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CURRENT ISSUE
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NEWS
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| Nefryt and Topaz sales signed and sealed |
2-09-2010 |
POLAND Globe Trade Centre (GTC) has finalised the sale of two of class ‘A’ office buildings in Warsaw’s Mokotów district: Nefryt and Topaz. The properties have been acquired by a fund managed by RREEF Investment. Nefryt has an area of 15,300 sqm, while Topaz contains 11,080 sqm. Tenants of the two buildings include Roche, Allianz, Cisco Systems, Motorola, Honeywell and Noble Bank. The purchase price is based on a valuation of EUR 79 mln, which means that the transaction would have an average yield of 7.2 pct. GTC expects the sale to provide it with EUR 23 mln of free cash flow.
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| Sberbank buys majority stake in DB Development |
2-09-2010 |
RUSSIA Deutsche Bank, Sberbank, Strabag and DB Development have signed a letter of intention for the sale of Strabag’s 49 pct holding in DB Development and the 2 pct stake held by the general director of the developer, Dmitry Garkusha, to Sberbank. Deutsche Bank is to retain its 49 pct stake in DB Development, which was set up as a joint venture between the German bank and Austrian constructor Strabag. The value of the transaction and Strabag’s reasons for selling its stake have yet to be disclosed. The deal is expected to go through by the end of the year.
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| F1 brought to you by the Emir |
2-09-2010 |
BULGARIA Abu Dhabi’s royal family is planning to build a Formula 1 racing circuit in Bulgaria, as part of an economic cooperation agreement signed by the Ministry of Economy and Mohammed Abdul Jalil al Blouki, a senior representative of the Emirates Associated Business Group (EABG) – an Abu Dhabi state-owned company. The F1 circuit is to be located on the site of the former Dobroslavtsi airfield near Sofia. Bulgaria is to participate in the project by contributing 320-ha of land at the former military airbase, which is worth EUR 180 mln, while the Abu Dhabi firm is to finance the project. (Source: ‘Стандарт’)
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| Small is beautiful |
2-09-2010 |
POLAND British-based investment company Bywater Properties (formerly Ethel Austin) is planning to focus on the retail market in Polish towns. The firm, which already has a portfolio of retail facilities and office buildings in Poland and the UK, has raised EUR 50 mln for its upcoming projects. In Poland the Bywater is looking to develop smaller retail facilities (around 2,000 sqm), anchored by discount retailers. Talks are now in progress regarding the purchase of construction plots in towns with more than 30,000 inhabitants. Initially, the firm is planning to develop up to ten shopping centres, with construction work on the first project scheduled to begin in early 2011. Eventually, the company’s intention is to have 80 pct of its portfolio of buildings in Poland. Investment costs for one of these projects would come to around EUR 2-3 mln.
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| Pekao prolongs record Warsaw lease |
2-09-2010 |
POLAND Bank Pekao has extended its lease of the 39,000 sqm Lipowy Office Park in Warsaw until 2020. Europolis Lipowy Office Park is the owner of the complex, which was completed in 2008. The Bank Pekao contract remains the biggest leasing deal so far on the Warsaw office market.
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| W. P. Carey gives Panattoni 100 pct |
2-09-2010 |
POLAND W. P. Carey’s publicly-held, non-traded REIT affiliate, 17-Global is to provide100 pct of the financing for the construction and development costs of a build-to-suit logistics facility being developed by Panattoni in Poznań, Upon its completion, scheduled for January 2012, the 11,400 sqm property is to be owned by CPA(R):17 and will be fully occupied under a long term triple net lease by pharmaceutical distributor Neuca (formerly Torfarm).
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| Nissin times two |
2-09-2010 |
POLAND Goodman Group is to develop a 10,100 sqm warehouse in Łysomice near Toruń for Nissin. This is the second Polish warehouse leased from the developer to the Japanese logistics company. Construction work is to start in late September and should be completed next February. The project is to be financed by a fund managed by the Goodman European Logistics Fund. The new facility is to be an extension of the current 15,700 sqm warehouse leased by Nissin from Goodman since 2008, and will be located on a 50,000 sqm site in Crystal Park in the Pomeranian Special Economic Zone.
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| Immorent takes up Lyra |
2-09-2010 |
CZECH REPUBLIC Immorent Č R has started the construction phase for a new office building on Moulíkově street in Prague 5-Smíchov. The Lyra Office building will have a total area of 7,620 sqm of class ‘A’ space with six storeys and one underground level with 64 parking spaces. Züblin stavební is the general contractor for the project, which is expected to take 12-14 months. It is designed as an environmentally friendly building for which the developer is to apply for a BREEAM certificate.
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| Three sign up for Galeria Katowicka |
2-09-2010 |
POLAND Three new lease agreements have been signed for space in the Galeria Katowicka shopping centre in Katowice. The new tenants are Swedish clothing chain KappAhl (999 sqm), a CCC (428 sqm) shoe shop and a Douglas perfumery (397 sqm).Cushman & Wakefield is the exclusive leasing agent for the mall. Galeria Katowicka is to form part of the redevelopment of the city’s main railway station on pl. Szewczyka. The centre, which will have a total area of 52,000 sqm and parking for 1,200 vehicles, is to open in Q4 2012, after the scheduled completion of the refurbished station in Q2 2012. Spanish company Neinver is the developer of the project.
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| Panattoni secures more tenants |
2-09-2010 |
POLAND The first stages of Panattoni Park Gdańsk and Panattoni Łódź Business Centre have been fully leased with the signing of three new tenants: K-EX, Farutex and DHL Global Forwarding. The companies will lease in total 6,900 sqm of warehouse space. In Łódź DHL will be occupying 3,700 sqm, while K-EX has leased 1,200 and Farutex 2,000 sqm in the Gdańsk complex. At full build-out, Panattoni Park Gdańsk will comprise three buildings and will offer 43,400 sqm of space. In May construction work began on the first 7,600 sqm building. In June, Panattoni Europe also started the construction phase for the first of two buildings planned at Panattoni Business Center Łódź, each of which will offer nearly 9,000 sqm of space.
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