaria retail market.
Romania Ranks Third in CEE for Commercial Investments in H1 2024
Romania’s commercial property sector saw €418 million in investment transactions during the first half of 2024, a 131% increase year-on-year, placing the country third in Central and Eastern Europe (CEE) behind Poland and Czechia. The retail and industrial segments drove 90% of this volume. With stabilizing prices and more relaxed financing conditions, experts anticipate significant transactions in the second half of the year, potentially bringing Romania’s total 2024 investment volume to around €1 billion.
“The forecast for the second half of this year remains positive. Highly significant transactions are expected to be closed in the coming months, particularly on the retail and office segments,” says Cristi Moga, Head of Capital Markets at Cushman & Wakefield Echinox.
7R Begins Construction of New Logistics Facility in Poznań
Industrial developer 7R has started building a new last-mile logistics facility in Poznań, Poland. The 9,800 sqm 7R City Flex Poznań East I has already leased 77% of its space, with tenants including a logistics provider for the pharmaceutical industry and a company requiring a temperature-controlled urban warehouse. The facility features sustainable technologies such as photovoltaic installations and energy-efficient LED lighting, aiming to achieve BREEAM Excellent certification. Only two small modules remain available for lease.
“The possibility to rent small modules, ideally tailored to the individual needs of the client is the key asset of this warehouse. Currently, we have the last two modules of approximately 1,100 sqm free for lease,” says Magdalena Kostjan, Business Development & Leasing Director at 7R.
