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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 vegetables in the Cherkasy region. Salans lawyers provided legal advice and assistance regarding legal due diligence, transaction structuring, various corporate, tax, labour, land law and construction issues, preparation of the Sale and Purchase Agreement, as well as the fi ling for antimonopoly approval. The Salans project team, led by Igor Mehedynyuk, a partner with Salans Corporate and M&A Group in Ukraine, advised Bonduelle on all aspects of this transaction. Other Salans attorneys involved in this project were Boris Schwarzer (Associate, Kyiv), Anna Tkachenko (Associate, Kyiv) and Anzhelika Shtukaturova (Associate, Kyiv). Investors are attracted to Polands positive fundamentals 2009 records the lowest investment volume since 2003 in Poland says Jones Lang LaSalle 2009 Poland has been characterized by an incremental slowdown in investment activities across all sectors with only a few major investment deals such as Atrium City, Grzybowska Park, Marynarska Point and the Mayland Portfolio. These four deals accounted for over 60 percent of the entire 2009 volume of 725 million. Tomasz Trzósło, Head of Capital Markets Central & Eastern Europe at Jones Lang LaSalle commented: Investment volume in Polands property sector in 2009 is at its lowest level since 2003. Last year 21 investment transactions were concluded with a total volume around of 725 million. To put it in context, in 2008 Poland had 1.7 billion of transactions, in 2007 the total volume was 3.2 billion and in 2006, which was a record year for Polands investment transactions, the total volume reached 5 billion. Such a heavy reduction in investment volumes was nothing surprising and was in line with heavy reductions of investment volumes throughout Europe, as a result of the fi nancial crisis. In Q4 2009, JLL analysts estimated prime offi ce yields at approximately 7.25-7.50 percent, and prime retail yields possibly closer to 7 percent. Prime warehouse/logistic yields were at 8.50-8.75 percent for 10-year leased schemes and closer to 9 percent for schemes with shorter leases. For a more secondary product (classified by shorter leases, older quality or not prime location) offi ce and retail yields continue at around 9 percent and this is unlikely to change in the foreseeable future. Trzósło added: We have started to see some yield compression in the market recently and so we are positive that yield decompression has now stopped there are investors ready to buy offi ces at 7 percent or prepared to go at or below the 8.5 percent mark for logistics product. The same applies to retail, where we believe the top product could now secure yields of below 7 percent. Secondary product will, however, continue to suffer in terms of values. The main reason for a spread of yields for secondary product is a limited pool of potential buyers for such product. However, investors demand can increase if substantial pricing discounts can be secured for such product. But that would only confirm the higher yielding approach to such assets. Concluding, JLL is currently witnessing rather limited, in comparison to 2006 and 2007, activity in the market but a substantial improvement in investor sentiment when compared to only six months ago. The recently completed deals combined with some ongoing transactions confirm improving market sentiment and this, together with reasonably good economic fundamentals of Poland, shall lead to the improvement of market turnovers and some minor compression of yield levels in 2010. ING Insurance leases 4,000 sqm in Amera Tower DTZ Echinox has mediated a lease of 4,000 sqm in Amera Tower building, in Cluj-Napoca, to ING Insurance Central Europe. Starting from July 2010, the refurbished former industrial building developed by Amera Grup will accommodate ING Insurance Central Europes regional Shared Services Centre. Amera Tower is modern 13 floor offi ce building, located in the north-western part of the city centre, on the former industrial platform Baciu. The project has 8,900 sqm, 131 parking spaces and benefits from numerous facilities and excellent public trans- portation connections. The new offi ces in Cluj Napoca will be the future workplace for employees servicing the ING Insurance business units in Czech Republic, Slovak Republic, Hungary, Poland, Romania, Greece and Spain, hosting the insurance back offi ce operations, fi nance & accounting and IT. About 300 ING employees will be located in Amera Tower this year, while another 700 will join by 2013. Th is transaction is an important milestone in further restoring the confidence in the offi ce sector in Romania and we are delighted to have been involved in our capacity of advisers to ING, com- mented Tim Wilkinson, Joint Managing Director at DTZ Echinox Currently the market in Cluj-Napoca City comprises approxi- mately 55,000 sqm of rentable offi ce space and expects the delivery of 5,000-10,000 sqm more in 2010. With a rather reduced offi ce space stock and a strong occupancy rate only 3-5 percent avail- ability Clujs offi ce market prime rents vary between 13 and 15 per sqm. Cluj-Napocas office supply is concentrated in the central area of the city. Until the fi rst quarter of 2006 this supply was represented predominantly by Class B offi ce buildings, with total rentable areas of approximately 1,000 sqm. 3 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