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Promenade Gardens, a recently completed office building on Budapest’s Váci corridor, changed owners on 1 August 2018, when Erste Real Estate Fund purchased the 97% leased property from the developer, Budapest-based Horizon Development. The new, dual certified (LEED Gold and BREEAM Very Good) asset of 25,000 sqm has already been chosen by a number of international tenants such as Celanese and Citibank, with more signed deals to be revealed soon.

The end of the first semester has brought to light great achievements from regional cities in all real estate segments on the Romanian market. Bucharest has also performed well and, according to the real estate consultancy company Colliers International Romania, the prospects for the remainder of the year remain strong.

EPP announced the completion of its acquisition of the King Cross Marcelin Shopping Centre. The €91.1 million acquisition is EPP’s first entry into Poznan and brings the company’s portfolio to 19 retail projects.

CTP plans to invest €75 million in the acquisition of properties in Belgrade and Novi Sad as well as further developments all totalling 120,000 sqm of lettable area.

Focus Estate Fund has closed the transaction on the acquisition of the Galeria Awangarda shopping centre in Bartoszyce (Poland). The centre has a GLA of 6,126 sqm.

Poznań’s Galeria Malta, under a JV co-owned by Heitman and Neinver, has been sold to an unnamed new investor. At the same time, Balmain Asset Management and BSC Real Estate Advisors have been designated respectively as the new asset manager and property manager of the shopping centre, replacing Neinver.

The accelerated economic development of the major regional cities in Romania is beginning to influence their real estate market as well. According to Colliers International, there are strong arguments to support the increased interest in office leasing and the strong investment potential, so cities such as Cluj-Napoca, Timisoara, Iasi or Brasov can offer an alternative to Bucharest.

Bulgarian Real Estate Fund plans to invest €33 million in the construction of an office building in state-owned Sofia Tech Park. At first, the project will be financed with the proceeds from the company's planned capital increase, while at a later stage the construction works will be financed through loan financing.

According to Cushman & Wakefield, total investment volumes in Poland in H1 2018 surpassed €3 billion reaching €3,246 million, up 113% on H1 2017.

Globalworth Poland announced the acquisition of Spektrum Tower in Warsaw from Europa Capital for €101 million. With this acquisition, the combined value of the company's portfolio is now broadly split between Romania and Poland.