PointPark Properties (P3), the specialist investor, developer and asset manager of warehouse properties, has bought 22 hectares of land alongside the D11 motorway east of Prague for a new 120,000 m2 logistics park which, when complete, will boost its total lettable area around the Czech capital by nearly 40%. The company will develop the site for a total investment of around €85 million to serve the rapidly growing demand for quality warehousing and distribution space in the vicinity of the city.
With GDP growth of 2.6 percent predicted for 2014 the Czech Republic is successfully recovering from the market downturn of the last two to three years with a substantial pipeline in the Prague office market, although concerns have been expressed with regard to rising vacancy. Take up in the industrial sector is increasing across the country as leading developers are opting for a more cautious built-to-suit development model. A new benchmark in investment volume is predicted as the upward trend is expected to continue with office transactions in Prague and retail and industrial deals across the country anticipated. Concerns have been expressed with regard to the limited supply of investment grade product to meet growing investor demand.
Hochtief Development is leaving the Czech market. According to CTK, the company’s German headquarters has let its Czech staff go and begun the sale of two office projects the company was working on.
For the first quarter of 2014, results of the RICS Global Commercial Property Monitor shows positive sentiment of investors and occupiers across all sectors although recent economic data records only a fragile improvement of the main economic factors. Capital values are expected to grow, with the industrial sector indicating the highest Net Balance of 40% followed by the office (30%) and retail sectors (20%) respectively.
Commercial property investments increased by 4 percent to €268m in the first quarter of the year, according to the latest report published by DTZ. The full-year investment volume is expected to reach €1bn. Nine transactions closed in Q1: three deals between €20 and €50m, four between €10m and €20m and two between €50m and €100m.
EuropaProperty.com and CEO Manufacturing Magazine are proud to announce the second annual CEE Manufacturing Excellence Awards & Strategy Summit. Our annual industry event covers, supports and recognizes manufacturing success in all sectors of the industry. Building on the success of our inaugural event, the Manufacturing Excellence Awards & Summit is being hosted June 10/11, 2014 once again in the beautiful InterContinental ballroom.
Improved investor confidence and lending conditions, as well as notably increased activity from opportunistic investors in recovering markets, led to a strong start for the European commercial real estate market in 2014, according to the latest research from global property advisor CBRE.
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