Volume 8 No 12

December 2014 / January 2015

CEE investment volumes increasing

Euro zone: EUR 2.00 Poland: PLN 7.00 (incl. Tax) Czech Republic: CZK 45.00 Hungary: HUF 502.00 Ukraine: UAH 13.00 Slovakia: EUR 2.00 Russia: USD 2.00 United Kingdom: GBP 1.50 Romania: RON 6.50 USA: USD 2.00

Retail•Office • Industrial&Logistics • Investment • Mixed Use

E-commerce remains the biggest challenge for retailers and developers

CEE’s top investors, developers and professionals recognised at the Investment Awards

see page 6

December 2014 January 2015

and

see page 8

Residential

Baby-boomers acting forever young will drive retail sales across Europe see page 22

CEE COMMERCIAL REAL ESTATE NEWS EuropaProperty

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EuropaProperty CEE COMMERCIAL REAL ESTATE NEWS

December 2014 January 2015

For further information contact: Craig Smith December / +48 604 144 769 [email protected] 2014 January 2015 / CEE COMMERCIAL REAL ESTATE NEWS EuropaProperty 3 Anna Kaliszewska / +48 601 382 667 / [email protected] Contacts: Craig Smith / +48 604 144 769 / [email protected] / Anna Kaliszewska / +48 601 382 667 / [email protected]

LATEST NEWS €130 million. The Budapest office investment market is continuing to pick up as Erste Open-end Real Estate Investment Fund acquired the 11,000 sqm north wing of Futureal’s recently completed Vision Towers office centre.

CEE investment volumes increasing

“Movement and action can be felt on the Hungarian investment market, so we are looking forward to opportunities in the near future and we are continuously searching for new properties. The purpose of this Fund is to focus on stable and long term investments,” said Eszter Korpás, Real Estate Fund Manager at Erste Asset Management on the deal.

Atrium purchased Focus Mall in Bydgoszcz, Poland for €122 million

Positive economic indicators in addition to the increasing availability of debt is attracting an increasingly diverse number of international investors to CEE. Encouragingly, notable recoveries in investment volume have been recorded in Hungary and Romania. However, European institutional investment funds are still focusing on Poland and the Czech Republic. “In 2013 75 percent of the ten biggest deals consisted of money from Europe. However, in 2014 a lower percentage is from Europe and more is from US capital. In Poland 50 percent of total volume has been in ten deals involving Deutsche Asset Wealth Management, Starwood Capital, Segro, Blackstone, WP Carey, Resolution/ECE, Deka and CBRE GI,” commented Mike Atwell, Head of CEE Capital Markets at CBRE on investors currently active in CEE. According to CBRE, Poland is the fourth most attractive country in Europe for investment after the UK, Germany and Spain. The thriving Polish investment market is leading in terms of volume as it attracts investors to Warsaw and regional cities not only for retail and industrial but also for office. As investment volumes for CEE are rising, investment into Russia is falling significantly. Strong growth is causing

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investors to consider non-core assets and markets. CBRE put CEE invest volume (excluding Russia) for the first half year at €2.6 billion compared to €4 billion for the whole of 2013. So far this year office has remained the preferred asset type followed by retail. However, investment into retail fell in the period to November 2014 as the limited supply of product has forced investors to purchase industrial product, with a corresponding rise in this asset class. “Investors are increasingly interested in regional commercial real estate markets, both large and smaller, recognizing their growing potential. In the coming years, these cities will witness a gradual increase in the number of transactions across all segments of the commercial real estate market as well as the implementation of new projects. There is an interesting trend that is rapidly gaining in popularity to expand and revitalize older buildings. This trend is now reaching smaller cities,” said Mike Atwell. In one of the largest European retail deals of the year, TriGranit, Europa Capital and PKP sold the Poznan City Center retail complex to a consortium of Resolution and ECE for €230 million. And more recently Atrium Euro-

EuropaProperty CEE COMMERCIAL REAL ESTATE NEWS

December 2014 January 2015

pean Real Estate purchased Focus Mall in Bydgoszcz, Poland for €122 million. The Focus Mall Shopping Centre in Bydgoszcz was developed by Parkridge Retail Development and commissioned in 2008. This 2-storey building offers 41,000 sqm of retail GLA. “Core investors are looking at Poland and Czech for prime, landmark shopping centres, viewed to offer better value against other core European countries. Whilst the regional cities across both countries have opened up with a significant shift of core and value-add capital towards this sector. Prime shopping centres in Hungary and Slovakia are also back on the radar for investors searching for stock,” said James Chapman, Head of CEE Capital Markets at C&W. The biggest investment deal for Central Europe in the third quarter was arguably the acquisition of the Eurovea shopping and office centre in Bratislava by the Slovak developer and investor J&T Real Estate from Ballymore Properties. The Prague office market is also active after a two year downturn. One of the largest transactions in the first half year was the purchase of City Tower office centre by PPF Real Estate for

What is noticeable for Hungary is the increasing role of local investment funds as the major institutional funds have still not re-entered the country following the 2008 economic downturn. In a landmark deal, Skanska Property Hungary sold the 17,800 sqm Green House office centre to the Hungarian open-ended property fund, Torony Real Estate Investment Fund managed by Diófa Fund Management. The deal is generally regarded as a significant step in the recovery of the Hungarian investment market in that an income-producing Class A office centre by a major international developer is the subject of an arm’s length investment transaction. Along with Hungary Romania is again attracting the attention of international investors. In a landmark Bucharest office deal Globalworth Real Estate has purchased the first 19,500 sqm phase of the Green Court office complex from Skanska for €44 million. Globalworth and NEPI have been prolific in Romania with regard to both acquisitions and development in recent years. “Romania is a very promising market for investors looking for prime office buildings which offer the best quality and yields that are 150-200 basis points higher than in either Poland or the Czech Republic,” said Adrian Karczewicz, Transaction Director at Skanska Commercial Development Europe. In addition to office the logistics sector is attracting investors with yields of 7.00 percent for Poland. In one of the biggest transactions of the year, the US-based Blackstone acquired the 200,000 sqm Standard Life Poland logistics portfolio for €118 million. Blackstone made the purchase through its European logistics platform, Logicor. In Hungary the Tulipan logistics park has been acquired by Blackstone as part of a portfolio deal across eight countries. This seen as a significant development in that Hungary is now included in regional logistics portfolio acquisitions. In general, a continued development and growth of CEE investment relies on favourable occupancy trends across the different sectors in all countries.

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LATEST NEWS

E-commerce remains the biggest challenge for retailers and developers

the customer, customer experience drives productivity.” Some retailers are still only in the early stages of learning how to successfully link online with retail. A big effect of ecommerce is that the distance between manufacturer and retailer is much shorter, pointed out Raimund Paetzmann. Michael Kramarz added: “The store is the message of the future of the brand, and we are finding that the number of mono brand stores are increasing. These brands need good environments, good centre management and good urban surroundings. E-commerce rarely yet earns money for most retailers – the future is multi channel.” But to achieve this companies need more skilled personnel and professionals. “Technical innovation needs a driver,” Paetzmann said. Most urgently as the traditional retail model changes, leasing models need to adapt as where the decision to purchase is made is no longer always where the sale actually takes place. But with some large retailers reporting that their online business as strongest in the catchment where they have stores, bricks and mortar stores are fundamental to their business. Many tenants will require less space as they integrate on and off-line sales, but rather than seeing this as a negative, as the industry was doing just a year ago, market experts see this as an opportunity to widen the opportunities and offer a more diverse range of leisure or other activities.

Amazon’s Director of EMEA Ops/ CS Real Estate, Raimund Paeztmann

Internet shopping is becoming more and more popular but e-commerce share in Central and Eastern Europe’s retail sales is still lower than in Western Europe. However, this is changing rapidly. It is expected that for 2014 the value of Poland’s e-commerce market will exceed PLN 30 billion. Last year it is estimated that e-commerce in Poland accounted for around 4 percent of country’s total retail sales. Compared to other European countries it is still relatively low, e.g. in Great Britain it is almost three times higher (and is still rising) which indicates significant growth potential for the sector. “In Poland, 70 percent of consumers buy over the internet,” said Michal Kramarz, Head of Retail at Google Poland. “What is more important is the rising frequency of internet shopping. We must combine physical shopping

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with the internet but at the moment, very few retailers are making money on this. If you do it wrong you lose a lot of money.” Michal Muc from Savills Property Management, added: “The growing importance of e-commerce and high development activity are some of the most important factors for developers and owners to consider. Maintaining the centre’s attractiveness for customers despite that becomes one of the key issues in centre’s management.” Books, electronic equipment, clothes, shoes and accessories and FMCG products are the most popular products bought on-line. More leading retail brands are operating also via e-shops, e.g. the share of e-shopping in total Reserved’s sales is at 2-3 percent, however, it is expected to increase to 10 percent in the next few years.

EuropaProperty CEE COMMERCIAL REAL ESTATE NEWS

December 2014 January 2015

Other retailers with e-shops include: C&A, H&M, Tatuum, Aryton, Bialcon, Zara, Orsay and many others. Also multi-brand e-stores like Zalando, PerhapsMe and Answear are becoming more popular. With this dynamic growth of online sales, the latest Experian’s footfall index data shows that shopping centre footfall is weakening in Poland. There was a 6.2 percent negative growth year-on-year when the cumulative index for January-April 2014 was considered. With this dynamic growth of online sales, Amazon’s Director of EMEA Ops/ CS Real Estate, Raimund Paeztmann, explained how consumption is changing. “Now suddenly you have something. Everything is changing, you need new technologies. Start with

“The Polish commercial real estate market is already mature, however, it still holds potential for building new or developing already existing retail projects and remains attractive for a number of developers, investors and tenants,” commented Mikael Andersson, Managing Director of Inter IKEA Centre Group Poland. “As the competition grows strong and the battle for the client is fierce, investors need to focus on building an interesting portfolio of tenants. What is more, the increasing e-commerce market coverage enforces the investors to create more attractive and engaging shopping areas in traditional objects.”

Kiko opens in Poland Kiko Milano has opened its first Polish store in Arkadia shopping centre in Warsaw. The store represents the 636th for the successful cosmetics brand that is already present in Italy, France, Spain, Portugal, Austria, Switzerland, Germany, Holland, UK and USA. Just one day before the opening, during the Mapic exhibition held in Cannes between the 18th and the 20th of November, Kiko Milano received the prestigious award for “Best Retail Global Expansion 2014”, given by a panel of Retail Industry Leaders.

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INVESTMENT AWARDS

INVESTMENT AWARDS

CEE’s top investors, developers and professionals recognised at the Investment Awards

have ever worked with - Panattoni Europe.” Echo Investment picked up three awards. The real estate developer received Office Developer of the Year, Office Project of the Year and a special commendation for their new office development in Warsaw Q22, which recently received a BREEAM Design Phase Certificate with the rating ‘Excellent’. New for this year’s awards ceremony, accentuating the strength and interest in the region’s investment sector, were the Investment Brokerage and Investment Broker Awards. JLL’s Troy Javaher won the Investment Broker of the Year and CBRE walked away with the Investment Brokerage Firm of the Year award. JLL also collected Professional Service Provider of the Year. Mayland Real Estate collected a brace of awards for its Riviera Shopping Centre in Poland, including Overall Project of the Year. Apsys, a retail developer and property manager, picked up three

EuropaProperty would like to thank all those who attended the 4th annual CEE Investment and Green Building Awards, held in Warsaw’s Intercontinental Hotel. The awards ceremony looked fantastic, and was witnessed by a select group of senior European and Central European real estate professionals; affirming the event’s status as a true landmark event for the investment sector. Companies and individuals recognised at the awards included: investors, developers, bankers, agencies and many others from throughout the CEE region. Deutsche Asset & Wealth Management was a multiple award winner at the 4th annual CEE Investment & Green Building Awards held in Warsaw on Thursday 30th October 2014. Apsys, Echo Investment, Mayland Real Estate, Amazon, Panattoni Europe and JLL also walked away with some of the big company prizes. Deutsche Asset & Wealth Management, one of world’s biggest institutional real estate funds, with a strong

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investment footprint in Europe and Poland, was the big winner of the event, collecting three awards on the night for Office Investor, Investment Deal and Overall Investor of the Year. Other Investment winners included GLL, Deka Immobilien, Tristan Capital Partner, Europa Capital, PointPark Properties, Griffin Real Estate, and Atrium European Real Estate. Bogoljub Karic founder and CEO of BK Group received this year’s Lifetime Achievement award. The award is in recognition of his outstanding services to the Eastern European real estate sector and his company’s extensive international achievements. Born in 1954 in the former Yugoslavia, Karic grew his business into a multi-billion dollar corporation, now known as the BK Group, which operates in the following industry sectors: manufacturing, civil engineering, construction, international wholesale, export & import, telecommunications, electronic media, banking, finance, and media. He also founded the first private university in Serbia and Russia, the BK Founda-

EuropaProperty CEE COMMERCIAL REAL ESTATE NEWS

December 2014 January 2015

Fabrice Bansay - Apsys Group

awards including Overall Company, Property Manager and Retail Developer of the Year. The City of Warsaw, Unibail Rodamco, Bluehouse, S+B Gruppe, Pekao Bank, Dentons, First Title, Kurylowicz & Associates and Gleeds were also among the award winners.

Robert Dobrzycki - Panattoni Europe

to all the winners. Foundations are already in place for next year’s event, which promises to be even bigger. The fifth annual CEE Investment & Green Building Awards will be held on October 29th, 2015.

On behalf of our sponsors, judges and attendees, we offer our congratulations

tion helping children and he founded the first association of industrialists entrepreneurs as well as establishing the first private bank and insurance company in Russia-CIS. Amazon’s Director of EMEA Operations and Real Estate Raimund Paetzmann was named this year’s Industry Professional of the Year. Amazon, the online giant, has made quite an impact in the CEE region opening three new fulfillment centres in Poland, with another on its way in the Czech Republic. Panattoni Europe was named Industrial Developer of the Year and won the award for CEE Investment Development of the Year for developing two of the Amazon facilities. Robert Dobrzycki, Managing Partner Panattoni Europe, made no secret of his delight, commenting: “It is a huge honour and privilege - to win two awards at such a prestigious event. Each one is special and exceptional. Both of them are a testament to the great determination and professionalism of the best team I

Andrea Benvenuti (left), Agata Konarska- TVP and Raimund Paetzmann (right) - Amazon EU

Johannes Bauer (S+B Gruppe), Agnieszka Kruszka and Jacek Jasiński - Hampton by Hilton Hotel

Tadeusz Jachowicz - Gleeds

Waldemar Lesiak - Echo Investment, Agata Konarska - TVP

December 2014 January 2015

CEE COMMERCIAL REAL ESTATE NEWS EuropaProperty

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INVESTMENT AWARDS CEE Investment Award Winners for 2014

INVESTMENT AWARDS Hotel Development of the Year Hampton by Hilton Warsaw City Centre - S+B Gruppe - Poland Refurbishment/Retrofit Project of the Year Galeria Mokotow - Unibail Rodamco Poland

Lifetime Achievement Award Bogoljub Karić - BK Group Overall Awards Overall Company of the Year - Apsys Overall Project of the Year - Riviera Center Overall Investor of the Year - Deutsche Asset & Wealth Management Overall Professional of the Year Raimund Paeztmann - Amazon

Retail Development of the Year Riviera Center - Mayland - Poland

Value Add/Core+ Investor Tristan Capital Partners

Architectural Firm of the Year Kurylowicz & Associates

Joint Venture Investment Europa Capital

Law Firm of the Year Dentons

Warehouse Investor of the Year PointPark Properties (P3)

Project Management Firm of the Year Gleeds

Investment Deal of the Year €20-50 million GLL acquired Green Day from Skanska Investment Deal of the Year €50 million+ Deka Immobilien acquired Atrium 1 from Skanska Investment Deal of the Year €100 million+ Deutsche Asset & Wealth Management acquired Rondo 1 from BlackRock BREEAM Design Phase Certificate (commendation) Q22 - Echo Investment – Poland (excellent) BREEAM in Use 2014 Euromarket in Krakow - Bluehouse Poland

Karol Bartos - Tristan Capital Partners

Katarzyna Zawodna - Skanska

Agata Konarska- TVP, Marek Koziarek - PEKAO Bank

Troy Javaher - JLL

Special Commendation - Q22 - Echo Investment

Jakub Lewkowicz - Kuryłowicz & Associates

Leszek Drogosz - Warsaw City Hall

Jan Dębski - Unbail Rodamco

Professional Service Provider of the Year JLL Title Insurance Provider of the Year First Title

Office Investor of the Year Deutsche Asset & Wealth Management

Monika Sitowicz - Dentons

From the left: Tomasz Marsz (Sharman Church Chartered Surveyors), David Yearn (First Title), Roger Dunlop (Avestus Real Estate), James Chapman (Cushman&Wakefield)

Office Development of the Year Park Rozwoju - Echo Investment Poland

Opportunistic Investor Griffin Real Estate

Retail Investor of the Year Atrium European Real Estate

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Warehouse Development of the Year Panattoni Amazon Wroclaw & Poznan - BTS

Property Management Firm of the Year Apsys Property Manager of the Year Emilia Zaluska - Unibail Rodamco Bank of the Year PEKAO Bank Investment Brokerage Team of the Year CBRE

Marek Jakubiak - Deutsche Asset & Wealth Management

Investment Broker of the Year Troy Javaher - JLL Retail Developer of the Year Apsys Industrial Developer of the Year Panattoni Europe Office Developer of the Year Echo Investment City of the Year Warsaw

EuropaProperty CEE COMMERCIAL REAL ESTATE NEWS

December 2014 January 2015

Mike Atwell - CBRE

December 2014 January 2015

CEE COMMERCIAL REAL ESTATE NEWS EuropaProperty

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FINANCE FOCUS

FINANCE FOCUS

EUROPE

Skanska sells first office building in Romania for €44 million

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Skanska has announced the sale of its first building in Romania - Green Court Bucharest. The €44 million transaction was signed with the real estate investment company Globalworth Real Estate Investments Ltd and the closing of the transaction is scheduled for Q2 2015. The first building of Green Court Bucharest has a leasable area of 19,500 sqm and it was officially opened at the end of October 2014. It is now 91 percent leased with tenants such as Schneider Electric Romania, Orange Romania, LS TRAVEL RETAIL Romania (1 Minute concept) and CORPORATE MANAGEMENT EVENTS (Best Chef). The building will be delivered fully-leased upon closing. “Romania is a very promising market for investors looking for prime office buildings which offer the best quality and yields that are 150-200 basis points higher than in either Poland or the Czech Republic. This growing investor interest is reflected both in the numerous offers we had for Green

Sale of Promenada Mall, the largest single asset transaction ever in Bucharest JLL has successfully advised Raiffeisen Evolution - the renowned Austrian development company - in the sale of the Promenada Mall (38,209 sqm of GLA) to NEPI, in Bucharest, Romania. The Promenada Mall, which was opened in October 2013, is Bucharest’s newest shopping mall, being located in the heart of the new Flore-

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Globalworth acquired Green Court Bucharest for €44 million

Court Bucharest and the city’s property investment volume recorded so far in 2014. According to JLL, 2014’s volume stands at a post-2008 high of €809 million. We are glad that our first transaction in the country was done with such a trustworthy partner as Globalworth Real Estate Investments Ltd., partnering Skanska for the first time in the CEE,” said Adrian Karczewicz, Transaction Director, Skanska Commercial Development Europe. Dimitris Raptis, Deputy Chief Executive Officer and Chief Investment Officer of Globalworth Real Estate Investments commented: “We are pleased to announce the acquisition of the first building of Skanska’s Green Court

Promenada Mall in Bucharest

asca - Barbu Vacarescu business district. Raiffeisen Evolution developed the Project to the highest international standards and as such it has become one of the landmark projects in this fast growing district. The centre is anchored by a variety of international tenants and has a multifunctional roof terrace as a unique feature.

EuropaProperty CEE COMMERCIAL REAL ESTATE NEWS

December 2014 January 2015

development project. This prestigious newly built A-class office property is strategically located in Bucharest’s new central business district. It benefits from top environmental credentials and is let to top-brand tenants on long term leases. This transaction constitutes an important milestone towards achieving our objective of owning the highest quality portfolio in the Bucharest office market.” Green Court Bucharest is the first project developed by Skanska in Romania. The project is comprised of three office buildings with a total leasable area of 52,000 sqm and has received the LEED Gold pre-certification.

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Gijs Klomp, MD and Head of Capital Markets at JLL Romania commented: “The sale of Promenada Mall just weeks after another record setting transaction in which JLL was also involved – the industrial acquisition made by P3 in Bucharest – clearly shows that Romania is indeed “back in the spotlight”. Despite the large ticket size, several international investors expressed strong interest in this high quality project. The subject transaction is the largest transaction involving a single asset in Bucharest ever and the second largest in Romania. The JLL team involved also included Agata Sekula – Regional Director, Andrei Vacaru – Head of Research and Consultancy and Diana Iorgulescu – Analyst.”

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FINANCE FOCUS

Deutsche Hypo finances the Metropolitan building in Warsaw

FINANCE FOCUS ume amounts to €133.4 million. The borrower is a special fund managed by RREEF Spezial Invest GmbH. The tenants of the property include big names from the financial, real-estate and corporate consultancy sectors. Designed by the renowned architect Sir Norman Foster and built in 2003,

The Metropolitan building

Deutsche Hypothekenbank is financing the purchase of the “Metropolitan” office and retails building in Warsaw as the sole lender. The financing vol-

the “Metropolitan” is regarded as an icon on Warsaw’s property market. With around 38,000 sqm of rentable space, the glass building stands at the

heart of the capital on one of Warsaw’s most significant public squares, the “Plac Pilsudskiego”, only a few minutes’ walk from the presidential palace. Also close by are the Warsaw National Opera and the Ulica Nowy Swiat, part of the historical Warsaw Royal Way. “By financing the ‘Metropolitan’, Deutsche Hypo has set a sign on the Polish market. We have added one of the most important properties in the centre of Warsaw to our financing portfolio,” explained Andreas Pohl, Speaker of the Board of Managing Directors of Deutsche Hypo. Since March 2014, Deutsche Hypo is present of the Polish market with a representative office. “We have set the ground for our business in the Polish market and are negotiating further interesting deals. With development rates above the European average, the Polish market has a high growth potential in the field of commercial real estate finance.”

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REINO Dywidenda FIZ fund acquires one of the buildings of Kapelanka 42 complex Skanska Property Poland has sold one of the two buildings of the Kapelanka 42 office complex in Krakow. The building was acquired by Polish fund REINO Dywidenda FIZ, managed by REINO Partners. Kapelanka 42 is Skanska’s first project developed in Krakow and the second sales transaction of an office building in the last 12 months for the company in Poland. Also, it is REINO Dywidenda FIZ’s first investment target. Kapelanka 42, comprising two buildings, offers over 30,000 sqm of modern Class A office space. The buildings were completed in Q2 and Q3 of 2014 and their official opening is scheduled for November. The building that was sold offers 11,700 sqm and is almost fully leased to several companies including Tesco, Apriso and Sygnity.

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HOTELS

www.CEEInvestmentAwards.com Sponsors & Partners 2014

Kapelanka 42 complex

REINO Dywidenda FIZ is the first Polish dividend real estate closed-end investment fund dedicated to Polish high net worth individuals (clients of private banking & wealth management). Skanska Property Poland was advised on the transaction by CBRE international consulting agency. “The sales transaction of building B of Kapelanka 42 underlines the increasing liquidity

EuropaProperty CEE COMMERCIAL REAL ESTATE NEWS

December 2014 January 2015

of the office real estate market in regional cities and proves the growing investor’s interest in the best projects in Krakow. Furthermore, another successful and swiftly conducted transaction proves Skanska’s position as a leading office space developer in Poland,” commented Mike Atwell, Head of Capital Markets, CEE in CBRE.

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For further information contact: Craig Smith / +48 604 144 769 / [email protected] Anna Kaliszewska /December +48 2014 601 382 667 / [email protected] January 2015 CEE COMMERCIAL REAL ESTATE NEWS EuropaProperty

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FINANCE FOCUS

P3 acquires logistics parks in Poland and Romania

European asset management agencies to offload €264 billion of non-core real estate

JLL has successfully advised P3 - the specialist owner, developer and manager of European logistics properties - in the acquisition of warehouse assets in Poland and Romania from CA Immobilien Anlagen AG. The portfolio consists of two logistics parks in Poland and one in Romania, totalling 467,000 sqm of leasable space. The acquisition also included 165 ha. of industrial land, principally in Poland and Romania.

Cushman & Wakefield’s EMEA corporate finance team estimates that asset management agencies have almost €264 billion of European non-core real estate exposure, according to the firm’s latest European Real Estate Loan Sales Market report at Q3 2014.

Peter Bečár, Managing Director CEE, P3, said: “P3 has doubled in size over the past year after a number of very large acquisitions in Italy and CEE and is now one of the top logistics providers in Europe. Therefore with this latest investment in Poland and Romania, it was vital to have the support of an agency partner such as JLL, who understood our business strategy and had the expertise and geographic reach to assist us in complex crossborder transactions.”

The figures in the report relate to the face value of European CRE loans, residential mortgages and REOs held by entities which have been set up by European governments to externally receive and then liquidate the ‘bad’ assets of one or more national banks. In total, European asset management agencies hold approximately €264 billion of gross non-core real estate assets, which after allowing for loan loss provisions gives a net total of approximately €173 billion.  Overall, the asset

Cushman & Wakefield’s head of EMEA loan sales, Federico Montero, added: “Many European banks will be forced to finally face up to the facts. If they hold troubled assets, they will be required to reclassify them in the upcoming stress tests which in turn may cause a few capital requirement challenges.  With the clear success of the Irish and Spanish asset management agencies, other European governments may follow suit in setting up asset management agencies to workout the non-core exposures.”

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Tomas Picha, Director, CEE Transactions at Invesco Real Estate, said:

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Invesco Real Estate was represented by Colliers International, who was retained to market the property for sale, and legal advisor Norton Rose Fulbright. Clifford Chance law firm represented Prologis.

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“This acquisition is a unique opportunity to purchase a premium-quality asset,” said Ben Bannatyne, managing director, Prologis Central and Eastern Europe. “This facility complements PEPF II’s existing portfolio and meets rising demand for well-located logistics infrastructure in Poland.”

Frank Nickel, executive Chairman of Cushman & Wakefield’s EMEA corporate finance group, said: “Whilst the UK, Spain and Ireland continue to dominate the investment landscape, new geographies are beginning to attract global capital for the first time – a trend that is only set to continue with the ongoing asset quality reviews helping to facilitate the deleveraging process. However, investors will remain cautious in regards to new markets, with the country’s legal system being a crucial investment factor.”

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The transaction follows the first acquisition by PEPF II from Invesco Real Estate of two logistics facilities in Poland and Hungary, totalling 94,200 sqm, in July.

“The successful sale of Castorama confirms the continued demand among institutional investors for core assets in Poland. This demand, combined with our active management of our client‘ s investment objectives, meant the timing was optimal for us to sell this outstanding asset. However, we continue to have a strong interest in the region on behalf of our existing investment mandates.”

SUCCESS

Lodz city centre and 2 kilometres from the intersection of the A1/E75 highway (Gdansk-Vienna) and the A2/E30 highway (Berlin).

Cushman & Wakefield has recorded €54.9 billion of closed CRE loan and REO transactions in 2014 YTD, more than the volume completed in 2012 and 2013 combined. With a pipeline of €30.8 billion in live sales and €24 billion in planned disposals, the total volume for 2014 will likely break the €60 billion mark.

Dedicated system solutions

Gijs Klomp, Managing Director and

CUSTOMIZATION

Renamed Prologis Park Stryków II, the facility comprises 50,000 sqm and is 100-percent leased to Castorama. It is located 18 kilometres southwest of

Head of Capital Markets, JLL Romania, added: “The entrance of such an important institutional specialist investor and long-term owner on the market confirms the huge potential of the industrial sector in Romania and is tangible evidence that investor appetite for Romanian property is on the rise.”

OPTION

Prologis and Invesco Real Estate (IRE), the global real estate investment manager, have announced that Prologis European Properties Fund II (“PEPF II”) has solely acquired a highquality logistics facility in Poland from IRE’s flagship pan-European openended strategy.

pleased to be involved in what is one of the year’s key industrial transactions in Central and Eastern Europe. This is underlined by the high quality of the investment products as well as their strategic locations, with all three logistics parks being well-served by excellent transport infrastructure.”

RESEARCH

Prologis acquires 50,000 sqm in Poland From Invesco Real Estate

Investor appetite for Romanian property is on the rise

MANUFACTURING

Troy Javaher, Head of Capital Markets CEE, JLL, commented: “We are very

Cushman & Wakefield completed a thorough analysis of 10 European asset management agencies to determine their combined gross, or ‘face-value’, non-core real estate exposure and consequently estimate the expected levels of commercial real estate (CRE) loan and real estate owned (REO) sales in years to come.

management agencies represent around 45 percent of the total exposure held by all European financial entities, highlighting their significant role within both the current and future deleveraging landscape.

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Gdansk, Poland

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IKEA Shopping Centres Russia reports on future development plans

IKEA Shopping Centres Russia has seen significant activity at its 14 MEGA branded malls located across Russia in 2014, as international retailers continue to seek growth in the country. Since the beginning of 2014, several international brands have entered Russia for the first time via IKEA Shopping Centres Russia’s MEGA malls. In addition, a further 56 western brands, already operating in Russia, have taken new space at MEGA malls, or have extended their existing leases, which equals a total of 25,000 sqm. International brands that have launched in Russia for the first time this year through MEGA shopping centres, include Violeta by Mango already present in five MEGA malls,

Oriflame distribution complex to be transformed into Carousel hypermarket Oriflame has sold its warehouse and distribution complex in Krasnogorsk following the strategy of expanding product lines and production volumes in Russia and moving the company’s cosmetics production facilities and logistics centre to the Noginsk district of the Moscow region. The property was acquired for more than €36 million by Russia’s leading food retailer X5 Retail Group and will be transformed into a Carousel hypermarket. Oriflame’s warehouse and distribution complex is conveniently located directly on the Baltic Highway, 10 km from the MKAD. The property is easily accessed from both directions on the New Riga Highway (Baltic Highway),

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Lefties the fashion brand owned by Inditex, opened in three IKEA Shopping Centres Russia malls, Penti, the leading Turkish fashion retailer launched in MEGA and the US fashion retailer Forever 21 will open a flagship store in a Moscow MEGA mall in the coming months. Other international brands already operating in Russia that have taken space or extended their leases at MEGA malls include Uniqlo, Lacoste, Marc Cain, Guess, Mothercare, GAS, Benetton, Dockers, Scotch & Soda and Media Markt. A key factor for the international retailer activity in Russia is that the market is far from reaching saturation point. Retail space per 1,000 inhabitants in Russia currently stands at 327 sqm, compared with 690 sqm per 1,000 inhabitants in western Europe. IKEA Shopping Centres Russia is in-

which is one of the most popular roadways in the Moscow region for active residential development. This means that the appearance of major retailers here is a very logical step. Colliers International was the exclusive consultant for the property’s sale. According to Colliers, the deal with X5 Retail Group was closed in record time. It only took three months to complete the transaction, which indicates the market’s demand for such properties. The sale of the warehouse and distribution complex in Krasnogorsk will allow Oriflame to transfer its cosmetics production to the Noginsk district of the Moscow region, where the company is implementing a €150 million investment project to build a production and logistics complex, which will also produce shampoo, deodorant and other cosmetic products. Together with the Class A warehouse complex totalling 21,000 sqm, X5 Retail Group also acquired the property’s supplemental infrastructure. Thanks

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vesting €260 million to build MEGA Mytischi. The 215,000 sqm mall is scheduled to open in 2018, and it is estimated that it will attract 25 – 30 million visitors per year, with 4.2 million people in its surrounding catchment area. The new mall is set to host a wide range of western retailers seeking a ‘safe entry platform’ into Russia. Armin Michaely, the general director of IKEA Shopping Centres Russia, commented: “We continue to benefit from offering western brands a familiar environment, where many of the legal and cultural barriers to entry have already been safely negotiated. Retailers appreciate that we are a respected multinational company with retail experience. Our significant investment plans also demonstrate our ambitions in Russia. MEGA Mytischi is a very exciting project, and the super-regional mall will set a benchmark for modern retailing in Russia.”

to the large showcase windows facing the highway and the fact that the building was built in line with world-class construction standards, X5 Retail Group will be able to adapt the premises rather quickly in order for them to serve as a Carousel hypermarket. Vasily Korobeinikov, Director of Development, Carousel, said: “The technical characteristics and current use of the building will allow X5 Retail Group to use the property for retail purposes and open the largest Carousel hypermarket in the Moscow region with technologically advanced equipment, new interiors and lighting which will satisfy our customers’ most sophisticated tastes. In addition to the hypermarket, a retail gallery will operate in the building, making it possible to expand the range of goods as well as to offer supplemental services. The conversion of the warehouse space will not take long, and we expect that the hypermarket will open in the third quarter of 2015.”

December 2014 January 2015

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How technology impacts shopping experience in the CEE region? Retail has been one of the best performing sectors in the Central Eastern European (CEE) region since 2009 and as retailers fight to gain a larger foothold, many are employing new technologies and designs into their store format to remain competitive in what is now an increasingly digitaldriven retail landscape, according to new research released by Colliers International. With the rise of mobile technology and e-commerce demand, subtle changes have been occurring to the retail store layout in the CEE region. Over time we believe this will increasingly impact the store size or footprint. The bricksand-mortar format has begun to look different to the store of five years ago and distribution channels are no longer singular or even multi – they are fusing. Damian Harrington, Regional Director of Research for Colliers International, Eastern Europe, commented: “Developing technologies have been a critical element in driving changes in the retail store format but other factors such as declining consumer discretionary spending, increased business costs and even corporate social responsibility are playing a role in this evolution.” According to the report, in 2009, household disposable income in the CEE region declined on average 6 percent, with annual growth rates only rising on average 2 percent post-crisis, compared to more than 10 percent annually pre-crisis.

ticular to move into the multi-channel / omni-channel shopping space. Sustainability initiatives driven by corporate social responsibility are also driving store format change such as logistic distribution models that use environmentally conscious transport modes. “This is an important shift in the operating model. As retailers become more sophisticated in supply-chain and inventory management, occupational demand for the logistics and distribution sector is intensifying. We have already begun to see evidence of smaller ‘hub and spoke’ distribution models take shape within the core CEE markets as e-commerce demand has buoyed,” said Harrington. According to the report, industrial take-up from occupiers specialising in e-commerce has increased fourfold, from 1.9 percent in 2011 to 9.1 percent in 2013. Sophisticated technology is commonly being implemented to streamline customer service experiences. This includes initiatives such as click-andcollect service, radio frequency identification technology (RFID) and mobile marketing platforms utilising free WiFi.

In the store, marketing efforts are now more closely related to technology, digital engagement and understanding how to collect and use big data analytics. However, the extent to which this is impacting the physical layout of the store is yet to fully materialise. In terms of physical changes to the store model, no major changes have been observed to the size of the retail store in the CEE region for the fashion and grocery sub-sectors. However, some retailers selling brown or white goods have already transitioned to a showroom style bricks-and-mortar store, typically on a smaller floor-plate where consumers can browse in-store and then order online. Technology kiosks are a common feature in-store, such as tablets and touch-screen computer terminals to check inventory, and there is a greater emphasis on entertainment and leisure services within shopping centres, particularly in Russia and Poland. In future, as retailers decrease the size of the inventory held on-site, and rely on sophisticated supply-chain efficiencies to deliver consumer demand for stock held off-site, the size of the store floor plate may shrink. This could lead to a further repositioning of shopping centre layouts and the balance between retail and entertainment uses.

Consumers are seeking greater value, greater access, greater transparency and greater convenience when they shop. While some of this is price-driven, the advancements in technology during the last five years have intensified the desire for a better service experience. As a result, more retailers are citing investment in capital expenditure towards implementing and/or upgrading technology and infrastructure models for their business, in par-

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Baby-boomers acting forever young will drive retail sales across Europe

Leroy Merlin buys bauMax Romania for €17 million The French group Adeo, owner of Leroy Merlin stores, has paid €17 million for the acquisition of the 15 stores that Austrian DIY retailer bauMax runs in Romania. Law firm Wolf Theiss advised the seller, while the buyer was assisted by the law firm Noerr. The Austrian retailer announced in the spring that bauMax would focus on five countries – Austria, Czech Republic, Slovakia, Hungary and Slovenia, and would analyse operations in Turkey, Romania, Bulgaria and Croatia.

The latest research from CBRE Global Investors, one of the world’s largest real estate investment management firms, highlights four main consumer groups which are driving the growth and development of shopping centres. As a shopping centre manager, CBRE Global Investors are well placed to identify how understanding these consumers will benefit sales and performance in a rapidly changing marketplace. The Shop and Share Girl, The Mindful Goddess, The Reboot Man and the Forever Young highlight the growing diversity in households and attitudes to spending, irrespective of previous social and class perceptions. Mixed fashion has seen a strong increase of floor space of 9 percent over the last three years and across many stores, including department, men’s floor space is expanding.

H&M to open in Galeria Północna Globe Trade Centre S.A. (GTC) has signed a lease contract with H&M, a global clothing retail leader. This notable tenant will lease over 2,100 sqm of retail space in Galeria Północna in Warsaw.

European retail investment at €33 billion highest total for period since 2007 The main challenges for retailers will be to adapt to this demographics’ tastes and demands

However the largest change is in the “Forever young” market – baby boomers from 50 and even in to their 70s. This group will drive retail sales over the next few years in many European countries, the main challenges for retailers will be to adapt to understand this demographics’ tastes and demands. Marije Braam-Mesken, Head of EMEA retail research and strategy said: “Today, retailers need to work much harder to understand customers and, in doing so, they need to target ranges and products much more sensitively. That means greater segmentation

Whilst the optimum does depend on the type of centre, location and country in which it is located, expanding and revitalising the tenant mix and broadening consumer services to appeal to a growing range of differentiated consumer groups will enable retailers to continue to build on the continuing strength of retail across Europe.

After signing an agreement in Galeria Wilanów, GTC’s other flagship project in Warsaw, the Swedish clothing chain also decided to open one of its shops in Galeria Północna, which will be located in Warsaw’s Białołęka district.

would satisfy their shopping and entertainment needs. Galeria Północna will be such a place. Market leaders see that fact and want to join,” said Anna Wysocka, JLL, the company involved in leasing Galeria Północna.

“H&M is a perfect complement to Galeria Północna’s offer. Inhabitants of right-bank Warsaw, especially of Białołęka district and its surroundings, deserve their own retail centre, which

Galeria Północna is currently at the final stages of formal and legal actions preceding commencement of construction works. Construction works will initiate as soon as the building permit is issued.

Galeria Polnocna in Warsaw

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and much more clarity in the offer on the shop floor as part of omni-channel strategies. Those retailers that are closest and most responsive to their customers will be the most successful.”

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Galeria Północna will offer its clients approximately 64,000 sqm of retail space. Just as in the case of Galeria Wilanów, GTC expects to obtain LEED gold certification for Galeria Północna. The project is co-leased by JLL and DTZ.

Investor sentiment is improving for retail properties in CEE

European retail investment reached €33 billion in the first nine months of 2014, the highest total for this period since 2007, according to the latest research from CBRE. For Q3 alone, investment volumes reached €11.1 billion, a 23 percent increase on turnover for the same quarter in 2013. The UK and the Iberia region have seen the strongest increase in retail investment activity so far this year. The UK recorded its highest retail investment level since 2007, with €12.2 billion transactions completed in the first nine months. Investment in Spanish retail was equally strong with €1.6 billion transacted in Q3, the highest quarterly total since 2007. Investor sentiment is also improving for retail properties in Central and Eastern Europe (CEE), despite the current political situation and following two quarters of relatively muted activity. Romania saw one of CEE’s largest retail deals in Q3 2014; the Immochan acquisition of a €261 million retail portfolio. Russia also saw an uptick in investment over the same period, albeit

from a very low base. Investor interest in retail, across most of Europe, continues to strengthen and there has been a notable increase in the type and nationality of the investors. This, in turn, is generating further growth in competition. As a result, the CBRE EU-28 High Street and Shopping Centre Yield Indices reported significant quarterly compressions at 11bps and 13 bps respectively, for the quarter. Average weighted prime yields now stand at 4.42 percent for high street and 5.28 percent for shopping centres, their keenest since Q3 2007 (4.41 percent) and Q2 2008 (5.13 percent), respectively. John Welham, Head of European Retail Investment at CBRE, commented: “We have a wider range of investors from more countries targeting retail investment in Europe than even before the global financial crisis. Most investors are using low levels of debt, if any, but we do see loan to values in transactions gradually increasing. In all likelihood the amount of capital - debt and equity - targeting European retail

December 2014 January 2015

investment will soon exceed 2007 levels. This is putting increased downward pressure on yields.” Iryna Pylypchuk, Director of EMEA Research and Consulting, CBRE added: “So far this year we have seen strong investor sentiment towards European retail and a growing investor pool, which is translating into a notable increase of international capital flows targeting the sector, as well as a steady stream of larger deals. With that in mind we expect strong investor competition to continue in Q4, with significant prospects of further yield compression and possibly a record high in terms of European retail investment market activity.” Anna Melnik, Head of Capital Markets Research, Research department, CBRE, Russia, commented: “Despite all the government’s efforts the Russian economy continues to approach recession under the influence of Western sanctions, rouble depreciation, oil prices decrease and tightened lending conditions. Definitely, all these factors are having a negative impact on the attractiveness of Russian assets. The retail segment was one of the first to be at risk. In the previous years, investment in this sector accounted for 20-40 percent of the total, and traditionally it was on the 2nd place among other commercial real estate segments. In the first 9 months of 2014 the retail sector is in the 4th place with a total investment of USD 200 million, or 6 percent of the total volume. The main concerns are related to the large amount of new delivery in 2014-2015 and increasing pressure on rents. Nevertheless, investments in quality, income generating properties in this sector are seen as one of the most secure at the moment.”

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LATEST NEWS

Pinnacle agrees to acquire major development sites from Mostostal Zabrze Mostostal Zabrze and Pinnacle REI have signed a preliminary purchase agreement for five major development sites in Silesia, Poland. This transaction forms the cornerstone of Pinnacle’s expansion into the Silesian market.

RETAIL FOCUS we look forward to seeing the new investments flourish in the Katowice region” – says Dariusz Pietyszuk, from Mostostal Zabrze. “We are delighted to have concluded this agreement with Mostostal Zabrze and see this investment as forming the cornerstone for our development strategy in the Katowice region of Poland. We would like to thank Mostostal Zabrze S.A. for their professionalism and commitment and look forward to continuing to work together on further initiatives in the future” – says Rory Mepham, from Pinnacle.

“Mostostal Zabrze is pleased to have worked with Pinnacle during this transaction. They are a reliable partner and

Pinnacle Poland is planning to develop high-quality business parks on each site providing workspace solutions for the 21st century. The projects

RIDA Development founder David Mitzner receives Polish Medal of Honour

retail, and industrial infrastructure needed for the modernization of the country after decades of communist rule. Apollo-RIDA Poland, RIDA’s European subsidiary is one of the largest private real estate holders in Central Europe and has been doing business from their European headquarters in Warsaw since 1995.

RIDA Development Corp., has announced that that their chairman and founder David Mitzner, has received the Order of Polonia Restituta in the Presidential Palace in Warsaw, Poland. Mr. Mitzner is receiving the award in recognition of his service to the country in the years after the fall of the Soviet Bloc. He became a leader in the development and rebuilding of office,

Q22 - Deloitte’s new headquarters in Warsaw Deloitte in Poland has leased 11,000 sqm of modern office space in Q22 office building being developed by Echo Investment. The tenant will relocate to its new office in Q2 of 2016. Experts

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“We are very proud of our chairman and founder for receiving this prestigious award. The honor is well deserved after the decades of effort that my father has invested in his country of birth,” said Ira Mitzner, President of RIDA Development. David Mitzner, a holocaust survivor, was imprisoned for eight years in the Russian Gulag before immigrating to the United States. Ira stated further from JLL represented Deloitte during the process of looking for a new office and the negotiation of lease terms. The cooperation also included the seeking of agreement on the tenant’s technical requirements as well as supervision over how the building’s space would be adapted to the needs of Deloitte. Q22 is a 155-metre-high modern office building, being developed in the business centre of Warsaw, and offering over 50,000 sqm of office space for

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will combine large format warehousing, showrooms, small business units, office space along with amenity elements such as supermarket-anchored convenience centres, petrol filling stations and fast food outlets. In 2008 Pinnacle sold one of the largest cross-border development businesses in central and eastern Europe totaling over 1 million square metres, with more than 450,000 square metres built and occupied, and a pipeline exceeding 600,000 square metres.

SHORT

MEDIUM

Pinnacle will establish a permanent presence in the Silesia Region and is focused on becoming the local development partner of choice for both private enterprise and public authorities.

David Mitzner

“He is the true embodiment of the American dream who later in life decided to return to Poland to help in the rebuilding of his childhood homeland. To receive such an outstanding honor is truly a reflection of all he has accomplished in his lifetime.” lease. Q22 has been BREEAM certified ‘Excellent’, with the highest score for an office building in this category in Poland (79.1 percent). The building’s project was designed by Kuryłowicz & Associates.

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PEOPLE ON THE MOVE

CBRE Global Investors appoints Head of Asset Management Retail EMEA CBRE Global Investors has appointed Bas Tiemstra, in a newly created role, as Head of Asset Management Retail EMEA. Bas joins CBRE Global Investors from ASR Real Estate Investment Management (ASR REIM) where he is Managing Director Commercial Real Estate and Fund Director for the ASR Dutch Prime Retail Fund. In this role, he manages a portfolio of €2 billion with a team of 38 professionals. He has been responsible for structuring and raising new equity for the ASR Dutch Prime Retail Fund. Prior to this, Bas worked as Managing Director at PRN Real Estate Development as well as five years with Syntrus Achmea Real Estate & Finance as Asset Manager and then Portfolio Manager.

April 23rd 2015, Radisson Blu Hotel, Bucharest, Romania

DTZ makes key Logistics and Retail hires in Warsaw DTZ has strengthened its Polish team with two key Directors appointed at its Warsaw office. Marc Le Bozec joins as Head of Logistics & Industrial agency and Monika Woźniak-Zawioła joined the Capital Markets team as Director for Retail properties. Marc Le Bozec is an experienced operator in the logistics sector and has been based in Poland for nearly 10 years in senior management roles at FM Logistic, Kuehne & Nagel, ID logistics and Forte SA. Previously, Marc was based in his native France with Atofina and Domaxel, the distribution platform for Leroy Merlin. Marc brings a wealth of market knowledge, experience and contacts from the logistics sector to DTZ and will have a unique insight as a former operator and tenant. At DTZ Marc will build up the Industrial & Logistics agency team to handle acquisitions and disposals for end users and owners, including leasing and build-to-suit transactions. Monika Woźniak-Zawioła has more than 16 years experience on the Polish market with ING Real Estate, TriGranit Development, Apsys and ECE Projektmanagement.

New position and promotion at Skanska Property Poland Małgorzata Turek has been appointed as Chief Operating Officer, responsible for both the Legal Department and direct coordination of all transactions of Skanska Property Poland. Małgorzata Turek has many years of experience in the real estate market gained in international law firms as well as development companies. The position of Chief Operating Officer was created in order to meet the current needs of the company. In Skanska Property Poland, Małgorzata Turek will be responsible for the Legal Department and coordination of all transactions in close cooperation with Regional Directors and the Transaction Department for the region of Central and Eastern Europe, as well as organizing work of the Polish unit’s Board of Directors. Małgorzata Turek is also a Board Member in Skanska Property Poland.

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Krzysztof Lisiecki has joined SEGRO as Property Manager responsible for managing SEGRO Logistics Park Poznań, Gądki and SEGRO Logistics Park Poznań, Komorniki. Krzysztof Lisiecki graduated from Adam Mickiewicz University in Poznań, at the Faculty of Law and Administration, field of study: law. In 2010 he obtained his Property Management License. He is also a postgraduate from Poznań University of Economics in the field of Property Economy and Organisation and Management in the Public Administration. He has been active in the property market, gaining a wealth of experience in legal services connected with property management processes and in the management of public property resources.

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PEOPLE ON THE MOVE

New Communication and Marketing Director at Colliers International Katarzyna Dorocińska has been promoted to the position of Communication and Marketing Director. She will be responsible for the communication and marketing strategy as well as coordination of the day to day team operations. Katarzyna has 15 years of professional experience in marketing and advertising. Prior to joining Colliers International, Katarzyna held the position of Creative Director at Ascott Group in Moscow. She also worked for several advertising agencies such as: Leo Burnett Hungary, Ogilvy One Worldwide Warsaw, Lowe Group Warsaw and Upstairs Young & Rubicam Warsaw. Katarzyna graduated from the Warsaw Academy of Fine Arts majoring in Graphic Design.

Atrium appoints Scott Dwyer to lead Polish operations Atrium European Real Estate Limited, an owner, operator and developer of shopping centres and retail real estate in Central and Eastern Europe, has appointed Scott Dwyer as chief executive of its operations in Poland. Dwyer will be responsible for overseeing all aspects of the group’s Polish operations. Originally from Australia, Dwyer has more than 15 years’ experience operating in Central and Eastern European markets, having been based in Poland for most of that time. He joins Atrium from Heitman International, where for the past two years he was executive vice president and head of portfolio management.

New Retail Director for Savills Savills has appointed Jaroslaw Tutaj as director, head of retail agency. This appointment is another step towards implementation of the strategy set by Savills to gain a leading position among real estate agencies in Poland. Jaroslaw has over 15 years experience on the commercial real estate market. Prior to Savills, for over two years he was responsible for leasing commercial shopping centres developed and owned by Echo Investment, including Galeria Echo in Kielce, Galaxy in Szczecin, Pasaz Grunwaldzki in Wroclaw, Olimpia in Belchatow, Veneda in Lomza and Outlet Park in Szczecin. Jaroslaw is a graduate of the Warsaw University with a Master’s degree in management and the Warsaw School of Economics with a diploma in real estate investment.

Colliers International Czech Republic announces new in-house appointment Colliers International has appointed Marcel Kolesar to Director, Head of Valuation and Advisory Services. Marcel has been involved in the commercial property market for over 9 years. He has extensive track record in providing valuation and consultancy services to various banks, property funds, investors, developers and property owners across the Czech Republic and Slovakia and was coordinating a number of valuation instructions across the CEE region. He holds a BSc in Finance and Masters in Real Estate Investment and Management. He is also Member of the Royal Institution of Chartered Surveyors.

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Premier Media Sp. z o.o. Al. Jerozolimskie 81 room 13.01A, 02-001 Warsaw Publisher Craig Smith [email protected] +48 604 144 769 Editorial Director

Winston Norman [email protected] +48 (22) 586 30 30

Poland Country Manager Anna Kaliszewska [email protected] +48 601 382 667

Hungary Country Manager Gary J. Morrell [email protected] +36 121 734 251 111

Romania Country Manager Mihaela Mazilescu [email protected] +40 21 781 25 93 +40 722 517 680

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Real Estate Event Calendar 3 - 4 February ULI Europe Annual Conference and Dinner Westin, Paris, France parisconference.uli.org 12 February 7th Annual EuropaProperty CEE Retail Real Estate Awards InterContinental, Warsaw, Poland www.retailawards.eu 10 - 13 March MIPIM Palais des Festivals, Cannes, France www.mipim.com 17 - 20 March 21st International Fair for Industrial Automation AUTOMATICON EXPOCENTRE XXI, Warsaw, Poland www.automaticon.pl 26 - 27 March 1st Annual EuropaProperty NEE Real Estate Awards Renaissance Minsk Hotel, Minsk, Belarus www.neeawards.com 30 March – 01 April International Property Show World Trade Centre, Dubai www.internationalpropertyshow. ae 13 - 17 April Hannover Messe Hannover, Germany www.hannovermesse.de 15 - 16 April 11th Annual International Conference on the Real Estate Development Esplanade Zagreb Hotel, Zagreb, Croatia www.filipovic-advisory.com

23 April 10th Annual EuropaProperty SEE Real Estate Awards & Forum Radisson Blu Hotel, Bucharest, Romania www.seerealestateawards.com 20 - 21 May GREET Vienna Palais Niederösterreich, Vienna, Austria www.greetvienna.com 28 May CEE Energy Awards InterContinental, Warsaw, Poland www.ceeenergyawards.com 1 - 2 June The 10th Annual CEE GRI Prague, Czech Republic www.globalrealestate.org 10 - 11 June PRHC • ReDI National Stadium, Warsaw, Poland prch.org.pl 17 - 18 June 3rd Annual EuropaProperty CEE Manufacturing Awards InterContinental, Warsaw, Poland www.manufacturingawards.eu

We Wish All Our Clients And Partners a Merry Christmas and a Happy New Year 2015! EuropaProperty Team

15 October PRCH Retail Awards Gala Warsaw, Poland prch.org.pl 29 October 5th Annual EuropaProperty CEE Investment Awards InterContinental, Warsaw, Poland www.ceeinvestmentawards.com

w w w. e u ro p a p ro p e r t y.c o m

TIMETABLE 2015 FEBRUARY CEE RETAIL AWARDS February 12th Warsaw www.retailawards.eu

JUNE CEE Manufacturing Awards June 17-18th Warsaw www.manufacturingawards.eu

MARCH CEE Real Estate Guide MIPIM Edition Deadline February 27th

OCTOBER CEE Investment Guide Expo Real Edition Deadline September 20th

NEE Real Estate Awards March 26-27th Minsk www.neeawards.com

CEE Investment Awards October 29th Warsaw www.ceeinvestmentawards.com

APRIL SEE Real Estate Awards April 23rd Bucharest www.seerealestateawards.com

NOVEMBER CEE Retail Guide MAPIC Edition Deadline October 20th

MAY CEE Energy Awards May 28th Warsaw www.ceeenergyawards.com 30

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Monthly CEE Commercial Real Estate News Deadline by the 20th of each month Weekly EuropaProperty Newsletter

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