PT Urban Issues No. 007

No. 007 / 31st March 2014 / www.poland-today.pl / magazine, conferences, portal, newsletter

Newsletter Editor: Adam Zdrodowski

[email protected]

tel. +48 504 182 308

OFFICE MARS FIZ is considering the sale of three office buildings in downtown Warsaw page 2

BUILDING LAND A number of new international investors are going to make land purchases in Poland in the next few years page 3

LOGISTICS Prologis has launched construction on a new speculative project near Wrocław page 3

REVITALIZATION Capital Park hopes to start its Art Notblin scheme in Warsaw later this year page 4

RETAIL Griffin Group is preparing to launch the Hala Koszyki development in Warsaw page 4

COMPANY NEWS Deutsche Hypo has opened a new office in Warsaw page 5

INTERVIEW Poland Today talks to Błażej Moder, director of the New Center of Łódź Authority page 5

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

COMING & GOING Paweł Boczar, CBRE page 7

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

The Złota 44 project stands 192 metres tall Photo: Orco Property Group

Orco selling Złota 44 project in WarsawOrco selling Złota 44 project in WarsawOrco selling Złota 44 project in WarsawOrco selling Złota 44 project in Warsaw Investor and developer Orco Property Group is going to sell its Złota 44 luxury residential project in Warsaw, calls the flagship scheme a major financial failure. page 2

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Conference: Primetime Warsaw II Developing a sustainable European metropolis3 April 2014, Conference Center Muranów, The Museum of the History of Polish Jews

LEAD SPEAkErS:

• Keynote: Elżbieta Bieńkowska, Deputy Prime Minister & Minister of Infrastructure and Development

• Professor Hanna Gronkiewicz-Waltz, Mayor of the City of Warsaw

• Professor Sven Bienert, MrICS, Professor of Sustainable real Estate at the University of regensburg and ULI Sustainability Fellow (Europe’s leading expert in the financial implications of sustainable development)

ToPICS:

• Infrastructural and Social Challenges for Warsaw within the new European Funds Perspective 2014-2020

• Wola & Praga: two of Warsaw’s most dynamic districts, soon to be joined by the 2nd metro line

• Cutting away the ‘green’ Pr fluff: what are the financial results and implications of sustainable development?

• Can Warsaw come up with a comprehensive ‘high street retail’ plan?

• Trends & issues in the office and retail sectors

• The art of Placemaking: creating attractive public spaces in and around commercial properties

Building on the success of our first conference about Poland's capital, we bring you all the major issues and opportunities, in Central Europe's pre-eminent city.

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weekly newsletter # 007 / 31st March 2014 / page 2

RESIDENTIAL

Orco Property Group Orco Property Group Orco Property Group Orco Property Group selling Złota 44 project selling Złota 44 project selling Złota 44 project selling Złota 44 project in Warsawin Warsawin Warsawin Warsaw

Developer and investor Orco Property Group has decided to sell its flagship Złota 44 residential pro-ject in downtown Warsaw. The luxury high-rise scheme has been plagued by major financial prob-lems in recent months. “The luxury residential pro-ject Złota 44 was exposed as a major financial fail-ure for the Group in the fall of 2013,” Orco Property Group said in its latest financial report, quoting a number of reasons for the situation. These include the lack of bank financing due to covenants defaults, the termination of the agree-ment with the general contractor and an unsuccess-ful re-launch of apartment sales in Złota 44, the company said in the report. Towards the end of last year, the board of directors decided to suspend work on the development, not to complete it and to sell the entire investment as it is, Orco Property Group added in the report. A short-term option to acquire the project has re-cently been granted to OTT Properties, an entity re-lated to the former management of Orco Property Group. If the option was exercised, no new losses would be generated for the group, Orco Property Group said. The company has recently seen major changes in its management board, with Tomáš Salajka having become the new CEO and Jiří Dedera having been appointed as the new managing director. Former CEO Jean-François Ott and sever-al other board members were dismissed.

Last year, Orco Property Group posted a €227-million loss which largely resulted from the loss in fair value adjustments and impairments of devel-opment assets amounting to a total of €193 million, with Złota 44 (€121 million) having accounted for the bulk of the sum. Construction on the 192-metre Złota 44 scheme, which was designed by the re-nowned American architect Daniel Libeskind and will comprise over 260 apartments, was scheduled to finish later this year.

The Złota 44 skyscraper comprises more than 260 luxury apartments

Image: Orco Property Group

OFFICE

MARS FIZ mulls MARS FIZ mulls MARS FIZ mulls MARS FIZ mulls package opackage opackage opackage office building ffice building ffice building ffice building sale in Warsawsale in Warsawsale in Warsawsale in Warsaw

Three office assets in downtown Warsaw which are currently owned or co-owned by the MARS FIZ Closed-End Investment Fund could be sold in a

package deal within the next few years. The portfo-lio of the entity includes the existing Centrum Bankowo-Finansowe Nowy Świat and Centrum Giełdowe buildings, the former of which is now be-ing thoroughly modernized and re-commercialized. Additionally, MARS FIZ is now developing a new office project called Nowy Świat 2.0 which is lo-cated on a plot neighbouring the existing buildings and is scheduled for completion next year. The un-der-construction scheme is expected to deliver over 4,100 sqm of office space and more than 1,900 sqm of retail and service areas. Once the investment has been commercialized, it could be sold along with the two existing buildings, said Tomasz Lewandowski, managing director, real estate assets, at MS Towarzystwo Funduszy In-westycyjnych (MS Mutual Funds Society) which manages the MARS FIZ Closed-End Investment Fund. The exact bid price is not yet known but ac-cording to Jacek Kopczyński, real estate investment director at MS Towarzystwo Funduszy Inwestycy-jnych, the total value of the three buildings in ques-tion exceeds 400 million zloty. The subsidiaries of MARS FIZ also own a number of other attractive properties across Poland. In Warsaw, these include two large-scale residential and office sites in the Wola district which will be developed by MARS FIZ subsidiary Grupa Waryń-ski in cooperation with developers Polnord and Dantex. Also in the Wola district of the Polish capi-tal, Grupa Waryński will develop on its own an of-fice project called EQlibrium that will comprise ap-proximately 10,000 sqm of office and service space. Construction should launch later this year, Lewandowski said. Moreover, in Gdynia on the Baltic coast, the fund owns 84,500 sqm of post-industrial waterfront land


on which around 174,000 sqm of residential and commercial space could be developed. The entity hopes to sell all or part of the property later this year. Last but not least, the portfolio of MARS FIZ subsidiaries Unimor Development and FS Nieruchomości includes office sites in downtown Gdańsk, as well as properties and land outside of Warsaw and in Lublin.

MARS FIZ is now developing the Nowy Świat 2.0 office scheme in downtown Warsaw Image: MARS FIZ

BUILDING LAND

New foreign investors New foreign investors New foreign investors New foreign investors planningplanningplanningplanning land land land land purchases in Polandpurchases in Polandpurchases in Polandpurchases in Poland

Investor interest in building land in Poland is now clearly on the rise, with a number of new interna-tional entities currently planning to make their first acquisitions in the country within the next few

years. The trend could well be seen during the re-cent MIPIM international property fair in Cannes, France, where several new transactions were dis-cussed, said Daniel Puchalski, director, land advi-sory service CEE, at JLL. He added that at least nine new foreign investors, coming from markets including the Scandinavian countries and Ukraine, are going to acquire office and residential sites in Poland in the near future. Altogether, the companies in question are expected to spend from €1.3 billion to €1.5 billion on building land purchases in the country within the next three to five years, Puchalski said. Generally, after several years of a decreased inves-tor activity, there are now more and more entities in the market that have already raised a substantial amount of capital and are looking for opportunities to invest in building land in Poland. These are often investors who are planning to enter into joint-venture partnerships with the developers already active in the Polish market. They are interested in Warsaw, as well as in a number of regional cities in-cluding Kraków, Wrocław, Poznań, Łódź and Ka-towice, Puchalski said.

Daniel Puchalski, JLL Image: JLL

The land advisory service department of JLL is now working on a building land portfolio in Poland whose total estimated value amounts to around one billion zloty. The most recent deals brokered by the company, whose details have not yet been revealed, included the sale of an office site in the Mokotów district of Warsaw and a residential site in the Żoli-borz district of the city, Puchalski said.

LOGISTICS

Prologis starts Prologis starts Prologis starts Prologis starts speculative project speculative project speculative project speculative project near Wrocławnear Wrocławnear Wrocławnear Wrocław

Distribution space developer, manager and owner Prologis has launched construction on a 27,000 sqm speculative project located within its Prologis Park Wrocław V distribution park near Wrocław. “Wro-cław is currently one of the most sought-after loca-tions and has the lowest warehouse space vacancy rate in Poland,” Ben Bannatyne, managing director, CEE, at Prologis, said in a statement. Prologis has to date developed four built-to-suit schemes within the park – for Eko Holding, Neonet, Tradis and UPM Raflatac – which comprise a total of over 90,000 sqm of distribution space. The Prologis Park Wrocław V complex is located in Nowa Wieś Wrocławska, near the Wrocław ring road and the intersection of the A4 motorway with the S8 express way, and has the potential to be ex-panded by an additional 125,000 sqm of space. News about the launching of new speculative pro-jects is bound to appear more and more often, ac-


cording to Jan Barbasiewicz, associate director, in-dustrial and logistics agency, at Colliers Interna-tional. This will mostly concern the Wrocław and Poznań markets where the vacancy rates are very low and the demand is on the rise. “The transac-tions concluded in the first quarter of this year al-low us to think optimistically about the upcoming months,” Barbasiewicz said.

Prologis Park Wrocław V currently comprises four built-to-suit buildings

Image: Prologis

REVITALIZATION

Capital Park hoping to Capital Park hoping to Capital Park hoping to Capital Park hoping to launch Art Norblin launch Art Norblin launch Art Norblin launch Art Norblin project lateproject lateproject lateproject later this yearr this yearr this yearr this year

Real estate investor and developer Capital Park hopes to be able to launch its planned Art Norblin office and retail project in Warsaw by the end of this year, said Kinga Nowakowska, operational di-

rector at the company. Capital Park has recently re-ceived a building permit for the scheme but its le-gality has been questioned by the inhabitants of two buildings that neighbour the site on which the in-vestment will be developed. The issue is now being looked into by the Ma-zowieckie voivod who should uphold the building permit and thus give the go-ahead for the develop-ment within the next few months, Nowakowska said. The Art Norblin project, which will involve the revitalization and redevelopment of a historic post-industrial site in the Wola district of the Polish capital, will deliver approximately 40,000 sqm of office space and around 24,000 sqm of retail areas. Capital Park will in June this year deliver the first phase of its Eurocentrum Office Complex scheme in Warsaw which comprises over 42,000 sqm of leasable space and is currently leased out in around 51%. Nowakowska said that the company is now fi-nalizing a number of lease agreements which should drive the occupancy level at the develop-ment to approximately 80% by the end of this year.

The Art Norblin development will involve the revi-talization of a historic post-industrial site

Image: Capital Park

Office and retail areas at Royal Wilanów, the other major investment which Capital Park is currently developing in Warsaw, are now respectively leased out in approximately 20% and around 60%, Nowa-kowska said. The project is located in the Wilanów district of the Polish capital and will comprise a combined 36,700 sqm of leasable space. It is sched-uled to be completed in Q3 next year.

RETAIL

GriGriGriGriffin preparing to ffin preparing to ffin preparing to ffin preparing to start Hala Koszyki start Hala Koszyki start Hala Koszyki start Hala Koszyki scheme in Warsawscheme in Warsawscheme in Warsawscheme in Warsaw

Real estate investor Griffin Group is going to launch preparatory work on the site of the planned Hala Koszyki retail and office project in downtown War-saw at the beginning of next month. The work, car-ried out in cooperation with the building conserva-tion officer, is expected to take two months and will involve, among other things, securing the existing elements of the historic Hala Koszyki building and strengthening the structures of the neighbouring buildings. The Hala Koszyki scheme will involve the recon-struction of an eponymous historic market hall which was built in the years 1906-1909 and was closed and dismantled in 2006. Griffin Group ac-quired the property in 2012. Once reconstructed, the development is expected to offer 7,500 sqm of retail space in the main market hall building. Addi-tionally, the investment will involve the develop-ment of three boutique office buildings on the neighbouring plots.


Griffin Group will reconstruct a historic market hall in downtown Warsaw

Image: Griffin Group

The Hala Koszyki project has been designed by the renowned JEMS Architekci architectural studio and is scheduled to be completed at the turn 2015 and 2016, depending on when Griffin Group will be able to launch the construction. The investor is now in the process of obtaining a building permit for the scheme and will launch the construction once the permit has been granted, said Michał Świerczyński, president of the Griffin Group subsidiary which is responsible for the development.

COMPANY NEWS

Deutsche Hypo Deutsche Hypo Deutsche Hypo Deutsche Hypo opening new office in opening new office in opening new office in opening new office in WarsawWarsawWarsawWarsaw

Hanover-based Deutsche Hypo, one of the largest commercial real estate financing institutions in Germany, has opened a new representative office in Warsaw. The bank occupies 150 sqm of office space at the Chmielna 25 project in the downtown of the city. The Warsaw office of Deutsche Hypo is headed by Beata Latoszek who earlier worked in a

management position at Bank Zachodni WBK where she specialized in commercial real estate fi-nancing. Poland is one of the up-and-coming commercial real estate markets in Europe and will continue to expand its leading position within the investment markets of Central and Eastern Europe, Deutsche Hypo said in a statement. “For an experienced real estate financier like us, this opens up a wealth of business opportunities that we are in a better posi-tion to exploit if we have a local representative of-fice,” the company added.

Beata Latoszek, head of the newly opened office

Image: Deutsche Hypo

INTERVIEW

Developers interested Developers interested Developers interested Developers interested in in in in the the the the remodelingremodelingremodelingremodeling of of of of downtown Łódźdowntown Łódźdowntown Łódźdowntown Łódź

Poland Today talks to Błażej Moder, director of the New Center of Łódź Authority (Zarząd Nowego Centrum Łodzi), about the New Center of Łódź (Nowe Centrum Łodzi) program that envisions a thorough redevelopment of the downtown of the third largest city in Poland. Poland Today: Poland Today: Poland Today: Poland Today: tttthe New Center of Łódź prhe New Center of Łódź prhe New Center of Łódź prhe New Center of Łódź proooogramgramgramgram was the main element of the iwas the main element of the iwas the main element of the iwas the main element of the innnnvestment ovestment ovestment ovestment offfffer of fer of fer of fer of the city of Łódź during the recent MIPIM the city of Łódź during the recent MIPIM the city of Łódź during the recent MIPIM the city of Łódź during the recent MIPIM inteinteinteinter-r-r-r-nnnnaaaationaltionaltionaltional pppproperty fair in Cannes. Was there roperty fair in Cannes. Was there roperty fair in Cannes. Was there roperty fair in Cannes. Was there much invemuch invemuch invemuch invesssstor interest in the scheme during the tor interest in the scheme during the tor interest in the scheme during the tor interest in the scheme during the event?event?event?event? Błażej Moder: Błażej Moder: Błażej Moder: Błażej Moder: Łódź was presenting its offer at MIPIM for the fourth time. However, for the first time we were promoting the New Center of Łódź program so intensively. A thorough revitalization of almost 100 hectares of land in the downtown of the third largest city in Poland, where the public sector is involved in more than 50 projects valued at over four billion zloty, attracted much investor interest. Our projects clearly show what will be done by the city and the railway companies, and offer interest-ing investment opportunities for private investors. The model is starting to work. Last year we man-aged to sell land for an office project called the City Gate (Brama Miasta) for 40 million zloty, a record price in the history of Łódź. A private investor will develop the building which has been designed by


the renowned American architect Daniel Libeskind who comes from Łódź. What kinds of inWhat kinds of inWhat kinds of inWhat kinds of investors are interested in the vestors are interested in the vestors are interested in the vestors are interested in the New Center of Łódź New Center of Łódź New Center of Łódź New Center of Łódź program?program?program?program? A key element of the New Center of Łódź program is the development of a new underground Łódź Fabryczna railway station. This has allowed us to reclaim large areas in the downtown of the city. The municipal authorities, along with the Polish State Railways (PKP) companies, has promised to de-velop new transport infrastructure and new public areas, as well as to revitalize the historic buildings which are owned by the gmina. We have also devoted much time to carrying out le-gal audits of the properties in question, analyzing the demand for the various kinds of space and pre-paring zoning plans. We are investing record-large amounts of public funds in the area. All of this is meant to help us create lively urban space which will be the catalyst for the revitalization of the whole downtown. Such an investment offer is at-tracting more and more interest of both interna-tional companies and local developers. Which Which Which Which elemenelemenelemenelements of the New Cets of the New Cets of the New Cets of the New Cennnnter of Łódź prter of Łódź prter of Łódź prter of Łódź pro-o-o-o-gram gram gram gram can be of particular intecan be of particular intecan be of particular intecan be of particular interrrrest for private iest for private iest for private iest for private in-n-n-n-vestors?vestors?vestors?vestors? We are currently preparing with PKP an invest-ment memorandum regarding the development of the land above the railway station and the so-called Special Culture Zone (Specjalna Strefa Kultury) area. This is an almost three-hectare area located between the railway station, the revitalized power and heat station EC-1 and the City Gate. I think that this area will attract the most interest of private investors. We envision there a mixed-use

complex with residential, retail and office space. I want to stress this again: the New Center of Łódź is to be a lively city in which people live, work and spend their free time, and not a closed mono-function structure. This is a challenging task and this is why we are investing so much money in the quality of public space, transport, revitalization and culture.

Poland Today talks to: Błażej Moder, director of the New Center of Łódź Authority

The City Gate prThe City Gate prThe City Gate prThe City Gate prooooject will be one of the lanject will be one of the lanject will be one of the lanject will be one of the land-d-d-d-marks of the New City of Łódź. What will the marks of the New City of Łódź. What will the marks of the New City of Łódź. What will the marks of the New City of Łódź. What will the project look like and when will coproject look like and when will coproject look like and when will coproject look like and when will connnnstruction on struction on struction on struction on it be launched?it be launched?it be launched?it be launched?

The City Gate will be an office project resembling in its appearance a real gate. It is meant to be a sym-

bolic portal connecting the historic downtown with its ul. Piotrkowska with the New Center of Łódź. Its estimated usable space will amount to almost 40,000 sqm. The building will stand 64 meters tall. The lower floors will house retail space. The inves-tor – Łódź-based LDZ BRama is planning to launch construction at the turn of the year. Almost a half of the space in the building has already been leased out.

When arWhen arWhen arWhen are you planning to sell moe you planning to sell moe you planning to sell moe you planning to sell more plotsre plotsre plotsre plots and and and and what what what what will be built on them?will be built on them?will be built on them?will be built on them?

The investment memorandum regarding the Spe-cial Culture Zone area will be ready in the middle of this year. At the beginning of 2015, we will start procedures related to the sale of the plots. Investors are welcome to develop a unique mixed-use project in downtown Łódź. We ask them to respect the his-toric architecture of the city. In return, we offer a well thought-out, planned and, most significantly, accounted for in the city budget, program of public investments.

BŁAŻEJ MODER Błażej Moder became the director of the New Center of Łódź Authority in 2012. He earlier worked at Łódź City Hall as a plenipotentiary of the mayor for the New Center of Łódź program, as well as at the Łódź Regional Development Agency and the Łódź Special Economic Zone.


LATEST LEASE DEALS IN BRIEF

Alchemia

Image: Torus

CoCoCoCommmmppppuuuuware ware ware ware will take up more than 3,000 sqm of office space at the Alchemia mixed-use complex in Gdańsk. The company is going to move into its new premises in September this year. The first phase of Alchemia was opened for business in January and comprises 16,700 sqm of office space, which is cur-rently leased out in 86%. The second phase of the complex is expected to deliver almost 21,000 sqm of office space in the fourth quarter of next year. NykreditNykreditNykreditNykredit, Europejski Bank Odbudowy i RoEuropejski Bank Odbudowy i RoEuropejski Bank Odbudowy i RoEuropejski Bank Odbudowy i Rozzzzwojuwojuwojuwoju, Fortum Power and Heat PoFortum Power and Heat PoFortum Power and Heat PoFortum Power and Heat Pollllskaskaskaska, Egis PoEgis PoEgis PoEgis Pollllskaskaskaska, PayPal PolskaPayPal PolskaPayPal PolskaPayPal Polska, WeilWeilWeilWeil, Gotshal & MangesGotshal & MangesGotshal & MangesGotshal & Manges, PuPuPuPubbbblic lic lic lic AidAidAidAid and NoNoNoNorrrrdic Devedic Devedic Devedic Devellllopment opment opment opment have prolonged their lease deals at the Warsaw Financial Center tower in the Polish capital. The tenants occupy a to-tal of more than 3,000 sqm of office space at the building which comprises a combined 50,000 sqm of GLA and is owned by a consortium of Allianz Real Estate and Curzon Capital Partners III.

Düwi International Düwi International Düwi International Düwi International has leased almost 3,000 sqm of warehouse and office space at the MLP Bieruń lo-gistics centre which developer MLP Group has de-livered in Silesia. The transaction was brokered by AXI IMMO. The MLP Bieruń logistics centre is lo-cated within the Katowice Special Economic Zone, close to the A4 motorway. When fully developed, it is expected to comprise a total of 55,000 sqm of space. Clothing brands of the LPP Group LPP Group LPP Group LPP Group will open their stores at the Outlet Center projects in Białystok and Lublin. The group has leased more than 1,300 sqm of retail space at each of the schemes. The Outlet Center development in Białystok will be part of a retail park comprising a combined 36,000 sqm of leasable space. For its part, the Outlet Center in-vestment in Lublin will offer approximately 12,500 sqm of GLA.

Outlet Center in Lublin

Image: CBRE

COMING & GOING

Paweł BoczarPaweł BoczarPaweł BoczarPaweł Boczar

Paweł Boczar has become the head of a new office department that CBRE has established in Wrocław. He is a senior property negotiator at the office agency team and will be responsible for represent-ing both tenants and landlords. Before joining CBRE, Boczar worked at Knight Frank as a com-mercial properties leasing manager. He studied at the law department and the geography department of the University of Wrocław and completed post-graduate studies in property valuation.

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weekly newsletter # 007/ 31st March 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


Documents

PT Urban Issues No. 007