ARTICLES LABELLED WITH TAG office

Benson Elliot, the UK-based private equity real estate fund manager, on behalf of its pan- European fund, Benson Elliot Real Estate Partners IV L.P. (BEREP IV) has acquired four grade A office buildings in key Polish regional markets. The properties, secured in separate off-market transactions with four different vendors, follow the fund’s acquisition of the 350-room Warsaw Sheraton Hotel in October 2015.

JLL has been selected by Portuguese company Porto Office as the exclusive commercialisation agent responsible for leasing space at Porto Office A, the second phase of the office and services investment developed in Kraków.

Granit Polus is about to transform the most valuable plot of land in Budapest by a large-scale mixed-use development. The new district will host office buildings, retail units, residential areas and hotels.

BPO/SSC take-up totalled over 60% of all-sector office take-up in 4 key BPO cities (Wroclaw, Lodz, Krakow and Sofia) in H1 2017. Vacant stock is diminishing, due to this demand impulse and strong general economic conditions. Labour availability and employee tech knowhow uplift are significant factors which influence the demand for space, according to a report by Colliers International. The key findings of the report include:

The Warsaw office market maintains its strong momentum. This year’s total supply is expected to surpass 300,000 sqm, office take-up rose in the first three quarters of 2017 by 11.2% compared with the same period of 2016 and the vacancy rate is falling, shows the latest report by tenant-only advisory firm Cresa. The growth of the SSC/BPO sector and potential Brexit are likely to drive the Warsaw market going forward.

OTP Property Investment Fund has acquired the BSR Center office building in Budapest from a fund managed by GLL Real Estate Partners.

The Openville Timişoara development, the largest mixed-use project in the west of Romania will be opened in the fourth quarter of next year, upon completion of the first phase of development. The project that integrates the current Iulius Mall Timişoara will comprise office, retail, park and entertainment uses, and is developed by the IULIUS and Atterbury Europe companies.

Although demand slightly decreased on the Prague office market in Q3 2017, the vacancy rate further declined to its current level of 7.7%, JLL reports.

Atenor announced the forward sale of the fourth building on the Váci Greens complex in Budapest to a Hungarian private fund. Building D comprises 14,145 sqm of office space, 1,502 sqm of commercial units and underground parking for 260 vehicles. Scheduled for completion by the beginning of 2018, the building is already partially (25%) leased to Unilever and to retail traders. The purchase price is estimated to be around €44 million.

A new Class A office building in Budapest’s CBD is to be delivered this year. The former electrical transformer building will comprise 2,630 sqm of modern office space on five floors. According to the developer, Markó Irodák 9 (MI9) is tailored to meet the requirements of creative workshops, start-up companies and other undertakings taking an up-to-date approach in general.