News

POLAND Clothing group Redan has signed an investment contract to sell a minority stake in Adesso – the owner of the Textilmarket chain of discount stores.

GDDKiA announces S7 tenders

POLAND The General Directorate of National Roads and Motorways (GDDKiA) has announced tenders for the construction of two sections of S7 expressway between Koszwały and Nowy Dwór and between Nowy Dwór Gdański and Kazimierzów near Elbląg.

Construction

Work progresses on Bydgoszcz station

POLAND After three months of work, Budimex and Lech have laid the foundation stone for the new railway station in Bydgoszcz.

Technology

Marriott and MIT work on guest-connecting LinkedIn-powered solution

WORLD Hotel giant Marriott has joined forces with the researchers of the Massachusetts Institute of Technology to develop Six Degrees, an app-based social and business networking system that allows hotel guests to find and meet their future business partners as well as old work and university mates staying at the Marriott hotels.

Asbud takes over Karolkowa Business Park

POLAND Israeli development group Asbud has become the sole owner of Karolkowa Business Park in Warsaw’s Wola district.

Residential

PHN partners up with mLocum for Port Rybacki

POLAND Polish state-owned investor PHN acting through its subsidiary Dalmor has reached an agreement with developer mLocum regarding the construction of the Port Rybacki residential project in Gdynia.

Romanian construction permits on decline

ROMANIA In July, the number of construction permits granted for residential buildings in Romania dropped by 7.5 pct y-o-y, and 0.4 pct month-over-month, says the country’s National Institute of Statistics.

Warehouse & industrial

Viktória Park Logistics Centre with new tenant

HUNGARY Zagreb-headquartered logistics and distribution company Orbico has leased out 6,000 sqm of industrial space in Viktória Park Logistics Centre located just outside of Budapest.

Israeli developer sees increased rental income in Russia, profit dips

RUSSIA AFI Development, a Russian subsidiary of the Israeli-based Africa Israel Investments development and construction holding, has seen a 9 pct y-o-y increase in rental and hotel operating income in the first half of the year, to US 74.8 mln (EUR 56.9 mln). However, the company’s revenues plunged to US 76.2 mln (EUR 58 mln), compared to US 123.9 mln (EUR 94.3 mln) in H1 2013.

Global City Holdings profits up to EUR 13.9 mln

POLAND The net profit of Global City Holdings (formerly Cinema City International) for the first half of the year increased to EUR 13.9 mln from EUR 8.1 mln in H1 2013.

Retail & leisure

Echo buys plot for Galeria Sudecka extension

Nathan North
managing editor (English section)

POLAND Echo Investment has won a tender for the purchase of investment land next to its Galeria Sudecka shopping centre project in Jelenia Góra.

Warimpex hotels hit by Russian-Ukrainian crisis

CEE REGION In H1 2014, Vienna-headquartered developer Warimpex has seen a EUR 10.8 mln loss y-o-y with a 7 pct y-o-y decrease in total revenues. The latter broke down into a 9 pct y-o-y drop in the company's hotels revenues dropping, a 33 pct y-o-y slide in the development & services revenues and a 19 pct y-o-y surge in the investment properties revenues.

Revenue boost for P.A. Nova

POLAND Construction and development company P.A. Nova’s sales revenue increased by app. PLN 12 mln, from PLN 67 mln after the first six months in 2013 to almost PLN 79 mln in the January–June 2014 period.

Orco value plummets after disposals

Nathan North
managing editor (English section)

CEE REGION Orco Property Group registered as loss of EUR 63 mln for the first half of the year, which the company attributes mostly to the loss of revenue and impairments due to the disposal of shares in its German residential subsidiary GSG Group and the site for its proposed Bubny retail development in Prague.

Echo profits grow by 40 pct

POLAND Echo Investment closed the first half of the year with a net profit of PLN 424.8 mln, which constitutes a growth of almost 40 pct on the same period in 2013.

Construction

Permit for Art Norblin

POLAND Capital Park has obtained the final building permit for the Art Norblin project on ul. Żelazna in Warsaw. The work is to start in Q1 2015.

Mirbud increases revenue and issues bonds

POLAND In the first half of the financial year Mirbud group generated revenue of PLN 501.3 mln, representing an almost twofold growth on the PLN 267.5 mln registered in H1 2013.

Nowy Rynek Jelenia Góra project moves to next stage

POLAND The construction of the Nowy Rynek shopping centre in Jelenia Góra has now moved up to ground level.

Residential

Atal finishes Dyrekcyjna 33

POLAND An occupancy permit has been issued for the six-storey Dyrekcyjna 33 building in Wrocław, a project by Cieszyn-based developer Atal.

Interior design

Polish bathroom recognised by SBID