Property investment up in Q1 on Czech market
The Czech investment market saw a recovery in Q1, writes Cushman & Wakefield in its recent report.
Six transactions were closed in the first three months of 2013, totaling €237m, a substantial increase from the €20m volume posted in the same period last year. Meanwhile, the Polish market saw its volumes decline in Q1 2013 with €465m invested, compared with €818m in Q1 2012. Hungary posted an investment volume of €159m in Q1 2013, significantly higher than the same period in 2012.
“The Czech Republic is rising again after a quiet 2012. The strong start to 2013 is expected to continue into Q2 with several additional deals anticipated to complete during the coming weeks,” said James Chapman, head of capital markets at Cushman & Wakefield Czech Republic and Slovakia. “Several large transactions are expected to happen later in the year further confirming the growth in the market and the increasing stability of the real estate sector. Czech and international investors are equally as active at present with particular focus on offices and retail.”
Investor focus is trained on the office sector, with some €646m invested in CEE. Major transactions included the purchase of Anděl Park B in Prague by GLL, PZU’s purchase of Skanska’s Green Towers in Wrocław and the purchase of New City in Warsaw by Hines. Allianz, Invesco, NEPI, Kulczyk Silverstein Properties and Hannover Real Estate also made investments in the regional office sector in this quarter. Retail investment activity by contrast was at its lowest since 2009. (source: cijjournal.com)