PL

POLAND Highest ever Polish r.e. investment volume in H1 2020

Investment & finance
A record high volume of EUR 3.5 bln of real estate transactions were closed in Poland in H1 2020, 30 pct higher than the same period last year, according to Avison Young.

In the wake of the pandemic, however, achieving a similar figure for the whole of this year as high as the record annual volume of EUR 7.8 mln in 2019 could prove to be much more difficult. Historically, the largest number of transactions close in Q4, but despite the growing positive sentiment on the market, the real estate services firm is predicting that it is unlikely that so many will close by the end of this year. The transaction volume will also depend to some extent on the lifting of travel restrictions across Europe.

Half of the Polish investment volume in H1 was accountable to newcomers to the market, from such countries as the Czech Republic, France and Hungary as well as from further afield, such as Lebanon, Singapore and South Africa.

EUR 1.4 bln of the total volume was invested in office properties, down from the EUR 1.7 bln transacted in H1 2019. Multiple transactions took place in both Warsaw as well as regional cities. Lone Star sold its majority stake in GTC sold to Hungarian investor Optima Investment, which has now become the owner of a significant portfolio of office properties across Poland.

When it comes to the retail sector, many deals also took place in Q1, but the picture was very different in Q2. However, the acquisition of Tesco’s Polish operations by Danish retail player Salling closed at the end of June.

Almost EUR 1.7bln was transacted this time in industrial sector, an increase of 9 pct on H1 2019. Much of this exceptional volume was mainly taken up by large portfolio transactions or corporate/platform takeovers, such as Goodman’s disposal of its CEE platform to GLP, and the transfer of its 46.5 stake in the European Logistics Investments platform managed by Griffin Real Estate from Redefine Properties to Madison International Realty. The only issue going forward might be a scarcity of high quality product available on the market.

Taking into consideration the current situation, it is difficult to estimate the investment volumes for the second half of the year. However, Poland has been perceived as one of the countries coming out almost unscathed from the global turmoil. The transactions by multiple investors confirm such an approach (…) confirming their willingness to invest in good quality product. More and more LOIs are being signed and investors are coming back to the market, although some discount in pricing is expected.
Avison Young

 

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