So we’re posting the winners from the CIJ Awards Hungary along with some pictures below. Once again, our congratulations to all the companies that completed schemes over the course of this difficult year. And thank you, once again, to everyone who turned up on Thursday night to make it a really enjoyable event.
We’ve gotten a couple pictures from that evening event already which are down at the bottom of this post (click on them to view the album), and we’ll up more of them as they come through, and they’ll be on our Hungarian Facebook pages as well. (Everyone’s welcome to become a friend, by the way).
Best Office Development
Officium (SCD Group)
Best Shopping Center Development
Arkad Szeged (ECE)
Best Hotel Development
Industry Leadership Award
Arpad Torok (Trigranit)
Developer of the Year
Law Firm of the Year
Kovari Tercsak Salans
Best International Real Estate Agency
Cushman & Wakefield
Property Management Team of the Year
Cushman & Wakefield
Click on the pictures to see them up close, in album format!
Great discussion at the CIJ Investment Roundtable in Hungary today at Bank Center. It certainly wasn’t all doom and gloom, but the panelists agreed that Hungary’s knack for attracting scary headlines isn’t helping matters.
On the positive side, strong projects continue to perform, providing a certain level of comfort to developers and investors who know they’re investing into projects with solid fundamentals. And if a certain trio of major transactions were to go through, which would silence the pessemists, at least for a time.
And investors continue to land at Budapest’s new airport in order to scout out the opportunities. Unfortunately, they’ve been running into increased resistance from banks to agree to financing of new transactions, to the point that some investors won’t begin due diligence until some level of credit agreements have been put in place. And clearly, the country is still in a tight spot, with the consumer spend continuing to be squeezed by unemployment and the Swiss franc mortgage mess.
There was an overall consensus that it would be helpful if there were a more active approach towards outside investors, be it from the state, the city or from the private sector.
We’ll be featuring excerpts from what was an open and frank debate about the state of the property market in the November issue of CIJ.
Adgar prepares office plot
Adgar Group acquired an 8,000 sqm plot for its new investment at Aleja Prymasa Tysiąclecia in the Wola district of Warsaw. The precise plans are at the moment unknown, but Eyal Litwin, vice-chairman of Adgar, revealed that the company intends to deliver further office projects. Until now, Adgar’s biggest project projects (Adgar Plaza, Adgar Business Centre, Adgar Business Centre II) have been built in Mokotów.
Neocity starts with the new scheme
Neovillage estate Neocty’s second investment in Warsaw. The five apartment buildings will offer 148 residential units in the Ursus district. The company is currently waiting to receive a construction permit for the project.
13 new stores in Silesia City Centre
TriGranit’s scheme Silesia City Center has announced a baker’s dozen of new tenants who will inhabit the mall when it opens this fall. The 13 brands are Lacoste, La Promessa, Harpers, Shoes, Rolex, Clarks, Guess Footwear, Stradivarius, Massimo Dutti, Furla, Home&You, Claire’s, Lindex and the travel company TUI.
TriGranit hints at huge pipeline
The Hungarian developer TriGranit has announced 10 major investments plans its has for Poland’s largest 10 cities. They are all are large multifunctional building with retail, residential and office components. CEO Sandor Demjan wouldn’t reveal any further details, however, as it could negativley affect negotiations with its partners.
Prokom denies exit rumors
Prokom Investments has announced it intends to increase its shareholding in Polnord beyond its current 35.2% stake. The company’s net profit in 2011 came in at PLN 15.7m, Prokom’s board has let it be known it thinks the company’s share price is under-valued at the moment. The statement was intended to refute rumors that Prokom allegedly wanted to exit from the development company.
Entire city visits mall
If the numbers are to be believed, virtually every resident of the town of Zamość visited Galeria Twierdza during its first weekend of operations. A total of 55,000 people were counted walking through the doors of the newly opened mall, which offers to 24,000 sqm GLA for shoppers.
TriGranit has done a deal with Heitman European Property Partners IV under which both sides will own 50% of Arena Centar Shopping Center in Zagreb. The 60,000 sqm mall opened in November last year, and is currently 95% leased. It’s being hailed as the largest transaction in the region, and while no figure was released in the announcement, TriGranit’s CEO Árpád Török claimed at the center’s opening that it represented a total investment of €350m (the total for this transaction however appears to have been somewhat lower).
The top retailers in the mall are in the usual suspects list for the region, including Zara, Gap, Apple Stores, Esprit, and Swarovski. Heitman was represented by Cushman & Wakefield in the transaction.
TriGranit has launched a website for its project Metropolis, which ran head-first into Slovakia’s election cycle after the Christian Democratic Party mayor Andrej Durkovsky came out against it. The problem was one of branding, as the project had become known as Las Vegas on the Danube. The new marketing push for the project, which is still in planning, doesn’t even mention Harrah’s, the casino operator it’s being built in conjunction with.
The new website makes it crystal clear to Bratislavans that they’d be giving up a whole host of leisure facilities (aquapark, ice rink, a multifunctional arena) along with hotels and a shopping center. The planned casino takes up just 2% of the space, and gets about 2 seconds of a slick 2 minute promotional video. Website visitors are encouraged to become fans of the project on Facebook.
TriGranit Development and Polish State Railways (PKP) have finally signed an agreement for the development of Poznań new transportation and commercial property complex.
PKP is bringing a 4 ha plot to the deal, along with permits. TriGranit will deal with financing and design. The result will be a €160m project will be a new transport hub, plus a new shopping center. Construction is supposed to start in early 2011 and delivery is planned for late 2012.