Coffee with Craig Show – daily CRE news covering the CEE region, Tuesday, May 9, with Winston Norman, Editor and Chief of EuropaProperty.com.
Wing acquires major stake in German company Bauwert
The Hungarian Group WING has agreed to acquire a majority stake in Bauwert AG. By acquiring a majority stake in the German company, WING is implementing its international expansion plans: the transaction is another step towards becoming the leading property development group in the Central European property market.
“In line with our strategic goals, we strive to strengthen our presence in the Hungarian market and we also focus on becoming a major operator in the international property market. The completion of the transaction is a major milestone in the implementation of our strategy that will see us become a major property developer in Europe since our group is now one of the key operators of the property development market in three countries,” said Noah Steinberg, Chairman and CEO of WING.
Poland’s regional office markets maintain momentum
According to “Office Occupier: Office Market in the Regions”, a report published by Newmark Polska, during the first three months of 2023, occupier demand in Poland’s regional city office markets remained strong amid increasing office availability and a further drop in development activity. The markets continue to adapt to the new normal created by the rise of the hybrid working model and the growing focus on flexibility in office projects.
The sectors that generated the most demand were IT and manufacturing, which accounted for 25 percent and 13 percent of the total take-up, respectively. Logistics came third with 7 percent.
“With office availability still high in both existing buildings and projects under construction, rental rates hold firm and are expected to remain flat in the coming quarters. That said, landlords of office buildings featuring modern technology and ESG solutions are unlikely to give ground in rent negotiations,” says Agnieszka Giermakowska, Research & Advisory Director, ESG Lead, Newmark Polska.
Tate & Lyle will move into Hi Piotrkowska
Tate & Lyle will move its local office to the Hi Piotrkowska building in Łódź, owned and managed by the Master Management Group. The company will occupy the entire fifth floor of the building. It will house the headquarters of Tate & Lyle Global Shared Services.
Miłosz Aleksander, Vice President, Managing Director of Tate & Lyle Global Shared Services, said: “We wanted our office to be attractive from the perspective of location, security, applied solutions, as well as the infrastructure of the building itself and its surroundings. Hi Piotrkowska meets all these requirements.”
“Professional service, the introduction of ESG solutions and the provision of various mix-used services are the key elements of our management strategy, which determine the effective support of our tenants’ business activities,” says Justyna Drużyńska, MRICS, Director of Office Operations at Master Management Group.
Tate & Lyle was represented by experts from the Colliers office. “The transaction in which we advised confirms that the office market in Łódź is still alive and companies are renting new space,” says Marcin Włodarczyk, Regional Director of Colliers in Łódź.
JLL to commercialize Life Building in Warsaw
JLL Poland has been selected as the exclusive agent in charge of the commercialization process of the LIFE Building, formerly Atrium Tower, located in the centre of Warsaw. The building belongs to the VIG Fund, a group company of the Vienna Insurance Group.
Currently, the building is undergoing a major renovation, which will give it new, refreshed spaces, including a fully equipped event and co-working space.
“We have recently carried out several changes and upgrades in the LIFE Building to adapt the facility to the changing needs of tenants,” says Caroline Mocker, Board Member of the VIG Fund.
Cushman & Wakefield Design & Build is the contractor in charge of design and construction works at LIFE Building and is working alongside JLL and VIG Fund to bring about the physical changes. “Retention of existing building stock, instead of demolition and reconstruction, saves a huge amount of carbon emission. This project will see an iconic office tower repurposed and repositioned fully in line with responsible and sustainable redevelopment,” says Andrew Frizell, Board Member at C&W Design & Build.
