News

LATVIA Eften’s Kinnisvarafond fund has sold a commercial building at Stabu 10/4 in Riga to Colonna Varahaldus for an undisclosed sum.

Delta Planet arises in Banja Luka

BOSNIA&HERZEGOVINA Delta Real Estate has started the construction of the Delta Planet shopping centre in Banja Luka.

Guess who in Galeria Libero

POLAND American fashion chain Guess will take up 300 sqm of space in the Galeria Libero shopping centre.

Falling vacancy on Moscow retail market

POLAND In Q2 2017, the vacancy rate in existing shopping centres in Moscow declined from 7.2 pct to 6.4 pct, according to JLL.

POLAND Napollo is to take over the management of its own shopping centres from CREAM, including Galeria Renova in Warsaw’s Targówek district, Galeria Grodova in Grodzisk Mazowiecki and the newly-built Galeria Piastowska in Gniezno.

Sales begin again for Cybernetyki 17

POLAND Dom Development has started apartment sales for the second stage of its Osiedle Cybernetyki 17 estate in Warsaw’s Mokotów district.

EU says no to retail tax

POLAND The European Commission has ruled that the Polish tax levied on retail sales infringes EU rules on state aid.

Murapol plays with financial instruments

POLAND Murapol has issued 28,169 bonds (series BA) each with a nominal value of PLN 1,000 in a private offer and has announced plans to set up a number of closed investment funds this year.

Refinancing for Royal Wilanów

POLAND Capital park subsidiary Hazel Investments has acquired EUR 62.5 mln in refinancing for the Royal Wilanów office building in Warsaw from BGŻ BNP Paribas and ING Bank Śląski with the loan to be paid back in five years.

Interior design

Volvo showroom redesigned

HUNGARY DVM group has completed the refurbishment of the Váci út car salon for Volvo Auto Hungária.

Hotel construction on the rise

19 June 2017

EUROPE According to the May 2017 Pipeline Report published by STR, 167,543 rooms in 1,074 hotel projects are under development in Europe, representing a 15.3 pct increase compared to May 2016.

Russians wooed by US brands

Office & mixed-use development

According to IKEA Centres Russia, US brands are currently winning over the Russian market. The most recent deals in the country have seen established stateside brands such as Armani Exchange expand their number of stores into double figures having entered the market only last year. Starbucks is expanding to new regions. Nike has developed a new concept store, and Yum! Brands, the operators of KFC and Pizza Hut have registered a 27 pct y-o-y increase in revenue for Q1 2017.

Work starts on Equilibrium

ROMANIA Skanska has begun the construction of the first phase of the Equilibrium office project in the BarbuVacarescu- Floreasca region of Bucharest which is to be developed at a cost of EUR 37 mln.

Hotels

Tui opens seventh hotel

Office & mixed-use development

CROATIA Tui Group has opened its seventh hotel, Tui Blue Jadran, which is also the oldest hotel on the Croatian Adriatic coast.

Cromwell renovates Wiśniowy Business Park

POLAND Cromwell Property Group has completed the refurbishment of the common areas in buildings D, E and F of Wiśniowy Business Park office complex at ul. 1. Sierpnia in Warsaw.

JLL expands to Łódź

Eurobuild CEE

POLAND International real estate advisory JLL is launching a new office in Łódź. It will be headed by Marta Pyziak, who was prieviously a member of the facility advisor team responsible for managing Dell’s real estate portfolio in Poland, Russia, Kazakhstan, Baltic states and Ukraine.

Residential

Echo increases apartment sales by 80 pct

POLAND In H1 2017 Echo Investment sold 554 apartments, representing an 80 pct rise y-o-y. In H1 2016, the developer signed 309 sales contracts.

Lords to invest over EUR 200 mln in Riga.

Office & mixed-use development

LATVIA Lords LB Special Fund V of the Lithuanian investment management company Lords LB Asset Management is going to invest more than EUR 200 mln into the property of former Press Chamber in Riga that was acquired for EUR 16.8 mln from Latvian Shipping Company, owned by Vitol.

Vilnius Tech Park goes virtual

LITHUANIA Vilnius Tech Park, based in the buildings of the historic Sapieha palace, has introduced virtual membership. The programme will allow more organizations not only to use the park‘s infrastructure, contacts, and partners, but also to contribute to the development of the country‘s startup ecosystem without having a physical presence.

Warsaw has Central Retail District, claims Colliers