Investment &amp; finance

CENTRAL EUROPE Austrian-based real estate investor Immofinanz has decided to reschedule the 27th annual general meeting, originally planned for May 22nd, due to the Covid-19 pandemic.

Ups and downs for Budimex

07 April 2020

Opr./edited by AKL

POLAND Budimex’s net revenue from the sales of products and materials amounted to slightly more than PLN 6.9 bln in 2019.

Generali buys iconic Prague department store

06 April 2020

CZECH REPUBLIC Generali Real Estate has acquired the Kotva department store in Prague for an undisclosed sum from Pražská Správa Nemovitostí (PSN) through its pan-European fund Generali Real Estate Asset Repositioning SA (GREAR). According to local media, the property changed hands for CZK 4 bln (app. EUR 150 mln), which would make it the largest real estate deal on the Czech market this year.

Aareal suspends dividends

06 April 2020

CENTRAL EUROPE Aareal Bank’s management board has resolved to suspend the payment of dividends for the 2019 and 2020 financial years at least until October 1st 2020.

Hines sells warehouse portfolio and Nord Point

03 April 2020

Opr./edited by TC

POLAND Hines Poland Sustainable Income Fund (HPSIF), an investment fund managed by Hines Polska, has finalised the sale of a portfolio of six distribution parks and the Nord Point office building in Warsaw’s Białołęka district to CGL Investment Holdings Corporation Limited.

Record revenues for CDRL

02 April 2020

Opr./edited by AKL

POLAND CDRL group, the owner of the Coccodrillo and Buslik clothing and accessories chains, generated record-high consolidated sales revenues of PLN 514.1 mln in 2019. This is an increase of almost 105 pct compared to the PLN 251.3 mln it earned a year earlier.

Vestas buys Leroy Merlin hub for EUR 71 mln

01 April 2020

POLAND Savills Investment Management has completed the EUR 71 mln purchase, on behalf of Korean institutional investors managed by Vestas Investment Management, of a 123,000 sqm BTS logistics building developed by Panattoni in Piątek, 40 km north of Łódź. The seller was Invesco Real Estate.

Wing now holds two-thirds of Echo

31 March 2020

Opr./edited by TC

POLAND Hungarian real estate group Wing has successfully acquired another 10.04 pct stake in Echo Investment in the latest stage of its buyout the Polish developer.

Good year for PHN

31 March 2020

POLAND Polski Holding Nieruchomości has announced that its consolidated net profit for 2019 increased by over 40 pct to PLN 69 mln while its rental income increased to PLN 171.9 mln from PLN 160 mln in 2018.

CCC to issue shares

27 March 2020

POLAND CCC is planning a share issue and has announced that it is to raise the share capital of the company by 20 pct.

Echo sees PLN 300 mln profit

26 March 2020

POLAND Development company Echo Investment has recorded a net profit PLN 300 mln for the full-year of 2019.

GLL buys another 7R warehouse

26 March 2020

Alex Hayes
journalist

POLAND A joint venture of 7R and Hillwood has sold a warehouse building in 7R Park Kraków to GLL Real Estate Partners for an undisclosed price.

Swedes buy into Capital Park

26 March 2020

POLAND Capital Park has announced that Swedish group Europi Property has bought a 12.27 pct in the company (13,301,161 shares).

CPI takes Moniuszki tower

25 March 2020

Alex Hayes
journalist

POLAND CPI Property Group has bought the Moniuszki 1A office building in Warsaw.

H&M cancels dividend

25 March 2020

Rafał Ostrowski
journalist

EUROPE The board of directors of H&M has proposed to the 2020 annual general meeting that the company will not pay a dividend.

Orpea keeps growing

25 March 2020

EUROPE French nursing home and hospital operator Orpea Group recorded a 246 mln consolidated net profit in 2019, up 11.6 pct y-o-y. Its revenue increased 9.4 pct to EUR 3.74 bln. The number of beds across all its homes and care centres rose by 7,657 to 104,234 beds across 22 countries. Another 21,00 are under construction.

EPP to clean house

24 March 2020

POLAND EPP has announced that it intends to sell its three remaining office buildings.

Immofinanz to cut costs

24 March 2020

CEE REGION Immofinanz has said that temporary declines in rental income from the retail business due to the spread of covid-19 should be largely offset by the cost cutting programme it is currently implementing.

Spanish owned sites sold off by bank

23 March 2020

POLAND Banco Popular Español from the Santander group has sold two investment plots in Wrocław’s Psie Pole district and in Warsaw’s Miasteczko Wilanów to local businesses.

Robyg to take over Wrocław player

23 March 2020