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.
AFI Europe Acquires Landmark Bucharest Building from Immofinanz
AFI Europe has purchased the myhive Victoriei building in central Bucharest from Immofinanz for approximately €27 million. The building, formerly known as Bucharest Financial Plaza, will be transformed into a mixed-use project. This acquisition aligns with AFI Europe’s strategy to develop modern, high-quality properties in Romania.
Doron Klein, Deputy CEO of AFI Europe & CEO of AFI Europe Romania and the Czech Republic, said the purchase was in line with the developer’s strategy in Romania. He added the goal is to “transform this iconic property into a modern, A Class mixed-use project that meets the highest standards of quality.”
Poland’s CRE Investment Volume Surpasses €1.7 Billion
Commercial real estate investments in Poland reached €1.76 billion in the first half of 2024, marking a nearly 80% increase from last year. UK investors led the activity, contributing to 35% of the total volume. The Polish market is expected to hit €4 billion in total investments by year-end, driven by stable interest rates and economic optimism.
“Although this year continues to be dominated by value-add transactions, the Polish market is seeing the first core+ deals whose share in investment volumes is likely to increase on the back of more stable interest rates, which in turn will attract major cross-border players. This year’s total investment volume is expected to reach €4 billion, nearly double 2023’s figure and accounting for 75% of the five-year average”, adds Paweł Partyka, Head of Capital Markets Poland, Cushman & Wakefield.
IWG Launches First HQ Centre in Hungary
IWG has opened its first HQ centre in Hungary, located in southern Budapest. The HQ F99 building offers a range of flexible working spaces and amenities, including private offices, meeting rooms, and co-working areas. This marks IWG’s continued expansion in the region, as it looks to capitalize on the growing demand for flexible workspaces. At present, the building is in the process of obtaining BREEAM certification.
