European shopping centre development on the...

Polish retail investment market set for new highs

see page 12

Panattoni Europe enters Romania

see page 4

Investors predict “great moderation” for global real estate as pension funds eye Europe

see page 4

Volume 10 No 1 January 2016

R e t a i l • O f f i c e • i n d u s t R i a l & l O g i s t i c s • i n v e s t m e n t • m i x e d u s e a n d R e s i d e n t i a l

European shopping centre development on the rise

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JURY MEMBERS:

Martin SabelkoCBRE Global InvestorsCEO

Marek SkoczylasMedia Saturn Holding PolandHead of Real Estate Poland

Arne BongenaarActeeum GroupManaging Director

Andrzej CzarneckiEURO-net Sp. z o.o.Development Director

Serdar ErsoyDefacto RetailChief Growth Officer (CGO)

Jarosław BatorPolskie Koleje PaństwoweBoard Member

Christoph GesslerC&A Buying GmbH & Co. KGHead of Global Real Estate

Dieter KnittelDeutsche Pfandbriefbank AGDirector Europe, Real Estate Finance International

Laurent SalamaIKEA CentresGroup Leasing Director

Waldemar MadajczykGuess PolandExecutive Board member

Kasia VolkmanTK MAXX,Head of Acquisitions & Real Estate, Poland/Austria

Karolina Bykowska“GINO ROSSI S.A” ; “SIMPLE”Investment & Development Manager

DrEng Robert BosekMagnus GroupInvestment Director

Ronan MartinCarrefour PolskaExpansion and Shopping Centers Director, Vice President of the Board

Fabrice BansayApsys GroupChief Executive Officer

Martin ErbeHelaba Landesbank HesseHead of International Real Estate Finance Continental Europe

Adrian J. HeymansECC Real EstateCEO

Marko SchönebeckHunkemöller DeutschlandReal Estate Manager

Alexandra von der GrünAdidas AGDirector Real Estate Western Europe

Zuzanna Sucharda-ModelskaPKN ORLEN S.A.Director

Małgorzata GabryśOTCF S.A.”4F”Director Expansion & Investment

Karel ZemanCBRE Global InvestorsHead of Asset Management Poland

Jonathan HallettCushman & WakefieldManaging Partner Czech & Slovakia / Head of Retail CE

Ilona Gryszko-RedoAlshaya PolandHead of Property CEE

Paweł OskrędaSmykProperty Director

Paweł Korobacz“YES Biżuteria”Expansion & Organisation Director

Marta KusiakNew LookProperty Manager

Harald AichbergerC&ALeiter Expansion/Immobilien Öster-reich/CEE/SEE

Florian SchneiderDentons (previously Salans)Managing Partner, Head of Global Retail Group

Krzysztof BocianowskiLPP S.ALeasing and Expansion Director

Wojciech SztubaTPA HorwathManaging Director

Anton SemenenkoRapa GroupHead of Retail Businesses, Member of the Board of Directors

Mihai DuicaH&MLease Manager Romania & Hungary

Olga SoloveiUkrainian Real Estate ClubCEO

Krzysztof ApostolidisFabryka Biznesu Sp. z o.o. - investor of SUKCESJAPresident of Board

Markus PinggeraDeichmannHead of Expansion and Law CSEE

Gary BurrowsDana HoldingsHead of Property and Asset Management

Stefan ForsbachMK IlluminationDirector Business Development CEE / CIS

Artur KazienkoKAZAR FootwearOwner

Ivana WinbladhUK Trade & InvestmentRegional Lead for Retail

Mikhail MerkulovArricano Real EstateChief Executive Officer

Matteo MarzottoPercassi

Adel AlasalyZİYLAN / FLO conceptInternational Sales & Business Development

Laurence PaquetImmochan PolandCEO

Joanna JóźwiakH&M Hennes and Mauritz Sp. z o.o.Expansion Manager CEE

Paul KusmierzMaster Management Sp. z o.o.Principal

David HayAFI Europe RomaniaCEO

Philippe BeurtheretImmochan HungaryGeneral Manager

Nevena KosticRetail SEE Group d.o.oOwner / Director

Andrzej TokajMagnusson Law OfficesSenior Partner

Rafał ChrapkowiczPako Lorente Sp. z o.o.President

LATEST NEWS

4 EuropaProperty CEE COMMERCIAL REAL ESTATE NEWS January 2016

Panattoni Europe enters Romania

Investors predict “great moderation” for global real estate as pension funds eye Europe and debt rises to boost returns

Following Its success in Poland, the Czech Republic and Germany, Panattoni Europe has decided to expand into other European markets. This time the developer has opened an office in Bucharest. Initially, the company will focus on developing build-to-suit (BTS) projects, but is also planning to create its own multi-tenant logistics centre near Bucharest.

More than half of investors plan to increase real estate allocations within multi-asset portfolios, according to a major new report “Global Investor Outlook” (GIO) for 2016 by Colliers International.

A key finding of the report indicates that of the more than 600 investors Colliers surveyed, over half (52 percent) will increase fund allocations to real estate in 2016, while only 11 percent plan for a decrease. Real estate investment is therefore on track for continued growth in 2016, with the global investment community bullish, especially in the U.S., but also in other core markets in Europe and across the glob.

John B. Friedrichsen, Chief Financial Officer at Colliers International, said: “Our global analysis in this report gives a unique macro-view, providing a comprehensive look at the health of the economy as well as in-depth views of market sentiment that serve as a useful bellwether for local markets worldwide.”

Panattoni’s decision to enter the Romanian market was motivated by the country ’s great potential. The Romanian economy has been improving steadily, and according to the European Commission, this trend is set to continue in the coming years. Forecasts show that in 2016 the Romanian economy will grow by 4.1 percent, and by 3.6 percent the year after, leaving behind Poland, Ireland and Slovakia.

Improving economic prospects as well as political and legal transparency are not the only reasons for the company’s move into Romania. According to Robert Dobrzycki, Chief Executive Officer, Panattoni Europe: “As a developer of industrial space, we are observing keen interest in this market from our customers and prospects alike,

Primary target markets will continue to draw the most interest, with moderating risk appetite, stable economic conditions, and low interest rates driving increased investment in secondary markets. Transactional activity in the first nine months of 2015 confirms this assessment, with $625 billion of direct property investment worldwide, representing an 11 percent increase over the same period of 2014 (Real Capital Analytics).

The GIO for 2016 found that despite a reduced appetite for risk, debt would play a greater role in the market next year as investors seek to boost cash-on-cash returns.

Colliers, a NASDAQ-listed global property company, estimates that up to US$400 billion of institutional funding could begin chasing global real estate to diversify and stop an ongoing bleed of cash driven by the underperformance of traditional fixed-income investments.

as well as from the investment sector. We always do our best to stay close to our customers and to make sure that their business is secure as far as our operations are concerned, and that is why expanding the Panattoni Europe platform to include Romania seemed necessary as well as justified.”

The newly opened Bucharest branch will be headed by Managing Director, Muler Onfrei.

European volumes are expected to increase further in 2016 driven by a variety of prime markets and attractive lending conditions. However fewer investors expect to be net buyers. US investors remain committed to Europe, with a third of them planning to invest in EMEA during the next 12 months.

This is being particularly driven by opportunity-led American private equity which is shifting from UK to continental Europe because it can achieve higher returns.

Investors from outside EMEA will typically have more of a narrow focus around London, Paris and the key German cities, with Madrid also on the radar. Asian capital will continue to focus on London and German cities in 2016, underscoring investors’ reduced appetite for risk.

The Romanian economy has been improving steadily

LATEST NEWS

Vastint obtains building permit for Business Garden Bucharest

GTC acquires Pixel office building in Poznan

CPA:17 - Global acquires Polkomtel Headquarters in Warsaw

VASTINT has obtained the building permit for a second office complex in Bucharest, called Business Garden, located in the Orhideea district. Business Garden Bucharest consists of three buildings, that will bring up to 41,000 sqm of Class A office and retail space to the market. Construction of the first building is scheduled for the beginning of

GTC has signed a preliminary agreement to acquire Pixel, an iconic and unique office building located in Poznan.

W. P. Carey Inc., a global net lease REIT specializing in corporate sale-leaseback and build-to-suit financing, and the acquisition of single-tenant net lease properties, has announced that CPA:17 – Global, one of its managed non-traded REITs, has acquired the new corporate headquarters of Polkomtel.

Polkomtel is one of Poland’s leading mobile telecommunications operators, providing services under the Plus brand. The company is part of the Cyfrowy Polsat Group, the biggest media and telecommunication group in Poland, which has 5.9 million contracted customers and 16.4 million subscribers for mobile telephons, pay TV and Internet access.

2016, and the tendering process for selecting the general contractor is ongoing.

The building permit covers the entire project - one office block of 21,000 sqm and two backdrop buildings totalling another 20,000 sqm of leasable area, in the immediate proximity of the Basarab subway stop.

It is the first Business Garden complex in Romania and the sixth of its kind across Europe. The prime office location allows easy access by subway and train, as well as by car and other means of public transport. The project consists of mid-rise buildings surrounded by a garden, with efficient office layout and high standard finishes, as well as sustainable solutions in line with LEED Certification. Varied services and amenities will be provided within the complex, to

Inaugurated in 2013, Pixel offers a total of 14,500 sqm of gross leasable office and retail area and 431 parking spaces. The building, designed by well-known JEMS architects, is an award winning sustainable office space occupied fully by Allegro.

“We are delighted to announce the acquisition of Pixel office building. Following the successful completion of our capital increase and the acquisition of Duna Tower in Budapest earlier this year, we are continuing to execute our growth strategy. The acquisition of Pixel office building marks an important step to further establish and extend GTC’s local presence in major cities in

The recently completed circa 22,700 sqm modern Class A office building meets Polkomtel’s specifications with its flexible layout, and two floors of underground parking.

Situated in Mokotow, one of Warsaw’s fastest developing office submarkets, the facility also benefits from a central location with public transport connections and efficient access to the central business district and Warsaw’s main international airport.

The initial lease term is 10 years and includes annual Eurozone CPI-based rent escalations.

support the tenants and the everyday life of their employees.

“Business Garden projects represent a successful ambassador of the Vastint mission statement and values, with an already proven contribution to the quality of life through friendlier, more efficient work spaces in inspiring settings. Through Business Garden Bucharest we intend to set a higher standard for office space on the local market, mainly to the benefit of the people working here,” said Antoniu Panait – Managing Director Vastint Romania.

Business Garden Bucharest is located in sector 6, with only a few minutes by car to the city centre, while at the same time being adjacent to the well-established Carrefour Orhideea shopping centre.

Poland and benefit from the improving office market,” said GTC CEO Thomas Kurzmann.

Pixel is located at a prominent and highly visible spot alongside Grunwaldzka Street, destined to be an attractive business location in Poznan due to its proximity to the inner-city bypass, A2 Highway as well as the city center, Central Railway Station and the airport. The location offers exceptional public transport and accessibility for tenants and visitors alike. Thanks to its setting and development potential, it makes for an ideal spot sought by companies from BPO, SSC, ITO, e-commerce and new technologies’ sectors.

Christopher Mertlitz, Vice President at W. P. Carey, commented: “This net lease transaction enhances our presence in Poland, a rapidly growing economy in Central Europe. It offered the opportunity for CPA:17 – Global to acquire a brand new, high-quality headquarters office building in Poland’s capital city leased to a major local corporation — one of the country’s leading mobile telecommunications operators. The creditworthiness of the guarantor and the attractiveness of the asset, along with the long lease term, make this acquisition a strong addition to the CPA:17 – Global portfolio.”

Business Garden Bucharest

Pixel, an iconic and unique office building

January 2015 CEE COMMERCIAL REAL ESTATE NEWS EuropaProperty 5

European shopping centre development to accelerate

European shopping centre development is set to accelerate in 2016, following the 152.6 million sqm of total floorspace across the continent reached in the first half of 2015, according to Cushman & Wakefield.

Its forthcoming European Shopping Centre Report reveals that while 1.4 million sqm of floorspace was added in the opening half of the year, three times that figure will complete in the second half of the year. It is expected that Russia, Turkey and Poland will account for 61 percent of total added space, followed by France and the UK. By the end of 2016, an estimated 9.7 million sqm of new space will have been constructed across the continent.

Cushman & Wakefield analysis identifies Istanbul, Ankara, London, Sofia and Prague as chief among the investment hotspots for international investors.

Justin Taylor, Head of EMEA Retail at Cushman & Wakefield, said: “The most crucial considerations for investors looking to allocate capital are the dynamics of the economy and the existing market saturation level in each city. Our analysis shows Istanbul, Ankara, London, Sofia and Prague are among the more undersupplied markets in Europe that also offer above average retail sales growth. This means these cities represent strong future growth prospects, both for existing shopping centre provision as well as new developments.”

At present, shopping centre activity in the CEE region is bolstered by the creation

of sizeable new projects. In contrast, developments in Western Europe have sought to meet demand in unserved areas through new small and medium sized shopping centres, as well as enlarging existing schemes to create destinations offering a wide range of retail, dining and leisure operators.

However, there are signs that the trend for large centres is spreading westwards. Sweden’s 100,000 sqm Mall of Scandinavia, which opened in November, offers quality retailers, 20 restaurants, and a 15-screen multiplex including the first commercial IMAX theatre in the Nordic region.

Another recently opened scheme is the 75,000 sqm Polygone Riviera development by Unibail-Rodamco near Nice. This is the first ‘lifestyle mall’ in France bringing consumers premium stores combined with upscale architecture, art and entertainment.

Western Europe’s development pipeline includes a number of other large-scale centres, including the 92,000 sqm Arese shopping centre in Milan. Due to open next year, its mix of 200 stores, cafes, restaurants, outdoor and indoor cultural, sport and health zones is expected to attract the most affluent population from the north of the city and also from Switzerland.

Justin Taylor added: “The first half of this year has seen a focus on the development of small and medium size shopping malls, particularly in Western Europe. However, the second half of 2015 and into 2016 will

bring a shift in this focus, and we will see some very sizable projects come on stream. What is clear is that appetite and investor returns are strong across the continent.”

The first half of the year saw €17.8 billion invested in European shopping centre transactions, a 71 percent increase compared with the same period in 2014. The UK, Germany and Spain attracted a combined €7.4 billion, 42 percent of the total amount. While the vast majority of investment was targeted at Western Europe, which has more than twice the existing shopping floorspace than CEE, the search for yield means some CEE markets are becoming mainstream targets.

Development activity in some other Central European countries has been muted. Although Poland kept its position of the second largest shopping centre market in CEE, only 171,000 sqm of new space completed in H1 2015. While extension projects (4 schemes, 70,000 sqm) were primarily undertaken in centres within larger cities, new shopping centre schemes (101,000 sqm of new space) were completed in towns with populations below 100,000 inhabitants. In H2 2015, Poland is expected to extend its shopping centre market by 358,000 sqm with the 50,000 sqm Zielone Arkady in Bydgoszcz and the 46,000 sqm Sukcesja in Lodz as key pipeline projects. However, shopping centre density 249.8 sqm/1,000 population is believed to be close to saturation and investors are looking for other opportunities turning to retail parks as viable alternatives.

Magdalena Sadal, Senior Researcher Consultant, Valuation & Advisory, Cushman & Wakefield, said: “With the annual shopping centre supply at around 500,000 sqm Poland is one of the fastest growing retail markets in Europe. This is expected to continue over the next two or three years with the delivery of Posnania providing nearly 100,000 sqm and Metropolia in Gdansk in 2016, while Galeria Północna in Warsaw, Forum Gdańsk, Wroclavia in Wroclaw and Serenada in Krakow are all planned for 2017. The saturation level that is on par with that in Western Europe will rise strongly, impacting on vacancies and rents in the long term, particularly in older schemes that do not meet the constantly growing customer expectations.”

Shopping centre activity in the region has been bolstered by the creation of sizeable new projects

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Forever 21 to open in Galeria Północna

Rockcastle acquires Platan shopping centre in Poland

A. Blikle posts a record-breaking 2015

American clothing giant, Forever 21, will open in Galeria Północna, currently being developed in Warsaw by developer GTC, and scheduled

Rockcastle Global Real Estate has acquired the 25,336 sqm Platan shopping centre in the city of Zabrze (Katowice urban area) from TRIUVA for €51.8 million.

Spiro Noussis, Chief Executive Officer at Rockcastle Global Real Estate, said: “Platan is an extremely well located shopping centre with an attractive number of core tenants and a dominant hypermarket anchor which positions it well for future growth and expansion. Rockcastle is very pleased with this addition to its growing retail portfolio and excited about our substantial investment in the city of Zabrze. This acquisition brings the total number of shopping centres in our portfolio to four existing centres, two new developments and we are actively pursuing numerous other retail opportunities in Poland which we expect to conclude in 2016.”

for opening in H1 2017. Forever 21 is heralded as one of the most popular American fashion brands, which is recognized all over the world.

According to GTC, the modern shopping and entertainment centre, which, due to its unique design features, is set to have a significant impact on the Polish retail sales market by shifting the dynamics of Warsaw’s retail sales. The new centre, located in the north-east part of Warsaw, will aim to attract not only customers from Bialoleka but also from other districts of Warsaw and its surrounding. Also, the structural design

Platan is a modern shopping centre that boasts nearly 100 percent occupancy and has been operating since 2003 offering customers a simple layout, attractive tenant mix and an extensive free parking facility.

James Chapman, Partner and Head of CE Capital Markets at Cushman & Wakefield, said: “This represents another key retail deal and that there is an increasing tendency towards long-term, strategic investment into Polish retail. The strong consumer spending projections position Poland as a future top performer in Europe for rental income growth. Cushman & Wakefield is delighted to have advised Rockcastle in the acquisition of this centrally located shopping centre in Zabrze that is set to benefit from these positive trends.”

Agata Sekuła, International Director, Head of Retail Investment CEE at JLL, added: “Poland continues to attract tenants and developers, as well as investors and importantly, investor activity in the retail sector is set to continue in the coming years as more retail schemes are completed.”

The Polish chain of cake shops and coffee houses A. Blikle performed well last year. Over the year to date it signed nine leases for new premises and added seven locations to its chain, most of which in Q4 2015.

Michał Wolczyński, Managing Director of A. Blikle, said: “In addition to expanding its distribution network A. Blikle is also revitalizing the structure and quality of its product portfolio and repositioning its brand. It has just launched an image campaign ‘A. Blikle – A Taste of Nature’ and its famous doughnuts have been made with 100 percent natural ingredients. It ’s just the beginning of upcoming changes.”

Cushman & Wakefield is the exclusive advisor of A. Blikle in its expansion.

features have made it one of the most eco-friendly buildings in its category in Poland, earning it a LEED GOLD precertification.

The gallery offers its tenants around 64,000 sqm of space and 2,300 parking places for its customers. It is one of the two, alongside Galeria Wilanów, most important GTC investments in Warsaw.

Galeria Północna

Platan shopping centre

A. Blikle performed well last year

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Future outlook for Poland’s retail market is bright

Total modern retail stock in Poland has nearly reached 13 million sqm, out of which 9.3 million sqm is accounted for by shopping centres (71 percent), followed by 3.5 million sqm for retail parks and warehouses and 0.2 million sqm for outlet centres. With a shopping centre density of 241 sqm per 1,000 inhabitants, Poland remains under the Western European level of 262 sqm.

Anna Wysocka, Head of Retail Agency at JLL, said: “2015 was a good year for the retail market in Poland. So far, schemes totaling 650,000 sqm GLA have been delivered to the market – 33 percent more than in 2014. Currently, 566,000 sqm of retail space is under construction with shopping centres accounting for 94 percent of this number. Furthermore, we recorded an increase in retail sales and positive GDP results. The level of purchasing power and increasing awareness among Polish people regarding the significance of brands is influencing decisions regarding market debuts and expansions.”

A significant number of interesting objects were launched in 2015, and a number of large projects are under development in major Polish agglomerations such as Warsaw, Poznan, Wroclaw and Tri-City. In Warsaw, a construction permit has been obtained by one of GTC’s flagship investments– Galeria Północna (64,000 sqm) located in Białołęka while administrative works are being carried out at Galeria Wilanów (61,000 sqm), GTC’s second project. Its development is scheduled to be launched in 2016.

In terms of retail formats, large shopping centres continue to dominate in major cities while local centres and convenience-type schemes are predominant in smaller cities. Developers more rarely decide to develop retail parks. Outlets are very popular with Warsaw’s three outlet centres all performing well. Furthermore, new outlets are under construction, such as Metropolitan Outlet Bydgoszcz.

According to JLL, retailers are developing dynamically but tenants are increasingly selective when it comes to the standard and location of new retail objects. As a result, they are thoroughly revising the leasing of further units.

The most well-known fashion debut on the Polish retail market was Superdry. Furthermore, fashion brands such as Kiabi, with an offer for families, and sport brands Decimas and Courir, entered Poland this year. The fitness market also saw further development (Fitness24Seven). In addition, Ecco Leather Goods, Origins, Fuddruckers, Loake, Dairy Queen, Bi1 and Benihana all opened their first stores in Poland.

There was an overall reduction in the number of debuts by foreign brands in Poland. However, according to JLL, this temporarily lower activity did not stem from a lack of attractiveness of our retail market but rather from the search for good franchise partners.

Marta Augustyn, National Director, Retail Agency at JLL, said: “We are glad that Polish

retailers are developing their portfolios. A good example of this is á Tab from the LPP group. Furthermore, retailers are looking for new locations and occupying more space, just as either CCC or Reserved which recently opened its biggest Polish store in Galeria Jurajska. Some foreign brands such as H&M are selecting space for new concepts including, for example, interior design.”

A significant trend includes the expansion of non-shopping offer within shopping centres. The range of restaurant, entertainment and cultural amenities are growing in importance and shopping centres are beginning to play a significant role in local communities by taking over non-commercial functions. The best example here is the opening of a library in Forum Gliwice (Biblioforum) and an amphitheater scheduled to be developed in Centrum Skałka in Tychy.

Omnichannel sales is developing alongside the expansion of online shopping. In addition, there is a trend involving the development of services and shopping offers in transportation hubs such as railway stations and airports. Revitalization, remodelling and expansion of existing projects continue to be an important trend on the Polish retail market. This is the owners and property managers’ response to the ageing of buildings, growing competitiveness and the constantly changing expectations of clients. Furthermore, high streets are now developing and providing extensive restaurant and fashion offers.

“The next few years will be very active in terms of the new retail stock – numerous large projects will enter the market with Galeria Północna and Galeria Wilanów in Warsaw being prime examples. Furthermore, we expect to see more debuts of new brands on the Polish market. Their presence will positively refresh and diversify the retail offer. We have a great deal of work to do regarding the tenant portfolio, but in this area Poland has positive development prospects. Nevertheless, Poland still lacks brands such as Debenhams, American Apparel, Uniqlo, Urban Outfitters and Primark, which are popular in other countries, or Kidzania – entertainment and education theme parks for children,” concluded Anna Wysocka.

The range of restaurant, entertainment and cultural amenities are growing in importance


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New shopping centres and brands for Warsaw

Polish retail investment market set for new highsAuthor: James Chapman, Partner, Head of CEE Capital Markets at Cushman & Wakefield

JLL has recently summarized the situation on the retail market in the Warsaw Agglomeration.

At the end of Q3 2015, total modern retail space in the Warsaw Agglomeration stood at 1.62 million sqm with shopping centres being the most popular format (69 percent). Shopping centre density per 1,000 inhabitants in the agglomeration reached 436 sqm, which is still less than the densities found in Poznan, Wroclaw, Tri-City and Lodz.

Investors are positive towards commercial real estate in Central and Eastern Europe and this will continue into 2016. Importantly, the Polish retail market is the most in-demand sector at the moment. Given the ongoing transactions that are expected to close next year, Czech Republic will be the biggest competitor to Poland. Further growth is also expected in Slovakia, Hungary and Romania. Going forward, Poland will stil l be the dominant market for retail investments in 2016 in view of its size and attractiveness associated with very strong fundamentals.

“We are registering growing developer activity in Warsaw and its surroundings. Retail stock in Q3 grew by an additional 31,000 sqm which was generated by Royal Wilanów and the extensions of Wola Park and Factory Ursus. Furthermore, in Q4, new Warsaw projects like MODO Domy Mody in the Wlochy district, Ferio Wawer in Wawer and Plac Vogla in Wilanow have been completed. In total, around 104,000 sqm of GLA is currently under construction, with the newly-launched Galeria Północna, the newest investment by GTC in Białołęka, being the largest project. In addition, more schemes are in various planning stages,” said Anna Bartoszewicz-Wnuk, Head of Research and Consulting at JLL.

Since January 2015, the modern retail market in the agglomeration has grown by 57,100 sqm The year ’s biggest project completed was the extension of Wola Park.

The transaction volume on the Polish retail market in Q1-Q3 amounted to €650 million and we expect a strong Q4 as well. The total retail investment volume will likely hit a new record high, surpassing the €1.3 billion total recorded in 2013. This is led by the sale of Stary Browar in Poznan to Deutsche Asset & Wealth Management for €290 million plus another two large transactions that will be concluded in the regional cities by the end of this year, each estimated at over €200 million. Likewise, Q1 and the whole 2016 may reach new highs. The Polish retail market will be particularly driven by underlying consumer spending growth and the robust economy.

One of the key trends on the Polish retail market is greater focus on schemes dominating in their catchments, an example of which is Riviera Shopping Centre in Gdynia that recently transacted for c.€300 million. There is a strong movement towards medium-sized schemes (lot sizes of €70-150 million) in smaller cities across the country, albeit

“New brands select prestigious locations and Warsaw remains the number one choice for retailers making their debut on the Polish market. In Q3, new international brands entering the Warsaw market included Origins in Galeria Mokotów, Paul in Warsaw Financial Center, Fuddruckers and Dairy Queen in Wola Park. In addition, in Q4 Forever 21 declared its intent on entering the Polish market. The company will open its store in Galeria Północna,” said Anna Wysocka, Head of Retail Agency at JLL.

The vacancy rate in Warsaw Agglomeration amounts to 1.7 percent, which is still far below the average for cities above 200,000 residents (3.1 percent).

Monthly prime rents for one sqm in shopping centres grew to €105 - €120. Rents in retail parks stand at between €9 - €10, while on high streets they are around €80 - €90 per sqm/month.

schemes that are market-leaders within their catchments. However, a new trend that has emerged over the last couple of months and is expected to continue in 2016 is demand for secondary and tertiary retail properties. Therefore, we may start seeing some older schemes getting new capital injections, as investors see opportunities in repositioning these assets.

When it comes to sources of capital, investors based in Germany, Netherlands, France and the United Kingdom will be the key players on the Polish retail market for most of the next year. The market will likely see more money coming in from Canada and North America. However, there will be a shift in terms of the type of capital, meaning less opportunistic investors and much more long-term buyers aiming to purchase assets that would play a more strategic role in their portfolios. Additionally, there should be new entrants from around the world, for instance from such destinations as South Africa.

There is growing developer activity in Warsaw

James Chapman

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RETAIL FOCUS

Growth potential of small towns on the Polish retail market

The Polish shopping centre market is becoming increasingly saturated. According to data revealed by Cushman & Wakefield, around 560,000 sqm of modern retail space came onto the market in 2015. Nearly 40 percent of that total was delivered in key agglomerations where there are already many shopping centres and competition between them is rising. Therefore, small towns deserve a special note.

In recent years developers looking for a niche on the shopping centre market have focused on cities with a population of less than 50,000, delivering shopping centres or smaller schemes such as retail parks or convenience centres. These included Galeria Neptun in Starogard Gdański, the Multishop retail park in Sochaczew, Dekada Brodnica, Stop.Shop.Żary, MYBOX Oława and Centrum Zakupów Czerwionka Leszczyny.

Retail development continues in small cities with retail parks Multishop in Jarocin and Cydr in Radzionków currently under construction. Developers delivering retail schemes in small cities include Immofinanz (Stop.Shop. retail parks), Eyemaxx Development (MyBox retail parks), Napollo (Centrum Zakupów), Retail Concept (Karuzela retail parks), Dekada Realty (Dekada centres). Local entrepreneurs who have an in-depth knowledge of their respective towns, the shopping potential and customer needs are also active market players. Working together with an advisory firm responsible for commercialization they can build a retail scheme meeting expectations of tenants and local communities.

Why invest in small towns?

What makes a retail project successful? What’s it like from the perspective of developers, tenants and customers? In order to answer these questions we will consider features of small retail parks that are being more and more often constructed in small Polish cities. According to Cushman & Wakefield’s data, in 2015 Poland had 50 retail parks totalling 950,000 sqm.

From the perspective of investors and developers location is the key factor making a developer project attractive. Location should be considered on a macro and micro scale. On the one hand, on a macro scale there is potential in small towns where there is no modern retail space, the purchasing power is high enough and unemployment levels do not deter potential investors. Both the town size and the catchment area of a retail scheme that can substantially affect the shopping potential of a location are important. In assessing the potential of small towns the current and planned supply of retail schemes should be considered. If a town already has a shopping centre, a thorough market research must be conducted before making a decision to build a retail park in it. A new retail park can either complement a shopping centre’s offer or constitute an alternative retail destination for residents of a large housing estate. Specialists of an advisory firm offering market analyses and commercialization experts can provide support in evaluating the feasibility of building a retail park.

On the other hand, on a micro scale a location is chosen on the basis of a number of factors such as presence of a strong food operator, good transport links, a large and convenient car park and proximity of housing developments. Kaufland, Lidl, Tesco and Biedronka are common food operators in small towns where retail schemes are constructed largely as convenience stores or retail parks offering 3,000-5,000 sqm of leasable space. Advantages of such retail schemes are lower construction costs and shorter delivery times than in the case of shopping centres.

Commercial success factors

From the customer’s viewpoint retail parks constructed in small towns should primarily satisfy basic shopping needs. In order to meet customer expectations and achieve a commercial success owners of such retail schemes rely on established brands. The typical tenant mix includes health and beauty stores (Rossmann, Hebe), pharmacies (Cosmedica, Arnika), footwear stores (CCC, Deichmann), stores with consumer electronics (RTV Euro AGD, Media Expert, Neonet), discount stores (Pepco, Takko, KiK), sports stores (Martes Sport), furniture and homeware stores (Abra, JYSK). Customers can therefore save a lot of time as they do not have to travel to larger cities in order to buy staple products. They can do quick shopping conveniently in a single location.

Tenants can also benefit from retail parks whose customers are less inclined to do impulse shopping in contrast to customers of shopping centres with dozens of stores. Customers come regularly to retail parks to do specific shopping quickly. The operating model of a small retail park with five to ten tenants makes this easy. Another advantage of retail parks for tenants is relatively low rents and common costs.

The potential of small towns is also appreciated by real estate funds which are more and more eager to invest in retail parks, convenience schemes and shopping centres. Investors know that following the retail space saturation on the markets of large cities retailers will also expand in smaller towns. The increased purchasing power in small towns and improving economic fundamentals will contribute to development of new retail schemes and an increase in their value. This will benefit developers, tenants and customers.

Tomasz Lipiński


Author: Tomasz Lipiński, Retail Department, Cushman & Wakefield

Contact Ryan PascoMosaic PR Warsaw

+48 510 004 363mail to: [email protected]

www.mosaicrealestatepr.com

RETAIL FOCUS

BlackRock disposes of Silesian retail portfolio in Poland

Stary Browar sold in Poznan

Rockcastle Global Real Estate has acquired a 106,700 sqm Silesian Retail Portfolio from BlackRock’s Real Estate division for €220.8 million. The seller was represented in this transaction by real estate advisory firms Cushman & Wakefield and JLL, law firm Dentons and property manager Mayland Real Estate.

Silesian Retail Portfolio comprises two shopping centres in Southern Poland, Karolinka in Opole and Pogoria in Dąbrowa Gornicza. Karolinka and Pogoria are dominant retail destinations in Silesia. They are the largest and most diversified retail destinations in Opole and Dabrowa Gornicza, offering around 70,000 sqm and 36,700 sqm GLA respectively. Both shopping centres are let to leading international and national brands. In addition to Auchan, major tenants include: H&M, LPP Group, Inditex

Fortis Nowy Stary Browar - a company owned by Grażyna Kulczyk - has sold Stary Browar centre to Deutsche Asset & Wealth Management (Deutsche AWM), a fund that invests in the real estate market on behalf of the Grundbesitz Europa German fund.

Experts from JLL’s retail investment team advised the vendor on the transaction.

Group, Decathlon, Rossmann, OBI and Leroy Merlin. The properties were developed in 2008 by Mayland Real Estate and BlackRock acquired them in 2009. With over 6-years’ trading histories, Karolinka and Pogoria are fully established shopping centres with exceptional recognition within their catchment areas. The schemes are BREEAM certified (“Excellent” and “Very Good” ranks achieved by Pogoria and Karolinka respectively), which confirms that the Silesian Retail Portfolio reflects the highest environmental and sustainability qualities.

Wojciech Smyk, Vice President at BlackRock, commented: “The sale of this portfolio is an important milestone, proving that our active asset management approach to investments and forging the right partnerships with various stakeholders was clearly a winning strategy. The disposition confirms the assets’ maturity and their regionally dominant status. I have all the reasons to believe that the new owner, specializing in retail, will keep them in excellent shape. Our real estate team at BlackRock remains active on the Polish market, currently considering other opportunities here and across CEE.”

Spiro Noussis, Chief Executive Officer at Rockcastle Global Real Estate, said: “We are very pleased with our acquisition of Karolinka

Agata Sekuła, Head of Retail Investment CEE at JLL, commented: “Participation in the sale of such a unique object as Stary Browar was a huge honour for us. The transaction confirms the continued activity of international institutional investors in the retail segment. We forecast that the volume of retail investment transactions in Poland this year will hit €1.6 billion – the best result since 2007.”

Stary Browar – Centre of Arts and Business – was developed in 2003 and is located in the centre of Poznan. The centre accommodates a retail project, art gallery and cultural space. The 220 retail and restaurant points, a modern art gallery, exhibition and event halls and a cinema multiplex are all housed in Stary Browar’s 130,000 sqm of space. The building was

and Pogoria shopping centres. We believe that they both offer substantial scope for growth and will be an important base for our retail portfolio expansion in the future. By the end of the 2015 calendar year we will own 4 shopping centres in Poland and have an additional 2 shopping centres under construction. This should give us significant momentum going into 2016.”

James Chapman, Partner and Head of CE Capital Markets at Cushman & Wakefield, said: “The sale of the Silesian Retail Portfolio is clearly one of 2015’s major highlights. Both properties generate a strong and sustainable net operating income and an excellent foundation for growth.”

Agata Sekuła, International Director, Head of Retail Investment CEE at JLL, added: “The sale of the Silesian Retail Portfolio is of outstanding importance for the Polish retail investment market as it is a clear sign of high interest from international investors for large deals and portfolio transactions. Retail investment transactions may reach the level of €1.7 billion this year in Poland, which is an exceptional result.”

based around the old Browar Huggerow (Huggers’ Brewery), a post-industrial historic object. Its investor was the Fortis company owned by Grażyna Kulczyk.

The new wing of Stary Browar (similar in size to the already existing one), offering over 65,000 sqm, opened in March 2007. Furthermore, the scheme has its own park covering four hectares.

Stary Browar has won awards on numerous occasions for its original concept and architecture and is considered to be one of Poznan’s flagship investments.


Pogoria in Dąbrowa Gornicza

Stary Browar

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CBRE Global Investors acquires Sfera shopping centre in Poland

CTP concludes purchase of Prologis portfolio in Romania

CBRE Global Investors has completed the acquisition of the Sfera Shopping Centre in Bielsko-Biala in the Silesia Region, Poland on behalf of a pan-European retail strategy.

The centre consists of two main malls with circa 61,878 sqm of GLA with 230 retail units and 2,068 parking spaces. It is an established city centre scheme with an occupancy rate of 97.2 percent. It is arranged over three floors and has an attractive tenant mix including international fashion retailers H&M, C&A, New Yorker, KappAhl, Zara, Massimo Dutti, Bershka, Pull & Bear and Stradivarius.

Sfera is well positioned in the centre of Bielsko-Biala (pop. 174,000), adjacent to the main railway station and close to the city hall. The centre is in the industrial heartland of Poland in Silesia, located 88km south-west of Krakow and 40km of the Czech border. It was built in two phases in 2001 and 2009. It has a catchment of more than 700,000 people within a 45 minute drive. The scheme has office space of 2,427 sqm, a 122-room hotel (operated by Polish chain Qubus).

Florencio Beccar, Head of Retail EMEA, CBRE Global Investors, commented: “Sfera is a well-positioned and well-let dominant shopping centre in a growing market that has a population of low unemployment and high disposable income per capita.”

The centre has enjoyed a good performance due to its location and catchment area, as

well as its roster of international retailers that is a key differentiator from Sfera’s competitors. We believe with further asset management activities we can add value to an already well-performing asset.”

Grzegorz Ryszka, Transaction Manager, CBRE Global Investors commented: “The acquisition of Sfera demonstrates CBRE Global Investors interest in, and ability to buy, dominant shopping centres in these attractive economic growth markets. We want to continue the programme of bringing in new tenants, particularly strong fashion retailers, to support our plans to add value and achieve rental growth over the hold period.”

CBRE Global Investors was advised by Linklaters, Cushman & Wakefield and CBRE Building Consultancy. Helaba provided the €96 million of financing for the transaction plus a VAT line in the amount of PLN 200 million.

CBRE Global Investors is the leading retail investment manager in EMEA with €14.8 billion of non-listed retail assets under management, 736 retail assets (of which 85 are shopping centres) across 15 countries and over 6,800 retail tenants.

In Poland, CBRE Global Investors has around €1,256 million of assets under management. With this acquisition, the portfolio will consist of six shopping centres comprising more than 239,000 sqm of GLA.

CTP has successfully concluded the purchase of the Prologis portfolio in Romania, namely the former Prologis Park Bucharest A1, now renamed CTPark Bucharest West. The transaction volume for the 100,000 sqm business park, directly located on the A1 highway 20 km from Bucharest, is approximately €40 million.

CTPark Bucharest West comprises 4 warehouse properties with a total lettable area of more than 100,000 sqm plus 36 hectares of land prepared for custom built projects. The site is located strategically across the street from an existing CTP property, directly on the A1 motorway Bucharest – Pitesti – Sibiu. The project is leased to various companies like Geodis, Cargo Partner, Kuehne Nagel, Gefco, and recently Quehenberger agreed a 20,000 sqm lease. Current occupancy stands at more than 95 percent.

“The time is right to invest in Romania with over 4 percent GDP growth projected for 2015, and a market of around 20 million inhabitants. Bucharest and other cities in Romania offer educated and available work force at competitive prices. Romania has significantly improved the infrastructure, including the road network, over the past years and these improvements look set to continue,” said Remon Vos, CTP CEO.

CTP´s portfolio of A-class industrial properties has lettable area of around 3 million sqm and CTP´s commitment is to grow to 5 million sqm by 2020.

Sfera Shopping Centre


CTPark Bucharest West

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Torus disposes Phase II of Alchemia office complex in Gdańsk

Meyer Bergman takes full control of Galeria Katowicka

Torus has signed a preliminary sales agreement for Phase II of Alchemia office complex in Gdansk with PHN SPV 33, a subsidiary of the Polski Holding Nieruchomości (PHN) Group. The value of the transaction was €60.8 million. Cushman & Wakefield represented the seller in the transaction.

Alchemia is a Class A office complex located at 411 Grunwaldzka Avenue in Gdansk. It is the most modern multifunctional complex in Tri-City, which will ultimately consist of four independent buildings featuring offices, ground floor retail and sports and leisure facilities. Alchemia will be delivered in four phases of which the second one was the subject of the transaction. The complex benefits from excellent public transport links, with numerous bus routes on its doorstep and direct access to the platform of the Fast City Train, interconnecting the whole conurbation.

A fund advised by property investment manager Meyer Bergman has taken full control of Galeria Katowicka, developed by Neinver and Poland’s state railway company PKP SA in Katowice, the regional capital of Silesia.

Alchemia Phase II was completed in October 2015 and comprises two towers of six and eight storeys with separate reception areas and a four-storey link building. The gross leaseable area of Alchemia Phase II amounts to over 25,000 sqm. Anchor tenants are State Street (occupying an entire office tower), Wipro IT Services and Alexander Mann Solutions. The scheme was designed by a renowned APA Wojciechowski Architekci architectural studio and is one of a few projects in Poland to be awarded with LEED Platinum certificate.

“The transaction of Alchemia Phase II sets a new benchmark high in the Tri-City office market and pays tribute to the continued success story of Torus. The Alchemia complex is clearly one of the highest quality developments in Poland, which is evidenced by the strong interest of occupiers as well as core investors. Never before have Polish regional cities seen such high leasing and investment activity as now, and we forecast this to continue over the next 3 years,” said Soren Rodian Olsen, Head of Office & Industrial Investments at Cushman & Wakefield.

According to

our forecasts,

2016 is likely to

see investment

volumes similar

to the ones

registered last

year, of €800

million. In 2015,

t r a n s a c t i o n a l

activity had

diverse structure in terms of deals

generating sectors, as noteworthy

transactions were signed on industrial,

office and retail segments. We expect

similar trends for the years to come

and prime office stock will be the key

driver of investment volumes. With

main CEE markets facing prime yields’

compression, Romania still holds the

great advantage of pricing. Prime

office yields of 7.5 percent grant

Bucharest significant opportunities

for investors looking for high returns.

Supported by healthy macroeconomic

indicators and improving liquidity,

the Romanian investment market will

move in line with economic trends and

sees important investment potential

ahead. In spite of intense recent

activity, Romania still needs a push on

increasing the core investors present

and active on the local market and we

expect witnessing more diverse capital

resources in the near future.

Meyer Bergman European Retail Partners entered into a 50/50 JV with Neinver to develop the scheme in late 2010 alongside PKP, which contributed the land in the venture. The fund purchased an additional 30 percent stake in the JV in 2012 It has now acquired the remaining interest from Neinver and PKP for an undisclosed sum.

The €240 million redevelopment opened in September 2013 as part of Katowice’s programme to regenerate its city centre and offers 47,500 sqm of retail space with direct access to the main railway station and the new underground bus station.

Mark Gamble, Meyer Bergman’s Head of Asset Management, said: “Since opening, Galeria Katowicka is well on its way to becoming a high performing asset that will appeal to institutional investors who are looking for exposure to one of the strongest growth markets in Europe. The centre’s location at the heart of the city and integration into the regional capital’s main transport hub, the second busiest after Warsaw, are undeniable attractions to leading brands and the growing numbers of visitors.”

Meyer Bergman has appointed Apsys Poland as Galeria Katowicka’s property manager overseeing daily operations and leasing.

Alchemia office complex

Galeria Katowicka


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FINANCE/INVESTMENT

TPG Real Estate completes acquisition of TriGranit

East Capital launches Baltic Property Fund III Dentons advises GTC in acquisition of Duna Tower in Budapest

TPG Real Estate, the real estate arm of global private investment firm TPG, has closed its acquisition of TriGranit, one of the largest fully integrated, real estate platforms in Central Europe. As part of the transaction, TPG acquired a portfolio

East Capital, a specialist in emerging and frontier markets, has announced the launch of the East Capital Baltic Property Fund III, which is the company’s third vehicle to target the real estate sector in the Baltic States since 2005.

The Fund will invest in high-quality commercial properties within retail, office and logistics, with well-established tenants in established and sought after locations in Tallinn, Riga and Vilnius. The Fund’s term is eight years with a possible extension of two years.

The Fund is a Luxembourg based SIF-fund with an expected size of up to €100 million, targeting institutional investors, and has over €70 million in commitments at the time of launch.

Kestutis Sasnauskas, Head of Private Equity and Real Estate at East Capital, commented: “We are very encouraged by the prospects of good long-term growth in value for properties in the Baltic countries. High yield, recovering rent levels and decreasing vacancy rates

of office and retail assets predominantly located in Poland, with select exposure to other key Central European locations. TriGranit, with operational and capital support from TPG Real Estate, will build on its leading Central European real estate platform, focused on office and retail projects. The company, with offices in Budapest, Warsaw, Krakow and Bratislava will pursue a full spectrum of real estate activities including acquisitions, development, construction, and property and asset management. The senior management team will remain with the company after the transaction.

“The new TriGranit will manage a much wider scope of activities than before. As an integrated real estate platform, we will not only focus on development and management of retail and office projects, but also acquisitions of high quality assets. Poland and the capital cities in Central Europe remain our main area of focus. We see enormous potential

make the sector very attractive. East Capital’s total real estate assets under management stand at around €300 million, 250,000 sqm and more than 500 lessees in all three Baltic countries. This reconfirms our position as one of the leading investors in the Baltic real estate market.”

The market, especially in Tallinn, Riga and Vilnius, shows yield levels of seven to eight percent, which is two to three percentage points higher than in the Nordic capitals. The fact that rents have recovered and lending terms from primary Nordic banks are favourable ensure the continued attractiveness of the Baltic real estate sector.

“We are equally encouraged by the increased interest in the sector among international investors, with transaction volumes returning to pre-crisis levels. This is further underpinned by the stable economies, which represent the highest growth in the Eurozone, with low unemployment and low inflation,” added Kestutis Sasnauskas.

Dentons has advised leading Warsaw-headquartered CEE commercial real estate company Globe Trade Centre S.A. (GTC) in its 100 percent acquisition of Duna Tower, an iconic office building in Budapest’s Váci Corridor. Duna Tower is a 16-floor twin-tower Class A office building on the Pest side of Árpád Bridge, with a total GLA of 31,500 sqm.

“We are very proud to have had the opportunity to support GTC in this high-value transaction,” commented Judit Kővári, head of Dentons’ Budapest Real Estate group. “This deal demonstrates the continuing potential for cross-border real estate transactions in the current CEE/SEE environment. It also pairs an active and dynamic acquirer with a value-accretive asset which can be further enhanced as part of the new ownership’s growth strategy.”

in the countries in this region due to their favourable macro environment and real estate trends,” said Árpád Török, CEO of TriGranit.

“This transaction represents the culmination of over a year of work to acquire a high quality platform and real estate via a corporate carve-out. We look forward to working with this experienced management team to achieve TriGranit ’s next successful chapter of growth,” said Anand Tejani, Partner of TPG Real Estate.

Michael Abel, Principal of TPG Real Estate added, “Following a long history of successful real estate development, investment and management, TriGranit presents a unique opportunity to continue the growth of a leading, fully integrated real estate platform.”

Arpad Torok, CEO of TriGranit


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Prologis appoints Ben Bannatyne as President of Prologis EuropeBen Bannatyne has been appointed President of Prologis Europe, succeeding Philip Dunne. Bannatyne stepped into his new role in January 2016 and work with Philip Dunne to ensure a seamless transition. He will report to Gary E. Anderson, chief executive officer, Prologis Europe and Asia, and will oversee all activities in Europe. That activity covers 14 countries and a portfolio of 16.6 million sqm. Ben Bannatyne has worked with Prologis for seven years and brings more than 20 years of industry experience to the role. Most recently, he was managing director for Prologis in Central and Eastern Europe. He is also a member of the European Executive Committee. Before joining Prologis, he was a managing director for JLL in Central Europe.

JLL appoints new Head of Capital Markets for CEEStuart Jordan, head of capital markets Czech Republic, has been appointed to the role of head of capital markets for Central and Eastern Europe (CEE). Stuart will continue his current role as head of capital markets for the Czech Republic alongside his new regional responsibilities, coordinating capital markets and client relationship activities in the region. Stuart joined JLL’s capital markets team in 2011, and has 10 years’ experience specialising in Central and Eastern European real estate. Stuart became a member of the RICS in 2006 and earned a Fellowship in 2013, becoming, at that time, one of the youngest fellows in the world. Stuart graduated with a Bachelor of Science degree with honours in Real Estate Management from Nottingham Trent University.

CBRE appoints Gijs Klomp as Head of Investment Properties for CEECBRE has announced that Gijs Klomp will become Head of Investment Properties, Central & Eastern Europe. Gijs will take over from Mike Atwell, who is moving to CBRE France, as Head of International Investment. Gijs is currently head of CBRE Investment Properties in Romania, a role he will retain alongside his new head of Investment Properties, CEE position. He joined CBRE in December 2014 having previously been Managing Director of JLL in Romania and prior to that Head of Transactions CEE at CBRE Global Investors. Gijs Klomp, who is a Dutch citizen with an MSc in real estate management, lives in Prague and has been working in the CEE region for more than 10 years. Speaking English, German and Romanian, Gijs has worked in research, asset management and transaction roles during his past assignments.

Julius Aleva joins CTP as deputy CFOCTP has welcomed Julius Aleva as its new Deputy-CFO, effective immediately. Julius is responsible for maintaining the financial health of the company and supporting its growth. Julius joins CTP from finance team of Czech Raiffeisenbank, where he has spent eight years in managerial position. Prior to that, he was employed by one of the big four professional services companies working in the banking and financial institutions group. Julius studied Economics and Finance in Bratislava, Slovakia and in Gent, Belgium.


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28 January 20168th Annual CEE Retail AwardsInterContinental, Warsaw, Polandwww.retailawards.eu

18 February 2016PRCH Business Mixer “Get ReDI to Party!” Polish Council of Shopping CentresWarsaw, Poland

15-18 March 2016MIPIM 2016Palis des Festivals, Cannes, Francewww.mipim.com

7 April 20162nd Annual Real Estate AwardsInterContinental Crowne Plaza Hotel, Minsk, Belaruswww.neeawards.com

11-13 April 2016International Property Show 2016Dubai World Trade Centrewww.internationalpropertyshow.ae

21 April 201611th Annual SEE Real Estate AwardsRadisson Blu Hotel, Bucharest, Romaniawww.seerealestateawards.com

31 May - 1 June 2016Turkey & Neighbours HotelInvestment ConferenceHilton Istanbul Bomonti Hotel & Conference Centrewww.cathis.com

1-2 June 20163rd Edition of ReDI, CEE Trade Fair for Retail Investment,Polish Council of Shopping Centres,National Stadium, Warsaw, Polandwww.redi.org.pl

9 June 2016CEE Energy AwardsInterContinental Hotel, Warsaw, Polandwww.ceeenergyawards.com

16 June 2016Manufacturing Excellence Awards 2016InterContinental, Warsaw, Polandwww.manufaturingawards.eu

4-6 October 2016Expo RealMunich, Germanywww.exporeal.net

27 October 20166th Annual CEE Investment & Green Building AwardsInterContinental, Warsaw, Polandwww.ceeinvestmentawards.com

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