News

Investment & finance

Augustine Hotel sold to Russian investor

CZECH REPUBLIC Russian private investment firm GledenInvest has completed the acquisition of the five-star plus Augustine Hotel in Prague’s Malá Strana district from Raiffeisen Evolution.

Warehouse & industrial

Prologis takes over 23 CEE Heitman warehouses

CEE REGION Prologis has acquired a nearly 230,000 sqm portfolio of 23 Heitman-owned warehousing properties in Poland, Slovakia and Czech Republic through its investment arm, Prologis European Properties Fund II (PEPF II).

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East Capital buys Baltic grocer’s EUR 13.4 mln premises

ESTONIA Stockholm-based asset manager East Capital has acquired the logistics centre and offices owned and occupied by the Baltic grocery retailer Rimi Eesti Food near Tallinn, worth EUR 13.4 mln.

Retail & leisure

LPP showroom opens in Warsaw

POLAND LHI, the developer of Chmielna 25, a retail and office building, has leased 450 sqm to the Polish fashion retailer LPP.

Residential

Budimex extends Mokotów estate

POLAND Budimex Nieruchomości has broken ground for the second stage of the Wiślany Mokotów residential estate on ul. Bluszczańska in Warsaw and started to sell the 246 apartments it will provide. These, ranging from 31 to 93 sqm, will be situated in three-storey buildings.

Office & mixed-use development

Polish Civil Aviation Authority to stay in Flanders Business Park

POLAND The Polish Civil Aviation Authority (Urząd Lotnictwa Cywilnego) has renewed and slightly extended its five year lease in the Flanders Business Park office complex in Warsaw.

AFI completes EUR 32 mln financing for Bucharest project

ROMANIA AFI Europe has finalised a EUR 32 mln loan it was given by Erste Group-owned Banca Comerciala Romana (BCR) to develop its two Bucharest office buildings, AFI Park 2 and AFI Park 3.

Retail & leisure

Warsaw sees retail calm before the storm

POLAND Although in H1 2014 the Warsaw commercial property market provided the largest retail space supply across Poland, with 1.1 mln sqm of shopping centre stock, the market was also determined by one of the lowest shopping centre density rates, 438 sqm per 1,000 residents. This, coupled with such factors as the highest spending power and a constant inflow of new residents, has created a window of opportunity for new retail projects of different size and format, says JLL in its report.

New Czech retail supply drying up, JLL

CZECH REPUBLIC This year a total of around 125,000 sqm of retail space is expected to be built in the Czech Republic – a 35 pct decrease on last year’s volume, according to research by JLL.

Alpha Bank buys MLP Bucharest Sud for EUR 14.2 mln

ROMANIA AGI-RRE Hera, a subsidiary of Greek bank Alpha Bank, has paid EUR 14.2 mln to buy the MLP Bucharest Sud logistics park in southern Bucharest.

Office & mixed-use development

Corso Court cornerstone laid

CZECH REPUBLIC Skanska Property has laid the cornerstone for its Corso Court office project in Prague’s Karlín business district.

Office & mixed-use development

Skanska signs record CEE tenant for Wrocław offices

POLAND IT giant HP has leased app. 16,400 sqm of space in Dominikański, a Skanska office development in Wrocław, where it will move at the end of 2015 or in early 2016 to merge two of its three Wrocław-based Global Business Center offices.

Office & mixed-use development

Turkish Embassy buys Rakowiecka City

POLAND Polski Holding Nieruchomości (PHN) has sold Rakowiecka City, its modernist four-storey 1,820 sqm tenement house located at ul. Rakowiecka 19 in Warsaw, to the Embassy of the Republic of Turkey.

Retail & leisure

To-be-extended Fashion City opens in Rzgów

POLAND A retail, production and exhibition centre, Miasto Mody (Fashion City), has just opened in Rzgów.

Retail & leisure

Grona Park enters new phase

POLAND The Grona Park retail park which is under construction in Zielona Góra has reached its shell stage. The park's developer, Vantage Development, emphasizes that work progresses in accordance with the schedule.

Office & mixed-use development

Pod Różami estate underway

POLAND Ground has been broken for Dom Development’s Pod Różami residential estate on ul. Włodarzewska in Warsaw’s Ochota district.

Stokrotka to blossom in Galeria Jastrzębie

POLAND This week, a Stokrotka delicatessen is going to open in Galeria Jastrzębie in Jastrzębie-Zdrój. The retailer will take up 1,000 sqm of space previously leased by another grocer, Delima.

Cushman & Wakefield in the green

WORLD In H1 2014, Cushman & Wakefield’s gross revenue increased to nearly USD 1.28 bln, a 23.7 pct y-o-y increase. The company’s commission and service fee revenue increased USD 174.2 mln, a 24.2 pct increase, to a record USD 895.2 mln, compared to USD 721 mln in H1 2013.

Echo Investment to issue another tranche of bonds

POLAND Warsaw-based developer Echo Investment has decided to issue another tranche of bonds addressed to individual investors. Series ‘C’ will include 750,000 of 3.5-year bonds worth PLN 100 each, the company informed.