Thanks again to all of the CEDES 2010 partners, speakers and participants, for making this year’s event a real success. It would have been far more positive if the panelists and the discussions had been more upbeat and if there were more positive signs coming from the market. Still, it was definitely useful to to gather together so many high-powered real estate market players for the day. The open discussions during and after the panels was refreshing and frank.
We’re currently carrying out a survey of CEDES participants, the results of which will be appearing in the May issue of CIJ. In the meantime, we’ll leave you with just a few quotes and comments from the day (below) along with some pictures from the opening party the night before. Like the conference itself, was held in the brand new Sheraton.
Andrej Glézl, a manager at KPMG Slovakia, said that the denial phase of the recession was over and that the hard work was about to get going. “We are now beginning to dig down, roll up our sleeves and begin the restructuring work that needs to be done in such a crisis,” he said. “The real settlement of things, finding where the value is, and all the big renegotiations are just about to begin.”
“We reached the bottom in the second quarter of last year and the economy began to grow from that time,” said Mária Valachyová, a senior analyst Slovenská sporiteľňa. “Of course there are huge uncertainties about what will follow, and much will depend upon foreign demand.
Marek Kalma (Penta Investments) said his company’s project Bory was fortunate to be getting underway now. “Retailers are cautious,” said Kalma. “They’re waiting to see how Eurovea does, but from the beginning of the year, we’re seeing a big impulse from retailers that want to sign up for space. It’s based on predictions for 2012 to 2014.”
“The banks in Slovakia financed on conservative principles, so annuities were for 20 to 25 years, and usually full debt service was paid after a small grace period, and there were no interest-only loans provided,” said Radoslav Jakab, head of real estate finance for Slovenská sporiteľňa.