Monthly Archives: August 2010

Piotr Kaleta appointed Ghelamco leasing director

Piotr Kaleta is the new leasing director of Ghelamco Poland. Kaleta took on his new duties as of September 1. He has been with Ghelamco since 2006, previously as a leasing manager. Kaleta graduated from Warsaw University’s Management Faculty with specialization in real estate market. He has a real estate broker license. In his new job at Ghelamco he replaces Tomasz Czuba, who is leaving the company.

Polish economy does it again

Poland’s economy continues to chug along as if there were no global economic hurricane going on. The country’s QII figures are out, and once again, they surprise. Rather than impressing with just 3.2% GDP growth, as economists had expected, it surged 3.5% compared to QII 2009. Insistent on finding some kind of bad news, market observers pointed out that imports continued to outstrip exports. The newest estimates are that Polish GDP growth for the year will exceed the expected 3%.

Warimpex revenues rise

Warimpex Finanz saw its second quarter revenues rise 25% on the back of what it’s describing as “clear stabilization in the hotel industry.”

An especially encouraging upswing was seen in the business travel segment, and conference business is also starting to pick up again. At the same time, improved occupancy rates and especially better conditions on the transaction market allowed part of the impairment write-downs that were made in 2009 to be reversed.

The company turned in positive EBITDA and EBIT and a strong surplus in the second quarter, with HI profits topping out at €3.7m.

ECE begins Szeged Árkád

ECE Projektmanagement laid the foundation stone for its €100m shopping center in the southern Hungarian city of Szeged this week. The German property developer signed a €74m loan with Westdeutsche Immobilienbank to finance the project, scheduled to open in the fourth quarter of 2011.
“Our cooperation with WestImmo is a positive signal and shows that well-designed retail projects such as the Árkád Szeged can also be realized in the current financial market crisis,” ECE’s CEO, Alexander Otto, said in a statement this week.
Leases have already been signed on about half of the 130 units going in the three-story, 41,000 sqm shopping center.

Discount for NAMA deepens

For those still catching up on their summer reading, here’s something from earlier in the week. Seems that the discount the Irish bad debt agency NAMA will be getting on its loan purchases is bigger than expected. Like, 72% for for loans from the Irish Nationwide Building Society. Oops.

As Alphaville says, “and you thought 62% for the second batch of AIB loans was bad…”

No more resi investing for big bucks

So, just waiting around, trying to time the bottom of the residential market so you can jump in to work on your retirement nest egg? Might want to read a short history of resi investment before taking the plunge. It’s rather US-centric, but no reason to think it’ll be much different on this side of the pond. You wonder, actually, how broadly the analogy applies to property.

“Many real estate experts now believe that home ownership will never again yield rewards like those enjoyed in the second half of the 20th century, when houses not only provided shelter but also a plump nest egg.
“The wealth generated by housing in those decades, particularly on the coasts, did more than assure the owners a comfortable retirement. It powered the economy, paying for the education of children and grandchildren, keeping the cruise ships and golf courses full and the restaurants humming.
“More than likely, that era is gone for good.”
And because a picture is worth 1,000 words, we bring you this:

IBM Slovakia signs at Apollo Business Center II

IBM Slovakia has signed an 8,500 sqm lease agreement with HB Reavis for space in the developer’s Bratislava scheme, Apollo Business Center II. The IT giant will fill 9 of the building’s 16 floors, bringing the project to 96% leased.   “We’re pleased that the global IT leader IBM has chosen our project,” said HB Reavis representative Roman Karabelli. The company will have neighbors like Microsoft, Enel, Alcatel, CSA and Heineken Slovakia.