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Commercial Real Estate News Volume 4 No 4 (37) April 2010 FINANCE FOCUS Hypo Real Invest acquires Vyšehrad Victoria offi ce building in Prague Skanska Property Czech Republic is divesting its offi ce project, Vyšehrad Victoria, in Prague to HRI Immobilienfonds, of the Austrian Hypo Real Invest AG, for 13.5 million. Hypo Real Invest AG has through this investment made its first cross border acquisition in the Czech Republic. The building, located in Prague 4, was completed in 2008. Vyšehrad Victoria comprises approximately 5,000 sqm office space and is leased to prominent international companies such as OMV, Czech Credit Bureau and W.A.G. HYPO Real Invest AG commented: Vyšehrad Victoria, as a solid building, is the right premises for our market entry. We are happy that we had the possibility to buy from an established partner like Skanska. As Prague is one of the most reliable markets in CE further investments of Hypo Real Invest will follow. CB Richard Ellis Capital Markets advised Hypo Real Invest AG on the acquisition of the Property and Jones Lang LaSalle Capital Markets acted as advisors to Skanska. Vyšehrad Victoria, designed by Aulík Fišer Architekti architectural practice, is located in Prague 4 near the Prague Congress Centre. The eight-storey building is easily accessible and offers its clients attractive and comfortable offi ces in an exclusive location. The Fund will target dominate shopping centres across Europe ING Real Estate Investment Management launches European Shopping Centre Fund ING Real Estate Investment Management (ING REIM) is pleased to announce the launch of the ING REIM European Shopping Centre Fund, an unlisted closed-end property fund with a 7-year lifetime. The ING REIM European Shopping Centre Fund targets to 1.5 billion in dominant shopping centres across Continental Europe. The Fund will seek to benefit from the recovery in the Continental European retail real estate markets to provide investors with Core + returns in the range of 11 13 percent. The Fund will be managed by a dedicated team of professionals based in Europe. ING REIM manages in excess of 9 billion in retail AuM (assets under manage- ment) through 5 specialist funds as well as 4 mixed funds across 11 Continental European countries, offering retail exposure to its extensive client base. ING REIM has invested over 5.5 billion in the European retail sector in the period from 2004- 2009 and has a proven track record by outperforming the IPD Retail Benchmark on 3, 5, 10 and 13-year basis. Florencio Beccar has been appointed as Fund Manager and Jacques van Munster van Heuven as CFO for the ING REIM European Shopping Centre Fund. ING REIM is one of the leading investment managers in shopping centres in Europe and has an excellent track record of investing and managing shopping centres on behalf of our clients. We are able to deliver due to our unique platform of offi ces throughout Europe, which is critical to successfully implementing this new initiative, Pieter Hendrikse, CEO of ING REIM Europe said. Commenting on this new investment vehicle, Florencio Beccar added: We intend to leverage on our track record and unprecedented network in Europe to take advantage of the improvement in the economic fundamentals which are being experienced in some Western European countries already. The Fund intends to capitalise on recover- ies in both the capital markets (yield) and the occupational markets (rent) in order to achieve the target returns. Furthermore, timing is of the utmost importance as retail is expected to recover sooner than other property investment classes. Corestate wins operative asset management mandate for 110 million portfolio WGF Group has commissioned Corestate, a Swiss capital investment company, to handle the operative asset management of residential real estate with a total area of about 140,000 sqm. The service agreement was signed for an initial period of five years. One focus of the Corestate mandate will be the continuous rollback of portfolio vacancies, combined with efforts to enhance tenant loyalty. The proper- ties are located at more than 50 locations throughout Germany, mainly in the states of Hesse and North Rhine-Westphalia. High-end portfolio administration and manage- ment are part of our core competence. This will generate substantial future appreciation potential for the owner, said Thomas Landschreiber, Director of Corestate Capital AG. 11 OFFICE SPACE LISTINGS IN POLAND see inside! April 2010 Volume 4 No 4 (37) Monthly News Published by NEWS Poland well positioned to thrive Poland took centre stage for the first time at this years international real estate fair MIPIM. As a result, the country witnessed many events arranged for partic Commercial Real Estate News Volume 4 No 4 (37) April 2010 Salans advises Bonduelle Group in connection with its investments in Ukraine Salans has acted as a legal advisor in Ukraine to Bonduelle Group, in relation to its investment in the construction of a factory producing canned and frozen vegetab Commercial Real Estate News Volume 4 No 4 (37) April 2010 European housing showing signs of recovery Signs of recovery are visible in some European housing markets, especially in sales levels and prices, says the latest RICS European Housing Review. A significant number of European residential marke Commercial Real Estate News Volume 4 No 4 (37) April 2010 ProLogis leases nearly 70,000 sqm of distribution space in Central Europe ProLogis has announced that it has signed five new lease agreements in Central Europe, covering 68,800 sqm. Three lease agreements were signed in Poland, the first with Commercial Real Estate News Volume 4 No 4 (37) April 2010 Poland is well positioned to thrive after growth in 2009 say market professionals at EuropaPropertys Poland Breakfast Forum Poland took centre stage for the first time at this years international real estate fair MIPIM. As a result, the count Commercial Real Estate News Volume 4 No 4 (37) April 2010 The panel agreed that retail will be the strongest sector because the yields are so attractive. Retail has been holding up pretty well and that is coming across in our valuations, Chris Grzesik explained Going into more detail on why to inves Europaproperty.com provides comprehensive and up-to- date news, information and analysis on commercial real estate markets and related businesses. Through our printed and electronic publications, conferences and awards events we cover the whole of Central and Eastern Europe, Russia and the CIS. Subs Commercial Real Estate News Volume 4 No 4 (37) April 2010 FINANCE FOCUS Hypo Real Invest acquires Vyšehrad Victoria offi ce building in Prague Skanska Property Czech Republic is divesting its offi ce project, Vyšehrad Victoria, in Prague to HRI Immobilienfonds, of the Austrian Hypo Real Invest AG, f Commercial Real Estate News Volume 4 No 4 (37) April 2010 FINANCE FOCUS Corio acquires 1.3 billion Multi shopping centre portfolio Corio has purchased a 1.3 billion shopping centre portfolio from Multi. This ranks as one of the largest European retail portfolio transactions recorded to date. Corio w Commercial Real Estate News Volume 4 No 4 (37) April 2010 RETAIL FOCUS Galeria Kaskada GTC and Polnord join forces on retail project in Warsaw Globe Trade Centre S.A. (GTC) and Polnord S.A. (Polnord) have signed a term sheet of a joint venture for the development of a modern shopping centre on a 7 h Commercial Real Estate News Volume 4 No 4 (37) April 2010 RETAIL FOCUS The awards were witnessed by 450 top industry professionals CEE RETAIL A W ARDS Pawel Debowski, Clifford Chance Martin Erbe, WestImmo Daniel Harris, MGPA and the region as a whole, is very much an active market and one that we ho Commercial Real Estate News Volume 4 No 4 (37) April 2010 RETAIL FOCUS of the Year award. Chapman Taylor picked up Architectural Firm of the Year, Clifford Chance was awarded Law Firm of the Year and First Title took home the Professional Service Provider of the Year award. AWARD WINNERS Commercial Real Estate News Volume 4 No 4 (37) April 2010 RETAIL FOCUS TriGranit share holders inspect Arenas construction progress IKEA s Port Lodz Arena Centar works ahead of schedule A delegation of TriGranit shareholders and executive management recently visited Zagreb to inspect the constructio Commercial Real Estate News Volume 4 No 4 (37) April 2010 RETAIL FOCUS Korczowa Dolina Serdika Center Korczowa Dolina offers new commercial venue for trading with Ukraine The investors of Korczowa Dolina Distribution Centre have recently received a building permit to construct the distribution centr Commercial Real Estate News Volume 4 No 4 (37) April 2010 RETAIL FOCUS Multi Corporation sells 35 percent of Forum Mersin to Union Investment for 68 million Multi Corporation and Union Investment have finalized an agreement to purchase the remaining 35 percent of the shares owned by Multi. Union Inv Commercial Real Estate News Volume 4 No 4 (37) April 2010 RETAIL FOCUS Polands first Family Point opens in Wroclaw Polands first Family Point has opened its doors in Wroclaw. The 9,000 sqm centre is one of only a few retail parks in the country and features a total of 17 shopping and recreational ou Commercial Real Estate News Volume 4 No 4 (37) April 2010 EuropaProperty presents the 5th annual SEE Real Estate Awards for 2009 Building on the success of the last four EuropaProperty SEE Real Estate Awards, EuropaProperty is proud to present the fifth annual SEE Real Estate Awards for 2009. The Aw Commercial Real Estate News Volume 4 No 4 (37) April 2010 Segro wins a new customer in Tulipan Park Ostrava The German company Erwin Quarder has become the latest customer in Segros Tulipan Park Ostrava, leasing a total of 4,220 sqm of warehouse space. Tulipan Park Ostrava is being developed on a 4 Commercial Real Estate News Volume 4 No 4 (37) April 2010 European investment volumes up 10 percent over last four quarters says DTZ Reflecting seasonal trends, the volume of commercial real estate investment across Europe posted a 29 percent quarter- on-quarter decrease to 16.3 billion, when compar Commercial Real Estate News Volume 4 No 4 (37) April 2010 Central Europe boosts industrial real estate market Central Europe continues to play a significant role on the industrial real estate map, and despite the rebalancing of the global economy, the market saw a number of major transactions; last Commercial Real Estate News Volume 4 No 4 (37) April 2010 People on the move Kirill Popov appointed as Executive Director at C&W in Russia Cushman & Wakefield has announced the appointment of Kirill Popov as an Executive Director. Kirill will focus on coor- dinating the activities of the offi ce, re Selected Offi ce Buildings in Commercial Real Estate News Poland List your available office space in the May edition of The Wire for only 99. Deadline April 25th. Volume 4 No 4 (37) April 2010 photo name of building address net price (per sqm) class total space /available /minimum available investor Commercial Real Estate News Volume 4 No 4 (37) April 2010 Selected Offi ce Buildings in Poland, cont d photo name of building address net price (per sqm) class total space /available /minimum available investor contact agency contact Advertise your SUBLEASE offi ce space in The Wire for only 99 per The Commercial Real Estate NEWS E.C.E. Property Media ul. Łucka 15, 00-842 Warsaw, Poland iption ubscr t: s ac trial for a lease cont perty.com p pro opa eur eting mark Publisher Craig Smith craigeuropaproperty.co +48 604 144 769 Editorial Director Winston Norman winstoneuropaproperty. +48 (22) 586