PL

Poland The Catella story

Investment & finance
In an exclusive interview with Eurobuild, Dariusz Węglicki, stepping down head of the Polish branch of Catella Residential Investment Management, reveals details surrounding the sale of the Złota 44 flat portfolio and the company's withdrawal from Poland

Tomasz Cudowski: A German company Livos has announced the acquisition of a portfolio of residential units in Złota 44 from Catella. How long did this process take and was it difficult to sell this particular portfolio in this day and age?

Dariusz Węglicki, country manager, Catella Residential Investment Management: We sold nine suites to individuals and a Polish fund in October and November 2022. We had another 18 transactions planned for December, as we had signed so many letters of intent. However, at the beginning of December, an offer to buy the remaining 63 flats was made by Livos. We signed the sales contract on 29 December, so after only four weeks - this was probably a Polish record. Another record is the four transactions with funds I carried out myself in the past 2022.

What are Catella's plans after divesting all residential assets in Poland? New market segments, new countries?

It's a bit difficult for me to comment on this, as I am concluding my cooperation with the company. As far as I know, the fund will focus on ESG issues, and as part of that it is replacing some of the buildings with greener ones. In addition, Catella is planning to develop several residential towers in France to be passive building standard.

How do you assess the condition of the PRS market in Poland today? Which of its segments has a bright future ahead?

No need to deceive ourselves, investor activity has decreased, as has the activity of residential developers. Several factors contribute to this, in particular: a significant increase in purchase prices with a much smaller increase in rents, the high cost of money (including the cost of securing exchange rate differences), the unstable legal and tax environment. Regarding this last factor, the government - in pursuit of its mediocre political objectives - is trying to destabilize the PRS market: depreciation as a deductible expense no longer works and some of the ideas for introducing taxes are truly appalling.

What will you be doing after your German partners have withdrawn from the market in Poland? Can you reveal your plans for the near future - professionally and personally?

Professionally, I'm involved in six private, small-scale real estate projects, so I'll have something to do. This year I will finally try to take decent care of them. Privately... well, it's time to go to the Bieszczady mountains (I have one of my projects there) or to Tuscany (I'm scoping out agro-tourism projects there). Lately I've been trying to travel a bit more along the lines of 'enjoy the life', but that's a topic for another conversation. But I can reveal that other 'personal factors' are also involved in these trips.

Latest news

Office & mixed-use development

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schedule 26 May 2023
Opr./edited by ANZ

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schedule 26 May 2023
Opr./edited by ANZ

Logport has officially started the revitalisation of the famous former Poldi Kladno ironworks, one of the largest brownfields in the country.

Warehouse & industrial

Germany Garbe will fix the Old Dairy

schedule 25 May 2023
Opr./edited by JC

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Poland Panattoni is green for H&M

schedule 25 May 2023
Opr./edited by JC

Panattoni has already completed nearly 230,000 sqm of space for H&M Group. This year, the company will deliver another 82,000 sqm of sustainable warehouse space in the Poznan region.

Warehouse & industrial

Poland Peakside begins largest Warsaw warehouse project

schedule 24 May 2023
Opr./edited by ANZ

Peakside Capital Advisors has begun construction of the largest logistics park in Warsaw. City Point Targówek will comprise 100,000 sqm of sustainable warehouse space about 8 km from the city centre.

Warehouse & industrial

Czech Republic Czech industrial hits 11 mln mark

schedule 24 May 2023
Opr./edited by ANZ

The Czech industrial real estate market passed the 11 mln sqm mark, and grew by 10 pct year-on-year. The total volume of newly completed industrial space amounted to 217,900 sqm in Q1 of this year. Increased construction activity, which has been evident on the market since the end of 2021, is now bearing fruit, according to Colliers’ regular quarterly survey.

Warehouse & industrial

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schedule 24 May 2023
Opr./edited by ANZ

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Office & mixed-use development

Poland Alto takes up 1,300 sqm in Gdański BC

schedule 23 May 2023
Opr./edited by JC

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Warehouse & industrial

Germany Garbe expands logistics park near Berlin

schedule 23 May 2023
Opr./edited by JC

Garbe Industrial Real Estate creates further settlement potential in the Berlin/Brandenburg metropolitan region. In Oberkrämer, the Hamburg-based project developer has started to build a logistics property with a total area of around 21,000 sqm.

Office & mixed-use development

Romania Globalworth secures biggest lease this year

schedule 23 May 2023
Opr./edited by JC

Local e-commerce specialist eMAG is to move its headquarters to Globalworth Square in Bucharest in the largest lease contract signed this year in the Romanian office market.

Warehouse & industrial

Romania Two add 10k in CTP Bucharest West

schedule 23 May 2023
Opr./edited by JC

Integrated logistics company Maersk and IB Cargo has expanded its premises by over 30 pct to app. 100,000 sqm in CTPark Bucharest West.

Office & mixed-use development

Poland Page moves into Varso Tower

schedule 22 May 2023
Opr./edited by ANZ

HB Reavis has signed a lease agreement with PageGroup, which includes the Michael Page and Page Executive brands. The company's Polish office will occupy nearly 1,400 sqm of space on the 10th floor of Varso Tower.

Investment & finance

Poland Panattoni granted EUR 64 mln

schedule 22 May 2023
Opr./edited by JC

Panattoni has been granted a EUR 64 mln loan by Bank Gospodarstwa Krajowego for next projects. The financing is to be used to develop a strategic complex for Poczta Polska in Radzymin as well as two buildings within Panattoni Park Grudziądz.

Office & mixed-use development

Poland Medical centre next to the park

schedule 22 May 2023
Opr./edited by ANZ

Lux Med Group has leased over 3,300 sqm in the Trinity One, class A office complex, part of Revetas Capital’s portfolio of assets in Poland. 

Warehouse & industrial

Poland CTPark Warsaw North is ready

schedule 19 May 2023
Opr./edited by ANZ

CTPark Warsaw North in Czosnów near Warsaw has been granted occupancy permission. The first to move in will be a company from the HVAC sector, occupying around 3,000 sqm.

Warehouse & industrial

Poland Maersk joins Prologis for the first time in Europe

schedule 19 May 2023
Opr./edited by ANZ

Maersk has decided to open its new regional headquarters at Prologis Park Wrocław III. The company has leased 6,200 sqm in the recently opened DC4 building, of which app. 400 sqm will be offices.

Events

Poland On your bike... to the office

schedule 19 May 2023
Opr./edited by ANZ

May 19th in the United States is National Bike to Work Day. According to JLL, our part of the world is no exception to the trend for office employees, as well as their employers, to increasing expect amenities for cyclists in the buildings they work in.  

Eurobuild FM

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schedule 18 May 2023
Eurobuild CEE

In the latest episode of Eurobuild FM, Roman Skowroński, the managing director of Peakside Capital Advisors in Poland, reveals all the details about its development of the largest warehouse project so far in Warsaw, now under construction in Targówek district.

Office & mixed-use development

Poland Welcome to The Shire

schedule 18 May 2023
Opr./edited by ANZ

A network of serviced offices has been inaugurated under the brand The Shire. The operator will provide flexible office space, as well as support for landlords considering their own flex space. The first locations are expected to be announced in Q3 of this year, with Devonshire Investment Group behind the project.

Warehouse & industrial

Poland Mauser grows in Gliwice

schedule 18 May 2023
Opr./edited by JC

Logicor has completed a 5,000 sqm extension for existing customer Mauser Poland in Gliwice. The newly extended logistics and business area now totals 9,000 sqm and includes 4,100 sqm of new warehouse space and 134 sqm of office space.

Latest in Investment & finance

schedule 22 May 2023

Panattoni granted EUR 64 mln

Panattoni has been granted a EUR 64 mln loan by Bank Gospodarstwa Krajowego for next projects. The financing is to be used to develop a strategic complex for Poczta Polska in Radzymin as well as two buildings within Panattoni Park Grudziądz.

schedule 18 May 2023

Duetto I and II change hands for EUR 37 mln

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schedule 17 May 2023

CTP to double Polish and German portfolios

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schedule 15 May 2023

Griffin and Madison sell German asset

International Industrial Properties, the logistics platform owned by Madison International Realty and Griffin Capital Partners, has sold a single-lease logistics property in Germany. This is the company's second transaction in Germany, the first having been completed in June last year.

schedule 12 May 2023

CEE investment volumes on the slide

The 2023 real estate investment volume across the CEE-6 region could reach EUR 5-6 bln, suggests Colliers in its latest 'Q1 2023 Investment Scene' report, significantly down from the estimated EUR 10.7 bln transacted in 2022.

schedule 10 May 2023

Wing and Griffin complete Bauwert takeover

Hungarian real estate group Wing together with Warsaw-based private equity manager Griffin Capital Partners have completed the acquisition of a 60 pct stake in German developer Bauwert.

schedule 09 May 2023

Let's go to the movies

Reverest Fund Management has purchased the Forum Cinemas Vingis cinema complex in Vilnius in a leaseback transaction. The previous owner, the cinema operator, will continue operations under a long-term lease agreement.

schedule 08 May 2023

S Immo adds offices and hotel to portfolio

Austrian real estate investor S Immo has completed the acquisition of three office buildings and a hotel in the Czech Republic from its majority shareholder CPI Property Group.

schedule 28 April 2023

Panattoni with over EUR 48 mln loan

Panattoni has been granted financing for Panattoni Park Lublin II – a comprehensive business platform with an area of around 84,000 sqm. The EUR 48 mln loan, including VAT, was granted by Bank Pekao SA.

schedule 26 April 2023

Retail parks bring profits

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schedule 18 April 2023

EUR 92 mln for renewable energy

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schedule 18 April 2023

NREP poised to buy major 7R stake

Danish real estate investor NREP has submitted an application to the Polish competition authority UOKiK to acquire “joint control” of Polish warehouse developer 7R.

schedule 13 April 2023

CTP to double in size by 2030

CTP Group is aiming to double the size of its pan-European network of business parks to 20 million sqm of GLA by the end of the decade, amid forecasts of continued strong demand for industrial and logistics space across Central and Eastern Europe.

schedule 12 April 2023

P3 pleased with results

P3 Group has announced record operational results and strong financials for full year 2022. The European investor and developer of warehouse properties increased Gross Asset Value to EUR 8.3 bln, only modestly impacted by a 2.3 pct valuation decline. Operationally, the company’s portfolio grew to 7.6 mln sqm across 11 European countries, registering an all-time high occupancy rate of 98 pct.

schedule 12 April 2023

Panattoni with a EUR 57 mln loan

Panattoni is building another strategic development for the Warsaw market. The developer has been granted EUR 57 mln in financing from Bank Pekao for the development of Panattoni Park Nadarzyn II, which is to become one of the largest business and industrial platforms in the region.

schedule 11 April 2023

Nepi Rockcastle raises EUR 143 mln

Nepi Rockcastle has raised the equivalent of EUR 143 mln in equity from its latest scrip dividend (when new shares are issued to shareholders instead of a dividend), corresponding to app. 85 pct of the final dividend payment at the end of 2022.

schedule 11 April 2023

Four shopping centres change hands

An international investment fund has sold four retail centres: Stara Cegielnia in Szczecin, Galeria Kosmos in Koszalin, OK Centrum Wałbrzych and OK Centrum Strzegom, with a total area of app. 15,000 sqm. They are to be partly renovated and re-commercialised by the buyer.

schedule 06 April 2023

Financing for solar plants

Lithuanian company JSC Atsinaujinančios Energetikos Investicijos has signed a PLN 105 mln (EUR 22.4 mln) agreement with Bank Pekao to finance the construction of 67.8 MW solar PV plants in Poland. 

schedule 05 April 2023

Investment volume up 72 pct in Q1

The real estate investment volume in Q1 2023 in Romania exceeded EUR 153 mln – 72 pct higher than the same period last year, according to Fortim Trusted Advisors, a member of BNP Paribas Real Estate Alliance.

schedule 05 April 2023

BNP Paribas to finance expansion of MLP Czeladź

MLP has signed a new financing agreement with BNP Paribas Bank. The bank has agreed to lend more than EUR 19.7 mln in accordance with the transaction terms. The facility will be used to finance and partially refinance the MLP Czeladź project with a target leasable area of approx. 68,000 sqm.

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