ARTICLES LABELLED WITH TAG SEE

SEE is still a land of opportunities but things go too slowly. The size of a single country is too small for international institutional investors who prefer to buy large portfolios rather than individual assets. However, sizeable local players were optimistic about the change in foreign investors’ attitudes at the panel devoted to the investment market in this region at CEE Property Forum 2023 in Vienna.

iO Partners, JLL’s preferred partner, has opened a new office in Belgrade, Serbia. From this location, the real estate consultancy will also cover neighboring countries including Croatia, Slovenia and Montenegro. 

Industrial developer CTP has leased around 20,000 sqm at CTPark Belgrade City to Mercata VT, the biggest tobacco and FMCG distributor in Serbia. The company will use the warehouse space as its new distribution centre for the next decade. 

SES is refurbishing the King Cross shopping centre in Zagreb, Croatia which it has owned and managed since 2018. Construction work to completely refurbish the centre will begin in 2024 following an investment of approximately €40 million. Completion is scheduled for autumn 2025.

CTP has leased approximately 68,000 sqm of industrial and warehouse space to Mercator, a major Serbian supermarket chain, at CTPark Belgrade City, which will be the largest logistics hub in Serbia when complete.

CBRE has announced the appointment of Ivana Rajković Špes as Country Head for the Croatian market within its Southeast Europe Office (SEE).

The number of photovoltaic surfaces installed on SES shopping malls is constantly increasing. This year, SES has invested in the construction of photovoltaic systems in the five Slovenian shopping centres, namely Aleja, Citypark and Center Vič in Ljubljana, Citycenter Celje and Europark Maribor. The systems, boasting a total output of 4,300 kilowatts, have been in operation since July and August. They cover around one-fifth of the centres’ electricity requirement with a 1,200-ton saving in terms of CO2 emissions. The SES climate objective to fit photovoltaic systems on at least 50 percent of its available mall roof surfaces by 2040 has therefore already been achieved or exceeded to a significant extent in Slovenia. SES is currently operating four photovoltaic systems in Austria. An additional three locations are scheduled to be equipped with these systems by the end of the year.

Bulgarian real estate investment trust (REIT) Premium Property Invest, previously known as Green Industry Properties, has recently decided to bolster its financial position. The company's board of directors has officially approved a plan to increase its capital through the issuance of up to 44.2 million new voting shares. This strategic move is poised to shape the future trajectory of the company and potentially provide opportunities for

AC Hotels by Marriott, part of Marriott Bonvoy’s portfolio of 31 brands, announced its brand debut in Croatia with the opening of AC Hotel by Marriott Split. Housed on the high floors of the 135-metre-high Westgate Tower, the hotel offers 214 guestrooms.

The residential estate market in Bulgaria cooled down in Q2 2023, with a 15% decrease in the number of transactions compared to the same period in 2022. This was due to several factors, including rising interest rates on mortgage loans, inflation, and economic uncertainty. Buyers have become more prudent, not rushing into purchases, and often negotiating discounts ranging from 5% to 10% off the initial property sale price. These are the conclusions made by Arco Real Estate for Q2 2023.