News

Investment & finance

Portland Trust buys plot to build more offices in Bucharest

ROMANIA Prague-based commercial developer Portland Trust has bought a 4 ha land plot in Bucharest from Nusco Group. Located in North Central part of the city, the plot will accommodate a "large office project."

Budimex to build PLN 153 mln Ferrero developments

POLAND Budimex has signed two construction contracts with an Italian chocolate manufacturer Ferrero. Worth jointly PLN 153.7 mln, they come as the company's expands its production in Poland.

Investment & finance

Szczecin tenement house offered for sale

POLAND Litwiniuk Property facilitated the sale of a 240 sqm retail unit in a Szczecin tenement house. Located on ul. Bogusława X and owned by an undisclosed company that also holds the rest of the building, the space was acquired by an anonymous private investor for PLN 2.6 mln, the company informed.

Investment & finance

Strabag acquires EUR 95 mln stake in JW Marriott hotel

ROMANIA Bank of Cyprus has disposed of its 35.2 pct share in JW Marriott-branded Bucharest Grand Hotel, initially valued at EUR 95 mln, by selling it to the Austrian construction and development conglomerate Strabag.

Office & mixed-use development

LeasePlan takes up 2,000 sqm in NC3

POLAND LeasePlan Fleet Management, an international fleet management company, has leased almost 2,000 sqm of space in the NC3 office building in Warsaw, where it will move in Q1 2015.

Retail & leisure

Colliers to take Drive mall under management

RUSSIA Colliers International has become the property manager for Drive, a 42,000 sqm shopping centre in Moscow’s Vykhino-Zhulebino district.

Investment & finance

Ghelamco sells three Polish properties to Starwood

POLAND Belgian-originated developer Ghelamco has finalized the sale of its T-Mobile Office Park, Łopuszańska Business Park and Katowice Business Point to an American private investment firm Starwood Capital Group. The three office properties comprise 78,000 sqm of space in total.

Office & mixed-use development

The rise of The Tides

POLAND This Saturday the construction work is about to begin on the The Tides office and hotel project in Warsaw. Developed by the Tides company at the Vistula River embankment, the complex will be erected on the land plot now occupied by the Warsaw Rowing Association. The construction work is planned to be completed at the end of 2015 or in early 2016.

Investment & finance

Interferie reduces net loss

POLAND In H1 2014, Interferie (Interferie jointly with an affiliated company, Interferie Medical SPA) continued to perform stable growth. At the end of June 2014, the group’s revenues amounted to over PLN 17.9 mln, as compared to PLN 17.9 last year. Its net loss in H1 2014 decreased to PLN 356,000, from PLN 1.23 mln in H1 2013.

Investment & finance

Atrium redevelops Warsaw mall

POLAND Management board of Atrium European Real Estate (AERE) has approved the first stage of the extension and modernization plan for the Atrium Promenada shopping centre in Warsaw. According to the company, the shopping centre will get enlarged by as much as 44,000 sqm.

Amrest satisfied with Poland, Hungary and Russia in H1

EUROPE In H1 2014, a Poland-based restaurant operator Amrest, which runs app. 760 bars under KFC, Burger King, Pizza Hut and Starbucks brands, has seen a 8.9 y-o-y increase in its revenue, to PLN 1.4 bln. However, the company also posted a significant drop in net operating profit, which hit PLN 12 mln, as compared to PLN 41.8 mln in H1 2013.

Eurobuild jointly with the "I've got a dream" fundation has granted a dream of Małgosia

Investment & finance

AFI ends H1 with EUR 27.5 mln profit

CEE REGION In H1 2014, AFI Properties, which is the parent company of the CEE developer AFI Europe, has seen an over six-fold y-o-y increase in profit, from EUR 4.3 mln to EUR 27.5 mln. The global real estate investment company’s net operating income hit EUR 39.4 mln, up 10 pct y-o-y.

Goodman optimistic about future

POLAND In its last financial year, Goodman Group has seen a 10 pct boost in operating profit worldwide, to EUR 414 mln, while its total assets under management hit EUR 18.4 bln, up 14 pct y-o-y.

Eiffage to build PLN 45 mln bus factory

POLAND Eiffage Polska Budownictwo has signed a PLN 45 mln deal to extend and redevelop a Solaris bus plant in Bolechów-Osiedle in Wielkopolskie Province, the companies announced.

Retail & leisure

Wrangler now with its very own boutique

POLAND Fashion retailer Wrangler is planning to open its first mono-branded store in Poland, in Warsaw’s Arkadia, by the end of the month, the company announced.

Residential

Dom Development project kicks off

POLAND Ground has been broken for the first stage of the Klasyków II residential estate on ul. Krokwi in Warsaw’s Białołęka district, a Dom Development project.

Hotels

Czarna Góra resort with condo hotel

POLAND Czarna Góra Apartamenty has decided to build a condo hotel near its existing Czarna Góra resort in Sienna near Stronie Śląskie in Poland’s Lower Silesian Province. Located next to the six luxury apartment buildings, the four storey condo hotel is set to house 142 apartments.

Investment & finance

Inpro borrows PLN 25 mln to build Chmielna Park

POLAND Inpro has signed a loan contract with the PKO BP bank for partial financing of the net costs related to the construction of B building at the Chmielna Park estate on ul. Chmielna and ul. Toruńska on the Spichrzów Island in Gdańsk.

Celtic about to invest in Ursus

POLAND On August 15th, after eight years of preparations, the local zoning plan for a brownfields site in the neighbourhood of ul. Orłów Piastowskich in Warsaw’s Ursus district has come into force.