“Amstar is currently focused on ensuring the success of Zlota 44, though we will plan to look for new investment opportunities in Poland and other countries within the CEE region when the time is right,” said Jeffrey Stonger, vice president of Amstar, an US fund that bought Złota 44 project (Poland) together with BBI Development in 2014. The company is currently mostly active in Turkey. “In addition to Turkey and Poland, Amstar has identified Czech Republic, Romania and Hungary as potentially interesting countries to invest,” Jeffrey Stonger told ‘Eurobuild CEE’ magazine, a monthly publication covering the CEE region's real estate and construction industry.“For all of our international investments we utilize a joint venture structure with a local operator, so it is crucial for us to find best-in-class development partners within each market. As for targeted market segments, Amstar invests in all major property types (residential – not only highest class, retail, logistics and office) and we target opportunistic investments, meaning most of our projects are either ground-up development or re-development. Similar to our experience with Zlota 44 in Warsaw, when we enter a new market we tend to focus on the largest cities with the best growth prospects,” said the Amstar’s vice president, adding: “At the moment we are not looking for anything else in Poland, but in longer term we will certainly look at a growing platform within three four years”.
London-based real estate fund manager Europa Capital has acquired a 30,000 sqm gla office portfolio in central Budapest for its pan-European investment fund, Europa Fund IV, for EUR 30 mln.
The Building G office building, part of the portfolio of leading Czech development and investment company PASSERINVEST GROUP, has received a Very Good rating on its BREEAM certification. Building G is part of the multifunctional facility BB Centrum, whose tenants include such companies as Royal Canin, Mars, Wrigley, Fiat and SII.
According to the study of the consultancy firm Cushman & Wakefield London’s West End is the world’s most expensive office market for the third consecutive year. To rent one metre squared of office space here costs over EUR 2,300 annually. Hong Kong came second place (EUR 1,636 sq m/annually) followed by New York third (EUR 1,162 sq m/annually).
After obtaining the highest (A) level local energy performance certificate fot their his office project CRYSTAL in Vinohrady Crystal GES REAL, a.s. aims for BREEAM Excellent certification.
CBRE advised Union Investment Real Estate GmbH on the acquisition of a majority shareholding stake of the most prestigious asset in the Czech market, Palladium, from a company managed by the German investment manager Hannover Leasing, Pullach. The transaction is the largest property deal ever recorded in the Czech Republic. The property consists of the largest city centre development (ca 41,000 sq m of prime retail, ca 18,000 sq m of office) strategically located in the city of Prague and naturally extending Prague’s high street.
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