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.
Belgrade’s Hotel Jugoslavija sold for €27 million
The historic Hotel Jugoslavija in Serbia’s capital has been sold for €27 million to MV Investment, a subsidiary of the Millenium Team group. The Millenium Team has unveiled ambitious plans to transform the site into a premium residential and business hub, including a top-tier hotel, with an anticipated investment of €400 million over the next four years.
Situated on the vibrant promenade of New Belgrade, near the Danube River, Hotel Jugoslavija’s storied past and its controversial removal from the potential cultural protection list has sparked public and expert dissent over concerns about reduced green spaces, potential compromises to cultural assets, and the proposed building’s height.
Mercator-S heralded as Serbia’s first green retail chain
In a groundbreaking move towards sustainability, Mercator-S has become Serbia’s first „green” retail chain by exclusively using renewable energy. This significant transition marks a major step in environmental protection efforts.
The shift to renewable energy is expected to yield substantial environmental benefits. IDEA, Roda, and Mercator stores across Serbia are projected to reduce their carbon dioxide emissions by 33 percent in 2024 and by 50 percent in 2025.
This initiative is part of the Fortenova Group’s ESG (Environmental, Social, and Governance) strategy, which focuses on fostering a sustainable future. Furthermore, Mercator-S has introduced a composting project aimed at reducing landfill waste. A pilot program in 16 selected IDEA stores successfully composted over 35 tons of organic waste within one year, producing 6 tons of compost.
Primark opens first store in Budapest
Primark is opening its first store in the Hungarian capital, Budapest, thus securing its 17th market, and marking a significant milestone in the retailer’s ambitious expansion plans across the CEE region. The first Primark store has opened in one of the city’s largest shopping centres, Arena Mall.
With plans to open its first store in Slovakia later this year, Hungary will become Primark’s 6th market in CEE and its 17th market globally.
“Arena Mall is the perfect location to introduce customers in Hungary to Primark’s amazing fashion and everyday essentials at great value prices, as well as our unique store concept,” said Maciej Podwojski, Head of Sales, CEE at Primark in the official press release.
“We are looking forward to welcoming Primark to Arena Mall, and are delighted that they have chosen us for their market entry,” added Erna Balla, Asset Manager, NEPI Rockcastle Hungary, who are the owners and operators of Arena Mall.
