3things - ThePrime.cz

3Things: AFI Europe, JTRE and RT Torax

Robert McLean — Fri, 10 Nov 2023 08:13:19 +0000

AFI Europe received its final approvals for its second rental apartment building at AFI HOME Kolbenova, the residential portion of the developer's multifunctional AFI City development in Vysočany. The new building will offer 327 semi-furnished flats whose fit outs are being handled together with XXXLutz and ProCeram. Tenants will be able to start moving in by March 2024. "We're designing the apartments and the whole area so that people live as well as possible," said AFI's sales director Elena Pisotchi. "We're thinking both about the comfort and the daily needs of our new residents . . .

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3Things: New investment at Velis, leases for P3 and CTP

Robert McLean — Wed, 28 Jun 2023 05:11:45 +0000

P3 Pilsen Myslinka

The first phase of’P3 Pilsen Myslinka park is now fully leased, following an agreement for Hall B with auto parts company WM Logistic Nýřany. It will be using the building as an expansion warehouse for its existing facilities in the region. Petra Kroupová (Logistické centrum Nýřany) said the company had considered moving to a bigger site “but at the same time we didn’t want to leave our warehouse right by the D5.” The decision was therefor taken to expand its operations to the new building Myslinka. P3 began construction at the site speculatively, but was still able to incorporate several key tailor-made requirements, including a permit to store car tires. Marek Kodr of 108 Agency (which acted for the tenant) said it had been challenging to find a hall near completion that matched the needs of its client. “Thanks to careful planning and collaboration with the development team, we were able to prepare the hall for occupation, including all the changes needed by the client, in record time.”

Stannah Stairlifts at CTPark Brno Líšeň

Stannah Stairlifts will ramp up production in Brno to enable it to supply its European customers from the Moravian capital. Stannah leased 6,000 sqm of space in CTPark Brno Líšeň back in March, but an additional 2,000 sqm is being added. The company plans to move all their European rail production to Brno within a year. It’s a significant move, since Stannah has been in the Czech Republic since 2007, specifically at CTPark Brno in Černovické terasy. CTP’s Jakub Kodr says the Líšeň park is being built on the former brownfield site of the Zetro complex. The park’s 1st phase will soon be completed and will offer up to 3,000 job positions. There’s still 1,700 sqm of available rental space left.

Velis scores new investment

The proptech software company Velis Real Estate Tech has landed a major investment from a group of international investors. The new funds are to be used to expand the company’s presence in the United States and in Western Europe while accelerating the development of its flagship Singu platform. Part of the deal includes a strengthening of management, as Pawel Malon and Marek Jakubow are coming on board. An experienced board of directors has also been put in place. Velis currently has over 350 enterprise clients for whom it provides facility and access management software solutions. “We’re on a journey to improve and digitize all aspects of managing real estate assets, and we’re just getting started,” said Adam Penkala, Co-Founder of Velis.

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Accolade buys Karlovarska from Conseq, Mortgages, D line delays?

Robert McLean — Fri, 23 Jun 2023 06:42:41 +0000

Accolade/Conseq Realitni

Accolade has assumed full control of Karlovarská Business Park by buying out the majority shareholding from its previous owner, the Conseq Realitni fund. Located at the intersection of the D6 motorway and the Prague ring road, the property is made up of four buildings with a total of 19,500 sqm. Conseq Realitni and Accolade bought the property in 2017, with the former retaining a reported 90% stake. The recent transaction was brokered by CBRE. “High demand for industrial and logistics space in and around Prague has led to the rapid growth in premium rents, in some cases up to €7.90/m2/month,” says Vítězslav Doležal (CBRE), citing the average for 5,000 sqm deals. Smaller units are leasing for even more. Vladan Kubovec of Conseq Funds says his company’s success in selling the property so profitably despite the slow market only illustrates the benefit of its conservative approach to property valuations.

Mortgages way down

The Czech residential market has largely become cash-based. E15 reports that by the beginning of spring, 82% of all residential sales were being sold without mortgages. It’s a remarkable turnaround from a year ago, when banks were assisting two-thirds of all buyers to finance their investments. The high point came at the end of summer in 2021, when just 20% of Prague transactions were cash-only and nationwide, the average was 30%. Back then, of course, mortgage rates were hovering around 2%. Today, they’ve exceeded 6% at most banks. It’s widely expected that the mortgage market will begin to pick up beginning this summer though, as the Czech National Bank has dropped some of its strictest restrictions, increasing the pool of potential clients. “The mortgage market is beginning to move,” Jiří Sýkora told E15. “The first reason is that the prices of real estate continue to fall. Another factor that hasn’t begun to be felt yet is that the ČNB has cancelled the DSTI income limit.” Banks were banned for example from making loans whose monthly payments exceeded 50% of the client’s monthly salary.

D Line delayed?

Five months after bids were opened on the tender the second section of the D line metro, Prague still hasn’t picked the winner. Some deputies in the Prague assembly now warn that the delay could mean the new line might not open by 2029. The project has an estimated price tag of CZK 25 billion. “You have to realize that we’re talking about one of the largest infrastructure jobs in the Czech Republic in recent times, so it can understandably take longer to evaluate the bids,” said the Prague transportation company’s spokeswoman Aneta Řehková. The antimonopoly office is studying the bid following a complaint lodged by Metrostav DIZ, which didn’t even submit a bit. Public investments are often delayed because one of the losers contests the results. What’s odd in this case is that Metrostav didn’t even submit a bid.

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3Things: Skanska’s Port7, CTP’s green steel, interest rates to fall?

Robert McLean — Wed, 26 Apr 2023 06:32:40 +0000

Skanska’s Port7 project is now 50% leased, following the signing of a lease with international auditing and tax consultancy Mazars. The company signed up for 2,900 sqm of space on the top floor of the project, along with 16 parking space. It plans to move into its new offices at the beginning of 2024. Skanska completed the 36,000 sqm project at the beginning of April. Other tenants include co-workspace operator Scott Weber, the financial group Direct, and Manta Tools. Port7’s development opens up a new area around the Holešovice train station in Prague 7 that was previously abandoned and littered with defunct buildings. Public space includes a new passage leading from the station to the river along with a 17,000 sqm park that borders the Vltava. According to the Prague Research Forum, no new office construction has gotten underway in the last nine months and just 145,000 sqm is currently under construction. Vacancy in the city fell 75 basis points to 7.5% in Q1 2023.

Upping the stakes in the continual push towards real sustainability, CTP revealed that it used “green steel” by Arcelor Mittal for the entire roof area of a 32,000 sqm warehouse in CTPark Prague North. The developer used trapezoidal sheets made of Xcarb steel, a decarbonized, low-carbon product whose production uses primarily renewable resources. CTP claims reduces the embedded carbon by 835 tons of CO2, which it likens to 348 people living without a car for an entire year. Arcelor Mittal is aiming to using renewable sources only to produce its Xcarb green steel. “We address sustainability holistically and strive for carbon neutrality over the long term, thus we choose our suppliers based on their environmental responsibility and ask for the Environmental Product Declaration (EPD) on materials to verify provenance,” says Gabriela Povýšilová, CTP’s ESG manager in the Czech Republic.

We’re finally getting hints that the era of rising interest rates could be over, as the Czech National Bank has hinted it could actually reduce them in September. Vice governor Eva Zamrazilová said that the first drop in rates could take place in September. At least that’s what die-hard optimists are going to focus on as they make their plans for the rest of the year. But what did she really say? That the bank could only consider reducing interst rates if inflation falls into single-digit territory and looks to be headed towards its 1-3% target range. The Czech National Bank has raised them in fits and starts from 0.25% all the way up to 7%, where they’ve sat since last year. “There will be a lot more data in September, so if everything is going in the right direction and I’ll be sufficiently confident that it will continue in the coming months, then [reducing rates] is possible,” said Zamrazilová.

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3Things: CPI’s Berlin sell-off, UDI in Warsaw, and Crescon’s mountain resort

Robert McLean — Wed, 22 Mar 2023 07:25:57 +0000

Crescon has competed 64 apartments in its luxury project Aldrov Apartments & Resort. Clients are currently taking over their apartments, even as work proceeds on the 75 units in the second phase, which is scheduled for completion by the end of the year. Such is the continued level of demand for such properties, says Crescon director Jan Jerie, that 90% of the second phase are already sold. Located in Vítkovice in the Krkonoše mountains, the resort includes a plethora of common . . .

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3Things: 2022’s most expensive flats, Iwanowski joins REassurance, Mall Group

Robert McLean — Thu, 05 Jan 2023 07:25:05 +0000

It’s January, which means it’s time for the Top 10 lists to start appearing. SeznamZpravy kicks things off with an interesting look at the most expensive flats that were sold in 2022. Using data taken from the land registry, the real estate portal found valuo.cz found that all ten of the most expensive apartments sold last year (at least through November) were located in Prague. Not surprisingly, half of them were in Prague 1 with another two in Prague 2 and Prague 4. To be more precise, the most expensive flat was sold for CZK . . .

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3Things: Industrial supply dries up, office yields soften & Ronald van der Waals

Robert McLean — Fri, 25 Nov 2022 08:44:44 +0000

Vacancy fell below 1% for the first time ever on the Czech industrial sector in the third quarter of 2022. Colliers reports this was despite a bumper crop of new completions. Developers finished off a total of 18 new buildings during the period, adding 511,100 sqm to the stock of modern industrial space. The Czech market now includes 10.65 million square meters of modern stock. “Supply chain issues related to the Covid-19 pandemic and the shortages and increased costs of materials as a result of the war in Ukraine, also contributed to the exceptional Q3 . . .

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3Things: Křetinský gets cold feet with Foot Locker, P3/QSL and Arcus City

Robert McLean — Wed, 02 Nov 2022 06:56:56 +0000

Vesa Equity Investment, otherwise known as the investment vehicle of billionaires Daniel Křetínsky and Patrik Tkáč, has sold off $43 million worth of shares in the footwear giant Foot Locker. The Czecho-Slovak duo bought into the company in 2020, when pandemic panic pushed its share price down to just $21. The investment looked like a master stroke months later, when a surging stock market sent Foot Locker’s share price up past $60. But impending recession and the end of free money has seen the price fall to just $31. Despite the sell-off, Vesa . . .

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3Things: Chan(P3), Kilik (JLL), Kratina (Accolade)

Robert McLean — Tue, 04 Oct 2022 04:59:31 +0000

Nichole Chan has been named Head of ESG for P3 Logistic Park. The company says the appointment underscores its commitment to sustainability at all levels of operations as well as to a socially aware future. Chan worked previously as the head manager for ESG at Mileway, where she helped create that company’s program for improving social responsibility and sustainability while learning about the property sector. In the United States, she worked at Arcadis, focusing on ESG issues for clients while overseeing work to support the natural environment in New York. She has a master’s degree from . . .

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3Things: The CZ logistics juggernaut, CTP in Hr. Kralové, and Prague’s (likely) new mayor

Robert McLean — Tue, 27 Sep 2022 07:19:01 +0000

CBRE assembled its findings for the first half of 2022 into a single report, that leads off with the conclusion that the logistics is still running the show. It’s not a bad shout, considering the sudden collapse in demand for residential space (see high mortgage rates) and the jittery office sector. The real estate’s research team claims that new leases from January to June topped 900,000 sqm to achieve 33% y-o-y growth. That’s been achieved via 130 rental contracts, of which 24 were 10,000 sqm or bigger and 6 were +20 . . .

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