ARTICLES LABELLED WITH TAG development

Horizon Development has laid the cornerstone for its new office project. Promenade Gardens, located on Budapest’s Váci Road, is expected to be completed in Q4 2017.

Romania has significantly strengthened its position as a favourable investment destination within Central & Eastern Europe and unlike other countries in the region, the Romanian property market is not entirely dominated by its capital city. Although investors and developers are most active in Bucharest, secondary and even tertiary cities have a lot of potential as well, and several companies have decided to explore what these regional hubs have to offer. 

Futureal Group is extending its portfolio with a new office building. Located at the Váci office corridor, Advance Tower is the second phase of the group’s ongoing project that involves the development of nearly 100 square meters of office space in the capital. 

L1 building, belonging to the second phase of Brasov’s Coresi Business Park, with an area of 8,300 sqm, was delivered in September 2016. There are ongoing construction works on the second new building, N1, with 8,500 sqm, planned for delivery in Q2 of 2017. Coresi Business Park now totals over 30,000 sqm of a class office space and aims to reach 100,000 sqm in the coming years.

Inforsys, a business process outsourcing operator in Poland, is expanding its offer of comprehensive logistics services under a lease agreement with Panattoni Europe that will continue until July 2020. Inforsys will take up 10,000 sqm of warehouse space dedicated to e-commerce companies with an option to extend the lease by another 10,000 sqm. Inforsys will process orders in the facilities which will also be used as a second mass printing and envelope stuffing location in addition to the Radzymin operational centre. Cushman & Wakefield acted as the agent on the transaction.

Prologis has announced that it will begin construction of a 21,140 sqm speculative facility at Prologis Park Bratislava to meet high demand from customers throughout the region. The building, DC15, will be situated on a 22.6-hectare plot of land that was acquired by Prologis in the second quarter of 2016. The plot has a build-out potential of an additional 66,000 square metres. DC15, like all newly built Prologis facilities, will be submitted for BREEAM accreditation.  

Echo Investment – a Polish developer – and Echo Polska Properties – an international fund operating as a REIT - signed agreements to jointly buy and jointly develop a real property at ul. Towarowa 22 in Warsaw from Griffin Real Estate, a Polish private equity fund. The buyers will pay €120 million for the property – €78 million upon signing the agreement, while the remaining amount will be paid after certain planning conditions are met.

Futureal Group has announced that their latest retail development in Budapest, Etele Plaza is now in negotiations with a number of anchor tenants and they are hoping to confirm the first brands by end of Q1 2017. Located in the south-western part of Budapest, Etele Plaza is expected to attract up to 40,000 shoppers a day. This will be the first large-scale retail development in the Hungarian capital since the opening of Árkád 2 in 2013.

Skanska has laid the cornerstone for its third Kraków office project, High5ive. In the first phase of the project two buildings will be constructed by Q4 2017 with a GLA of 23,500 sqm. Upon completion the entire complex will offer 70,000 sqm of leasable space. 

In the last quarter alone South African investors have spent €1 billion in CEE and it is most likely that they won’t stop chasing higher yields anytime soon. Even though investments in Central and Eastern Europe are generally considered risky by European standards, coming from other parts of the world opportunities in the region may seem rather safe. We report from CEE Property Forum 2016, co-organised by Portfolio Property Forum and RICS, where over 300 visitors and 70 speakers came together to discuss the most pressing issues concerning regional investment markets.