pt urban issues no. 36

No. 036 / 24th November 2014 / www.poland-today.pl / magazine, conferences, portal, newsletter

Newsletter Editor: Adam Zdrodowski

[email protected]

tel. +48 504 182 308

RETAIL Retail space developers are now re-focusing on the largest cities across Poland, according to a re-cent report by Colliers In-ternational page 2

REVITALIZATION MARS Real Estate will in the upcoming months sign a joint-venture part-ner for its planned Gdynia Waterfront pro-ject on the Baltic coast page 3

RESIDENTIAL Echo Investment has launched construction on the second phase of its Nowy Mokotów residential project in Warsaw page 4 Matexi Polska has recently started selling apartments in its Kolska od Nowa residential scheme in the Polish capital page 5

INTERVIEW Poland Today talks to Igor Galas, an architect at the PRC Architekci architectural studio page 6

LATEST LEASE DEALS IN BRIEF Recent lease transactions in the office, retail and warehouse sectors page 6

COMING & GOING Mark Freeman, Cush-man & Wakefield page 7

FACTS &FIGURES Largest completions, largest lease deals and rents in the commercial property market in 2013-2014 page 8

The scheme is scheduled to be delivered in the first quarter of 2016 Photo: Echo Investment

Echo Investment with bank financing for Echo Investment with bank financing for Echo Investment with bank financing for Echo Investment with bank financing for Q22 office skyscraper project in WarsawQ22 office skyscraper project in WarsawQ22 office skyscraper project in WarsawQ22 office skyscraper project in Warsaw Warsaw Stock Exchange-listed developer Echo Investment has secured a €116-million bank loan from Bank Zachodni WBK and PKO Bank Polski for its under-construction Q22 office sky-scraper project in the Polish capital. page 2

Poland Today is delighted to announce that we will be exclusively hosting the ‘Primetime Poland’ lunch & afternoon conference during ‘New Europe’ day on Wednesday 11 March at the world’s most prestigious real estate event. This is an extraordinary achievement for a magazine which has only just celebrated its 2nd anniversary on the market, ranking alongside its other successes, including:

• Exclusive interviews with President Bronisław Komorowski and former deputy Prime Minister Elżbieta Bieńkowska

• Bringing 50 journalists from around the world to Warsaw in May so they could hear about Poland’s economic transformation for themselves

• Establishing Primetime Warsaw as the pre-eminent conference about the future development of the nation’s capital city

Poland Today will also be an official media patron at MIPIM 2015.

Poland Today leading the debate at MIPIM 2015

To find out more please contact Magdalena Gawlikowska at [email protected], or on (+48) 602 223 634

weekly newsletter # 036 / 24th November 2014 / page 2

OFFICE

Echo Investment with Echo Investment with Echo Investment with Echo Investment with bank financing for Q22 bank financing for Q22 bank financing for Q22 bank financing for Q22 office tower in Warsawoffice tower in Warsawoffice tower in Warsawoffice tower in Warsaw

Warsaw Stock Exchange-listed developer Echo In-vestment has secured a €116-million bank loan from Bank Zachodni WBK and PKO Bank Polski for its under-construction Q22 office skyscraper project in the Polish capital. The recently concluded transac-tion is the largest bank financing deal in the whole history of Echo Investment, said Grzegorz Iwański, the financing department director at the company. Michał Białas, senior specialist – corporate proper-ty department, at Bank Zachodni WBK, said that the negotiations regarding financing the Q22 scheme had been relatively quick for such a large project. “We think that the negotiations process was very efficient and that it went really smoothly thanks to the first-class relationship with the cus-tomer and the swift cooperation between the banks,” Białas said. Echo Investment has recently signed Deloitte as the first anchor tenant for the Q22 development. The global consulting firm is going to take up 11,000 sqm of office space in the building. Asked whether the signing of the lease transaction had been the neces-sary condition for granting the bank loan, Białas said that a number of factors had been taken into consideration in the decision-making process, ra-ther than a single one. “We always analyze investments to be financed case by case,” Białas said. “While we are selective about

what we put in our portfolio, as one of the leading property financing institutions in Poland we want to be active in the market and participate in quality projects, be it in Warsaw or in any other major Polish city.” Białas admitted that in the face of the large new office space supply in Warsaw, banks generally remain very selective with regard to fi-nancing new schemes. However, according to him, bank financing is more available and slightly cheap-er today than a few years ago.

The investment is valued at 500 million zloty Image: Echo Investment Ilona Wołyniec, managing director, strategic clients and project finance division, at PKO Bank Polski, admitted that the supply of new office space in Warsaw is now very large. However, she noted that many of the exiting office buildings in the city are aging very fast and their tenants are increasingly moving to new locations, generating additional de-mand for new space. PKO Bank Polski is interested in financing office projects which are in locations that are popular with tenants, and in Warsaw these include Mokotów, Wola and the CBD. “Our portfo-lio includes projects in each of these three loca-tions,” Wołyniec said. She added that, from the per-spective of her bank, a sufficient pre-lease level is

still the main factor that allows the bank to view a particular office project as a “good” project. Designed by the renowned Kuryłowicz & Associ-ates architectural studio, the Q22 project is being developed at the intersection of Al. Jana Pawła II and ul. Grzybowska in the downtown of Warsaw, on the site which previously housed the Mercure hotel. The 155-metre scheme, whose value is esti-mated at 500 million zloty, is scheduled for comple-tion in the first quarter of 2016. It will deliver more than 50,000 sqm of leasable office space. The Q22 investment is one of the two office sky-scraper projects now under construction in War-saw, the other one being the Warsaw Spire scheme which is being developed by Ghelamco Poland near Rondo Daszyńskiego in the Wola district of the Polish capital. In August last year, the developer se-cured a total of more than 900 million zloty in bank financing for the development from Bank Pekao, Bank Zachodni WBK, PKO Bank Polski and BRE Bank.

RETAIL

RetRetRetRetail developers reail developers reail developers reail developers re----focusing on the largest focusing on the largest focusing on the largest focusing on the largest cities across Polandcities across Polandcities across Polandcities across Poland

After a period of an increased development activity in small and medium-sized cities in Poland, retail space developers are currently re-focusing on the largest urban centres across the country, according to a recent report by Colliers International. The to-tal leasable space of planned retail projects located in the seven largest markets in Poland – Warsaw,


the Silesia agglomeration, Kraków, Łódź, Wrocław, Poznań and Tri-city – and scheduled to be complet-ed by 2017 amounts to 980,000 sqm, the study said.

Forum Radunia – an upcoming project in Tri-city Image: Multi Corporation The return of retail investments to large cities does not mean that there is less interest in the smaller urban centres, said Katarzyna Michnikowska, sen-ior analyst, research and consultancy services, at Colliers International. However, because of the considerable amount of competition in the smaller cities and the limited purchasing power of their in-habitants, not all developers now decide to build re-tail facilities in those locations, Michnikowska add-ed. The largest amount of the new supply will be locat-ed in Warsaw, the largest and most competitive market in Poland, where no large-scale retail scheme has been delivered over the last seven years. The Warsaw agglomeration now boasts of 1.4 mil-lion sqm of leasable retail space. Within the next three years, new investments totaling 400,000 sqm will be delivered, said Marta Machus-Burek, direc-tor, retail strategies and development advisory ser-vices, at Colliers International.

Asked why it has taken so long to prepare new large-scale shopping centre projects in the Polish capital, Michnikowska pointed to planning and land ownership issues which usually take a lot of time to resolve. Perhaps there was not enough determina-tion on the part of developers who postponed their investment decisions due to the outbreak of the global financial crisis in 2008, Michnikowska said. For its part, the Silesia agglomeration currently has 1.1 million sqm of retail areas. Another 110,000 sqm of space should be added by 2017, in cities includ-ing Katowice, Piekary Śląskie and Tychy, according to Colliers International data. In the Kraków ag-glomeration, the existing stock now amounts to a combined 550,000 sqm. The largest scheme in the pipeline is the Serenada shopping centre which will deliver 42,000 sqm of leasable space.

Katarzyna Michnikowska, Colliers International Image: Colliers International The retail stock in the Łódź agglomeration, current-ly standing at 503,000 sqm, is going to grow by an-other 50,000 sqm. A large shopping centre scheme called Sukcesja is now under construction in the city. There are still many investors who believe in the potential of Wrocław, Machus-Burek said. The

agglomeration now has 600,000 sqm of retail space, with an additional 130,000 sqm being in the pipe-line. Three shopping centre investments are now being developed in Poznań, the largest of them being the 100,000-sqm Posnania mall. Within the next three years, another 34,000 sqm could be delivered with-in the planned Metropolis scheme. Last but not least, the Tri-city market now has 692,000 sqm of retail GLA. Pipeline projects include the Galeria Metropolia scheme which will deliver 22,000 sqm of leasable space in late 2015 or early 2016, the Col-liers International report said.

REVITALIZATION

MARS Real Estate to MARS Real Estate to MARS Real Estate to MARS Real Estate to sign sign sign sign partner for huge partner for huge partner for huge partner for huge Gdynia projectGdynia projectGdynia projectGdynia project

The MARS Real Estate group will in the upcoming months sign a joint-venture agreement regarding the development of the Gdynia Waterfront multi-function project in Gdynia on the Baltic coast. The planned scheme will be developed in the downtown of the city, on approximately 8.5 hectares of post-industrial, waterfront land that was previously used by the Nauta ship repair yard. Tomasz Lewandowski, Managing Director, real es-tate assets, at MS TFI (MS Mutual Funds Society) which manages the MARS Real Estate group, said that a new zoning plan has recently been adopted for the area in question, which will allow for the re-development and revitalization of the site. When fully developed, the Gdynia Waterfront project is


expected to comprise 45,000 sqm of retail space, 35,000 sqm of warehouse space, 28,000 sqm of res-idential space and 23,000 sqm of office areas.

Tomasz Lewandowski, MS TFI Image: MARS Real Estate At the moment, the MARS Real Estate group owns assets valued at a total of almost 500 million zloty. The MS TFI fund that manages the group belongs to the state-owned Polska Grupa Zbrojeniowa (Polish Military Group). MARS Real Estate com-prises five real estate companies – Centrum Bankowo-Finansowe Nowy Świat, Centrum Giełdowe, Grupa Waryński, FS Nieruchomości and Unimor Development – which are now developing schemes valued at a total of more than 800 million zloty. Apart from the planned Gdynia Waterfront devel-opment, the group is currently involved – through those subsidiaries – in a number of other ongoing

and planned office and residential projects in War-saw and Tri-city. In the Polish capital, these are the Centrum Bankowo-Finansowe Nowy Świat and Nowy Świat 2.0 office schemes in the downtown, as well as the Stacja Kazimierz and Miasto Wola hous-ing developments in the Wola district. The Nowy Świat 2.0 project is now under construc-tion and is scheduled to be completed in June next year. The scheme will deliver 4,178 sqm of office space and 1,968 sqm of retail areas, with MARS Real Estate currently talking with its potential tenants, Lewandowski said. For its part, the existing Cen-trum Bankowo-Finansowe Nowy Świat building, which neighbours the Nowy Świat 2.0 site, is going to be thoroughly refurbished and modernized with-in the next few years. The Stacja Kazimierz and Miasto Wola projects are respectively being developed by MARS Real Estate subsidiary Grupa Waryński in joint ventures with residential developers Polnord and Dantex. Accord-ing to Lewandowski, sales of apartments in both developments are proceeding apace. Grupa Waryński is also planning an office project called EQlibrium in the same neighbourhood that it will develop on its own and which will deliver over 10,500 sqm of space.

RESIDENTIAL

Echo launches Echo launches Echo launches Echo launches construction on new construction on new construction on new construction on new Warsaw apartmentsWarsaw apartmentsWarsaw apartmentsWarsaw apartments

Warsaw Stock Exchange-listed developer Echo In-vestment has launched construction on the second

phase of its Nowy Mokotów residential project in the Polish capital, one of the largest housing schemes in the portfolio of the company. The in-vestment is located in the area of ul. Konstruktorska and ul. Suwak in the Służewiec Przemysłowy neighbourhood of the Mokotów district of Warsaw and will comprise a total of 800 apartments in four phases, when fully developed. The development was designed by the renowned Kuryłowicz & Associates architectural studio, with Echo Investment having recently finished construc-tion on the first phase of the project. That phase de-livered 200 apartments, the vast majority of which have already been sold. The second phase of the Nowy Mokotów scheme comprises 206 housing units, priced from 7,000 zloty to 11,000 zloty per sqm.

The whole investment will deliver 800 apartments Image: Echo Investment Located relatively close to the downtown of War-saw, the Służewiec Przemysłowy neighbourhood is an attractive brownfield area which is being inten-sively redeveloped, said Maximilian Mendel, direc-tor, transaction advisory, at REAS. He noted that while the area to the north of ul. Marynarska has


gradually been transformed into an office hub, ur-ban planning documents allow for the development of both commercial and residential space on the post-industrial sites in Służewiec Przemysłowy. Construction on the first residential developments in the neighbourhood started around the year 2007, with the investments having been concentrated in the area located to the south ul. Marynarska. The projects included Apartamenty Cybernetyki (devel-oped by Rogowski Development), Hubertus (devel-oped by Eco Classic) and Galeria Park (developed by an eponymous SPV), Mendel said. He added that at approximately the same time, IP Inverpolska started developing Alanda Residence on ul. Woronicza in the northern part of Służewiec Przemysłowy. To date, a total of over 2,000 apart-ments in 14 projects have already been delivered in the neighbourhood. More than 2,500 housing units are now in the pipeline. Many of them are located in the northern part of Służewiec Przemysłowy, in the area of ul. Konstruktorska and ul. Wołoska, Mendel said. Echo Investment will next year launch construction on a new residential project in Warsaw which will be located in the area of ul. Puławska and ul. Boryszewska, said Wojciech Gepner, public rela-tions manager at the company. He added that also next year, Echo Investment will start developing another phase of the Nowy Mokotów scheme. Con-struction on a huge planned development on ul. Grzybowska in the Wola district of the Polish capi-tal will launch in 2016, Gepner said. Next year, Echo Investment will deliver a total of six residential pro-jects across Poland – in Poznań (first phase of Park Sowińskiego, first phase of Osiedle Jaśminowe, se-cond phase of Pod Klonami), Wrocław (Grota 111), Kraków (Bronowicka 42) and Łódź (second phase of Osiedle Jarzębinowe).

RESIDENTIAL

Matexi starting Matexi starting Matexi starting Matexi starting apartment sales in new apartment sales in new apartment sales in new apartment sales in new Warsaw projectWarsaw projectWarsaw projectWarsaw project

Developer Matexi Polska has recently launched sales of apartments in its Kolska od Nowa residen-tial project in Warsaw. The scheme will deliver a total of almost 600 housing units and is the largest development in the history of the company. Located on ul. Kolska in the Wola district of the Polish capi-tal, the investment will be developed in four phases, the first of which comprises 173 apartments and is scheduled to be completed at the beginning of 2016.

The project will be developed in four phases Image: Matexi Polska The largest residential developer in Belgium, Matexi has been active in the Polish market since 2011. The company is currently preparing a number of projects across Warsaw that will deliver a total of more than 1,000 housing units. The company is now selling apartments in multi-family schemes includ-

ing Słodowiec Park and Staffa 9 in the Bielany dis-trict of Warsaw, and Na Romera in the Ursynów district of the Polish capital. Matexi Polska has recently announced it is now planning a new residential investment in downtown Warsaw which will be located on ul. Pereca and will comprise approximately 180 apartments. Next year, the developer is going to start building a new pro-ject in the Marymont neighbourhood of the Polish capital, said Mirek Bednarek, president of the man-agement board at the company.

INTERVIEW

Finding the right Finding the right Finding the right Finding the right balance between the balance between the balance between the balance between the old and the newold and the newold and the newold and the new

Real estate investor Capital Park has recently se-cured a building permit for the ArtNorblin mixed-use project in Warsaw which will involve the de-velopment of a total of more than 64,000 sqm of of-fice, retail, service and cultural space on the historic Norblin factory site. Poland Today talks to Igor Ga-las, an architect at the PRC Architekci architectural studio and the chief architect of the planned scheme, about the latest trends in the redevelop-ment of post-industrial sites in Poland and Europe. Poland TodayPoland TodayPoland TodayPoland Today:::: PreparingPreparingPreparingPreparing the ArtNorlin prthe ArtNorlin prthe ArtNorlin prthe ArtNorlin prooooject ject ject ject took almost took almost took almost took almost six years. What, from the pesix years. What, from the pesix years. What, from the pesix years. What, from the perrrrspespespespec-c-c-c-tive of an archtive of an archtive of an archtive of an archiiiitect, was the most difficult aspect tect, was the most difficult aspect tect, was the most difficult aspect tect, was the most difficult aspect in the process of din the process of din the process of din the process of deeeesigning the complex?signing the complex?signing the complex?signing the complex? Igor GIgor GIgor GIgor Gaaaalas: las: las: las: The most important thing was to find an architectural form for the new parts of the com-


plex. The preserved existing buildings of the former Norblin factory are part of a larger investment. We wanted to shape the whole complex in a way that would allow the planned and the existing architec-ture to balance each other out. What was the cooWhat was the cooWhat was the cooWhat was the coopppperation with Waeration with Waeration with Waeration with Warrrrsaw City saw City saw City saw City Hall and the preservHall and the preservHall and the preservHall and the preservaaaation ation ation ation auuuuthorities like?thorities like?thorities like?thorities like? A special team of experts from a number of fields was formed which included the representatives of the investor, architects, project managers, lawyers, preservation officers and even art historians. The team approach proved successful, especially during the cooperation with the historic buildings preser-vation office whose approval was secured relatively quickly. One has to remember that the formal pro-cedure through which we had to go in order to se-cure a building permit required tens of approvals and consultations with a number of offices and in-stitutions. While working on the project, we had to take a lot of issues into account: from the historic buildings and machinery of Norblin, through the nearby subway construction, the reconstruction of ul. Prosta, underground infrastructure, transport and parking issues, the social and architectural con-text of the location and the natural environment, to the long post-industrial history of the place. Is the designing of new office and rIs the designing of new office and rIs the designing of new office and rIs the designing of new office and reeeetailtailtailtail builbuilbuilbuild-d-d-d-ings lings lings lings loooocated on cated on cated on cated on historic historic historic historic postpostpostpost----industrialindustrialindustrialindustrial sites sites sites sites much much much much didididiffffferentferentferentferent from the designing of new office from the designing of new office from the designing of new office from the designing of new office and retail builand retail builand retail builand retail builddddings located on greenings located on greenings located on greenings located on green----field sites?field sites?field sites?field sites? In the case of projects where the architect himself can create the context for his concepts, one drawing of a given type and fragment is enough. Meanwhile, in the case of revitalization projects you have to take into account the existing architectural, histor-ic, social and other contexts. On top of that, you also have to catalogue the existing elements and prepare

a plan for their transformation. If you add the ne-cessity to conduct all the expert analyses, you can say that, from the perspective of an architect, a revi-talization project is three times as challenging as a “standard” project.

Poland Today talks to: Igor Galas, architect at the PRC Architekci architectural studio What are some of the latest trends in the revWhat are some of the latest trends in the revWhat are some of the latest trends in the revWhat are some of the latest trends in the reviiiitatatatal-l-l-l-ization of postization of postization of postization of post----industrial findustrial findustrial findustrial faaaacicicicillllities?ities?ities?ities? I think that these trends are, above all, reflected in the tendency to preserve the existing historic build-ings in a maximum way – without refining, recreat-ing or styling them anew. A revitalized building or complex should, to the largest possible degree, be a

testament to the times in which it existed, including the time when it was no longer used. There is also the tendency to include cultural, education and oth-er public functions in revitalization programs. Hitherto closed complexes, separated from the rest of the city, are becoming centres of social activity. At ArtNorblin, this function will be fulfilled by, among other things, a public, open main street and an open museum of the former Norblin factory. Could you name some of the most Could you name some of the most Could you name some of the most Could you name some of the most susususucccccessfulcessfulcessfulcessful postpostpostpost----industrial site revitalizindustrial site revitalizindustrial site revitalizindustrial site revitalizaaaation projects in Ption projects in Ption projects in Ption projects in Po-o-o-o-land and abroad that have been completed in rland and abroad that have been completed in rland and abroad that have been completed in rland and abroad that have been completed in re-e-e-e-cent years?cent years?cent years?cent years? I think that the former industrial sites in the Ruhr area of Germany, including the Zollverein Coal Mine Industrial Complex in Essen, are a good ex-ample. I also view Textilmusem Bocholt in Bochum and Schiffbau in Zurich as successful projects. In Poland, it is worth mentioning the Andel’s Hotel Łódź which was developed in the former Izrael Poznański Factory (today Manufaktura). Where in Warsaw, apart from the aWhere in Warsaw, apart from the aWhere in Warsaw, apart from the aWhere in Warsaw, apart from the allllready oready oready oready onnnnggggo-o-o-o-ing Koneser and EC Powiing Koneser and EC Powiing Koneser and EC Powiing Koneser and EC Powiśle projects, do you see śle projects, do you see śle projects, do you see śle projects, do you see the the the the potepotepotepotennnntial for the redevelopment of ntial for the redevelopment of ntial for the redevelopment of ntial for the redevelopment of neeeeglected glected glected glected postpostpostpost----industrial sites?industrial sites?industrial sites?industrial sites? I know that despite many attempts at their revitali-zation, the former gas tanks on ul. Prądzyńskiego are still waiting for their time, as is the beautiful cement-brick warehouse located between ul. Or-dona and Al. Prymasa Tysiąclecia.

LATEST LEASE DEALS IN BRIEF IFS CEE IFS CEE IFS CEE IFS CEE and IFS Poland IFS Poland IFS Poland IFS Poland have extended their lease agreements at Flanders Business Park in Warsaw.


The companies respectively occupy 721 sqm and 784 sqm of office space at building B of the com-plex. Located in the southern Włochy district of the Polish capital and developed by Liebrecht & wooD, Flanders Business Park comprises two buildings with a total of almost 14,500 sqm of office space. A third building with nearly 7,400 sqm of office areas is under construction. AmRest AmRest AmRest AmRest has respectively leased a total of more than 400 sqm and a total of over 600 sqm of retail space at the Forum Radunia complex in Gdańsk and the Magnolia Park shopping centre in Wrocław. Forum Radunia is currently being developed by Multi Cor-poration and will deliver 62,000 sqm of leasable space in 2017. Magnolia Park, which is managed by the company, is being expanded, with the new part scheduled to open for business next year.

Proximo in Warsaw Image: Hines Jean Louis DavidJean Louis DavidJean Louis DavidJean Louis David, Green Caffe Nero Green Caffe Nero Green Caffe Nero Green Caffe Nero and Olimp Olimp Olimp Olimp are the first tenants at the Proximo office project which Hines is now developing in Warsaw. The tenants have recently leased a total of almost 700 sqm of retail and service space at the scheme. The Proximo development is located near Rondo Daszyńskiego in the Wola district of the Polish cap-

ital. The investment will deliver a total of more than 28,000 sqm of leasable space, including approxi-mately 2,000 sqm of retail and service areas, in June 2016.

Galeria Pomorska in Bydgoszcz Image: Resolution Property Deichmann Deichmann Deichmann Deichmann has leased 450 sqm of retail space in the new part of the Galeria Pomorska shopping cen-tre which real estate investor Resolution Property is currently expanding in Bydgoszcz in northern Po-land. The mall opened for business in 2003 and now houses approximately 100 stores and restaurants, including a Carrefour hypermarket. It is going to get another 10,000 sqm of leasable space next year.

Forum Radunia in Gdańsk Image: Multi Corporation

COMING & GOING

Mark FreemanMark FreemanMark FreemanMark Freeman

Mark Freeman has been appointed as the head of the valuation and advisory practice of Cushman & Wakefield in Poland. He has more than 20 years of experience in the real estate sector, gained in the UK, Poland and Hungary. Most recently, Freeman led the valuation and consultancy business of Savills in Poland. Previously he also worked at JLL (both in the UK and in Poland), DTZ (in Hungary) and King Sturge (in Poland).

weekly newsletter # 036/ 24th November 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 argest argest argest office lease dealsoffice lease dealsoffice lease dealsoffice 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


Highest retail rents (EUR/sqm/month), H1 2014Highest retail rents (EUR/sqm/month), H1 2014Highest retail rents (EUR/sqm/month), H1 2014Highest retail rents (EUR/sqm/month), H1 2014

20

30

40

50

60

70

80

90

100

Other citiesŁódź

WrocławTri-city

SzczecinPoznańKraków

KatowiceWarsaw

Source: Cushman & Wakefield

Office rents (EUR/sqm/month), H1 2014Office rents (EUR/sqm/month), H1 2014Office rents (EUR/sqm/month), H1 2014Office rents (EUR/sqm/month), H1 2014

10 15 20 25

ŁódźKatowice

Tri-cityKrakówPoznań

WrocławWarsaw - non-central

Warsaw - central locations

Source: Cushman & Wakefield

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 123,000 Goodman Wrocław South

Logistic Center

Poznań Amazon 123,000 Panattoni Poznań

Wrocław Amazon 123,000 Panattoni Wrocław

Poznań supermarket

chain 82,385 -

Central Po-

land Castorama 49,961 Panattoni Park Stryków


pt urban issues no. 36

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