PT Urban Issues No. 020

No. 020 / 7th July 2014 / www.poland-today.pl / magazine, conferences, portal, newsletter

Newsletter Editor: Adam Zdrodowski

[email protected]

tel. +48 504 182 308

OFFICE Hines has secured a building permit for its Proximo office scheme in the Wola district of Warsaw page 2

REVITALIZATION Okam Capital wants to acquire the Pollena-Uroda historic post-industrial site in Warsaw page 3

RESIDENTIAL Unidevelopment is planning another housing project in Warsaw page 3 Atal has launched sales of apartments in a new Wrocław scheme page 4

RETAIL A new large-scale retail complex will be developed in Toruń page 4

HOSPITALITY A new Best Western chain hotel will be built near Kraków airport page 5

INTERVIEW Poland Today talks to Eric Assimakopoulos, founder and managing partner at the opportunistic real estate manager Revetas Capital Advisors page 5

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

COMING & GOING Jarosław Prawicki, UBM Polska page 7

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

The site is one of the most attractive plots in downtown Warsaw Photo: Wikimedia Commons

Echo InvestmenEcho InvestmenEcho InvestmenEcho Investment buys prime downtown t buys prime downtown t buys prime downtown t buys prime downtown Warsaw site, plans PLN 1 billion projectWarsaw site, plans PLN 1 billion projectWarsaw site, plans PLN 1 billion projectWarsaw site, plans PLN 1 billion project Warsaw Stock Exchange-listed developer Echo Investment has acquired the former Warsaw Brewery site in the Polish capital. The company is planning a large-scale mixed-use project on the land page 2

weekly newsletter # 020 / 7th July 2014 / page 2

BUILDING LAND

Echo Investment Echo Investment Echo Investment Echo Investment acquires prime acquires prime acquires prime acquires prime downtown Warsaw sitedowntown Warsaw sitedowntown Warsaw sitedowntown Warsaw site

Warsaw Stock Exchange-listed developer Echo In-vestment has acquired the former Warsaw Brewery (Browary Warszawskie) site in the downtown of the Polish capital from the Spanish Banco Financiero y de Ahorros for €42 million. The acqui-sition process was long and difficult, with a number of large investors having competed for the land, said Waldemar Lesiak, vice president of the manage-ment board at the company.

The site totals more than four hectares Image: Wikimedia Commons

The plots in question is located between ul. Grzy-bowska, ul. Wronia, ul. Chłodna and ul. Krochmalna in the Wola district of Warsaw and to-

tals 4.4 hectares. It is viewed as one of the most at-tractive sites in the downtown of the Polish capital that have not yet been developed. Echo Investment is planning to develop a total of approximately 100,000 sqm of office and residential space on the plot within the next five to seven years. The devel-oper estimates the total value of the investment at around one billion zloty. Emil Domeracki, senior associate, land agency, at Colliers International, said that the transaction is one of the two largest deals to have been closed in the building land market in Poland this year. The largest transaction in the market, which was bro-kered by the land agency of Colliers International, also took place in Warsaw but its details cannot yet be revealed, Domeracki added. Daniel Puchalski, director of the land advisory de-partment at JLL, pointed out that the Warsaw Brewery site is one of the best located plots on the investment map of the Polish capital. He noted that the neighbourhood will become one of the largest construction sites in the city in the upcoming years, with large-scale office investments including War-saw Spire and Prime Corporate Center already un-der construction. According to Puchalski, the sale process was long due to a number of factors including the multifunc-tional nature of the planned project and the large size of the site which was meant to be sold as one whole. In the opinion of JLL experts, the Warsaw Brewery site is particularly attractive in the terms of its potential for the development of housing space. The plot could accommodate a mid-rise resi-dential project with retail space on the ground level, Puchalski said. The Warsaw Brewery site was acquired in 2006 by Spanish developer Grupo Prasa for approximately

170 million zloty. The company planned to develop a number of high-rise buildings, housing both commercial and residential space, on the land. However, after the outbreak of the global financial crisis, the company found itself in financial troubles and was no longer able to launch the investment. The site was subsequently taken over by the bank.

OFFICE

Hines with building Hines with building Hines with building Hines with building ppppermit for new ermit for new ermit for new ermit for new Warsaw projectWarsaw projectWarsaw projectWarsaw project

The project will comprise 48,000 sqm of GLA Image: Hines

International real estate firm Hines has obtained a building permit for its planned Proximo office pro-ject in Warsaw. The scheme will be developed in the Wola district of the city and will comprise a to-tal of approximately 48,000 sqm of space in two phases. The first phase of the development will de-


liver 28,385 sqm of space and is scheduled to be completed in May 2016. Construction company Hochtief Polska is the general contractor of the in-vestment. Designed by the Rolfe Judd architectural studio, the Proximo project will be located at the intersection of ul. Prosta and ul. Przyokopowa, close to the Daszyńskiego Roundabout stop of the second War-saw subway line. The area has recently become a major office destination, with a number of develop-ers, including Ghelamco Poland and Skanska Prop-erty Poland, currently being involved in large-scale office schemes there. Hines has to date completed three office develop-ments in Poland – the prestigious Metropolitan building in downtown Warsaw, Sterlinga Business Center in Łódź and Centrum Biurowe Neptun in Gdańsk. The company is now looking at office de-velopment opportunities in Warsaw and one of the regional cities in Poland. Later this month, Hines should acquire an office site in the Mokotów dis-trict of the Polish capital, said Ewa Borkowska, marketing manager at the company.

REVITALIZATION

Okam Capital to Okam Capital to Okam Capital to Okam Capital to revitalize historic revitalize historic revitalize historic revitalize historic Warsaw factory siteWarsaw factory siteWarsaw factory siteWarsaw factory site

Developer Okam Capital is planning to revitalize and redevelop the historic Pollena-Uroda post-industrial site in Warsaw. The company is negotiat-ing the acquisition of the site from the current own-er, Restaura Szwedzka. “At this stage of the talks,

we are not yet able to say when the negotiations will be finished,” said Michał Skwarek, marketing and sales manager at Okam Capital. The company ex-pects to start construction in the first quarter of next year but the schedule could yet change, he added.

The original design prepared for Spanish Restaura

Image: Grupa 5 Architekci

Called Nova Praga – New City, the planned mixed-use investment will involve the development of res-idential, office, retail and service and cultural space on the Pollena-Uroda site. Originally, Spanish de-veloper Restaura planned to develop approximately 1,000 apartments and around 6,000 sqm of com-mercial space on the land. Construction was never launched as the company was hit hard by the out-break of the global financial crisis. The Grupa 5 Architekci architectural studio, which prepared the design of the project planned by Restaura, has now announced that it has resumed work on the scheme and that the original design will be modified. The Pollena-Uroda site is located in the area of ul. Szwedzka and ul. Stalowa in the Praga Północ district of the Polish capital and totals

approximately four hectares. A stop of the second Warsaw subway line will be built in close proximity to the site in the upcoming years.

RESIDENTIAL

Unidevelopment Unidevelopment Unidevelopment Unidevelopment planning another planning another planning another planning another project in Warsawproject in Warsawproject in Warsawproject in Warsaw

Developer Unidevelopment is planning a new large-scale multi-family residential project in Warsaw. The company has signed a cooperation agreement with Polpain-Putka, the owner of a 29,000-sqm site located on ul. Przeworska in the Praga Południe district of the city. It is expected that the site, for which a planning decision is yet to be issues, could accommodate a total of more than 33,000 sqm of residential and commercial space in three phases. Unidevelopment will be responsible for the whole development process, including securing the neces-sary administrative permits, obtaining bank financ-ing for the scheme and taking care of the sales- and marketing-related activities. The planned develop-ment will be the largest investment to have been developed by Unidevelopment. The developer is ready to grow and to increase the scale of its opera-tions, said Zbigniew Gościcki, president of the man-agement board at the company. Unidevelopment is part of the Warsaw Stock Ex-change-listed construction group Grupa Unibep. The developer is active in the residential markets of Warsaw and Poznań and has also experience in the development of commercial space. In the Polish capital, the company is currently developing the


Osiedle Lykke project in the Białołęka district and is preparing to launch another scheme in the Praga Południe district, as well as a new development in the Ochota district.

RESIDENTIAL

Atal launching new Atal launching new Atal launching new Atal launching new residential investment residential investment residential investment residential investment in Wrocławin Wrocławin Wrocławin Wrocław

The scheme will deliver 89 apartments Image: Atal

Atal, one of the largest residential developers active in the Polish market, has recently launched sales of apartments in its Stara Odra Residence multi-family housing project in Wrocław. Designed by the AP Szczepaniak architectural studio, the seven-floor

scheme will comprise 89 apartments that are priced from 6,500 zloty per sqm and scheduled for com-pletion in mid-2015. Atal has the ambition of becoming the leader in the residential market in Wrocław, said Zbigniew Juroszek, president of the management board at the company. He added that the developer will launch more developments in the city later this year. Atal is currently developing the Apartamenty Dyrekcyjna 33 investment in Wrocław which will comprise 222 housing units and is scheduled to be completed at the beginning of August this year.

RETAIL

New outlet centre New outlet centre New outlet centre New outlet centre project planned for project planned for project planned for project planned for ToruńToruńToruńToruń

Polish real estate investor and developer Karawela is currently preparing a new outlet centre project in Toruń in Kujawsko-Pomorskie Voivodship. The scheme will be part of a retail and recreation devel-opment which will also include a retail park and a number of sports facilities. Karawela owns approx-imately 20 hectares of land on the outskirts of Toruń. The site is conveniently located close to a major exit road leading to Bydgoszcz and neighbours the Motoarena Toruń motorcycle speedway track. Karawela previously planned to develop a regular shopping centre investment on the site. However, the company has realized that the market in Toruń has changed and will not absorb another hypermar-ket-anchored mall. Meanwhile, there is evidently

room for an outlet centre project in the city as no such scheme currently exists in the region and the closest one is in Tri-city, said Sebastian Bogusz, member of the management board at Karawela. The Outlet Toruń development will include a 14,000-sqm outlet centre and a 10,000-sqm retail park. Restaurants, a petrol station, a sports and rec-reation centre as well as an exposition centre will comprise a total of between 10,000 sqm and 20,000 sqm of space. The ultimate shape of the investment is still being worked on. Karawela is currently in talks with the municipal authorities in Toruń, as well as with numerous entities interested in leasing space at the project, Bogusz said. Major tenants at the retail park part of the project are expected to include furniture and home décor stores, a sporting goods store and a grocery store, he added. The Blue Ocean Investment Group is acting as the leasing agent for the scheme. The outlet cen-tre, valued at almost €20 million, will be built first, with Karawela hoping to start construction in the first half of next year and finish it one year later. The whole complex (with the retail park, the sports facilities and the exposition centre) should be ready by 2020.

The outlet should be ready in 2016

Image: Karawela


HOSPITALITY

New Best Western New Best Western New Best Western New Best Western hotel to be develohotel to be develohotel to be develohotel to be developed ped ped ped near Kraków airportnear Kraków airportnear Kraków airportnear Kraków airport

A new Best Western-chain hotel project will be de-veloped near the Kraków-Balice international air-port in southern Poland. The scheme will comprise 150 rooms and is scheduled to be completed in the first half of 2016. The Best Western Balice Airport Kraków investment is currently at the last stage of the planning and administrative processes. Kraków-based Doctor Q Bud is the investor behind the de-velopment.

The hotel will deliver 150 rooms Image: Best Western

Best Western perceives Kraków as a dynamically developing hotel market. At the moment, the chain has three hospitality facilities in the city, with a fourth hotel currently being under construction. Best Western now has 22 hotels with a total of al-

most 2,000 rooms across Poland. In the upcoming months, new facilities will open for business in Płock, Kraków and Katowice, said Gheorghe Cristescu, Best Western director in Poland.

INTERVIEW

CEE well positioned CEE well positioned CEE well positioned CEE well positioned for investmenfor investmenfor investmenfor investment after t after t after t after years of illiquidityyears of illiquidityyears of illiquidityyears of illiquidity

Poland Today talks to Eric Assimakopoulos, founder and managing partner at the opportunistic real es-tate manager Revetas Capital Advisors, about the condition of the CEE markets and the plans of the company in the region for the upcoming years. Poland Today: Poland Today: Poland Today: Poland Today: As one of the first iAs one of the first iAs one of the first iAs one of the first innnnvevevevesssstors in the tors in the tors in the tors in the region over ten years ago you have experregion over ten years ago you have experregion over ten years ago you have experregion over ten years ago you have experiiiienced enced enced enced the high growth boom in early 2000 through the high growth boom in early 2000 through the high growth boom in early 2000 through the high growth boom in early 2000 through 2008 and the2008 and the2008 and the2008 and the severe downturn over the past sixsevere downturn over the past sixsevere downturn over the past sixsevere downturn over the past six years.years.years.years. Where are we today in the cWhere are we today in the cWhere are we today in the cWhere are we today in the cycle, what ycle, what ycle, what ycle, what structural issues do structural issues do structural issues do structural issues do investors and banks face tinvestors and banks face tinvestors and banks face tinvestors and banks face to-o-o-o-day in real estate and can yoday in real estate and can yoday in real estate and can yoday in real estate and can you explain what your u explain what your u explain what your u explain what your strategy is today?strategy is today?strategy is today?strategy is today? Eric Assimakopoulos: Eric Assimakopoulos: Eric Assimakopoulos: Eric Assimakopoulos: In early 2000 through 2008 CEE was considered a high growth emerging mar-ket and many investors’ approach was akin to the modern day gold rush. Capital was easy to access, lending banks were prepared to provide high levels of leverage, therefore we saw significant foreign di-rect investment into the region. Investors were fo-cused on market growth and cap rate compression. In many cases this inflated the value of real estate assets and there was an effective land grab occur-ring in the years leading up to 2008. Some of the

key fundamentals of real estate were overlooked, ef-fectively a "hit or miss" strategy. Investors that exit-ed their investments prior to 2008 were able to achieve significant profits a "hit" and many who did not exit or acquired assets in the years leading up to 2008 have effectively "missed.” The market today outside of core assets within capital cities has significant structural issues caused by the overinflated prices of real estate during the 2005 through 2008 vintage years; the retreat of cap-ital during the financial crisis has created the signif-icant illiquidity that plaques the market today. There is a dislocation in pricing between banks that financed these assets, investors that own these as-sets and potential investors that are willing to buy them today. It is effectively a stalemate or catch 22. What we have seen is that banks are not willing to sell these assets for a significant discount in line with the Vienna Initiative I and II, the investors that own them are not willing or able to invest more equity into the assets because effectively the value is below the current debt levels and in a competitive tenants market if you don't have capital for building and tenant improvements, high quality well located assets will start to see high vacancies and significant decreases in their net operating income (NOI). This is then compounded by service charge shortfalls further decreasing the NOI. In many cases loan to value covenants are breached but the cash flow can still service the debt given the attractive interest rate environment. Having said that, if equity is not invested to properly maintain these assets and in-vest into the tenant improvement these asset will fall into severe distress. Revetas strategy today is to work with existing owners and banks to stabilize cash flow by investing into the building and tenant improvements com-bined with an active asset management role. In do-ing so we are able to keep the existing tenants and


attract new ones and actively de-leverage the banks debt on the assets. Are you interested in undeveAre you interested in undeveAre you interested in undeveAre you interested in undevelllloped land, paoped land, paoped land, paoped land, parrrrtially tially tially tially completed projects or poorly completed projects or poorly completed projects or poorly completed projects or poorly pepepeperrrrforming exisforming exisforming exisforming exist-t-t-t-ing assetsing assetsing assetsing assets???? Given the current market dynamics we are not tar-geting land deals, we are very selectively looking at partially completed developments and we are will-ing to invest in poorly performing assets if we feel the fundamentals exist for a repositioning of the as-set within the particular market, but again on a very selective basis. Our core strategy is well located cash flowing assets. What are the valueWhat are the valueWhat are the valueWhat are the valuessss of assets today coof assets today coof assets today coof assets today commmmpared to pared to pared to pared to their valuetheir valuetheir valuetheir valuessss prior to the crprior to the crprior to the crprior to the criiiisis. Can tsis. Can tsis. Can tsis. Can they be ahey be ahey be ahey be ac-c-c-c-quired at signifquired at signifquired at signifquired at signifiiiicant dicant dicant dicant disssscountscountscountscounts???? It’s very difficult to understand what values are to-day outside of core and core plus assets given the points I made in your first question. Our focus is perhaps best described as reverse value engineer-ing. We analyze what an asset cash flow is, what it should be (in many cases some of these assets are still over rented) what amount of equity is required to invest in the assets to stabilize the cash flow and NOI and then analyze the amount of debt the cash flow and NOI can support. We then work with the owners and banks and look to acquire the assets in order for the owners to unlock their equity and work with the banks in order to secure a stable de-leveraging of their debt positions. In wIn wIn wIn which assehich assehich assehich asset classes and in whicht classes and in whicht classes and in whicht classes and in which loclocloclocaaaations do tions do tions do tions do you see the best iyou see the best iyou see the best iyou see the best investment opponvestment opponvestment opponvestment opporrrrtuntuntuntuniiiitiestiestiesties???? Revetas has acquired 15 assets both retail and office in four countries totaling around 150,000 sqm over the past 12 months from institutional investors and

together with five international banks in Poland, Hungary, Romania and Bulgaria. The core funda-mentals of the CEE regions including sovereign debt to GDP ratios, GDP growth and unemployment are significantly better than in Western Europe and most analysts are now pointing towards CEE to outperform Western Europe in the mid term. GDP growth has jumped in the past year and retail sales have seen significant increases year on year so we are fairly bullish on the market over the mid term.

Poland Today talks to: Eric Assimakopoulos, founder and managing partner at Revetas Capital Advisors What is your strategy to deploy What is your strategy to deploy What is your strategy to deploy What is your strategy to deploy capcapcapcapiiiital in the tal in the tal in the tal in the region and how mucregion and how mucregion and how mucregion and how much capital will Revetas ah capital will Revetas ah capital will Revetas ah capital will Revetas allllllllo-o-o-o-cate?cate?cate?cate? We continue to pursue opportunities within the re-gion, with Poland, the Czech Republic and Slovakia seeing 30 plus % import/export to Germany. There are positive economic signs in Romania and the

Hungarian government is providing 10 year financ-ing subsidies at very favorable rates. Consumer spending increases are an indicator of increased consumer confidence in the region. These are com-pelling data points that lead me to believe the re-gion is well positioned for investment after over 6 years of illiquidity. In terms of the amount of capital that we will deploy that is yet to be seen but I would expect to see Revetas extremely active combining our core active asset management platform, consid-erable capital resource and our strong and long-standing relationships with investors, local market players and banks within the region.

ERIC ASSIMAKOPOULOS Eric Assimakopoulos has over 22 years of experience in the real estate sector. In 2003 he launched Bifrost In-vestment Group as a platform to invest in CEE. Since the outbreak of the financial crisis in 2008, he has shift-ed his focus to restructuring and recapitalizing dis-tressed real estate. By early 2012, he had successfully restructured and recapitalized over €170 million of debt on three real estate assets with two major banks in CEE.

Revetas Capital Advisors was one of the partners of the Poland &

CEE Real Estate Summit which Poland Today and Property Inves-

tor Europe organized at the Bristol Hotel in Warsaw on June 25-

26.

LATEST LEASE DEALS IN BRIEF Logistics company Raben Polska Raben Polska Raben Polska Raben Polska has leased a total of 37,000 sqm of logistics space from distribution space developer Prologis at two distribution parks in Wrocław and Chorzów in southern Poland. The company has recently signed a lease agreement for over 20,600 sqm of space at the Prologis Park


Wrocław complex, as well and for almost 16,400 sqm of space at the Prologis Park Chorzów distribu-tion park.

Prologis Park Wrocław Image: Prologis

Transport and logistics firm Geodis Calberson Geodis Calberson Geodis Calberson Geodis Calberson Polska Polska Polska Polska has leased almost 700 sqm of office space at the Adgar Plaza A building in Warsaw. Following the lease transaction, the building is now fully commercialized. Located on ul. Postępu in the Mokotów district of the Polish capital, the Adgar Plaza A facility is part of a three-phase complex de-veloped by Adgar Investments & Development be-tween 2006 and 2010.

Adgar Plaza A Image: Adgar Investments & Development

A 340-sqm Empik Empik Empik Empik store will be opened at the Gem-ini Park Bielsko-Biała shopping and entertainment centre in Bielsko-Biała in southern Poland which is owned by Gemini Holding. Earlier this year, anoth-er tenant from the EM&F group – Smyk – opened its store at the mall. The Gemini Park Bielsko-Biała facility has recently been expanded and currently comprises more than 40,000 sqm of GLA. The cen-tre is being leased by GREM Gemini Real Estate Management, in cooperation with BOIG Property Consulting and Cushman & Wakefield.

Gemini Park Bielsko-Biała Image: Gemini Holding

COMING & GOING

Jarosław PrawickiJarosław PrawickiJarosław PrawickiJarosław Prawicki

Jarosław Prawicki has recently been appointed as the new sales and marketing director at UBM Polska. He is responsible for, among other things, managing the process of commercializing and re-commercializing all the office investments of the company. A graduate of the Warsaw School of Eco-nomics, Prawicki has more than ten years of experi-

ence in the commercial property market. He previ-ously worked at HB Reavis, CBRE and Cushman & Wakefield.

weekly newsletter # 020/ 7th July 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. 020