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.
VGP Reports Record Profit in First Half of 2024
VGP NV has reported a significant increase in profit for the first half of 2024. The company’s profit before tax rose by 218% compared to the same period in 2023, reaching €154.6 million. This includes €33 million from net rental and renewable energy income and €99.1 million from net portfolio valuation gains. VGP also signed new rental contracts worth a record €28.8 million, a 47% increase from the previous year. The company has 835,000 sqm under construction, with 70.1% already pre-leased.
Strabag to Build New Office for PPF Real Estate in Bucharest
Strabag’s Romanian unit will construct a new office building for PPF Real Estate in Bucharest. The ARC office building will offer 30,000 sqm of leasable space and is expected to be completed by 2026. PPF Real Estate aims for the building to be one of the top office spaces in Bucharest and Romania, meeting sustainability standards. This project will expand PPF Real Estate’s existing portfolio in the city.
Genesis Property Achieves Top Sustainability Certification for YUNITY Park
Genesis Property has earned the highest level of BREEAM certification, “Outstanding,” for Building F in the YUNITY Park business campus. This recognition highlights the company’s commitment to sustainability and its goal to reduce net carbon emissions to zero by 2040, a decade ahead of the European Green Deal targets. The building scored 88.2% for construction performance and 88.9% for sustainable management.
“Achieving BREEAM Outstanding certification is just one of the important steps we are taking to help mitigate the environmental and climate challenges we all face as a society”, said Liviu Tudor, President of Genesis Property.
Good Point V Warehouse Fully Leased
Real Management has signed a lease with Sales Service for the last available space in the Good Point V warehouse and production park, making the entire 30,000 sqm complex fully leased. The new tenant took over 5,000 sqm of space in August 2024. The park, consisting of three buildings, is set for completion in the first quarter of 2025. Real Management is considering further expansion due to the high demand for the location.
Arkadiusz Płociński, Vice President of the Management Board, Real Management S.A. “We are committed to further expansion, given the business potential of this location and high interest in spaces offered by us. I do hope that quite soon we will be able to announce more strategic decisions regarding this development.”
