ARTICLES LABELLED WITH TAG retail

Maciej Dyjas and Nebil Senman, Managing Partners at Griffin Real Estate have talked to Property Forum about investing in new opportunities, the future of the retail and changes in the office market.

The trade sector, greatly weakened by the pandemic, has gained a new investment niche. This year, the increased activity of investors, now mainly focused on the construction of retail parks and convenience centres, will result in the largest growth of these facilities in the history of the Polish market.

Retail began to transform well before the COVID-19 pandemic. It has, however, evolved a lot faster than expected and the pandemic has created a whole new environment that all market participants have to learn to navigate. Cushman & Wakefield has issued its latest report “Is Confidence Returning to the Retail Market?” highlighting what the retail market looks like from the perspective of tenants, landlords and customers.

Property investor Globalworth says all its 16 office buildings in Bucharest are using 100% green energy from renewable sources starting July 2021. 

One of the largest shopping and entertainment centre in Poznan, managed by Sierra Balmain, was sold to a new investor. The agreement finalizing the transaction was signed on September 22, 2021.

Pasaż Warmiński in Lidzbark Warmiński has changed its owner. The transaction is announced by the LCP group, which has acquired another project for its "convenience retail" portfolio.

Although the Polish retail market is still struggling with the effects of the COVID-19 pandemic, forecasts for the sector are more optimistic than for the rest of Europe. According to Oxford Economics, retail sales in Poland are expected to grow by 4.9% per annum until 2023, which would put Poland in a leading position in Europe. 2021 is expected to see approximately 209,000 sqm of GLA solely in retail parks come onto the market, meaning that 2021 would be a record breaking year for retail parks in terms of space delivered to the market. JLL and Trei Real Estate Poland, the authors of the 2nd edition of the "Retail parks and convenience centers in Poland" report, summarize the market regarding these projects at the end of H1 2021, and outline the development prospects for this sector in Poland.

Pruim, a company managed by Griffin Real Estate, has sold six retail properties with a total GLA of over 107,600 sqm to a confidential buyer. The value of the transaction is €87 million.

Etele Plaza is going to open its doors to the public at 10 AM on September 17, 2021. Budapest’s latest shopping and entertainment centre located in the immediate vicinity of Etele square, Kelenföld will offer a range of stores and services. Futureal’s €300 million development is also the first smart shopping centre in Hungary.

EPP delivered a solid performance for the first six months of 2021 in line with expectations. Both EPP’s distributable earnings increased by 54% to €33.2 million, compared to H1 2020. EPP’s net asset value per share increased by 3% to €1.12. A swift operational recovery following lockdowns and the progress made in Poland’s COVID-19 vaccination programme, low infection rates, a resilient economy, and high employment levels all support EPP’s robust performance and bode well for the future.