Briefs

Akron buys from Ghelamco

Ghelamco has sold three of its properties to the Austrian Akron Investment CEE Fund, managed by the Akron Group. The developer received EUR 45 million for three fully leased buildings: Cybernetyki Office Centre, Bokserska Office & Distribution Park (total leased area: 33,000 sqm.). In this transactions, the Austrians bought shares in the Atlantis Invest and Omega Invest, belonging to the Ghelamco Group. AICEE Fund invests in office and warehouse real estate in Poland, Czech Republic and Hungary. It has EUR 250 million to be invested within two years. The developer was represented by DTZ.

GTC enters Warsaw Stock Exchange

The developer GTC has submitted its share issue prospectus and its now awaiting its review by the Securities and Stock Exchange Committee (KPWiG). Upon KPWiG approval, GTC's shares will be listed at the Stock Exchange in Warsaw. Funds obtained from the sale of GTC's shares would be spent on development of new projects in Poland, on acquisition of shares in development projects in Budapest, Prague, Bucharest and Belgrade, as well as on carrying out new projects in the Czech Republic, Hungary, Romania and Serbia. GTC has operated in Poland since 1994.

Good prospects for property leasing

Last year's property leasing market was worth as little as PLN 625 million, that is almost 70 percent less than in the peak year 1999, and by PLN 200 million less than in 2002. In 2003 only seven leasing companies signed contracts connected with property. Over half of the market was dominated by LHI Leasing, specializing in leasing retail centers for, among others, OBI, Metro, Walther and Kaufland.

DTZ valuation record

In 2003 DTZ Valuation and Professional Services Department undertook roughly 90 valuations of an aggregate value of EUR 1.95 billion, an increase of 35% over the previous year. Significant instructions included valuation reports on office buildings such as Atrium Tower and Wiśniowy Business Park Buildings, the revaluation of Europolis Invest portfolio and the valuation of numerous shopping centres including 11 shopping centres acquired by GE/Heitman and 27 DT Centrum department stores.

Mortgage credit consultants

Dom Kredytowy Notus is a newly established company dealing with, among others, advisory services concerning mortgage and investment credits. An advantage of Dom Kredytowy Notus over other similar companies is the fact that customers are not charged any fees or commissions. Using the services of Dom Kredytowy NOTUS, the customer will not pay a penny more than if he was directly using the services of a bank.