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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 compared to fourth quarter 2009. However, first quarter 2010 volumes were still 65 percent higher than the 9.9 billion recorded in the same period a year ago, according to global real estate advisor DTZ in its first estimate of European investment volumes. Commenting on the figures, Magali Marton, Head of CEME (Continental Europe and Middle East) Research, said: The fall in activity over the quarter was not surprising given the flurry of activity in Q4 2009 as investors rushed to deploy capital before the end of the year. Th is seasonal pattern has been a traditional feature in the European property investment markets. In fact, the average volume over the last four quarters rose by 10 percent from 15.3 billion to 16.9 billion and underscores the gradual recovery in Europes markets. Around two-thirds of activity was accounted for by the big three markets of the UK, Germany and France, with Germany grabbing a bigger share as activity rose 40 percent over the quarter from 3.1 billion to 4.3 billion. In contrast volumes in the UK (4 billion, down 56 percent quarter-on-quarter) and France (2.4 billion, down 42 percent quarter-on-quarter) were weaker, reflecting both increased investor caution and a general lack of stock in the market. Elsewhere in Europe, the market has been very dynamic in the Nordics countries with an increase by 64 percent quarter-on-quarter to 2.6 billion. Magali Marton said: Despite much more optimism demonstrated by inves- tors, risk aversion remains evident across Europe; with investors concentrating on domestic markets and particularly on prime assets in core markets. As occupier markets remain weak and uncertainties remain over the sus- tainability of the economic recovery, a number of investors are biding their time in making decisions. With a growing level of debt due for refi nance in the next couple of years we see opportunities for those investors with equity acquire opportunities which to date have not been available in the market. Construction industry in Slovakia back on track in 2010 After serious reverses last year, growth in the Slovak construction industry should resume in the next few quarters, partly because of low base effects and an expected increase in the number of large construction contracts. Last year, the Slovak construction industry saw a major decline after the construction boom. Construction output fell by 11.3 percent, in contrast to a 12 percent increase in 2008. The steepest reduction was seen in repair and maintenance work, whereas there was a 10.9 percent fall in the volume of new construction, modernisation and reconstruction. The slight increase in civil engineering work (0.9 percent) was unable to counterbalance the steep decline in the construction of buildings (-15.1 percent). The residential category started to slump as early as 2008, with a serious decline in the second quarter of 2009, when there was a 50 percent year-on-year reduction in orders for new resi- dential construction. Activity in non-residential construction, which is the most prominent subdivision of Slovak construction production, was also dented substantially as demand for offi ces and retail space slumped. The least affected area was civil engi- neering, but companies have also seen their capacity use rates falling in this category. In January 2010, the construction industry continued to shrink, but a remarkable 17 percent increase was seen in civil engineering work. For 2010 as a whole, most of the impetus for the industry will come from infrastructure projects, but local players are also expecting the construction of buildings to recover somewhat toward the end of the year. Liebrecht & wooD confident on green solutions The developer Liebrecht & wooD has become a member of the Polish Green Building Council and will try to make its projects even more environmentally friendly. The council members are, among others, SKANSKA, GRONTMIJ Polska and Polish specialists of green architecture and construction. The main reason for Liebrecht & wooD joining the Polish Green Building Council is the intention to make new buildings even greener and environmentally friendly. The reason for becoming a member of the Polish Green Building Council is to push ourselves to make one of our principal rules, we cre- ate environment, not only buildings, even more noticeable in our projects, commented Marc Lebbe, Liebrecht & wooD Managing Director. When designing new offi ce buildings we remember that they will serve not only its users, but all of the people who are in the city, in the neighbourhood of the building or inside. PLGBC guidelines can help us realise these assumptions, he added. The influence of buildings on the environment was confi rmed in December by WWF Poland report, which shows that thanks to introduc- ing energy saving standards in construction, Poles can reduce annual emissions of CO2 by almost a million tonnes. That will mean a saving of more than PLN13 billion by the year 2020. Currently, buildings in the European Union use 40 percent of energy provided. The data that we are gathering from all over the world shows without a doubt that buildings have a huge influence on the environment and its condition. The obligation of each company, that administer or construct buildings, is to make sure that they dont cause harm to the environment and are pro-ecological. Its obvious for us, however many people forget about it, continued Marc Lebbe. Besides having Polish membership in PLGBC, Liebrecht & wooDs Romanian branch is also a member of a similar organisation Romania Green Building Council. The Polish Green Building Council is a non-profit organisation working in Poland (especially on post-industrial areas) that promotes sustainable design and construction. Th rough participation in conferences and training, the Council educates investors, designers and con- structors, and introduces a buildings rating system, that will indicate which of them are green. PLGBC is a member of the international network World Green Building Council. 23 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