The activity of real estate investors fell to the lowest values since 2013 in the first quarter of this year. The owners changed their commercial (and residential) buildings for EUR 310 million. Rather than the effects of covid measures, the result was affected by the lack of quality real estate to buy.
AFI Europe has signed an agreement to purchase the Avenir Business Park office center in Prague 5, owned by one of the funds of the British company Tristan Capital Partners. The premium office complex with a total leasable area of more than 25,600 m2 is almost 100% occupied. Prestigious tenants include companies such as ČSOB, ING, Porsche, McDonald’s, Dermacol and Coloplast. The value of the transaction, including certain settlements, is EUR 66.5 million. The transaction will be completed as soon as the seller meets the pre-agreed conditions in the transaction contract.
"The pandemic has changed our perspective and needs, and from 2020 the safety norms implemented by office buildings matter a lot for tenants in the decision to rent new spaces," says Adriana Dragosescu, CEO, RPHI Romania. She told us in an interview that the measures, efforts and strategy of an office building on safety rules will most likely be in the top three criteria in making a decision.
The largest and historically first real estate fund on the domestic market has been operating for 14 years and manages assets worth 31.5 billion crowns. ČS real estate fund, managed by the investment company REICO České spořitelny, offers small savers the opportunity to participate in income from investments in office buildings, shopping centers or industrial areas that would otherwise be unavailable to them. Like other real estate funds, it now has to deal with a pandemic crisis.
After a year of fighting the pandemic, we are reaching a turning point, according to a JLL study. Covid 19 has transformed the world in a way that will affect business many decades ahead and adjust the traditional conditions of where and how we work. It turns out that approved vaccines are a promise for a return to normal life, but it will be different, and the question arises as to what our world will look like and how companies are preparing for it.
Due to the covid-19 pandemic, investors were more interested in waiting tactics in part of last year. This gave them enough time to carefully assess the risks and better assess the next steps. Therefore, the second year with coronavirus starts with increased activity. According to the current CBRE survey of commercial real estate investors, 50% of companies active in Central and Eastern Europe expect increased transaction activity this year.
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