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Is Poland’s investment market turning a corner?
The Polish commercial property investment market is likely to bounce back in 2024, reveals “Investing in Poland 2024”, a report from BNP Paribas Real Estate Poland.
Investors sat on the sidelines last year, largely due to high financing costs and geopolitical instability. The war in Ukraine and geopolitical challenges in other regions of the world were a drag on investment and transactional activity. In addition, there were frequent pricing mismatches between vendors and buyers. This year, however, is expected to see a rebound.
“In Poland, where the letting market remains stable and relatively little repricing has taken place in comparison with other European countries, most investors and the banking system are unlikely to experience difficulties with refinancing commercial real estate loans. Countries facing the biggest challenges in this respect include Germany, the Nordics and France. In this area, Poland seems to be sailing on relatively calm waters,” says Erik Drukker, CEO of BNP Paribas Real Estate Poland.
Immofinanz sells offices in Warsaw
Immofinanz has completed the sale of an office complex in Warsaw to Echo Investment. The transaction price amounts is around €28.5 million. Located in Warsaw’s Mokotów Business District, the office complex has around 43,000 sqm of space.
The sale is in line with the portfolio optimisation strategy of Immofinanz. “We are pleased about the successful sale as part of our portfolio optimisation programme and will reinvest the released liquidity in the value-creating expansion of our innovative office and retail solutions,” says Radka Doehring, member of the Immofinanz Executive Board.
Deutsche Hypo finances Gdansk office property Format for Greenstone
Deutsche Hypo – NORD/LB Real Estate Finance has financed the Gdansk office property FORMAT for the Greenstone. The financing volume is €31 million.
Delivered in 2022, the 16,500 sqm building is nearly fully let to nine tenants. FORMAT has received LEED Platinum certification.
“With FORMAT we are financing sustainable office properties in the main office district of Gdansk that is very well connected to public transport,” says Beata Latoszek, Head of the Warsaw representative office of Deutsche Hypo – NORD/LB Real Estate Finance.
“Greenstone has been investing in the Tricity office market since 2017, generating outstanding returns for its clients. We are pleased that we can continue our investment journey with the acquisition of FORMAT, whose key advantages include a strategic location in Gdansk and an unparalleled finish quality,” says Marcin Gajewski, Partner, Greenstone.
Event Hall opens at Norblin Factory
Norblin Factory has a new event space. The Event Hall is a 670 sqm space outfitted in an industrial style, designed for events of up to 500 guests. It is located at the KinoGram cinema on level +2 in the Galwan building at the Warsaw complex.
“Our new space can host almost any event. State-of-the-art sound technology and infrastructure combined with excellent acoustics, catering prepared on-site and professional service are the key elements that make us special,” said Pierre Abi-Nader, Event Hall CEO.
“There is no shortage of event venues on the map of Warsaw but we are certain that Norblin Factory has the power of attraction and the facilities available on-site will appeal to many companies and event organisers,” said Kinga Nowakowska, Management Board Member and Chief Operating Officer at Capital Park Group.
