pt urban issues no. 015

No. 015 / 26th May 2014 / www.poland-today.pl / magazine, conferences, portal, newsletter

Newsletter Editor: Adam Zdrodowski

[email protected]

tel. +48 504 182 308

REVITALIZATION Polish Vodka Museum will be built as part of the Centrum Praskie Koneser project in Warsaw page 2

RETAIL Galeria Olimpia mall has obtained BREEAM In-Use certification page 2

RESIDENTIAL Grupa Waryński and Polnord get building permit for joint project in Warsaw page 3 Dom Development launches sales in new Wrocław scheme page 3 Robyg will start building several new schemes this year page 4 Atal is selling apartments in new investment in Warsaw page 4

GREEN BUILDINGS The awareness and needs of office tenants are growing page 4

LOGISTICS White goods sector is generating demand for warehouse space page 5

INTERVIEW Poland Today talks to Allan Saunderson, managing editor at Property Investor Europe page 5

LATEST LEASE DEALS IN BRIEF Recent lease transactions in the office, retail and warehouse sectors page 7

COMING & GOING Mikołaj Martynuska, CBRE page 7

Facts &Figures Largest completions, largest lease deals and rents in the commercial property market in 2013 page 8

The development is scheduled to be delivered in the first half of 2015 Photo: Echo Investment

EchEchEchEcho Investment selects contractor foro Investment selects contractor foro Investment selects contractor foro Investment selects contractor for Tryton Business HouseTryton Business HouseTryton Business HouseTryton Business House offices in Gdańskoffices in Gdańskoffices in Gdańskoffices in Gdańsk Warsaw Stock Exchange-listed developer Echo Investment has selected Allcon Budownictwo as the contractor of the shell of the Tryton Business House office project in Gdańsk. Work on the scheme has aready been launched, with the development scheduled to be delivered in the first half of next year page 2

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weekly newsletter # 015 / 26th May 2014 / page 2

OFFICE

Contractor chosen for Contractor chosen for Contractor chosen for Contractor chosen for Tryton Business House Tryton Business House Tryton Business House Tryton Business House in Gdańskin Gdańskin Gdańskin Gdańsk

The scheme will deliver 22,000 sqm of GLA

Image: Echo Investment

Warsaw Stock Exchange-listed developer Echo In-vestment has selected construction company Allcon Budownictwo as the contractor of the shell of its Tryton Business House office project in Gdańsk. The contractor has already started work on the con-struction site of the class-A scheme that will com-prise 22,000 sqm of office space and is scheduled to be delivered in the first half of next year. Designed by the Gdynia-based Arch-Deco architec-tural studio, the Tryton Business House develop-ment will be developed at the intersection of ul. Jana z Kolna and Wały Piastowskie and will stand from six to eleven floors tall. The investment, which is expected to obtain a BREEAM certificate of en-ergy efficiency and environmental performance, is valued at around 150 million zloty, with Echo In-vestment also planning to expend over 20 million zloty on a public car park located nearby.

REVITALIZATION

Polish Vodka Museum Polish Vodka Museum Polish Vodka Museum Polish Vodka Museum to be part of Koneser to be part of Koneser to be part of Koneser to be part of Koneser project in Warsawproject in Warsawproject in Warsawproject in Warsaw

A Polish Vodka Museum (Muzeum Polskiej Wódki) will be built as part of the Centrum Praskie Koneser mixed-use project which investors BBI Develop-ment and Liebrecht & wooD are jointly developing in Warsaw. Built at the initiative of the global alco-hol producer and distributor Pernod Ricard and under the patronage of the Polish Vodka Associa-tion (Stowarzyszenie Polska Wódka), the facility is expected to cost 40 million zloty and scheduled to open in 2017. Rafał Szczepański, vice president of the manage-ment board at BBI Development, pointed out that the Praga Północ district of the Polish capital in which the Centrum Praskie Koneser is located is now changing quickly due to the ongoing construc-tion of the second subway line. The planned Polish Vodka Museum will contribute to the further revi-talization of the Praga Północ district and will be-come a major tourist destination of international fame, Szczepański said. Andrzej Szumowski, president of the Polish Vodka Association, argued that hardly any other place in Poland would be an equally good location for a mu-seum devoted to what he described as the most Pol-ish of all alcohols and the only truly global Polish export product. The Centrum Praskie Koneser scheme is being developed on the site of a former vodka factory, dating back to the late 19th century. The Wyborowa and Luksusowa brands, among oth-

ers, which are currently owned by Pernod Ricard, used to be produced there. The Centrum Praskie Koneser investment, which will involve the revitalization of the historic post-industrial buildings, as well as the construction of a number of new structures, will deliver over 340 apartments, over 28,000 sqm of retail space and 22,000 sqm of office areas. BBI Development is al-ready building the residential part of the develop-ment on its own. Construction on the commercial part of the project, which will be developed by BBI Development and Liebrecht & wooD, is expected to launch at the turn of this and next year.

The facility will be completed in 2017

Image: BBI Development

RETAIL

Galeria Olimpia mall Galeria Olimpia mall Galeria Olimpia mall Galeria Olimpia mall with BREEAM Inwith BREEAM Inwith BREEAM Inwith BREEAM In----Use Use Use Use certificationcertificationcertificationcertification

Galeria Olimpia, the largest shopping and enter-tainment centre in Bełchatów in central Poland, has


obtained a BREEAM In-Use certificate of energy ef-ficiency and environmental performance. Along with the neighbouring Echo shopping centre, the Galeria Olimpia scheme is part of a retail complex which offers a combined 32,900 sqm of leasable space and includes Tesco and Carrefour grocery hypermarkets, as well as a NOMI DIY supermarket. The development was completed by Warsaw Stock Exchange-listed developer Echo Investment in No-vember 2012. It houses 85 stores and parking spaces for more than 1,000 cars. The Galeria Olimpia shopping centre is the eighth building in the portfo-lio of Echo Investment to have secured BREEAM In-Use certification. The other seven include the Galeria Amber mall in Kalisz and the Galaxy shop-ping centre in Szczecin.

Galeria Olimpia was completed in 2012

Image: Echo Investment

RESIDENTIAL

Grupa Waryński, Grupa Waryński, Grupa Waryński, Grupa Waryński, Polnord get building Polnord get building Polnord get building Polnord get building permit for joint projectpermit for joint projectpermit for joint projectpermit for joint project

Developers Grupa Waryński and Polnord have ob-tained a building permit for the first phase of their

joint Stacja Kazimierz multi-family residential pro-ject in the Wola district of Warsaw. Construction is scheduled to launch in a few weeks and finish in the last quarter of next year. The first phase of the Stacja Kazimierz scheme, which is located on ul. Jana Kazimierza and in which sales will launch in Q3 2014, will deliver 179 apartments. The whole de-velopment is expected to comprise 650 housing units.

The scheme is valued at over 290 million zloty

Image: Grupa Waryński

Grupa Waryński is planning another residential in-vestment, called Miasto Wola, in the same neighbourhood that will be developed in a joint venture with Dantex. That project will deliver 811 homes. Construction on and sales of apartment in the first phase of the scheme, which will comprise 112 housing units, will launch in the upcoming months, said Jarosław Jankowski, president of the management board at Grupa Waryński. The Stacja Kazimierz and Miasto Wola investments are respectively valued at 291.3 million zloty and 354 million zloty. The developments will take ap-proximately five-six years to build, Jankowski said. Grupa Waryński is one of five firms comprising MARS Real Estate. MARS Fundusz Inwestycyjny Zamknięty, managed by MS Towarzystwo

Funduszy Inwestycyjnych, is the main shareholder in the developer.

RESIDENTIAL

Dom Development Dom Development Dom Development Dom Development launches sales in new launches sales in new launches sales in new launches sales in new Wrocław schemeWrocław schemeWrocław schemeWrocław scheme

Warsaw Stock Exchange-listed developer Dom De-velopment has started selling apartments in the first phase of its Aura residential project in Wrocław. The scheme is the second investment of the com-pany in the city, with the first one – Oaza – being under construction. The whole development is ex-pected to deliver a total of 350 homes. The first phase of Aura, which is scheduled to be completed at the turn of 2015 and 2016, will comprise 186 housing units. Jarosław Szanajca, president of the management board at Dom Development, has recently revealed that the company will launch construction on a combined eight residential projects in Warsaw and Wrocław in the first half of this year. These will in-clude three new schemes – two in Warsaw and one in Wrocław – and five new phases of the already ongoing developments. Earlier this month, the de-veloper announced the launch of its new Palladium new multi-family residential investment in the Pol-ish capital. Dom Development has also been acquiring land for future projects of late. Since the beginning of this year, the company announced the purchase of sites for five new schemes across Warsaw. The devel-oper sold more than 1,600 apartments last year.


Since the beginning of its operations in the 1990s, Dom Development has already delivered approxi-mately 20,000 apartments.

The first phase of Aura will deliver 186 apartments

Image: Dom Development

RESIDENTIAL

Robyg to start building Robyg to start building Robyg to start building Robyg to start building a host of new schemes a host of new schemes a host of new schemes a host of new schemes later this yearlater this yearlater this yearlater this year

Warsaw Stock Exchange-listed developer Robyg has launched sales of apartments in a number of new multi-family residential projects in the Polish capital whose construction is scheduled to start later this year. In the Wilanów district, the com-pany will in the last quarter of 2014 start building the first two phases of Osiedle Park Królewski which will deliver a total of approximately 230 homes one year later. In Bemowo, the developer is planning to launch construction on the eighth phase of Osiedle Kamer-alne in Q3 2014. The phase will comprise around 160 housing units and is scheduled to be completed in the last quarter of next year. Last but not least, in

the same district, Robyg will in the next quarter launch construction on the fifth and sixth phase of Young City. The phases will deliver a total of ap-proximately 250 apartments by the end of next year. Robyg sold a record 576 apartments in Warsaw and Gdańsk, the two cities in which it is active, in the first quarter of 2014, which marked an over 90% in-crease over the same period of last year. The com-pany hopes to continue this trend in the upcoming months and sell a total of more than 2,000 housing units in 2014, said Oscar Kazanelson, president of the supervisory board at Robyg.

Osiedle Park Królewski in the Wilanów district

Image: Robyg

RESIDENTIAL

Atal selling apartments Atal selling apartments Atal selling apartments Atal selling apartments in new residential in new residential in new residential in new residential investinvestinvestinvestment in Warsawment in Warsawment in Warsawment in Warsaw

Developer Atal has launched sales of apartments in its Walewska Residence multi-family residential project in Warsaw. The scheme is located in the Praga Południe district of the city and will comprise 43 housing units. The Walewska Residence devel-

opment is the second investment of Atal in Warsaw. The company is currently also developing the Atal Marina Apartamenty project in the Białołęka dis-trict of the Polish capital. By starting the Walewska Residence scheme Atal wants to strengthen its position in the Warsaw market. The developer will soon launch construc-tion on more investments in the city, said Ewelina Juroszek, sales director at the company. Active in the market for more than 20 years, Atal has to date sold over 3,850 apartments. The company is cur-rently building a total of 14 investments in cities in-cluding Kraków, Katowice, Łódź, Wrocław and Warsaw.

Walewska Residence will comprise 43 homes

Image: Atal

GREEN BUILDINGS

The growing The growing The growing The growing awareness and needs of awareness and needs of awareness and needs of awareness and needs of office building tenantsoffice building tenantsoffice building tenantsoffice building tenants

The awareness and needs of office buildings tenants in Poland are growing, with more and more occupi-


ers now being focused on sustainability issues, said participants in the latest meeting of the Construc-tion Marketing Group (CMG) that took place in Warsaw last week. According to a recent survey conducted by the CMG, 72% of tenants agree that green buildings can help companies increase their attractiveness, as well as secure and retain employ-ees.

Participants in the latest CMG meeting

Image: CMG

An increasing number of tenants are leasing office space in green buildings, as well as implementing the “flexible workplace” concept. Among the most grievous mistakes made by tenants is ignoring the needs of the employees, the participants in the meeting said. There is still no research in Poland that would show exactly how the quality of office space impacts on the efficiency of employees. The CMG plans to address the issue in its upcoming re-ports. The CMG is an initiative conceived by companies from the construction and real estate sectors. It comprises people dealing with strategic marketing, business development and communication. The main goals of the CMG include educating the indus-try and promoting sustainable development. The next meeting of the group is scheduled to take place at the beginning of September.

LOGISTICS

WhWhWhWhite goods sector ite goods sector ite goods sector ite goods sector generating demand for generating demand for generating demand for generating demand for warehouse spacewarehouse spacewarehouse spacewarehouse space

The home appliances sector continues to generate substantial demand for industrial and warehouse space in Poland, said participants in the 2nd Forum for Home Appliances Producers organized by Müller – Die lila Logistik and Poland Today earlier this month. According to Colliers International data, the home appliances and consumer electron-ics sectors together account for the lease of 8% of the total existing volume of warehouse and indus-trial space in Poland (around 8,000,000 sqm). Wojciech Konecki, CEO at the home appliances producers association CECED Polska, said that the home appliances sector alone accounts for the lease of approximately 400,000 sqm of warehouse and industrial space in Poland. According to Jan Bar-basiewicz, an associate director, industrial and lo-gistics agency, at Colliers International, the demand generated by the industry is now increasingly in-cluded in the demand generated by the e-commerce and logistics sectors. The Warsaw area, Wrocław and central Poland are the main locations where the home appliances sec-tor occupies warehouse and industrial space. There is little activity going on in eastern Poland which is still waiting for the development of a better trans-port infrastructure. Companies from the home ap-pliances industry usually lease up to 20,000 sqm of space, Barbasiewicz said. He added that short-term

lease agreements are particularly useful in the sec-tor which is characterized by seasonality.

Jan Barbasiewicz speaking during the conference

Image: Müller – Die lila Logistik

INTERVIEW

More Asian capital More Asian capital More Asian capital More Asian capital bound to stream into bound to stream into bound to stream into bound to stream into CEE in upcoming yearsCEE in upcoming yearsCEE in upcoming yearsCEE in upcoming years

Poland Today talks to Allan Saunderson, founder and managing editor of Property Investor Europe, about the attractiveness of Poland and the CEE for global real estate investors and the growth pros-pects for the region in the near future. Poland Today: Poland Today: Poland Today: Poland Today: HHHHow attractive, globally, areow attractive, globally, areow attractive, globally, areow attractive, globally, are PPPPo-o-o-o-land and the CEE regionland and the CEE regionland and the CEE regionland and the CEE region, now,, now,, now,, now, for internfor internfor internfor internaaaational tional tional tional property investors?property investors?property investors?property investors? Allan Saunderson: Allan Saunderson: Allan Saunderson: Allan Saunderson: Clearly the tensions in the Ukraine are having an impact right now – for the short term and in isolated cases. But institutional capital has reacted remarkably calmly to first fears


of a wider military conflict. The Czech housing IPO Domus was pulled in early May, for example, due partly to hesitation by investors who, prior to the Crimea annexation by Russia, would perhaps have allocated enthusiastically. That said, and slightly paradoxically, the more important event has been the evaporation around 18 months ago of more fun-damental concerns of a western European euro col-lapse and sovereign debt default. This has produced a sea-change in global capital's attitude to Po-land/CEE. Many more investors are now seeking opportunities than ever before.

Has Warsaw aHas Warsaw aHas Warsaw aHas Warsaw allllready bready bready bready become a prime, developed ecome a prime, developed ecome a prime, developed ecome a prime, developed European property market, comparable to maEuropean property market, comparable to maEuropean property market, comparable to maEuropean property market, comparable to mar-r-r-r-kets such as London, Paris or Frankfurt?kets such as London, Paris or Frankfurt?kets such as London, Paris or Frankfurt?kets such as London, Paris or Frankfurt?

Yes, I think this is a fair statement. Interest in War-saw is most comparable to Frankfurt and the big German cities, but is clearly different from London and Paris as yet. Those two have their own separate dynamics, but the Polish capital is seen as develop-ing its own. In foreign eyes, this is fast and long-term growth and development prospects plus a much stronger 'future orientation' where Warsaw has strong prospects of becoming a central Europe-an hub for a rapidly developing region for at least the next generation. My strong conviction, viewed as a Briton from my base in Frankfurt for 24 years, is that Germany and Poland have a natural affinity, based in a common geographical awareness but also family ties. Yes, 'blood ties'. When you mention Germany and Poland in the English-speaking world, they still think of the Second World War. But the reality is much closer to Lech Walesa's rev-olutionary idea of the natural merger of two nations – even if this is, of course, neither wanted nor nec-essary to form what I expect to be a 'twin-nation heart' for European growth over the next decades. This perception, in various forms, intensities and

interpretations, is in fact just what is driving incom-ing capital right now.

Poland Today talks to: Allan Saunderson, founder and managing editor of Property Inves-tor Europe Who are the new investors looking at investment Who are the new investors looking at investment Who are the new investors looking at investment Who are the new investors looking at investment opportunities in Poland and the CEE? Will wopportunities in Poland and the CEE? Will wopportunities in Poland and the CEE? Will wopportunities in Poland and the CEE? Will we e e e see more Asian and Misee more Asian and Misee more Asian and Misee more Asian and Midddddle Eastern capital in the dle Eastern capital in the dle Eastern capital in the dle Eastern capital in the region in upcoming years?region in upcoming years?region in upcoming years?region in upcoming years? Resulting from my prior answer, Germany is and will remain number one investor in Poland and the region over the medium to long term. Put aside old-thinking fear-mongering and a false overlay of the 20th century catastrophes; they have little relevance for the future. At the same time, the hard-headed realist must see that the construction of 'Europe' lies firmly in Germany's long-term geopolitical and economic interest - the core of its internally highly unpopular decision to give up the deutschmark. Look just at the strong enhancement of the position

of the German chancellor in geopolitical negotia-tions in recent years – Ukraine being the most re-cent - and the comparative reduction of importance of Paris's role since, for example, the days of Helmut Kohn and Francois Mitterrand. France needs to wake up to this, by the way. To get back to your question: capital from US and Mid-East (both sides) is extremely enthusiastic about real estate opportunities in Poland and CEE, and is streaming in. Asian capital is only there yet in isolated cases – for example Gingko Tree (China's SAFE) into Katowice alongside Allianz Real Estate. In general, Asians are first exploring value, oppor-tunities and risks in western Europe right now. But this process will go fast. I expect China, Korea, Ma-laysia, Singapore and Japan to expand their remit to CEE substantially within the next five years. Which locWhich locWhich locWhich locaaaations and types of propetions and types of propetions and types of propetions and types of property in Poland rty in Poland rty in Poland rty in Poland seem to oseem to oseem to oseem to offfffer the best investment opportunities fer the best investment opportunities fer the best investment opportunities fer the best investment opportunities at the mat the mat the mat the mooooment?ment?ment?ment? Difficult. Because the attraction of Poland for real estate investment capital is widespread and macro-driven. We are still only 24 years beyond the fall of communism when the country started from a posi-tion of needing everything. Given market similari-ties with Germany in terms of regional centre im-portance, just contrast the knitting pattern of motor and rail networks that have made German infra-structure incredibly growth-positive for decades - with 1990 in Poland. Polish north-south and east-west connectors in road and rail are only now final-ly in place, and are incredibly important for real es-tate of all kinds nationwide. Best opportunities: lo-gistics everywhere, regional retail, office in Warsaw longer term (catch the waves!), certainly health care and hotels…. but also rental housing – a highly in-teresting up and coming institutional investment asset, that is if politics does not get in the way.


Could the crisis in Ukraine chanCould the crisis in Ukraine chanCould the crisis in Ukraine chanCould the crisis in Ukraine change the percege the percege the percege the percep-p-p-p-tion of Poland and negatively affect the mation of Poland and negatively affect the mation of Poland and negatively affect the mation of Poland and negatively affect the marrrrket?ket?ket?ket? It could but it won't. That is my firm conviction. Ty-rants such as Putin come and go, and his adventur-ism in Crimea and Ukraine has sown the seeds for his political demise sooner rather than later. The same can be said, incidentally of Recep Tayyip Erdogan in Turkey. Despite the charm offensive in St. Petersburg of recent days, the world community – and real estate capital in particular – is already turning away from Russia. It takes time, but I have faith in the common sense, hopes and desires of or-dinary people in these countries who want equal and open chances in free societies for themselves and future generations, and not aggressive, econom-ically-injurious adventurism and repression with-out a functioning rule of law. Allan Saunderson is Managing Editor / Director of Property Inves-

tor Europe (PIE). PIE news-intelligence and analysis is the leading

critical information source that unites global investors with

European asset owners and stakeholders. PIE is published in

English but is 'made in Germany and Europe', edited in Frankfurt

with senior editors in all major centres across Europe. Poland

Today and PIE are jointly organizing the upcoming ‘Poland & CEE

Real Estate Summit at the Bristol Hotel in Warsaw on 25-26 June.

ALLAN SAUNDERSON Based in Frankfurt, Saunderson was, in the 1980s, a Reuters financial correspondent in London, Frankfurt and Paris, becoming Chief Financial Correspondent France in 1988. In 1990, he joined Bank Julius Bär as Head of European Research, and was named adviser to the French Finance Ministry by Prime Minister Pi-erre Bérégovoy. In the mid-1990s, he founded the consultancy Eurozone Advisors, becoming a leading Bundesbank/ECB watcher. Moving into real estate in 2002, he founded PIE in 2005 to track pan-Europe for US and global investors.

LATEST LEASE DEALS IN BRIEF

Gemini Park Bielsko-Biała

Image: BOIG

Cemex Polska Cemex Polska Cemex Polska Cemex Polska has taken up 2,400 sqm of office space at Łopuszańska Business Park in the Włochy district of Warsaw. DTZ supported the company in the process of finding the location and negotiating the lease agreement. A 2,200-sqm Be Fit Be Fit Be Fit Be Fit fitness club will be opened in the Gemini Park Bielsko-Biała shopping and enter-tainment centre in Bielsko-Biała in southern Po-land. The recently expanded facility offers more than 40,000 sqm of leasable space. GREM Gemini Real Estate Management, in cooperation with BOIG Property Consulting and Cushman & Wakefield, is responsible for the commercialization of the shop-ping centre which opened for business in 2009. Gemini Holding is the investor and developer of the mall. SUD Architekt PolsSUD Architekt PolsSUD Architekt PolsSUD Architekt Polskakakaka has leased approximately 100 sqm of office areas at the Nowy Dom Jabłkowskich boutique office building in down-town Warsaw, thus taking the last vacant space at the facility. Nowy Dom Jabłkowskich was delivered in 2011 by real estate investor LHI and comprises

approximately 3,200 sqm of leasable space. DTZ was responsible for the commercialization of the facility.

Nowy Dom Jabłkowskich In Warsaw

Image: LHI

COMING & GOING

Mikołaj MartynuskaMikołaj MartynuskaMikołaj MartynuskaMikołaj Martynuska

Mikołaj Martynuska has been promoted to the posi-tion of a senior director at the development consul-tancy department of CBRE. He has more than 15 years of experience in the commercial and residen-tial real estate markets. Martynuska is a graduate of the Kraków University of Economics and also com-pleted a post-graduate program at the University of Reading.

RegisteR now foR

Poland & CEE Real Estate Summit Network Global Capital | Warsaw–London–Frankfurt

25 – 26 June 2014, Bristol Hotel, warsaw

DISCUSSION TOPICS INCLUDE:• How does central & eastern Europe fit into the global

property picture? • Poland: Already overbought and overpriced?• Go East!.. But are the global investors ready?• WARSAW OFFICE: How much can the Polish capital

absorb?• POLAND RETAIL: Is the nation already over-sup-

plied?• POLAND LOGISTICS: Is Europe‘s centre a logical

warehouse hub?• Speed dating: Meet new partners for capital, co-invest-

ment and deals• Central Europe: Where is the value in CE around Poland?• Investors in CE: Who are they and what do they want?

• CE OFFICE: Where’s hot and where’s not?• CE RETAIL: Variable speed consumption• CE LOGISTICS: Does it all depend on roads and rail?• OUTSOURCING: Still big but moving up the value

curve• POLAND RESIDENTIAL: Safe as houses ..

or maybe not?• HOTELS: The rise and rise of CEE hospitality• Financing CEE: Are the banks playing ball?

RegisteR today!

... to get the eaRly biRd Rate!

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weekly newsletter # 015/ 26th May 2014 / page 8

FACTS & FIGURES

LaLaLaLargest industrialrgest industrialrgest industrialrgest industrial projects delivered in 2013projects delivered in 2013projects delivered in 2013projects delivered in 2013

Location Project Developer Area

(sqm)

Wrocław Panattoni BTS Lear Panattoni 32,300

Silesia SEGRO Business Park Gli-

wice Building B SEGRO 31,700

Warsaw Tulipan Park Warszawa

Bulding B SEGRO 24,000

Silesia SEGRO Industrial Park

Tychy B SEGRO 18,300

Wrocław Prologs Park Wrocław V Prologis 18,282

Source: Colliers International

Largest office projects delivered in 2013Largest office projects delivered in 2013Largest office projects delivered in 2013Largest office projects delivered in 2013


(sqm)

Warsaw Konstruktorska

Business Center HB Reavis 48,300

Warsaw Miasteczko Orange Bouygues Immobilier 43,700

Warsaw Plac Unii BBI Development

/Liebrecht & wooD 41,300

Warsaw Marynarska 12 Ghelamco 40,000

Wrocław Sky Tower LC Corp 28,100


LaLaLaLargest retailrgest retailrgest retailrgest retail projects delivered in 2013projects delivered in 2013projects delivered in 2013projects delivered in 2013


(sqm)

Gliwice Europa Centralna Helical Poland 67,000

Kraków Galeria Bronowice Immochan 60,000

Poznań Poznań City Center TriGranit 58,000

Gdynia

Centrum Riviera

(Wzgórze

– extension)

Mayland Real Estate 70,500

Katowice Galeria Katowice

Meyer Bergman

European Retail

Partners/ Neinver

42,000


Selected Selected Selected Selected large investment transactions large investment transactions large investment transactions large investment transactions in 2013in 2013in 2013in 2013

Sector

Project

Value

(EUR mil-

lion)

Seller

Buyer

Retail Silesia City

Center

412 Immofinanz Allianz, ECE

Retail Galeria

Kazimierz 180

Globe Trade

Center,

Aventus

Invesco RE

Retail Galeria Domini-

kańska 151.7 ECE

Atrium

European Real

Estate

Office New City

127 ECI

Hines Global

REIT

Office Mokotów Nova

121 Ghelamco

Tristan Capital

Partners

Office Senator

120 Ghelamco

Union

Investment

In-

dustrial

H&M ware-

house

64 Invesco RE W.P. Carey

Indus-

trial Żerań Park II 43.2

Area Property

Parners,

Apollo Rida

Poland

SEGRO


LLLLargest office lease dealsargest office lease dealsargest office lease dealsargest office lease deals in 2013in 2013in 2013in 2013

Location Tenant Area(sqm) Project

Warsaw Polkomtel 22,680 Konstruktorska 4

Warsaw Getin Holding 18,850 Wola Center

Warsaw Urząd Rejestracji Leków 13,000 Adgar Park West

Warsaw Bank Zachodni

WBK 11,800 Atrium 1

Wrocław Getin Holding 11,700 Sky Tower


Retail rents (EUR/sqm/month), Q3 2013Retail rents (EUR/sqm/month), Q3 2013Retail rents (EUR/sqm/month), Q3 2013Retail rents (EUR/sqm/month), Q3 2013

20

30

40

50

60

70

80

90

ŁódźWrocław

Tri-citySzczecin

PoznańKraków

Warsaw (out of town)Silesia

Warsaw (city centre)

Source: Cushman & Wakefield

Office rents (EUR/sqm/month), Q3 2013Office rents (EUR/sqm/month), Q3 2013Office rents (EUR/sqm/month), Q3 2013Office rents (EUR/sqm/month), Q3 2013

Source: Cushman & Wakefield

10 15 20

25

Gdańsk

Szczecin

Katowice

Poznań

Kraków

Wrocław

Warsaw (non-central)

Warsaw (CBD)

Largest industrial lease deals in 2013Largest industrial lease deals in 2013Largest industrial lease deals in 2013Largest industrial lease deals in 2013

Location Tenant Area(sqm) Project

Wrocław Amazon 123,500 Goodman Wrocław South

Logistic Center

Poznań Amazon 100,653 Panattoni Poznań

Wrocław Amazon 100,653 Panattoni Wrocław

Poznań supermarket

chain 82,385 -

Central Po-

land Castorama 49,961 Panattoni Park Stryków


pt urban issues no. 015

Documents