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1 nr 10 / (41) LISTOPAD 2013 ISSN Cena 40 PLN / 10 Euro (w tym 8% VAT) LISToPAD December Novotel Warszawa Centrum Zapraszamy do serwisu

2 2 nd Edition Smart Strategies for Real Estate December 4-5, 2013 Novotel Warszawa Centrum Warsaw Partners Technology Partners

3 ISSN Cena 98 (w tym 8% VAT) Conference program The City Business Forum 2013 DAY 1 Block 1 ( ) The current macroeconomic situation and its impact on the real estate market Is the real estate market going to slow down or rebound? a panel discussion concerning the economic situation with participation of representative of pension funds The conference is free of charge. Registration required at The-City-Business-Forum. The number of tickets is limited. DAY 2 Block 1 ( ) Modern philosophy in offi ce space design Sustainable skyscrapers The offi ce market situation. The demand for offi ce space a panel discussion Modernization of offi ce space discussion panel coffee break Block 2 ( ) Trends on retail market. Hot locations in 2014 Catchment in the decision strategy The development of retail chains a panel discussion with representatives of the fashion, food, entertainment industries and developers Lunch Block 3 ( ) The situation in the investment land market Re-commercialization of retail space Real estate management during the construction and development, re-commercialization of retail space a panel discussion coffee break Block 4 ( ) Software for smart buildings Effective PR in the real estate industry a panel discussion coffee break Block 2 ( ) Debunking certifi cation myths who needs green certifi cates Creating common space around the offi ce buildings Modern technology in the offi ce Making money on historic building that require reconstruction and modernization long-term investment for patient a panel discussion Lunch Block 3 ( ) E-commerce hope for warehouses Prospects for the warehouse market which sectors will invest and grow storage space Forecast for the property market in 2014 a panel discussion coffee break Block 4 ( ) Airports as a place for offi ce, retail and hotel properties Real properties at the railway stations and bus stations Employment in real estate Property Media Group tel Organizator jest wydawcą: O F F I CE The Polish Office Market Review BOOK 2013/2014 THE POLISH COMMERCIAL REAL ESTATE REVIEW BOOK

4 04 TABLE OF CONTENTS NOVEMBER 2013 POLISH RETAIL MARKET REMAINS IN THE GROWTH PHASE 12 The Polish retail market is still active in terms of new projects, investment transactions and new brands, which decide to run its business in Poland. There is plenty of evidence which suggests that this trend will continue. OFFiCe MARKeT OFFICE OVERSUPPLY? THE DEVIL S NOT AS BLACK AS HE S PAINTED 18 COVeR STORY EDITORIAL HIGHLIGHTS MARKET DATA The debate concerning the Polish office property market does not end. In the previous issue, we have published the article about forecasts which expect the vacancy rate in Warsaw to rise even up to 18 percent. In the November issue, we decided to present the other side of the coin. According to the developers and analysts who participated in the debate from the Investing in Real Estate cycle, The devil is not so black as he is painted, and even though hundreds of square meters will be delivered to the market within the coming 24 months, the demand should remain at a high level and only few developers will have something to worry about. FACe TO FACe INVESTMENTS IN RETAIL SCHE MES. RETURN TO THE LEVELS FROM EXPECTED 22 Your car is not here, but there are properties which might be worth investing in, to paraphrase a popular Polish joke. We talk to Agata Sekuła, Head of Retail Investment CEE at Jones Lang LaSalle, about the shape of the investment market in the retail property segment in Poland and the largest and most active players in the market, in the interview by Łukasz Marynowski. COMMeNTARY 26 TAX SETTLEMENT OF ADAPTATION COSTS IN CASE OF CLOSING A SHOP Aleksandra Kozłowska Tax Adviser, Manager in Advicero Tax GEMINI HOLDINGS S PLANS Anna Malcharek Managing Director, Gemini Holdings PROFILED MULTI FORMAT PROJECTS ARE KEY TO SUCCESS Jean Anthoine-Milhomme CEO, Carrefour Polska TIME FOR MODERNISATION OF EXISTING RETAIL SCHEMES Wojciech Cieślak CEO, The Blue Ocean Investment Group HOW TO SURVIVE EXTENSION OF A SHOPPING CENTRE AND ACHIEVE SUCCESS? Maria Prokop Marketing Director, Master Management Group NeWS in BRieF RETAIL OFFICES WAREHOUSES HOTELS TRANSFERS POLSKIE STRONY LISToPAD 2013 nr 10 / (41) LISTOPAD 2013 ISSN Cena 40 PLN / 10 Euro (w tym 8% VAT) 4-5 December Novotel Warszawa Centrum Zapraszamy do serwisu 01 okladka listopad.indd :41:33 Cover photo: Fotolia Cover project: Arkadiusz Chorąży Unless otherwise stated, photographs and visualisation published in the magazine come from press releases. Property Media Group does not take any responsibility for the contents of the advertisements published in the magazine.

5 NOVEMBER 2013 EDITORIAL 05 Poland (wonder)land of opportunity What is the recipe for success? To put it simply: you need investors with capital and attractive assets worth investing in. Poland, being a mature market, lacks neither the former nor the latter. TOMASZ SZPYT / redaktor naczelny The City: Tomasz Szpyt editor-in-chief Magdalena Fabijańczuk-Antkowicz editor Marta Ryczywolska journalist Łukasz Marynowski journalist Tomasz Papiernik journalist/translator Arkadiusz Chorąży DFG studio DTP, graphics If we take into account high domestic demand, making it through the recession unscathed and growing GDP and purchasing power, which continues to increase, it is not a wonder that investors invested over EUR 2 billion in Polish properties until the end of September. According to forecasts, the value of transactions may exceed EUR 3 billion that would be the best result since In Poland there is a lot to choose from and developers are working on making this this choice even larger. Some will say that the trick is not to build but to lease. Will the Polish market be able to absorb such a high supply of retail and office developments? The recent openings of large shopping centres have shown that a good product can be commercialised successfully. The record office space take-up levels observed in 2012 show that this segment is also busy, while forecasts supported by data from three quarters of 2013 convince that we should not be afraid of the curse of abundance. A lot is being developed in Poland but not at random. Contrary to the years (which are still missed by some) when a number of random investments were created, the current market is much more well-balanced. The years of the slowdown have thinned ranks of developers, eliminating firms which planned their investments too hastily. Investment teams of those who survived gained the best experience possible in action, and they are not afraid to use it. We invite you to the special MAPIC fair issue of The City, where we present the most interesting retail investments currently being developed in Poland. We also talk to experts about the current and future situation of the retail market. Also those interested in the office market are going to find something interesting in this issue. Industry experts convince that rumours about the troubles are greatly exaggerated. We invite those eager to see the latest news from the Polish real estate market to visit our portal at Sales: Daniel Jabłoński managing director Hubert Wasiak project manager Cezary Goss project manager ul. Stępińska 22/ Warszawa tel (22) tel (22)

6 06 Highlights NOVEMBER 2013 Contest for modernisation concept of Małachowskiego Square in November A year after the plans of the revitalisation of Małachowskiego Square were presented, partners of the initiative finished works on preparing framework rules of the contest for the concept of modernisation of the area. In mid-november, the Common Lands Board will announce the contest for developing the concept of modernisation of this part of Warsaw s downtown. The aim of the contest is to restore Plac Małachowskiego as an urban square in a modern form, with Fabryka Grohmana appreciated in Munich The Ludwik Grohman Factory won in Minich in the contest for the best commercial real estate delivered last year. The revitalisation of the historic factory dating back to the 19th century was performed by the construction company MCKB. respect to the tradition and its society integrating functions artistic, cultural and recreational. The results of the urban and architectural contest will be known in Q Contest exhibition and preparing the detailed design will follow. Forty projects from all over the world participated in the context which awards unique architectural projects. Grohman Factory competed mostly with an investment from Heidelberg in Germany. Finally, it was the factory from Łódź to get the most votes, thus winning in Munich. The revitalisation of the 19thcentury historic Fabryka Grohmana started in 2012 and took 18 months. The building, which houses the Conference and Office centre of SEZ Łódź, contains modern office space, conference and training rooms. The revitalisation was accepted by the Voivodeship conservation officer. Construction materials, designs and cobblestone of that era were used in the construction process. PRCH Retail Awards 2013 have been awarded On 17 October, in Fabryka Trzciny in Warsaw, the Polish Council of Shopping Centres (PRCH) announced the winners of the fourth edition of the PRCH Retail Awards 2013 expert program for the best centre and retail chain as well as the best marketing campaign. After the award ceremony, the charity auction for Michał Juruś, the ward of the Śmigła Życia Foundation, took place. PRCH is the organisation which has over 200 members - investors, developers and tenants of shopping centres. It has created PRCH Retail Awards to promote best business practices in the shopping centre industry in Poland in a professional and unbiased fashion. Among the finalists, there were centres and retail chains distinguished by their quality and effectiveness as well as the most successful marketing campaigns of centres and retail chains. The list of winners is available at Atlas Estates to be the official partner of Legia Warszawa football club Atlas Estates signed an agreement with Legia Warszawa granting it the title of the official partner of this sports club. The partnership agreement was signed for Ekstraklasa football season 2013/2014 with an extension option. To celebrate the start of the partnership, Atlas Estates will organise contests in social media for its customers and club s followers, where it will be possible to win tickets for matches of the team at the Pepsi Arena stadium. Additionally, the developer may conduct promotion activities inside the stadium, including Legia Business Club and through online communication channels of the club such as the website or the club s Facebook profile.

7 NOVEMBER 2013 Highlights 07 MLP Group to receive over PLN 90 million from IPO MLP Group allotted all of the offered 3,773,595 shares under the public offering. Shares were sold at the price of PLN 24. Thus, the value of the public offering amounted to approx. PLN million gross. In the Individual Investors Tranche, the reduction rate reached 19.8 percent. The début of MLP Group on the Warsaw Stock Exchange was scheduled for 28 October A total of 3,773,595 MLP Group shares was offered in the IPO to investors, including: 3,018,876 newly issued Class C shares and 754,719 existing Class A shares. Individual investors were offered 377,360 shares (10 percent of all), while institutional investors could take up 3,396,235 shares (90 percent). MLP Group intends to use the funds from the Class C share issuance to finance extensions of existing parks and expansion of its land portfolio. FUTUWAWA resolved Green, modern and resident friendly streets and town squares as well as existing buildings in a new, better version this is the future of Warsaw according to the winners of the second edition of the FUTUWAWA contest. FUTUWAWA is an open international contest for Polish and foreign architects, designers, artists and amateurs for the best project for Warsaw in the future in terms of architecture, town planning and art in the public space. In this year s edition, the jury awarded ex aequo three projects inspiring a creative approach to the current architecture of the city: Green Bridge over Bankowy Square by Bartosz Jakubowski; New strategies for spatial integration of urban structures, based on the immediate surroundings of Żelazna Street by Tomasz Kamiński and the project entitles Moderna Odnova, a new life of Osiedle za Żelazną Bramą ( Behind the Iron Gate housing estate ) by Piotr Szcześniak. Lower footfall in shopping centres Urban Photographer of the Year resolved British photographer, Mark French, became the winner of this year s edition of the Urban Photographer of the Year contest for the best urban photography, organised by CBRE. The winning photo was made in Hong-Kong and entitled Looking good at work, has beaten over 12,500 photographies sent from all over the world. The annual global contest by CBRE has been organised since 6 years. A record number of 12,500 photos were sent to this year s edition from 118 countries, from locations such as the coast of Chile to the deserts of Saudi Arabia. There were 264 artworks from Poland. The aim of the Urban Photographer of the Year contest is to encourage photographers, both professional and amateurs to capture the quintessence of life and work in cities and towns all over the world day and night. A luxurious photo-safari in a selected location in the world is the main prize. In the past years in September we could observe a systematic decrease in the number of customers in shopping centres and this year is not an exception. In 2013, we noted a drop of the Reveal Polska index, both on a monthly (by 2.8 percent), and yearly (by 0.8 percent) basis. Even though, the index in September was definitely higher than in the years 2010 and As all of remember, the end of August, i.e. the 34th and 35th weeks were very successful (1 September was on Sunday which ended the 35th week). The preparations for the new school year undoubtedly affected the very good results in both weeks; on a weekly basis, we observed increases by respectively 11.1 percent and 15.6 percent. One can even say that against the background of this year, the 35th week was the record one so far, comments Agnieszka Górnicka, Senior Associate Consultant, Millward Associates. After the strong gains, the 36th week witnessed an equally strong decline of Reveal Weekly Index (by 13.3 percent). Further weeks brought only small fluctuations, consequently the entire month ended up in the red as compared to August. The September decrease of the number of customers in shopping centres is typical and it did not deviate from the norm this year. If the current year does not differ too much from the past years, we should expect an increase in October, caused by the autumn shopping, concludes Agnieszka Górnicka.

8 08 MARKET DATA NOVEMBER 2013 INVESTMENT MARKET/CEE REGION Quarterly property investment volumes, by country (EUR mn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q Czech Hungary Poland Romania Slovakia Source: Cushman & Wakefield INVESTMENT MARKET/POLAND Investment volume in (EUR mln) RETAIL MARKET/POLAND Retail investment volume EUR million Q Q hotels residential mixed-use industrial retail office Source: CBRE, 2013 Source: Jones Lang LaSalle, Q RETAIL MARKET/POLAND Prime rent vs vacancy rate OFFICE MARKET/EUROPE Office space stock in chosen European cities 120 7,0% ,0% 5,0% 4,0% 3,0% 2,0% 1,0% Warsaw Wrocław Łódź Prime rents EUR/sqm/month Silesia Poznań Vacancy rate % Kraków Szczecin Tri-City 0,0% Source: Jones Lang LaSalle, Q Munich Berlin Brussels Madrid Frankfurt am Mein Stockholm Wien Copenhagen Warsaw Budapest Prague Bratislava Source: CBRE, Q2 2013

9 Łacina Shopping Center: Located at the very heart of Poznań m² gla. 300 commercial and service units, including: 40 medium sized units, 220 boutiques and 40 restaurants and cafes parking places. Opening: Autumn APSYS POLSKA SP. Z O. O., ATRIUM CENTRUM, AL. JANA PAWŁA II 27, WARSZAWA Tel.: , Fax: , MAREK BŁĘDOWSKI, TEL.:

10 10 MARKET DATA NOVEMBER 2013 OFFICE MARKET/EUROPE Supply and vacancy rate in chosen European cities 25% % 15% 10% 5% % Moscow Londyn Munich Warssaw Berlin Frankfurt am Mein Brussels Madrid Supply in sqm Düsseldorf Vacancies Wien Budapest Amsterdam Prague Bucarest Dublin Bratislava 0 Source: CBRE Q OFFICE MARKET/Poland Annual supply of office space in Warsaw and other regional cities in sqm Regional cities Warsaw Source: DTZ Research OFFICE MARKET/POLAND Stock of modern office space in Poland, H proc. 7 proc. 5 proc. 2 proc. 2 proc. 4 proc. 9 proc. 5 proc. 60 proc. Warsaw Kraków Wrocław Tri-City Poznań Łódź Katowice Szczecin Lublin INVESTMENT LAND/POLAND Land prices in Poland Parcel use Offices (per sqm of lettable space) Retail (per sqm of lettable space) Warehouses (per sqm of lettable space) Residential (per sqm of usable floor space of a dwelling) Centre of Warsaw EUR 700 1,500 > EUR 500 Warsaw, Non- Central EUR EUR < EUR 100 > PLN 1,500**** PLN 600 1,500 * over 300,000 inhabitants **other cities *** also areas of large cities or near transport junctions **** prime location in the centre and out of centre in best districts Major regional cities Smaller cities EUR < EUR 100 EUR EUR 20 50*** PLN 400 1,000 EUR * ** < EUR 20 < PLN 500 Źródło: DTZ Research Source: CBRE, September 2013

11 Kontakt tel.: , mail:

12 12 COVER STORY NOVEMBER 2013 Polish retail market remains in the growth phase The Polish retail market is still active in terms of new projects, investment transactions and new brands, which decide to run its business in Poland. There is plenty of evidence which suggests that this trend will continue. Łukasz Marynowski According to Jones Lang LaSalle report Poland Retail Market Pulse Q3 2013, by the end of Q3 the total supply of modern retail space in Poland amounted to 11.4 million sqm of leasable space. The Polish market is still dominated by the regular shopping centre format, which constitute about 70% to 90% of the market, according to various sources. Retail parks are second, and factory outlet centres close the stake with a marginal share. The most active period of openings this year will fall on its final quarter. By the end of the year, the already available space will be supplied with approx. 300,000 sqm more. JLL experts list seven new and five extended projects which will provide this new supply. According to the same source, over 50 percent of the space will emerge in three large projects in major agglomerations. They are: Riviera in Gdynia (43,700 sqm extension, 70,000 sqm whole project, delivered on ); Poznań City Centre in Poznań (60,000 sqm, delivered on ); and Auchan Bronowice in Kraków (60,000 sqm, opening in November 2013). In Q3, clients could also visit the newly opened Trzy Korony in Nowy Sącz (35,000 sqm), Plac Unii City Shopping in Warsaw (15,500 sqm), and Stara Kablownia (14,600 sqm). By the end of the year, Brama Pomorza in Chojnice, Dekada in Grójec as well as the extensions of Ferio in Konin and Galeria Olimp in Lublin will be delivered to the market. According to Jones Lang LaSalle analysts, during the whole 2013, 485,000 sqm of new space will be delivered; they also add that the construction activity in the market remains at a high level with a perspective of over 800,000 sqm to be opened within the next two years. Extensions of existing retail premises are an important trend in the Polish market. Since 2010, approx. 20 percent of supply delivered every year has been extensions. Jones Lang LaSalle expects this situation to continue for the next two years. The extensions which are currently underway include: Ogrody in Elbląg, Atrium LeszEk Sikora, Managing Director, ECE Polska he project in Bydgoszcz with the working name Galeria Kujawska, in principle is to be the largest and most all-round Tshopping centre not only in the city but also in the entire Kujawsko-Pomorskie Voivodeship. In order to make its offer more precise and define the most representative target groups, we have conducted demographic analyses and other studies of the regional market. On the basis of experience from already existing projects managed by ECE, we came to the conclusion that the long-term success in this centre may be provided by ensuring its proper size and adjusting it to the preferences and purchasing power of our clients. It means that it won t be a centre for luxury brands, which usually start their expansion in Poland from Warsaw and continue to prefer this location later on. The centre in Bydgoszcz is a large project with the leasable area of 50,000 sqm, which means that we can afford a varied tenant mix and create an offer appealing to all groups of customers. Fashion is going to be the lead motive of the centre from popular brands for youth and adults, to a small number of more exclusive brands. In principle, fashion is the largest group of tenants in locations which ECE decides to develop. A total of 200 interior design, consumer electronics, good for children, delicatessen, sport and fitness shops will complement the most comprehensive offer. Naturally, even the best tenant-mix cannot ensure success if a centre is ill-managed. In our case, the project is the result of work of not only architects, but also managers responsible for leasing and asset management, who had a lot to say from the very moment the concept was created and whose guidelines help us to achieve maximum effectiveness of our centres. Bydgoszcz, despite being one of the largest Polish cities and the capital of the region, can boast no such retail scheme at the moment.

13 NOVEMBER 2013 COVER STORY 13 Riviera shopping center before opening Copernicus in Toruń, Gemini Park in Bielsko-Biała, Galeria Pomorska in Bydgoszcz and Galeria Olimp in Lublin. International brands feel good in Poland Poland continues to be popular among international brands; the already present market players are deciding to expand, while new ones are showing up. According to the authors of Warsaw Investors Guide prepared by CBRE, last year over 30 new brands appeared in the market, whereas in H1 2013, 25 new brands entered the market, including Louis Vuitton, Original Marines, Sports Direct, Karl Lagerfeld, Sinsay and Armani Jeans,. On the other hand, JLL analysts add that Polish chains introduce new brands to the market as well (e.g. Medicine). Other chains create Aleksander Walczak, CEO at Dekada Realty ekada has been present in the Polish commercial real estate market Dsince Since then, we can boast having developed six modern retail schemes with areas from a few to a dozen sqm, which were appreciated by local consumers. Among the investments we have developed, there are convenience stores situated in the centre of cities or housing estates in Myślenice, Sieradz, Skierniewice, Żyrardów, Olsztyn and Kraków. Owing to prestigious location and proper commercialisation process, these schemes were well-accepted in local markets and enjoy high footfall. Currently, we are developing new investments. The opening of Dekada Grójec, a modern retail park consisting of two single-storey buildings has been scheduled for 27 November. We are also eager to develop investments which combine retail and transportation uses. Dekada Nowy Targ, which is going to welcome its first customers in March 2014, will be a modern shopping centre combined with a bus station. Dekada Brodnica is also going to be the integrated shopping and transportation centre. Its completion was scheduled for Q There are plans for developing projects in Rypin, Malbork, Nysa and Łowicz. Ultimately we plan to build about 20 shopping centres operating under the Dekada name. Our company manages the projects it constructed itself. We use gained experience when developing new investments so as to make our shopping centres meet all requirements of both local residents and our tenants and become even more functional.

14 14 COVER STORY NOVEMBER 2013 Galeria Bronowice, Cracow Grzegorz Latała, Director of Commercialization at Mayland Real Estate ecently, we have opened Riviera w Gdynia. The project involved Rconstructing a regional shopping centre and such scheme was developed. It is the largest centre in northern Poland with a very interesting and varied tenant-mix. We have managed to achieve a major success in terms of commercialisation: at the moment of opening, the centre was 96 percent leased. This is what we want to achieve in Kraków, especially given the fact that Serenada resembles the project in Gdynia in many aspects. The Serenada shopping centre has obtained the final construction permit and will be situated in the northern part of the city, where the retail density is by 15 percent lower than in the remaining districts Kraków. This disproportion makes the northern part of the city a perfect location for new projects. The basic advantage of Serenada is the fact that it is probably the last such a big project in Kraków. It complements the existing retail zone. This part of Kraków is not dominated by any modern retail scheme and this is exactly what we are developing. There are old generation shopping centres which require redevelopment and changes in their tenant-mixes. The area lacks strong and significant fashion brands and a real food-court. This is what will make Serenada a lifestyle centre. It has a chance for major success. Although the commercialisation process is in its early stage, its level has already reached 40 percent. The project is going to be positioned similarly to Riviera in Gdańsk. We are well-aware of the fact that the market is undergoing through a very difficult period, but the situation was difficult for the past two years, when we were commercialising Riviera. Assuming that, similarly to the centre in Gdynia, Serenada is to be a large regional centre, the tenant-mix should include all the major mid- and top-shelf brands. The area of Kraków, where Serenada is being developed, is already developing very intensively. Next to our shopping centre, a lot of new office and residential space is being constructed. This allows us to expect the footfall at the level of 8 million customers a year. Owing to its location next to the major transportation route in Kraków, the centre will be in the zone of a 15-minutes drive from nearly half a million of inhabitants, i.e. almost the entire left-bank population of the city. The real catchment area of Serenada is one million inhabitants, and the consumer market value in this area is estimated at EUR billion. I think this is the encouragement future tenants need. new concepts. For instance, Empik Media & Fashion is starting a new Empik store format Empik Express with an area of sqm adapted to the needs of little towns and small retail schemes. Furthermore, H&M is increasing the floorage of its shops in order to introduce the H&M Home concept. Stable vacancy rate According to Jones Lang LaSalle analysts, the vacancy rate in cities with over 200,000 inhabitants increased by approx. 4 percent by the end of H The largest amount of vacant space was noted in markets where new projects have been delivered recently or which had had problems with the high vacancy rate before, such as Poznań, Wrocław, Radom and Toruń. The cities with the lowest vacancy rates are currently Warsaw, Szczecin and Katowice conurbation. It is worth noting that the vacancy rate remains stable for prime centres. Investment market in a good condition By the end of Q3 2013, the value of investment transactions closed in the retail sector totalled EUR 773 million. The

15 METRO PROPERTIES Kompleksowe rozwiązania dla nieruchomości komercyjnych JAK DROGA JEST CI WARTOŚĆ TWOJEJ NIERUCHOMOŚCI? * Oferujemy pełną gamę usług zarządczych dla inwestorów i właścicieli: Nadzór inwestycyjny, nadzór budowlany, projektowanie i rozbudowa Koordynacja procesów inwestycyjnych Zarządzanie i administracja Optymalizacja kosztów utrzymania Komercjalizacja obiektu Wszystkie usługi z zakresu facility, w tym pełna obsługa techniczna Gospodarka odpadami i ochrona środowiska Audyty energetyczne i sprzedaż energii elektrycznej * METRO PROPERTIES zwiększyło wartość 3 spośród 16 zarządzanych obiektów komercyjnych o 55,4 mln EUR Skontaktuj się z nami:

16 16 COVER STORY NOVEMBER 2013 krzysztof apostolidis, Ceo of Fabryka Biznesu, the investor in the shopping and entertainment centre sukcesja in Łódź ccording to many thorough studies of the Łódź market, its inhabitants expect shopping centres to provide not only Athe possibility of doing all-round shopping but, above all, the opportunity to spend free time in an attractive way, whereas the biggest disadvantage of most existing retail schemes is considered to be the insuffi cient entertainment offer. Inhabitants also value a convenient location and a wide range of shops and brands, i.e. a proper tenant-mix. Sukcesja meets all these requirements. It will be the only place in the broadly defi ned centre of the city which will offer the tenants with shopping, catering, entertainment and leisure under one roof; a place full of life every day, customer- and tenant-friendly and 100% green, being the only one such project in the region with the BREEAM certifi cate. Ecological solutions will result not only with obvious benefi ts for the natural environment but also with measurable savings of electrical and heating energy. Only the modern lighting system will allow to decrease electrical energy consumption by 35 as compared to traditional solutions. For tenants, it means lower operating expenses. Another undoubted advantage of Sukcesja is its location in one of the most dynamically developing areas of Łódź which has excellent connections to all city districts, in the vicinity of the trunk road no. 1, International Łódź Fair and the campus of the Łódź University of Technology the largest technical upper school in the Voivodeship. The construction in underway, and even though it is still over a year to the opening of Sukcesja, its commercialisation is halfway through. Fabryka Biznesu and Savills teams are in the advanced phase of negotiations with an increasing number of retail chains. Among the key tenants, there are a Piotr i Paweł supermarket, a 9-screen Helios cinema, a Rossmann beauty supply store, the household appliance and electronics market Avans, one of the largest fi tness clubs in Poland Pure Jatomi Fitness, Top Secret and fi ve clothing stores of brands from LPP Group. Among the brands with which we have concluded lease agreements, there are also some which were previously unavailable in the city. Does Łódź need another shopping centre? According to the local market analyses, the answer is yes. There is demand for a new mixed-use project, adjusted to the needs, expectations, lifestyle, economic and demographic profi le of the local community and this is exactly what Sukcesja is going to be. largest finalised deals were the purchase of Silesia City Center in Katowice by the consortium headed by Allianz (approx. EUR 400 million); the purchase of Galeria Dominikańska in Wrocław by Atrium European Real Estate (EUR million) and the acquisition of Charter Hall s property portfolio by Tristan Capital Partners for EUR million (Zakopianka in Kraków, Borek in Wrocław, Turzyn in Szczecin, Arena in Gliwice and Dąbrówka in Katowice), enumerate the authors of Poland Retail Market Pulse Q Key transactions underway, which are scheduled for completion in Q4 2013, are the purchase of Galeria Kazimierz in Plac Unii City Shopping, Warsaw Kraków by Invesco (EUR 180 million) and the purchase of Wola Park in Warsaw by Inter Ikea. (You can read more about the deals in the Polish market on the pages of this issue in the interview with Agata Sekuła, Head of Retail Investment CEE at Jones Lang LaSalle).


18 18 Office market NOVEMBER 2013 Office oversupply? The devil s not as black as he s painted The debate concerning the Polish office property market does not end. In the previous issue, we have published the article about forecasts which expect the vacancy rate in Warsaw to rise even up to 18 percent. In the November issue, we decided to present the other side of the coin. According to the developers and analysts who participated in the debate from the Investing in Real Estate cycle, The devil is not so black as he is painted, and even though hundreds of square meters will be delivered to the market within the coming 24 months, the demand should remain at a high level and only few developers will have something to worry about. Tomasz Szpyt During the debate, real estate experts discussed the possible scenarios for the development of the situation in the office property market in the coming years in the context of the potential oversupply crisis. In their opinion, there won t be any severe slowdown of the office market, although it might be wise to prepare for more difficult conditions for new investments. Large supply Within the past 1.5 years, a number of spectacular office investments commenced in Warsaw; they are to be delivered at short time intervals. Developers, however, are confident about the interest of possible customers. One must remember that in the recent years, the downtown of Warsaw did not see any large-scale projects; the last one was delivered in the years , said Arkadiusz Rudzki, Leasing and Asset Management Director at Skanska Property Poland which is constructing the Atrium 1 office building next to Rondo ONZ. However, it is clear that projects must compete for tenants and be able to convince them. Nowadays, tenants expect something more than a canteen and a coffee point, and developers try to meet these needs and outdo one another in offering various facilities and the highest standard, said Paweł Skałba, Head of Office Space Depart me at Colliers. Another incentive for tenants may be the lowering of maintenance costs resulting from modern technologies used in new buildings, added Julita Spychalska, Director at Jones Lang LaSalle, commenting on modern office projects being developed in the region Q22 office towers by Echo Investment and Warsaw Spire by Ghelamco. Developers do not expect the oversupply of office space to turn into a crisis. Warsaw is perceived as the most mature, stable and predictable market in this part of Europe. It will never be the second London, yet the vacancy rate at the level of percent is a completely healthy situation, proving maturity and stability of the Polish market, convinced Arkadiusz Rudzki. Rafał Mazurczak, Director of Office and Hotel Department at Echo Investment, also approaches the issue with optimism: If we carefully calculate square metres which are to be actually delivered to the market by the end of 2015, it turns out that this supply won t be that big. We must remember that some of this office space has already been leased, while many planned investments never moved beyond the design phase. The two-digit vacancy rate in the centre might be misleading for outsiders - it comprises mostly of not leased remainders of offices. If a major tenant wanted to lease 7,000-8,000 sqm in the downtown, he would have a serious problem with finding it, he added. On the other hand, consulting agencies express more balanced opinions. There are no bad buildings, only bad rents. However, the assumption that a building will be fully leased at the time of commissioning, as it used to be, is no longer valid percent of commercialised space is currently a very good result, said Daniel Bienias, Head of Office Agency at CBRE. What about older buildings? The office market is not only new buildings. Tenants can also find older properties from which previous users moved out. They are not derelict buildings, which can be demolished; however, the standard and quality they offer is below those provided by newer buildings. And yet, they still have a chance for commercial success. Older buildings can compete for government tenants who, according to various estimates, may occupy up to 1 million sqm. Naturally, certain conditions must be met lower price, proper interior finishing or rent charged in PLN; however, in my opinion this is the direction the market will develop in, forecasted Daniel Bienias. Eldorado? No, thank you One may ask a question: if new offices will be leased by business, and the older ones by the public sector, will we see a repeat of the years when all available locations were sold on the spot, and the vacancy rate dropped below 3 percent? In current market conditions, there is no more place for opportunists. In the golden age of , it happened


20 20 Office market NOVEMBER 2013 that two manufacturers of, let s say, pencil caps and stationery joined their forces and constructed an office building it was impossible to lose and, consequently, the ugly buildings, so-called gargamels were constructed. Nowadays, there is a great demand for people with property development, marketing or legal know-how. Unfortunately, the market lacks such people, said Jarosław Zagórski, Retail and Development Director at Ghelamco. Specialists needed More difficult times, as well as legal and administrative challenges caused rapid professionalisation in the real estate sector. Serious players cannot afford dilettantism. Demolishing the Mercure hotel for our new investment Q22 was a challenge for a few reasons: it had to be done in a specific time and influence the neighbourhood as little as possible. Regulations concerning shadowing of neighbouring buildings are very restrictive in the Polish law, and maybe they should be changed in downtown locations because of losses in terms of architecture, wondered Rafał Mazurczak from Echo Investment. Other problems were pointed out by Artur Michalski, attorney at law, partner at Spaczyński, Szczepaniak i Wspólnicy law firm: In Warsaw, unregulated legal issues related to numerous plots remain a considerable problem. There is a lot to be wished in terms of actions of city authorities, not only in the capital often, they make issuing a development consent dependent on transferring the land for the construction of a road access which the city would have to build anyway. Quo Vadis, regions? Warsaw office market constitutes approx. 60 percent of all modern space for white-collar workers in Poland. For the past few years, however, the growing importance of other cities on the office map of the country can be seen. This is the result of the expansion of the BPO sector. Although there is some significant competition in this field, Polish regional cities fare exceptionally well. We are the third fastest developing market in terms of interest of the BPO/ SSC sector and are the only country in the region with 7-8 major academic centres which regularly provide qualified employees. Our clients stress that Poles have great language skills; not only the Spanish, the Italian or the Portuguese come here for work, but also the German or the British, said Arkadiusz Rudzki. Rafał Mazurczak from Echo Investment is also calm as far as prolongations of agreements with these tenants are concerned: These firms are going to stay in Poland and are already signing prolongations of lease agreements, even though they no longer receive incentives they used to at the beginning. So far, the BPO/SSC sector was located mostly in Kraków, Katowice, Poznań or Wrocław. However, voices can be heard that other cities will also have their five minutes of glory. I would point out to cities such as Radom, Toruń, Bydgoszcz, Opole, Rzeszów or Lublin, enumerated Julita Spychalska from JLL. However, I believe that these locations will only support their larger neighbours. Opole, for example, is a satellite market to agglomerations such as Warsaw Spire site Kraków or Katowice. Simpler functions, such as call-centres will be moved to such places, she added. One must only hope that public authorities, which not always can cope with providing investors with favourable development conditions, will keep up with rapid changes in the office market. As developers we do not expect active support from local authorities as long as no one disturbs us. However, there are also positive exceptions Wrocław has raised standards very high; there were lots of positive opinions about Katowice in the recent years, concluded Rafał Mazurczak.* * This article contains script of the debate from the Investing in Real Estate cycle, which took place on 15 October in the Polish Business Roundtable Club


22 22 FACE TO FACE NOVEMBER 2013 Investments in retail schemes. Return to the levels from expected Your car is not here, but there are properties which might be worth investing in, to paraphrase a popular Polish joke. We talk to Agata Sekuła, Head of Retail Investment CEE at Jones Lang LaSalle, about the shape of the investment market in the retail property segment in Poland and the largest and most active players in the market, in the interview by Łukasz Marynowski. Agata Sekuła, Head of Retail Investment CEE at Jones Lang LaSalle What makes Poland so popular among investors? Agata Sekuła: The attractiveness of Poland to the major international real estate investors results from a number of reasons. First of all, Poland is a large country which provides numerous opportunities. We have strong domestic demand and, what is important, our country emerged relatively unscathed from the global crisis; maintaining both GDP and purchasing power growth. Secondly, Poland is not that dependent on exporting as, for example, Hungary or the Czech Republic are. Furthermore, Poland attracts investors, especially those planning t to develop their investment portfolios. It is worth remembering that investors entering a new market must have a real feeling that in the 4-5 year cycle, they will be able to develop a solid portfolio and the market will offer the amount of investment products that would enable large scale activities. It is this scale that allows the business to generate greater profitability. In the Czech Republic or Hungary, investors have problems with building broader property presence due to a lack of investment products. The volume of transactions concluded in the entire Polish market from January until today is over EUR 2.4 billion, out of which retail properties constitute over EUR 950 million. The forecasts estimate that the volume will amount to EUR 3.1 billion by the end of the year. What has caused this investment activity in the Polish market? Our forecasts are based on the knowledge about upcoming deals and signed preliminary agreements, such as the sale of Wola Park in Warsaw or Galeria Kazimierz in Kraków. It is also worth adding that Poland offers a range of attractive investment products. Obviously, there are still not enough of them if there were more owners ready to sell shopping centres of the format and quality of e.g. Galeria Dominikańska, the volume of investment transactions would be even higher. There is a different situation in the Czech Republic, which may enjoy interest from investors, but since the sales of Olympia in Brno and Palac Flora in Prague in 2011, there have been no prime shopping centres in Prague or regional cities on offer. On the other hand, transaction volumes in the Czech market increased significantly in 2013 so far, to over EUR 930 million, which is up considerably on 2012, when the transaction volumes for the entire year amounted to EUR 680 million, however this volumes are mainly driven by office sector. Why is activity in the Polish market so high right now? The market was very active until 2007; all-time record was broken in 2006, when the volume of investment transactions completed in all market segments totalled over EUR 5 billion. However, after the fall of Lehman Brothers in September 2008, the financial crisis followed with the lack of bank financing available, resulted in the major slowdown in the investment

23 NOVEMBER 2013 FACE TO FACE 23 market. In 2010, the investors started rebuilding their trust in investing in commercial properties and the Polish investment market made a tentative recovery. The banks began to loosen their credit policy and transaction volumes began to grow. According to our analyses, the year 2013 will close with a total volume of around EUR 3.1 billion, comparable to EUR 3.2 billion in We hope that in the next few years, these volumes will continue to grow and maybe, we will see the market return to its 2006 level. This result is possible only assuming that no unexpected situations will occur, such as the aforementioned bankruptcy of Lehman Brothers and that we will continue to witness an influx of good investment products onto the market. Is there any chance that we will hear about another project to change ownership this year? I think this is possible, although one of the characteristic features of the investment market is that everything remains speculative until the final sales agreement is signed and the property and money are handed over. I can reveal no more details at this stage. How do transactions in the Polish market compare against the CEE region and other larger European countries? Approx. 60% of all deals completed in Central Europe markets took place in Poland, making us the unquestionable leader. As far as other markets are concerned, we observe increased activity in Russia while Germany and Scandinavia still remain very active markets. Obviously, France and the UK remain important, and the British market is very characteristic transactions there take place across the whole spectrum of the market, from leading super prime shopping centres to super opportunistic products. All types of properties attract investors in Great Britain. The most active market players? Who is most eager to invest in Poland? Allianz appreciates Poland very much, which was confirmed by acquisition of the Silesia City Center in Katowice. Other active investors in the retail investment market in Poland this year were, among others, Atrium European Real Estate, Tristan Capital Partners or Blackstone. Also, a few transactions t are underway, such as the planned acquisition of Galeria Kazimierz by Invesco or of Wola Park by Inter IKEA. There are also a number of investors who observe the Polish real estate market closely, especially funds which have previously bought in Poland. New players are adding to Poland s already impressive list of investors. Who is the largest player in terms of portfolio size? According to our studies, two players have the largest portfolios: Inter Ikea and Auchan even before the acquisition of the Real chain. These entities are the so-called owner occupiers. As far as investors are concerned, the top ones include the

24 24 FACE TO FACE november 2013 previously mentioned Atrium European Real Estate with a very large portfolio and Unibail Rodamco, the owner of three properties of significant value in Warsaw and co-owner of another. And if we consider the geographical breakdown of where the funds are coming from, who is the most exotic player in the market? The equity invested in the real estate market in Poland usually comes from France, Israel, the USA, the UK and Germany. Unfortunately, what stands out is the fact that there are practically no Polish firms among these investors. Interestingly, in the Polish market there are even investors from Asia, who have a strong presence in Western Europe and especially in the UK. You mentioned domestic investors. Arka is selling properties, PZU is buying offices and is making its first tentative steps into this market; do you think other larger Polish investors will follow suit? I think that Polish legal regulations concerning pension funds, which allow for allocating only a small percentage of funds in real estate, act as a barrier for domestic investors. Pension funds from Germany or Scandinavia have a much greater possibility or even the necessity of diversifying risk and investing funds in the real estate sector. In Poland, the legislation does not favour such investments. It is worth noting that real estate is a very specific asset class they have less liquidity than shares or bonds and yet are much more demanding. This applies particularly to shopping centres, whose market is especially dynamic. These projects need management and significant expenditure, as they must be constantly adapted to the prevailing market conditions, changing expectations of tenants and customers as well as the competition. Who is most eager to sell centres? Developers are natural sellers, but as I have mentioned, the dynamic of the retail market is very high and different from the office market. Developers are well aware that in order to get the best price, the centre must have a good operational track record of at least a year or two, build its position, attract customers and nurture its image. The Polish market is now mature and investors thoroughly check the history of the centre s operations, analyse its offer and role on the local retail market. On the other hand, there are centres which have a market history of more than a year or two, and they can find buyers as well. Galeria Dominikańska, which was sold 12 years after its opening, serves as a perfect example. A cycle has come to an end, after 10 years the first lease agreements expired, the project was re-commercialised, new brands complemented the tenant-mix, a refurbishment was performed and, consequently, a new,very good investment product was created. What is interesting, it often happens that the owners of the centre say that they will never sell it, but when a really interesting offer shows up, they can change their mind. Having spent several years in the industry I can say there are no rules here. What kind of projects do investors look for? There are two different investment product groups in the retail market, which have a chance to find buyers. The first group consists of the so-called super prime projects which rarely appear in the market. Core investors, who focus on on trophy products meeting all their requirements, look for such offers. In 2013, two such deals were concluded Silesia City Center and Galeria Dominikańska, while a year ago it was Manufaktura. As a rule, we have one or two transactions in this segment per year. It is also worth noting that many products from the super prime category are already in the hands of the so-called endinvestors, i.e. those who do not intend to sell it. Yields for the best-in-class shopping centres stand currently at 5.75%, while the rate of return for products at the opposite end of the scale, that is the super opportunistic, is at the level of 9%+. In both sectors, there are players who are looking for investments and carry them out. What we lack is an intermediate category a retail property segment consisting of first or even secondgeneration centres in cities between 100, ,000 inhabitants. This sector of the market holds enormous potential, but since the beginning of 2012 we have not observed any such transactions. One of the important reasons for this situation is the difficulties related to the valuation of these properties, especially given the lack of comparable deals. Additionally, the problem becomes bigger when investors who are active in the value added market, do not operate in the long term, but in a three to five year perspective and must be sure that if they purchase such a centre and perform changes, they will be able to sell the project in the short term. Investors must feel that there is always an exit scenario and that they will be able to find a potential buyer. Now, we are dealing with a vicious circle there is no market because investors do not create one for fear of the fact that there is no market. I hope that this will change. Certainly this situation won t last forever and this segment of the market will also change; the question is when? I believe that it will rapidly change for a very simple reason: first, there are few prime products and the investors who invest in such projects will have to change their strategy, if they plan further purchases in Poland. Second, a prime product is relatively expensive and many investors cannot afford it as they will not be able to generate the required returns. This is the reason why I hope that investors will start an active search for products in cities from 100,000 to 400,000 inhabitants. The popularity of the joint venture model is increasing in the European market; according to JLL report, they constitute 70 percent of investment transactions in Europe. How is this particular model performing in Poland? In Poland, a great example of the transaction under the equity and expertise joint venture model of the past few months was the cooperation of the consortium created by Allianz and ECE to purchase Silesia City Center. Looking in terms of volume, this model was around 45 percent of the transaction value in the retail sector. What are your prognoses for the Polish investment market in the next few years? I expect that the next few years will be very good for the investment market, particularly owing to the opening of the market in the smaller cities segment. Moreover, many investors are looking at Poland and seeking the right products. Some of them are already familiarising themselves with the market before a large-scale expansion. In my opinion, next year will see transaction volumes growing, but the market specificity will be a little different. I am looking forward to seeing more deals from the middle of the market. In my opinion, during the next three to four years, the market may generate investment volumes not seen since

25 Success requires the careful association of many elements. Apsys brings knowledge and experience to their full service management of shopping malls. Our expertise on Polish market: Real estate management 14 shopping malls in 12 cities in Poland Rental management 750 lease agreements under management with rent collection at 99,8% Leasing 300 lease agreements signed annually Marketing more than 70 million visitors and 400 marketing campaigns every year Project management from defining the needs to completion of the works Green approach Apsys is the Pioneer in Poland in obtaining the Breem-In-Use certificates for shopping centers As a leader, we know that creating a friendly space requires something more than just experience. It is our sensibility and passion that allow us to create shopping malls, that connect with visitors. Places that have magic. This magic is the object of our interest, and your smile is our greatest reward. APSYS POLSKA S.A., ATRIUM CENTRUM, AL. JANA PAWŁA II 27, WARSZAWA TEL.: , FAX:

26 26 COMMENTARY NOVEMBER 2013 Aleksandra Kozłowska Tax Adviser, Manager in Advicero Tax TAX SETTLEMENT OF ADAPTATION COSTS IN CASE OF CLOSING A SHOP Expenses incurred by the tenant on the adaptation of retail premises may be included in the tax costs through depreciation write offs within the period of ten years. What to do, if before the lapse of the said period the shop gets closed? Regulations of the civil code allow for two kinds of solutions in this case: the landlord may require the tenant to provide the premises in such state that existed on the date of entering into the lease agreement or the parties may arrange a settlement of expenses due to the transfer of investment expenditures, which will have remained in premises after the end of the agreement, to the landlord. Due to the fact that in most cases the expenditures do not have an economic value for the owner of the building, and their physical liquidation is unprofitable for the tenant, in practice it is the most common to include in the lease agreement provisions stating that the tenant leaves investment expenditures at the premises, whilst resigning from claims against the landlord. How does this affect the tax position of both parties? First of all, unless the tenant manages to depreciate the total amount of investment expenditures during the lease agreement, with the ending date of the agreement there will be a certain value of improvements in third s party fixed assets, which is not recognized for tax purposes. Until recently, the possibility of allocating tax costs of not depreciated expenses has caused a lot of controversy - the tax authorities argued that only physically liquidated investments could be written off for tax purposes. In recent times, however, there has been a change in the line of interpretation now the possibility of recognizing this type of expenditure as tax costs, even without physical liquidation of the investment, is accepted by the tax authorities. Furthermore, the fact of leaving not settled investment expenditures by the tenant in the premises without compensation from the landlord may be treated by the tax authorities as a supply of goods subject to VAT. What is more, with regards to the owner of the premises, tax authorities may state the necessity to recognize taxable income resulting from the so-called free of charge benefits. However, it is worth emphasising that in practice the risk of a real tax threat occurring in such a situation may be limited through appropriate provisions included in the agreement. Anna Malcharek Managing Director, Gemini Holdings Gemini Holdings s plans Gemini Holdings is the owner of two shopping centres which are the key points on the maps of the regions they are located in. It has been over three years since the opening of Gemini Park Tarnów, a modern project with an area of over 80,000 sqm, including 42,500 sqm GLA. Owing to its perfect location and good access by bus, the centre gained the largest catchment area in the region and became the leader of the local market. Answering the needs of the changing market, we decided to nearly double the size of the second project Gemini Park Bielsko-Biała. After the extension, completion of which was scheduled for the spring 2014, the centre will offer one of the largest retail areas in the region over 40,000 sqm GLA. The plans for the coming years involve development of the Gemini Park Tychy shopping centre. The project has been designed in a few versions, all of which account for nearly 50,000 sqm GLA. The construction will take about 18 months, and its commencement was scheduled for the autumn New investments are the result of the long-term strategy of development and standard rising for Gemini Park shopping centres, which will lead to gaining over 100,000 sqm of new space. Wojciech Cieślak CEO, The Blue Ocean Investment Group Time for modernisation of existing retail schemes is going to be the 2014 year of modernisations of existing retail projects rather than the construction of new ones. Apart from Warsaw, no large investments were scheduled for the next year. In Warsaw, the construction of the mixed-use retail, serviced and cultural centre ArtNorblin should start, while a few smaller schemes are going to be created across the country, such as Dekada and Atut centres. In many smaller towns there is still place for small, convenient centres offering essential products. Dekada Grójec is going to be opened this year. The next year is going to see the openings of Dekada centres in Nowy Targ and Brodnica and next centres of the Atut chain situated in Węgrzce near Kraków and Jaworze near Bielsko-Biała. The gradual improvement of consumer moods can be observed, especially in Q when a number of large, renowned retail chains noted a turnover increase. Next year, the entire retail industry is going to feel the improving economic situation, especially those who best know the retail and have the greatest experience in this market.


28 28 COMMENTARY NOVEMBER 2013 Jean Anthoine-Milhomme CEO, Carrefour Polska Profiled multi-format projects are key to success In the current economic situation, retail chains should listen to customers actual needs more carefully. The analysis of the shopping basket in terms of chosen products, additionally complemented with information on consumer behaviour may be a great decision-making basis for retail chains looking to increase their sales. The ethnographic research conducted last year by the University of Warsaw, shows that the way customers do the shopping, products they look for and shops which they choose may differ depending on where they live, how much they earn or what their lifestyle is. In smaller towns, the product price is the main criterion when making that choice, in larger cities what is also important is the quality and availability of wares. The place to do the shopping in may also depend on the lifestyle. Another type of customers visits local convenience shops, another freestanding hypermarkets and yet another food operators in shopping centres. It is worth stressing that each of these groups does the shopping in all these places within a month. Therefore, they are not permanently attached to a single format. We have to do with choice-mix, in which one retail format serves as the leader and other perform complementary functions. In order to meet this kind of expectations and reach as many customers as possible, Carrefour has been following the strategy of multi-format approach to retail for years. This ensures us the position of the leader in Poland and in the world. The mission of the Firm is to prepare a precise or even individual retail offer which, on the one hand will meet the expectations of a particular group of consumers, and on the other hand will allow them to make a choice within a single brand. Customers may choose between Carrefour formats such as supermarkets, hypermarkets or convenience stores operating under the franchise agreement. The offer available in each of these formats is profiled and selected in terms of actual economic conditions in particular cities or even districts. The Carrefour hypermarket in CH Arkadia, which underwent a modernisation in 2011, serves as an excellent example. Not only the space layout of sections but also the retail offer was changed. Having analysed the previous shopping basket of the clients, Carrefour Polska introduced products for which there was the greatest demand in this location. Additionally innovative hot-point zones were created, which serve as a mini food-court. Modernisations took place also in hypermarkets in the following prestigious locations: Złote Tarasy (Warsaw), CH Targówek (Warsaw), CH Reduta (Warsaw), Galeria Mokotów (Warsaw), Sadyba Best Mall (Warsaw), CH Zakopianka (Kraków) and Zielone Wzgórze (Białystok). On the other hand, Carrefour Express convenience stores, which operate under franchise agreements, are dedicated to people who value the possibility of doing fast everyday shopping near the place where they live. Their Maria Prokop Marketing Director, Master Management Group How to survive extension of a shopping centre and achieve success? We are actively pursuing the project of the extension of Magnolia Park in Wrocław the largest shopping and entertainment centre in Lower Silesia. It is an ambitious and large-scale enterprise. Ultimately, 60 new shops will be created here, ensuring the largest fashion offer in Wrocław. A varied food court with 21 new units will complement its offer. Theoretically, the extension of Magnolia Park is a nuisance for the customers, but in practice it can be used to as part of the centre s evolution. Customers must know that when they come to Magnolia in the future, they will find an even better and more diverse offer. This is why making it clear and communicating with our customers in general are so important we should not ever lose this contact. As the manager of Magnolia Park, Master Management Group cares about providing reliable information so that the customers are not surprised by what they see in the centre. We have informed about the extension on the centre s official page and on Facebook. Even if another advantage is the fact that in most cases they are selfservice stores, which allows the customers to choose the products themselves and significantly limits the time spent on shopping. Carrefour s profiled multi-format approach is an innovative way of not everybody visits those places, information can be also found in the major regional media which we also use as a mean of communication. We use every possible channel. We have prepared necessary signage for the centre; soon, a model showing changes will be placed there. It will be possible to see all the phases of the extension in a special information point. All was presented in the form of a user-friendly animation. The extension holds enormous potential, it only needs to be seen and skilfully used. Even the temporary wall, separating the extended part of the centre can be the field of unusual but attractive actions. In Magnolia Park, we used installation named Huba (bracket fungus) to enliven it a bit. This is a project of the artist from Wrocław, Krystian Truth Czaplicki. He used the wall to install forms, resembling the fungi growing on trees. Previously, such installations have appeared, among others, in London and Moscow, on smokestacks or façades of factories. Now, the artwork can be admired by all customers entering the centre through the main entrance. During an extension, it is impossible to pretend that nothing is happening and just count the days till the completion of the investment. Despite problems, we must do what we always do: inform, organise events and encourage customers to participate in such actions. Under no circumstances should we give up. meeting the current needs of consumers, resulting from listening closely to our clients. The precise retail offer, suited to the location of the shop and its interior design, is the reason why nearly 800,000 Poles do their shopping in Carrefour every day.

29 Galeria Dominikańska, Wrocław, 2001 Galeria Krakowska, Kraków, 2006 Galeria Bałtycka, Gdańsk, 2007 Galeria Łódzka, Łódź, 2002 Alfa Centrum, Gdańsk, 2006 Galeria Kaskada, Szczecin, 2011 ECE Projektmanagement Polska Sp. z o.o. ul. Fabryczna 5a, Warszawa, Poland Phone , fax:

30 30 RETAIL NOVEMBER 2013 ect in Garwolin, the third - a facility in Silesia. Currently, we are finishing preparing the final concept of the project; its commercialisation will start in November, he adds. Supersam, Katowice Ground was broken for the construction of Supersam in Katowice Griffin Group has officially commenced the construction of new Supersam in Katowice. Negotiations concerning obtaining brands previously unavailable in Katowice are underway. First construction works at ul. Piotra Skargi 6 in Katowice started in September, while on 17 October the groundbreaking ceremony took place. New Supersam will be developed on the site of a former market hall; diversity is going to be its main asset. Its offer will stand out against the local market background. We are negotiating with brands previously unavailable in the centre of Katowice and which should enjoy great popularity among customers, says Michał Świerczyński, who leads retail projects at Griffin Group. New Supersam will offer nearly 21,000 sqm of mixed use retail and services space on five aboveground storeys and one underground floor. The three retail floors will house 100 shops and service points; the level 2 will be occupied by a cinema, food court and entertainment zone as well as a fitness centre. The roof and part of the third and fourth floors of the new building will be covered by a car park with 400 parking spaces. Supersam is already nearly 70 percent leased. The centre, apart from fashion shopping will also provide a wide range of food and household products, services as well as the possibility of visiting numerous cafés and restaurants. Additionally, the customers will be able to use the cinema and the fitness centre. Among the tenants, there will be: New Look, Mohito, Reserved, Smyk, Empik, Aldi, Multikino and Pure. The opening of Supersam will take place in the autumn The total budget of the investment, including the construction costs, is estimated at EUR 50 million. Hochtief is the general contractor. Retail park to be constructed in Garwolin A retail park with an area of 3,500 sqm is to be developed in Garwolin. The project named Pasaż Targowa will be situated at the intersection of ul. Targowa and al. Legionów. Biedronka will be the anchor tenant of the project. RetPro is commercialising the investment. The project has been already granted the construction permit and the earthworks can commence. The opening of the retail park was scheduled for Customers will be provided with a car park with 85 parking spaces. Constructing retail parks is one of the development strategies we have adapted in 2010 observing market trends, says Wojciech Drozd, the owner of RetPro. Within the nearest two years, we intend to launch approx. 5 7 such schemes. The first one was Galeria NDM, the second the proj- Pasaż Targowa, Garwolin Biuro Inwestycji Kapitałowych to develop shopping gallery in Dzierżoniów Galeria Dzierżoniów will be the first modern retail scheme in the city and in the Dzierżoniów poviat. The inhabitants will be able to do the first shopping next year. Biuro Inwestycji Kapitałowych is the investor in the project. Galeria Dzierżoniów The centre with a leasable area of 5,000 sqm is being developed in the centre of Dzierżoniów in ul. Prochowa, in close vicinity of the existing Netto food store. The two-storey scheme will house 25 retail and service units and a car park with 105 parking spaces. The opening of the project has been scheduled for Q Galeria Dzierżoniów will house tenants from various industries, such as electronics, beauty-store, clothing, footwear, goods for children sports, food and beverage and services. There will be, among others, a store of the Euro RTV AGD brand. Currently, negotiations with potential tenants of the centre are underway. HopStop to be erected in Siedlce HopStop Siedlce Partyzantów, situated at ul. Partyzantów 14 on the site of the currently operating base of PKS (Polish coach service provider) Siedlce. It will consist of a single-storey complex of mixed use retail and services buildings integrated with bus stops, a petrol station and a motor vehicle inspection station. The total GLA of the five buildings will amount to 11,800 sqm. The total area of the plot


32 32 RETAIL NOVEMBER 2013 Hopstop, Siedlce where the project is to be developed is over 37,000 sqm; after the completion of the investment the footprint area will cover over 13,000 sqm. The project will include an aboveground car park with 470 parking spaces, including 10 spaces for the handicapped. The access to the supply zone will be provided by a separate entrance from ul. Kryłowa. The centre will contain a food operator (supermarket), an electronics and household appliances store, a beauty supply store, a chemist s, chain clothing and footwear shops and local tenants. Katharsis Development is the developer of the project. GTC to get approx. EUR 90 million for 50 percent of shares in Galeria Kazimierz Globe Trade Centre has announced the completion of negotiations with Nellia Sp. z o.o., part of Invesco Group, concerning the terms of sale of the Galeria Kazimierz shopping centre in Kraków. The finalisation of transaction depends on the approval of the Polish Office of Competition and Consumer Protection (UOKiK). GTC s decision of selling the shares in Galeria Kazimierz is part of firm s strategy involving sales of mature assets, as well as of the plan assumed in 2012, which involves generating free cash through sales of properties. After the completion of negotiations concerning the sale of Galeria Kazimierz, GTC and its business partner, Aventus, will have sold 100 percent of shares in the shopping centre in Kraków. After all standard terms and conditions are met and the final sale agreement is signed, the transaction will provide GTC with EUR 50 million net. Galeria Kazimierz is situated in the historic centre of Kraków, in ul. Podgórska. It offers nearly 40,000 sqm of modern retail space. Plac Unii City Shopping otwarty On Saturday, 12 October, Plac Unii City Shopping was officially opened and welcomed the first customers. The mixed-use Plac Unii complex is one of the largest investments developed in Warsaw in the recent years. It consists of a 3-storey shopping centre Galeria Kazimierz, Kraków Plac Unii City Shopping, Warsaw with an area of 15,500 sqm, housing nearly 60 shops. Plac Unii s offer will include such clothing brands as H&M, Cubus, Stradivaris, Massimo Dutti, Zara, Liu Jo Jeans and Liu Jo Accessories, Benetton, Deni Cler, Armani Jeans, Vistula, Manila Grace, Marella, Joanna Klimas as well as jewellery brands: Pandora, Swiss, Kruk. Service providers include the florist s Aga Flowers, Inmedio, a 5aSec laundry, a travel agent s TUI and ING Bank Śląski. Customers will be also able to visit a hairdresser at Haircoif, a manicurist at Nail Bar, and an optician. Catering will be provided by Blikle, Subway, Cava, Costa by cofeeheaven, Wiking, Thai Wok and Pizza Ristorante. The health and beauty category is represented by Ziaja and Bobbi Brown (to move in in November) as well as a Hebe beauty supply store. The offer is complemented by an ispot store, Matras and Empik bookstores,

33 ISSN Partner strategiczny / Strategic Partner Partnerzy / Partners Partnerzy merytoryczni / Contents Partners 001 okladka almanach.indd :52:33 nr 6 / (38) czerwiec 2013 ISSN Cena 40 PLN / 10 Euro (w tym 8% VAT) Zapraszamy do serwisu 01 okladka czerwiec.indd :16:15 Partnerzy Merytoryczni / Contents Partners 001 okladka RER 2013.indd :34:07 Partner Business in the City THE CITY BUSINESS FORUM Smart Strategies for Real Estate CZERWIEC 2013 NajEMCa WYbIEra z rozwagą wywiad z DIaNą PaszkOWską, dyrektor operacyjną w sieci Centro PLaża, słońce I PIENIąDzE rynek nieruchomości wakacyjnych odżywa W Y D A N I E 4 Almanach Centrów Handlowych w Polsce / VAT)Almanach ALMANAC OF SHOPPING CENTRES Cena 98 (w tym 8% 2013/2014 CENTRÓW HANDLOWYCH W POLSCE THE CITY Commercial real estate magazine News, interviews, reports, analyses THE ALMANAC OF SHOPPING CENTRES Yearbook, a compendium of knowledge about the situation of retail property in Poland Pociąg do nieruchomości wywiad z jarosławem batorem, dyrektorem zarządzającym ds. nieruchomości w PkP sa The PolISh CommerCIAl REAL ESTATE REVIEW BOOK ISSN Cena 98 (w tym 8% VAT) PROPERTY BOOK The only complete guide on the market that presents new investments in commercial real estate in Poland shopping centres, offi ces, warehouses PROPERTY BOOK PORTAL AND DAILY NEWSLETTER Latest information, opinions and comments from the market Property Media Group tel

34 34 RETAIL NOVEMBER 2013 Smyk as well as Home&You and Villeroy&Boch. The level -1 will house a Supersam, which has returned to its location at Plac Unii Square after 50 years. Plac Unii, designed by APA Kuryłowicz & Associates is situated in ul. Puławska, on the border between the Śródmieście and Mokotów districts. The building is well communicated through public transport links and offers an underground car park for 600 cars. The investment, apart from the retail part, offers additional 41,300 sqm of office space. Its majority will be let to ING and Dalkia. Plac Unii is a project jointly run by Liebrecht & wood and BBI Development NFI S.A. WeCare will be responsible for managing the centre. Atrium Felicity: new lease agreements The offer of Atrium Felicity in Lublin will be expanded by a La Piazza pizzeria and a Villeroy&Boch store. Recently, tenants of the centre were joined by Subway, Tommy Hilfiger, Jubiler Niewęgłowski, Lee & Wrangler, Apart and Drogeria Hebe. Pizzeria La Piazza will take up a 118-sqm units. Villeroy&Boch also joined the tenants; it will offer porcelain tableware, range of crystals, cutlery and decoration accessories in a 175-sqm shop. The opening of the centre is scheduled for early Dekada Grójec Two new brands in Dekada Grójec Ray Obuwie, a nationwide Polish chain of footwear stores, and esmokingworld will join the tenants of Dekada Grójec, a convenience shopping centre being developed by Dekada Realty. Ray Obuwie will take up a unit with an area of 146 sqm. A 25-sqm shop of esmokingworld, a brand belonging to Chich, will also open its premises in Dekada Grójec. Apart from Ray Obuwie and esmokingworld, the offer of Dekada Grójec includes, among others, a foof market, Martes Sport, Rossmann, CCC, Media Expert and a chemist s. The leasable area of 5,400 sqm of Dekada Grójec will house 16 shopping units. The offer of the centre will include service points and the car park will offer 80 parking spaces. The opening of the scheme has been scheduled for 27 November BOIG Property Consulting is responsible for commercialisation of all Dekada centre. Atrium Felicity, Lublin LPP is not slowing down, it will open new two-storey shop in Poznań One of the most popular brands in LPP s portfolio, Reserved, will joint the tenant-mix of Galeria Malta in Poznań. The opening of the two-storey shop which will cover approx. 2,500 sqm was scheduled for the spring Galeria Malta, Poznań

35 ICSC European Conference 2 4 April 2014 Istanbul Congress Center, Istanbul, Turkey Are You Being Served? Consumer-Led Shopping Centres Examine how shopping centres can innovate to satisfy the increasingly demanding consumer of tomorrow Analyse how the industry meets the demands of the consumer in a multi-channel market Shopping Centre Tours 4 April Learn from leading industry CEOs from around the world on how they approach customer loyalty and retention to drive robust future growth ICSC European Partners Gold Sponsors FOR MORE INFORMATION PLEASE GO TO: OR CALL:

36 36 RETAIL NOVEMBER Reserved offers a few independent clothing lines for both men and women. The shop also provides a wide selection of lingerie, accessories and shoes as well as children clothing. Galeria Malta managed by Neinver, offers 54,000 sqm of retail space across three floors. The footprint area of the centre is over 13,500 sqm. Dajar Home & Garden to launch in Lublin and Białystok firma dajar, the owner of the dajar home & GArden chain has signed two lease AGreements for retail space in outlet center in lublin And białystok. The opening of the 256-sqm store in Outlet Center in Lublin was scheduled for Q The second lease agreement concerns 246 sqm in Outlet Center in Białystok, where the shop is going to be opened by the end Outlet Center Retail Management SA s.k.a., being part of property development group ADV Por Property Investment S.A. is at the same time a subsidiary of FIZ FORUM XVIII. Currently, the firm is developing the investments in Lublin and Białystok, and is planning further development of the Outlet Center concept in other regions of Poland. UFUFU concept store in Galeria Madison GAleriA madison is GdAńsk saw the opening of ufufu concept store A boutique offering fashion collections designed by young polish designers. the boutique will cover 200 sqm. UFUFU is an original clothing concept combining fashion and art, created by Polish designers 2 years ago. The collections created by Michał Starost and Katarzyna Kmiecik, who were born in Tri-City, previously were available only in the Mysia 3 shopping centre in Warsaw and in a seasonally opened boutique in Sopot. The shop in Galeria Madison offers not only clothing, but also accessories and exotic cosmetics. Galeria Handlowa Madison is situated in the centre of Gdańsk. It offers approx. 18,000 sqm of effective office space and 111 parking spaces. Galeria warmińska, olsztyn Commercialisation of Galeria Warmińska is nearing end tommy hilfiger, pepe jeans, lee/ wrangler And 4 f sport Are new ten- Ants to open in GAleriA warmińska. it is still one year to the opening of the project And its commercialisation is nearing end. Galeria Warmińska s catchment area encompasses 200,000 residents of Olsztyn, 1.5 million inhabitants of Warmian-Masurian Voivodeship and nearly 1 million tourists who visit Olsztyn every year. It will offer 170 units on two floors with a total area of over 116,000 sqm. The investment, worth over EUR 100 million, will undergo commissioning in October RuckZuck: the first in Poland interactive showroom of floors and doors at PH Targówek ruckzuck the first interactive store And At the same time A showroom of finishing materials, floors And doors in poland took up 500 sqm of space in targówek retail park in warsaw. The interactive store of RuckZuck offers products of a renowned brand Classen, such as wooden floors, laminate flooring, doors, doorframes and accessories. The store in Targówek Retail Park is the first one in Poland to present products in that fashion. It uses four multimedia boxes equipped with tablets, plasma TVs and decorated in wood and white skin. Customers can choose any product they are interested in and the special projectors will display it beneath their feet while additional layouts can be seen on the TV screen. Automatically retractable samplers and mounted screens allow for checking out the technical parameters of the products. OBI opens 44th shop in Poland and announces further expansion in early october A new obi diy market was opened in lipienice near chojnice. the market in lipienice is the 44th shop of the obi network in poland. AdAm rosiński, member of the board At obi poland Announced further expansion of the chain. We have scheduled two openings of OBI markets in Poland for this year. The first one is the market in Lipienice near Chojnice, while in November we intend to launch a new OBI in Cracow. We are interested not only in expansion in the largest cities as it is increasingly difficult to find an attractive location there. We are going to open new facilities in smaller towns as well. In the coming years the number of our markets will exceed 50; we will be opening a few of them a year. Next year we are going to maintain a similar expansion place as this year, said Adam Rosiński, Member of the Board at OBI Poland.

37 Central and Eastern European Real Estate New Europe GRI 2013 warsaw 3-4 December Hyatt Regency meet the Leading Investors, Developers & Lenders for a series of open and informal discussions Doron klein CEO, AFI Europe Czech Republic & Germany afi europe Fabrice David bansay Chief Executive Officer apsys polska katarzyna cyz CEO atrium poland real estate management Detlef bohnhoff SVP, Head RE Crossborder Finance bayernlb yannis Delikanakis Partner bluehouse capital kean Hird Partner catalyst capital Leszek sikora Head of Development ece projektmanagement patrick Zehetmayr Managing Director erste group Immorent tibor tatar CEO FutureaL roger p. peters Regional Director, Northern & Eastern Europe goodman shimon galon CEO gtc pavel trenka Deputy CEO and Head of Strategy Hb reavis peter oesterle Head of Asset Management Projects East ImmoFInanZ miroslaw Januszko VP / CIO peakside polonia mikael andersson Managing Director Inter Ikea centre group Ian worboys CEO pointpark properties Dr. edgar rosenmayr MD, Board Member kulczyk silverstein properties christian nickels-teske SVP, Head of Treasury Europe & Capital Markets prologis christopher Zeuner MD, CEE Acquisitions LasaLLe Investment management Johannes bauer Asset Management CEE s+b gruppe olivier gerard-coester Board Member mayland real estate roger andersson Country Manager swede center Dr. walter Hampel MD, Head of REF CEE pbb DeutscHe pfandbriefbank scan to view more participants All material throughout is subject to change without notice. Secure your place now tel

38 38 OFFICES NOVEMBER 2013 Warsaw. Phot. Fotolia WRF: three good quarters for Warsaw office market The total volume of transactions registered in the first three quarters of 2013 amounted to 518,600 sqm and was by 14 percent higher in comparison to the respective period of The largest amount of space has been leased in the Upper South zone (183,300 sqm). According to experts of Warsaw Research Forum, a total of 109,100 sqm was leased in two central zones. By the end of Q3 2013, the total stock of the office space in Warsaw amounted to 4,071,000 sqm. During the first three quarters of the year, 246,400 sqm were commissioned, out of which 94,300 sqm just within the Q3. Out of 15 office buildings delivered between January and September this year, only two are situated in the city centre (Plac Bankowy 3,700 sqm, and Chmielna 25 4,300 sqm). Most of the new space (45 percent) was completed in the Upper South zone (Mokotów District). The largest buildings commissioned during the first three quarters of 2013 are Konstruktorska Business Center (48,300 sqm), Miasteczko Orange (43,700 sqm) and Marynarska 12 (40,000 sqm). The high volume of new space resulted in an increase of the vacancy rate in Warsaw to 10.9 percent from 8.8 percent observed by the end of The vacancy rate by the end of Q was 10.5 percent in the city centre and 11.1 percent in locations out of the centre. In Q3 2013, renegotiations of agreements constituted 26 percent of the total transaction volume, while pre-let agreements generated approx. 37 percent of total gross occupancy. The largest transactions recorded in Q include the lease of 22,000 sqm by Polkomtel in the building at ul. Konstruktorskiej 4, the removal of Grupa Getin (18,900 sqm) to Wola Center and BZ WBK lease agreement for 11,800 sqm in Atrium One. First construction stage of Copernicus Square starts The first stage of the construction of a mixed-use office, residential and retail project Copernicus Square on the site of the former Powiśle power plant dating back to 1904 has been launched. Copernicus Square The first construction phase includes demolition of some old buildings of the complex, which have not been listed in the register of monuments. Demolition works, in accordance with the construction design approved by the Architecture and City Planning Department of the City of Warsaw are the initial phase of the construction of Copernicus Square. Demolitions, accepted by the Warsaw Monument Conservation Officer includes five buildings of the 20th century power plant which are not listed: the boiler room, workshop, switching station, the connector between the buildings D2 (former engine room), D3 (office building of the power plant dating back to 1920) and D5 (former caisson), as well as the transportation building and the investor s building These works will allow to clear up and organise the investment site and prepare the land for further construction works. The demolition will take place simultaneously with the securing of construction elements and external walls of the adjacent historic buildings. Copernicus Square will be developed in Warsaw s district of Powiśle,

39 NOVEMBER 2013 OFFICES 39 between Dobra, Leszczyńska, Wybrzeże Kościuszkowskie and Zajęcza streets. The revitalised historic buildings of the 20th century Warsaw Power Plant and five new buildings will offer over 41,000 sqm, including: 26,300 sqm of office space, 8,359 sqm of retail and services space, 5,912 sqm of residential space and an underground car park. The revitalisation of the complex, which will be performed in close cooperation with the Warsaw Monument Conservation Officer, will include preserving and exposing historic elements, such as old structures and steel frameworks, funnels from the former boiler room, a gigantic drum filter for river water or gantries from the engine room. The complex will also feature four urban squares: Vistula, Nature, Technology and History available to all. The investment will undergo commissioning within 24 months since the commencement of construction works. Audatex in IO-1 Audatex Polska, a firm providing comprehensive car accident and claim management services, has signed a lease agreement for 500 sqm of office space in the IO-1 building in Warsaw, owned by Immofinanz Group. Jones Lang LaSalle s experts provided advice during the lease transaction. IO-1 offers over 19,000 sqm of office space spread across 14 floors. The office building is situated at the junction of Puławska and Al. Niepodległości streets, next to the Wilanowska underground station. There is first tenant in Pascal in Kraków GTC has signed a lease agreement with the accounting and bookkeeping service centre IBM BTO Business Consulting Services for space in Pascal in Kraków. IBM, the global business services giant will move Pascal in in The lease agreement has been concluded for 5 years. IBM operates in the market of business services, advanced IT technologies including computer operating systems, software, network systems, mass storage devices and microelectronics. IBM BTO Business Consulting Services will rent over 1,700 sqm in the Pascal build- CEE Trade Fair For Retail Investment May 28-29, 2014 National Stadium, Warsaw, Poland LOOKING FOR OPPORTUNITIES IN CEE REGION? > Meet Top CEE Developers & Investors > Open your store in Poland > Find masterfranchisee > Discover best CEE Retailers > Invest in Poland > Present your Shopping Centre POLAND Visit:

40 40 OFFICES NOVEMBER 2013 ing, thus extending the office space it occupies in Centrum Biurowe Korona to over 15,000 sqm. Pascal is the crowning of the GTC s flagship project in Kraków Centrum Biurowe Korona. The building offers 5,500 sqm of office space on seven floors. Office building in Warsaw s district of Mokotów to be put up for sale Centrum Banku Śląskiego has put up the office building situated at ul. Powsińska 64a in Warsaw for PLN 11.1 million. The office building is situated opposite Sadyba Best Mall and numerous public transportation stops, public buildings, cultural and educational centres. The property consists of a 915-sqm plot with a commercial building offering usable area of 2,457 sqm. The building contains 6 aboveground storeys and an underground one. Fifteen parking spaces are available next to the building. Echo starts development of phase 2 of A4 Business Park in Katowice The second stage of the investment will include a 10-storey building offering 9,000 sqm of office space and a multi-level car park with 560 parking spaces. The completion of the investment was scheduled for Q4 2014, while the car park is to be ready in Q Remax Construct is the general contractor of the raw state. A4 Business Park consists of three buildings. The development of the first one was finished, its completion was scheduled for Q The 7-storey building developed within the first phase offers 9,000 sqm and was fully let to IBM Corporation, which will open its office centre in A4 Business Park. A4 Business Park is being developed in ul. Francuska, in the vicinity of the exit from the A4 highway. The project was designed by DDJM based in Kraków. The complex will also house service and retail points, locker rooms and a parking for bicycles, a canteen, a fitness club and a leisure area. In March, A4 Business Park was awarded the BREEAM Interim certificate with Very Good scoring. Construction of Times II in Wrocław to start at the turn of 2013/2014 The office and services complex Times II, planned by UBM in the centre of Wrocław has been granted the construction permit. The project will consist of two buildings accompanied by a public multi-level underground car park, located between Kazimierza Wielkiego and Ruska streets. Altogether it will offer 18,000 sqm of office space, 2,500 sqm of service premises and 370 parking spaces. The developer has announced that the office building will be integrated with the existing historical architecture so that the façade blends with the historic character of the Old Town. Autorska Pracownia Architektoniczna APA Hubka is the author of the architectural design. The development of the project will start in late 2013/ early 2014 and will last about 20 months. Currently, preliminary archaeological works were completed at the site, says Peter Obernhuber, Member of the Board at UBM. The historic build- Times II ings found there partially dates back to the 12th century; it will be secured under the supervision of the monument conservation officer. Within the nearest five months we will start securing the excavation and commence construction works, he announced. Bank BPH is consolidating its offices in Kraków Bank BPH has signed a lease agreement for 3,100 sqm of office space at the AVIA building in Kraków an investment developed by a joint venture company of CA Immo and GD&K Group. BPH s removal to the building was scheduled for December Bank BPH will take up one and a half floor in the AVIA building. Previously, the bank operated in a few locations scattered across the city. This decision is part of the bank s strategy involving consolidation of its properties in order to achieve better results. The AVIA building is situated within Technology Park Kraków in Al. Jana Pawła II, at Special Economic Zone of Kraków. After the completion of the investments, AVIA will offer over 11,500 sqm of gross office space. The typical floor of the building, arranged around the internal courtyard accessible to all tenants, will contain over 2,400 sqm gross. The depth of the office floor,

41 NOVEMBER 2013 OFFICES 41 Avia, Kraków measured between the opposite external walls is just above 13 metres, resulting with a very well-lit interior. The completion of the project was scheduled for AVIA is being developed by the joint venture company of CA Immo and GD&K Group. During the commercialisation, AVIA is exclusively represented by Fisheye, a real estate agent based in Kraków and, at the same time, a consulting agency specialising in the commercial real estate market. In the course of the transaction, Bank BPH used consulting services provided by DTZ. Construction of SkyRes has started in Rzeszów In September we informed about the construction permit for a modern office building in Rzeszów granted to Developres. Construction works on the investment worth approx. PLN 100 million have just started. Construction equipment entered the site at ul. Warszawska 18 and the construction works on the most modern high-rise office building in Rzeszów commenced. SkyRes Warszawska will be the first environmentally-friendly class-a office building in the city. It will be developed on a two-hectare plot limited by Warszawska, Lubelska and al. Wyzwolenia streets. The 14-storey office building will offer a total area of 25,700 sqm, including 19,400 sqm of office space. The ground floor will house retail and service premises covering 584 sqm and an underground car park with 338 parking spaces. SkyRes will be the neighbour of the largest shopping centre in the city, Galeria Rzeszów, and a four-star Hotele Rzeszów with a conference centre. In May, the office building was registered in LEED and BREEAM certification systems. Its commissioning has been scheduled for Q There is contract for new high-rise in Warsaw Polski Holding Nieruchomości has signed the contract for the development of a high-rise at ul. Świętokrzyska 36 in the centre of Warsaw with a company of the Hochtief group. The new investment is to be developed within 4-5 years; the partners are currently starting to work on the new project. The cooperation will include acquisition by Hochtief Development Poland Sp. z o.o. of 50 percent of shares in a special purpose vehicle belonging to PHN S.A., which will own the property at ul. Świętokrzyska 36. The contracts between PHN and Hochtief (the developer agreement and joint venture contract) precisely determine the terms of cooperation and the roles of the partners in the development process of the joint project, i.e. the construction of the investment on the property under perpetual usufruct by PHN. When choosing the joint venture partner, PHN was advised by Jones Lang LaSalle. The plot with an area of 5,500 sqm will house an office and retail skyscraper. The preliminary concept (the study of absorption), prepared by Polish Belgian Office of Architecture LTD presented a 150-metre tall Skyres, Rzeszów tower with a leasable area of 44,000 sqm to be developed in two phases. The investment was granted working named PHN Tower, and its cost was estimated to exceed half billion zlotys. However, the project became outdated. PHN and Hochtief will verify the assumptions and concept data and prepare a new project on the basis of analyses. A several architectural studios will work on it simultaneously. Its height, floorage, development cost and even the new name will depend on the project that will be ultimately selected. There is strong competition but we hope we will succeed in creating a project that will meet the needs of the market, get a warm welcome in Warsaw and attract tenants, said Artur Lebiedzński, the current acting CEO of PHN. He added that the company will make use of debt financing from a loan. It is hard to tell now about costs or floorage, as they will depend on the design we eventually decide to choose, said Paweł Laskowicz- Fabisiewicz in the interview with The City. It is already known that the assumed completion time of the investment is 4-5 years. Preparing the final version of the design may take at least a few months. The new investment in ul. Świętokrzyska will replace an existing office building which will be demolished. When will it happen? At the right time. It wouldn t make sense to demolish the building now, when there are still out tenants and when there are profits from rents, explained Paweł Laskowicz-Fabisiewicz, Vice-President at PHN. Lease agreements have been concluded for an indefinite period of time and with a short notice due to our investment plans; therefore, there should be no problems with terminating them. Naturally we will inform about it well in advance, said Paweł Laskowicz-Fabisiewicz in the interview with The City. The high-rise with the working name PHN Tower is to eventually end up in the portfolio of Polski Holding Nieruchomości. Hochtief is the developer of the project. That was the assumption, we wanted to be the sole owner and manager of this investment, said Paweł Laskowicz- Fabisiewicz.

42 42 OFFICES NOVEMBER 2013 All activities related to the preparation and development of the project will be coordinated by Hochtief Development Poland Sp. z o.o., acting as the project manager under the concluded developer agreement. The parties agreed that the maximum term of reaching required investment conditions for the property will be 36 months. University Business Park is an office building which was completed in 2010 and which offer a total of 18,500 sqm. The building belongs to Globe Trade Centre. Apart from Aegon and Impel, the seven storey facility houses offices of firms such as Samsung Electronics Polska, Accenture, Mobica or PKP Informatyka. Office building in Warsaw sold for EUR 31 million Warimpex has announced that the sales of a Le Palais Offices to IVG Warschau Fonds was completed. The sale was closed 8 months after the completion and opening of the building. The total selling price amounted to EUR 31 million. The historical significance of buildings situated in Próżna Street and their surroundings made it a very challenging and special project. Despite high requirements related to monument conservation, our team completed all renovation and construction works within just one and a half years. Currently, we have successfully finished the final stage of this project, says satisfied Franz Jurkowitsch, CEO of Warimpex. Le Palais is situated in the centre of Warsaw, at the intersection of Próżna Street and Grzybowski Square. The office building offers 5,300 sqm of office space and 1,300 sqm of retail space Le Palais Offices University Business Park Łódź as well as restaurants and cafés on the underground floor. Over 85 percent of office space has already been let, only 600 sqm are still looking for tenants. All major retail premises on the ground floor have been leased as well. GTC leases in Łódź Aegon, a firm from the insurance sector and Impel Catering, a firm dealing with business support, have signed lease agreements for premises in University Business Park in Łódź. Impel Catering, part of Impel group of companies listed on the Warsaw stock exchange, decided to rent 353 sqm for catering activity for seven years until December Aegon Services, which supports and coordinates the sales network of Aegon insurance products in Poland, decided to prolong the current lease agreement. The new agreement was signed for three years. Nordea Bank and Prudential Polska lease from SEB Asset Management SEB Asset Management has leased over 1,600 sqm of office space in Łódź, in the Aleja Pilsudskiego 22 building to Nordea Bank and Prudential Polska. Bank Nordea signed a five-year lease agreement for 1,400 sqm of office space. This firm is moving in by the end of the year. The office building will house the firm s operations centre which will employ 150 people. Prudential Polska rented 205 sqm, also for five years time. It will move into the office building in December. Knight Frank served as the advisor in both lease transactions. Aleja Pilsudskiego 22 is office building which has been operating since 2006 in Łódź and which offers over 6,500 sqm of leasable space. The office building is part of SEB Group s portfolio. Fiat to stay in Warsaw Four companies of the Italian automotive concern Fiat Group have prolonged lease agreement for a total of 4,000 sqm of office space in Catalina Office Center in Warsaw. Fiat Group has been present in Poland since 1992, when the contract to establish Fiat Auto Poland in Bielsko-Biała was signed. The Group s activities are entirely based on the automotive sector. The firm designs, produces and sells passenger cars of brands such as Fiat, Lancia, Alfa Romeo, Fiat Professional and Abarth as well as luxurious cars such as Ferrari and Maserati. In the world, the firm operates in the component and production system sector through other companies.

43 NOVEMBER 2013 WAREHOUSES 43 Warsaw industrial market to go up CBRE experts expect that the activity of developers in the warehouse and logistic space sector in Warsaw and its area will increase. It is going to reflect the development of the retail market and e-commerce as well as the good condition of the Polish economy. The stock of modern industrial space in Warsaw and its area amounted to 2.7 million sqm. Owing to relatively high rents and their limited availability, warehouse facilities situated within city limits are primarily sought after by firms operating in the local market, offering printing services or archiving of documents and providing services to the retail and FMCG sectors. Remaining companies usually decide to lease warehouse space out of Warsaw. According to CBRE analysts, locations near Warsaw offer convenient connections, lower rents and potential for further development in the future. Activity of industrial tenants remains at a high level. In H1 2013, lease agreements for an aggregated area of 235,000 sqm were concluded, out of which new agreements constituted 45 percent, renegotiations 45 percent and expansions 10 percent. During the entire 2012, the stock of industrial space increased by 88,000 sqm, while in the H only one facility was delivered the 2nd stage of MLP Park Pruszków with an area of 8,000 sqm. In the area of Warsaw, there is 59,000 sqm of warehouse space, out of which 37 percent is situated in the capital itself, whereas the remaining part in the agglomeration. The percentage of vacant industrial space in Warsaw s city limits is 18 percent and 14 percent in the agglomeration. Prologis raised millions for European fund The developer has announced that it had received capital commitment of EUR 450 million for its Prologis European Properties Fund II (PEPF II) after opening it to new investors for the first time. Prologis Park Janki ering lasted much shorter than previously estimated. The firm managed to collect additional EUR 325 million to be added the amount of EUR 125 million invested by Prologis. James W. Green, Managing Director at Prologis, observed that the gathered funds prove the strength of the European industrial market and that European assets of the firm still hold promise in terms of development. As of 30 June 2013, PEPF II was the owner of over 220 properties covering 5.2 million sqm in 12 countries in Europe. Amazon in Poland: find out about the details Amazon is planning to open three logistics centres in Poland by Within the three years since their opening, 6,000 permanent jobs and 9,000 seasonal jobs will be created. The first two logistics centres will be developed in the area of Wrocław and Poznań. Their openings have been scheduled for August Next centre in Wroclaw is going to be opened by mid The Polish logistics centres will become part of the Amazon s European network of 25 centres. They will serve orders from Amazon.de, and ultimately they will provide services to Amazon s customers from all over Europe. Each of the first two logistics centres, which were scheduled to be launched in H2 2014, will initially employ around 1,200 workers. The recruitment process is to start in October this year. One of the centres, whose openings are scheduled for 2014, will be situated near Wrocław, in Bielany Wrocławskie, Kobierzyce commune. It will be leased from Goodman. The second centre will be situated in Sady near Poznań, According to the developer, the interest in the closed-end fund surpassed expectations and funds gathin Tarnowo Podgórne commune. The building will be leased from Panattoni Europe. In 2015, another logistics centre in Bielany Wrocławskie will be opened, near the first Amazon s building, which will also be leased from Panattoni Europe. Each of the facilities will have an area of approx. 95,000 sqm. According to Amazon s announcements, within the three years since the opening of Polish centres, 6,000 permanent jobs and 9,000 seasonal jobs (in the Christmas season) will be created. Peakside sells Diamond Business Park, Polonia I to stay in the market until Peakside Capital, a Private Equity investment company operating in the European property market, has sold the Diamond Business Park logistics centre in Łódź on behalf of Polonia Property Fund LP. Diamond Business Park is a warehouse centre with an area of 61,000 sqm, situated in Łódź, near major transport routes. The industrial complex was managed by Polonia I Fund through Peakside Polonia Management which, since August 2012 belongs to Peakside Capital. As in the case of Diamond Business Park, we will be ready to sell assets belonging to Polonia I Fund at satisfactory prices, in accordance with our management plan within the nearest three years, until the end of the fund, said Stefan Aumann, partner and founder of Peakside Capital. Having consulted the investors, Peakside Capital has moved the term of winding up Polonia I to July Diamond Business Park Łódź

44 44 WAREHOUSES NOVEMBER 2013 The prolongation of this term will allow for an orderly process of sales of properties belonging to the fund, at the same time maximising the profits of investors. AIG/Lincoln to extend Diamond Business Park AIG/Lincoln Polska has been granted the final decision for the construction of another phase of Diamond Business Park in Warsaw (Janki). The facility will expand by 15,000 sqm. The design of the new part of Diamond Business Park includes the needs of clients that seek smaller units (starting from 500 sqm), as well as of major logistics operators that plan opening a new terminal in Warsaw. Diamond Business Park is located 12 km away from the centre of the capital and 5 km away from Chopin Airport. LPP to invest PLN 140 million in Pruszcz Gdański LPP, the owner of clothing brands such as: Reserved, Cropp, House, Mohito and Sinsey, to invest PLN 140 million in Pruszcz Gdański. The firm has just started the extension of its logistics centre situated at ul. Tczewska 2. This is one of the largest investments in the history of our company, LPP logistics centre, Pruszcz Gdański and definitely the largest one this year, says Stanisław Dreliszak, Head of Logistics Department at LPP S.A. Due to the rapid development of the firm, the extension of our main warehouse was a matter of urgency. The current 27,000 sqm which make for the warehouse turned out to be not enough given the rapid development of the firm. Owing to this investment, we will have twice as much of space. The completion of the extension has been scheduled for April The entire project is to be completed in the spring Installing, launching and testing the newest warehouse systems will take a year. Currently, there are 350 people employed at the centre. After the extension, LPP will hire 140 new employees. Panattoni to extend Park Łódź East The developer is to extend Panattoni Park Łódź East by further 11,300 sqm. The present client of the park TERG-Mediaexpert, which specialises in distribution of electronics, household appliances and multimedia, will be the tenant of the planned space. Until now, the tenant took up 12,000 sqm; together with the new part, its warehouse centre will cover over 23,000 sqm. The investment is being carried out as part of another Panattoni Park Łódź East phase of development of the building 4, and its completion has been scheduled for May Jones Lang La- Salle served as the agent in the deal. Czerwona Torebka to spend PLN 400 million on logistics Czerwona Torebka has announced concluding a contract for logistics services with For Logix. Within the next 5 years, Czerwona Torebka will pay over PLN 400 million. Under the contract, For Logix agreed to ship and transport wares in Poland and abroad; receive, store, prepare for shipment and release goods; service shipment and deal with warehouse management. The lease agreement has been concluded for an indefinite period of time. Henpol constructed new hall for Dawtona Henpol has completed the construction of the facility in Leszno near Warsaw for a company from Dawtona Group. The specialised facility with a usable area of 11,400 sqm is on of the largest ones in Poland. Henpol, the general contractor, has constructed the new building with the usable area of 11,400 sqm and a cubic capacity of 133 cubic metres. The facility consists of two parts: a vegetable storage and a production and shipping hall. The storage room consists of 10 cold storages with a constant temperature of 0 C and forced air circulation. Dawtona is a Polish firm which has been operating in the food processing industry for 25 years. Own agricultural land secures the needs of the company for natural resources to a large extent.

45 NOVEMBER 2013 HOTELS 45 C&W: hotels targeted by investors According to Cushman & Wakefield s forecasts, hotels may change owners within the nearest six months: two five-star and two four-star premises in the Czech Republic; one five-star in Hungary and at least one five-star in Poland. In Czech, the five-star Palace hotel in Prague (124 rooms) has been recently sold, whereas in Poland the three-star Mercure hotel in Zakopane (288 rooms). Poland is perceived as the most important investment market in the region, but we have also observed an increase in interest in the prime hotels in Prague and Budapest, says Frédéric Le Fichoux, Head of CEE Hospitality Advisory at Cushman & Wakefield. Owing to the European economy recovery and growing interest in hotel investments we expect the investment transaction volume in Central Europe to rise next year, he adds. According to C&W analysts, the increased interest in investments in Central Europe is the result of a systematic growth of turnover and RevPAR index, i.e. revenue from one room, in Bratislava (10.7 percent), Budapest (8.4 percent) and Prague (2.4 percent) in H as compared to the corresponding period last year. Meanwhile in Warsaw, following a period of a rapid market recovery in 2012, mostly owing to Euro 2012 Football Championship held in Poland and Ukraine, the present year witnessed a decrease of the RevPAR index. (RevPAR, or revenue per available room, is a performance metric in the hotel industry, which is calculated by multiplying a hotel s average daily room rate (ADR) by its occupancy rate). Nonetheless, Warsaw is still perceived as a good place for investing. Hotel Mikołajki Hotel Sun & Snow resorts Szklarska Poręba Owing to the Polish market recovery, the turnover volume in Warsaw should rise in Q and Q1 2014, announced Sarka Chapman, Advisor at CEE Hospitality Advisory Team, C&W. Inpro has opened Hotel Mikołajki Inpro Group has opened its new investment the five-star Hotel Mikołajki, situated on Ptasia Island. Until now, the firm based in Gdańsk was the owner of Dom Zdrojowy in Jastarnia. The investment in Mazury was started in May Currently, Hotel Mikołajki contains 78 rooms and 25 apartments, a professional SPA, a swimming pool, saunas and steam baths, conference rooms and a marina. The hotel may also boast two restaurants, out of which one occupies over 300 sqm and has been adapted to stage large events. In the close vicinity, there are three conference rooms, equipped with multimedia and audio devices, which can be connected to the restaurant thus transforming it into a 650-sqm room. Hotel Mikołajki has included in its offer the possibility of purchasing apartments in condo system, with prices starting at PLN 12,000 net per a sqm. Almost half of them have found new owners. Five-star hotel to be constructed in Szklarska Poręba Architectural studio KM Rubaszkiewicz based in Warsaw has won in the contest organised by Sun & Snow and Univitae for the architectural design of the five star hotel in Szklarska Poręba. The building is being constructed as part of Sun & Snow Resorts Szklarska Poręba. The five-star hotel will be one of four buildings constituting Sun & Snow Resorts in Szklarska Poręba. According to preliminary assumptions, the project will offer luxurious hotel rooms. Hotel halls will house conferences. The hotel s swimming pool, restaurants and children s playgrounds will be open to all the guests of the resort. The budget of the investment is approx. PLN 50 million. The commencement of the construction of the hotel has been scheduled for 2013/2014, and its completion two years later. The project will be developed as a condo hotel, i.e. some hotel rooms will be put up for sale. Standard hotel rooms as well as larger, and the most luxurious apartments providing a view of the Karkonosze Mountains range will be available in the offer. The hotel in Szklarska Poręba will be the second project in the region to boast five stars. Orbis forecasts over PLN 200 million of profit this year The management of Orbis forecasted that the EBITDA operating income of Grupa Hotelowa Orbis in 2013 would amount to PLN 192 million. A comparable EBITDA income for 2012 was impacted by EURO 2012 Football Championship and totalled PLN 203 million. EBITDA forecast includes the profits from regular business activity, excluding one-time actions such as property sales, fixed asset revaluation or employment restructuring costs. Grupa Hotelowa Orbis consists of: Orbis S.A., Hekon-Hotele Ekonomiczne S.A., UAB Hekon and Orbis Kontrakty Sp. z o.o.

46 46 Transfers NOVEMBER 2013 Four promotions at Colliers International Colliers International has announced four promotions in the office agency and industrial and logistics agency. Małgorzata Zbróg from the industrial and logistics agency has been promoted to Associate Director. She joined Colliers International in October 2009 and has been advising on property lease and sale. Katarzyna Tasarek-Skrok has been promoted to Associate Director in the Office Agency Tenant Representation. She joined Colliers International in Since 2011, as a Senior Associate, she was part of the Metropolitan Investment department, dealing with individual clients interested in investing in commercial real estate. Olga Winiarska, from Office Agency Tenant Representation was promoted to Senior Associate. Olga Winiarska began her career at Colliers International in February Currently she is responsible for establishing relationship with clients, keeping in touch with current tenants and coordinating the whole leasing process. Joanna Bartosiewicz has been promoted to Associate in Office Agency Tenant Representation. She joined Colliers International in 2010, and is a member of an advisory team dedicated to tenants. Promotion in Atrium: new Board Member Atrium European Real Estate Limited has informed that Ljudmila Popova, the previous Head of Business Development & Investor Relations, was promoted to a member of the group s Executive Management Team, effective immediately. Ljudmila Popova joined Atrium in April 2009 as a financial analyst working alongside the CEO and CFO. Initially, she was responsible for valuations; since then she has taken on a number of additional responsibilities. Currently she oversees all of the Group s capital markets activity, investor and bondholder relations. Ljudmila Popova is also the head of the Group s research department. Grzegorz Dudziak appointed Director at BNP Paribas Real Estate Grzegorz Dudziak was appointed the Head of Property Management for the CEE region at BNP Paribas Real Estate. He will supervise the property management teams in 4 countries within CEE, namely Poland, Czech, Hungary and Romania. Grzegorz Dudziak has 26 years of experience working in various managerial positions; for almost 20 years he held the position of managing director at international retail and real estate companies. Prior to joining BNP Paribas Real Estate, Grzegorz worked for DTZ as Strategic Head of Property Management for the CEE Region. Earlier, between 2003 and 2007 he held the position of Managing Director and President of the Board at Donaldsons Poland. HB Reavis: expansion to new markets and staff changes HB Reavis expands its activities to new markets. The list of countries such as Slovakia, the Czech Republic, Poland and Hungary, where HB Reavis has been operating for a long time, will be expanded by Great Britain and Turkey. The international expansion of HB Reavis is accompanied by changes in the group s management. New CEO of the group, Pavel Trenka, will be joined by other board members: Jiri Hrbacek will remain group CFO and will be also responsible for the legal department. Marcel Sedlak who, until now, was responsible for preparing HB Reavis s strategic entrance to the two new markets, will now manage HB Reavis development in Turkey and Slovakia. He will also coordinate the development of investments in Poland. Two new managers were also appointed to the executive board. Radim Rimanek will be responsible for HB Reavis operations in Czech, Hungary and the new branch in London. He will also continue heading leasing of office projects, IT and marketing. Robert Kantor will be responsible for construction and group asset management. Viliam Pancik and Marteen Hulshoff will remain members of the wider board, whose chairman is Ivan Chrenko, the majority shareholder of HB Reavis. Grupa Hotelowa Orbis to expand its ranks Two new persons have joined the National Sales Team at Grupa Hotelowa Orbis. Paweł Mroziak took the position of Key Account Manager and Paulina Kalinowska Key Account Manager MICE. Paulina Kalinowska started her career in the hotel industry in Throughout her entire career in the sales department, she was related to Novotel Warszawa Centrum, which she joined in 2007 as Leisure Client Assistant. In late July, Paweł Mroziak joined the National Sales Team at Grupa Hotelowa Orbis as Key Account Manager. His career in the hospitality industry started in the Hilton Warsaw hotel. Another Director at BNP Paribas Real Estate Erik Drukker was appointed the Head of Agency and Valuation at BNP Paribas Real Estate in Poland. Erik Drukker will manage a 15 person team providing services in the property valuation, office, retail and industrial agency and corporate services to occupiers, owners and investors. Erik Drukker has worked in the commercial real estate consultancy market for more than 17 years. Prior to joining BNP Paribas Real Estate in Poland he worked for DTZ and Jones Lang LaSalle.

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48 II EDYCJA Smart Strategies for Real Estate 4-5 grudzień, 2013 Novotel Warszawa Centrum Warszawa partners technology partners

49 ISSN Cena 98 (w tym 8% VAT) Program konferencji The City Business Forum 2013 I DZIEŃ ( ) Bieżąca sytuacja makroekonomiczna i jej konsekwencje dla rynku nieruchomości Spowolnienia ciąg dalszy czy początek odbicia panel dyskusyjny na temat sytuacji gospodarczej z udziałem przedstawicieli funduszy inwestycyjnych przerwa Gorące lokalizacje. Trendy na rynku handlowym Temat związany z wyliczaniem tzw. catchmentu Rozwój sieci handlowych panel dyskusyjny z udziałem przedstawicieli branży modowej, spożywczej, rozrywkowej oraz deweloperów Lunch Sytuacja na rynku gruntów inwestycyjnych Re-komercjalizacja powierzchni handlowych Zarządzanie nieruchomością podczas budowy i rozbudowy, Re-komercjalizacja powierzchni handlowych panel dyskusyjny przerwa Oprogramowanie dla inteligentnych budynków Skuteczny PR w branży nieruchomości panel dyskusyjny Wojciech Gepner Echo Investment przedstawiciele fi rmy BOIG Konferencja jest bezpłatna. Wymagana rejestracja na stronie: The-City-Business-Forum. Liczba miejsc ograniczona. II DZIEŃ ( ) Nowoczesna fi lozofi a w projektowaniu powierzchni biurowych Zrównoważone wieżowce Sytuacja na rynku biurowym. Run na biura Sytuacja na rynku biurowym. Run na biura panel dyskusyjny Restrukturyzacja i modernizacja powierzchni biurowych panel dyskusyjny przerwa Obalanie mitów certyfi kowania komu potrzebne są zielone certyfi katy Tworzenie powierzchni wspólnej wokół biurowców Nowoczesne technologie w biurze Zarabianie na zabytkowych obiektach wymagających gruntownej odbudowy i modernizacji długofalowa inwestycja dla cierpliwych panel dyskusyjny Lunch E-commerce nadzieja dla powierzchni magazynowych Perspektywy dla rynku magazynowego jakie branże będą inwestować i rozwijać powierzchnie magazynowe Prognozy dla rynku nieruchomości na 2014 r. panel dyskusyjny przerwa Lotniska jako przestrzeń dla nieruchomości biurowych, handlowych i hotelowych Nieruchomości na dworcach PKP i PKS Zatrudnienie w branży nieruchomości Property Media Group tel organizator jest wydawcą: O F F I CE The Polish Office Market Review BOOK 2013/2014 THE POLISH COMMERCIAL REAL ESTATE REVIEW BOOK

50 50 SPIS TREŚCI LISTOPAD 2013 POLSKI RYNEK HANDLOWY NIEZMIENNIE W FAZIE WZROSTU 56 RYNek BIUROWY NADPODAŻ BIUR? NIE TAKI DIABEŁ STRASZNY, JAK GO MALUJĄ 64 TeMaT NUMeRU Polski rynek handlowy nadal pozostaje aktywny pod względem nowych projektów, transakcji inwestycyjnych i nowych marek, które decydują się na prowadzenie swojego biznesu nad Wisłą. Jest sporo przesłanek, które pozwalają przypuszczać, że ten trend się utrzyma EDYTORIAL FOKUS DANE Z RYNKÓW Dyskusje na temat polskiego rynku nieruchomości biurowych nie ustają. W poprzednim wydaniu pisaliśmy o prognozach, które zakładają wzrost wskaźnika pustostanów w Warszawie nawet do 18 proc. W listopadowym numerze postanowiliśmy przedstawić drugą stronę medalu. Zdaniem deweloperów i analityków obecnych na debacie z cyklu Inwestowanie w nieruchomości nie taki diabeł straszny, jak go malują, i choć na rynek w ciągu nadchodzących 24 miesięcy trafi ą setki tysięcy metrów kwadratowych nowych biur, popyt powinien się utrzymać na wysokim poziomie, a powody do niepokoju będą mieli tylko nieliczni deweloperzy. WYWIad INWESTYCJE W OBIEKTY HANDLOWE. CZEKA NAS POWRÓT DO POZIOMÓW Z LAT Twojego samochodu już tu nie ma, są za to nieruchomości, w które warto zainwestować można by sparafrazować jeden z popularniejszych polish jokes. O tym jak kształtuje się rynek inwestycyjny w segmencie nieruchomości handlowych w Polsce, kto jest największym i najaktywniejszym graczem na rynku mówi agata Sekuła, dyrektor Działu Inwestycji na Rynku Nieruchomości Handlowych w Europie Środkowo-Wschodniej Jones Lang LaSalle rozmowie z Łukaszem Marynowskim. komentarze I OPINIe 69 ROZLICZENIE PODATKOWE KOSZTÓW ARANŻACJI W PRZYPADKU ZAMKNIĘCIA SKLEPU aleksandra kozłowska doradca podatkowy, menedżer w Advicero Tax JAK PRZETRWAĆ ROZBUDOWĘ CENTRUM HANDLOWEGO I ODNIEŚĆ SUKCES? Maria Prokop Marketing Director Master Management Group SPROFILOWANA MULTIFORMATOWOŚĆ KLUCZEM DO SUKCESU jean anthoine-milhomme prezes Carrefour Polska ROZWÓJ RYNKU W POLSCE. PLANY GEMINI HOLDINGS anna Malcharek dyrektor zarządzający, Gemini Holdings CZAS MODERNIZACJI ISTNIEJĄCYCH OBIEKTÓW HANDLOWYCH Wojciech cieślak prezes The Blue Ocean Investment Group WIadOMOŚcI W SkRÓcIe HANDEL BIURA MAGAZYNY HOTELE TRANSFERY LISToPAD 2013 nr 10 / (41) LISTOPAD 2013 ISSN Cena 40 PLN / 10 Euro (w tym 8% VAT) 4-5 December Novotel Warszawa Centrum Zapraszamy do serwisu Projekt okładki: Arkadiusz Chorąży Zdjęcie na okładce: Fotolia Jeśli nie zaznaczono inaczej, fotografie i wizualizacje zamieszczone w magazynie pochodzą z materiałów prasowych. Redakcja nie zwraca materiałów niezamówionych, zastrzega sobie prawo redagowania nadsyłanych tekstów oraz nie odpowiada za treść zamieszczonych reklam i ogłoszeń.

51 LISTOPAD 2013 WSTĘP 51 Polska (k)raj możliwości Jaka jest recepta na sukces? Najprościej rzecz ujmując: potrzebni są inwestorzy z kapitałem i atrakcyjne aktywa, w które mogą zainwestować. Polska jest na tyle dojrzałym rynkiem, że nie brakuje ani jednych, ani drugich. TOMASZ SZPYT / redaktor naczelny Jeśli weźmiemy pod uwagę duży popyt wewnętrzny, przejście suchą stopą przez czasy kryzysu, rosnący PKB i siłę nabywczą, która nadal się zwiększa, nie dziwi, że inwestorzy wyłożyli do końca września na polskie nieruchomości ponad 2 mld euro. Prognozy zaś mówią, że do końca roku wartość transakcji może przekroczyć 3 mld byłby to najlepszy wynik od roku W Polsce jest po prostu w czym wybierać, a deweloperzy usilnie pracują nad tym, aby inwestorzy wybór mieli jeszcze większy. Niektórzy powiedzą, że nie jest sztuką wybudować, ale skomercjalizować. Czy dużą podaż obiektów handlowych i biurowych jest w stanie wchłonąć rodzimy rynek? Ostatnie otwarcia dużych galerii handlowych pokazały, że dobry produkt można skutecznie komercjalizować. Rekordowe poziomy najmu biur odnotowane w 2012 r. świadczą, że także w tym segmencie jest ruch w interesie, a prognozy, poparte danymi za trzy kwartały 2013 r., dają poważne podstawy do tego, by nie obawiać się klęski urodzaju. W Polsce buduje się sporo, ale nie co popadnie. W odróżnieniu od lat (za którymi niektórzy tęsknią), gdy powstawało wiele przypadkowych inwestycji, obecny rynek jest dużo bardziej zrównoważony. Lata spowolnienia przerzedziły szeregi deweloperów, z których wypadły firmy zbyt pochopnie planujące inwestycje. Zespoły inwestycyjne tych, które przetrwały, zdobyły doświadczenie najlepsze z możliwych w boju, i nie zawahają się go użyć. Zapraszamy do lektury specjalnego, targowego wydania magazynu The City, w którym prezentujemy najciekawsze inwestycje handlowe realizowane obecnie w Polsce. Rozmawiamy także z ekspertami na temat obecnej i przyszłej sytuacji na rynku handlowym. Znajdzie się również coś dla sympatyków rynku biurowego. Eksperci z branży przekonują, że pogłoski o jego kłopotach są mocno przesadzone. Spragnionych najnowszych wieści z polskiego rynku nieruchomości zapraszamy również do naszego serwisu informacyjnego Redakcja: Tomasz Szpyt redaktor naczelny Magdalena Fabijańczuk-Antkowicz redaktor Marta Ryczywolska dziennikarz Łukasz Marynowski dziennikarz Tomasz Papiernik dziennikarz/tłumacz Arkadiusz Chorąży DFG studio skład, łamanie i opracowanie graficzne Ewa Cichocka korektorka Reklama: Daniel Jabłoński dyrektor zarządzający Hubert Wasiak project manager Cezary Goss project manager ul. Stępińska 22/ Warszawa tel tel

52 52 FOKUS LISTOPAD 2013 Konkurs na koncepcję modernizacji placu Małachowskiego w listopadzie Rok po przedstawieniu planów rewitalizacji placu Małachowskiego partnerzy inicjatywy zakończyli prace nad przygotowaniem ramowych warunków konkursu na modernizację tego terenu. Fabryka Grohmana doceniona na targach w Monachium Fabryka Ludwika Grohmana zwyciężyła w Monachium w konkursie na najlepsze nieruchomości komercyjne oddane w ciągu minionego roku. Rewitalizacji łódzkiej zabytkowej fabryki z XIX w. dokonała firma budowlana MCKB. pierwszej połowie listopada W warszawski Zarząd Terenów Publicznych ogłosi konkurs na wykonanie opracowania koncepcji modernizacji tej części śródmieścia Warszawy. Celem konkursu jest przywrócenie placowi Małachowskiego roli placu miejskiego we współczesnej formie, z poszanowaniem tradycji i odniesieniem do funkcji integrujących społeczeństwo artystycznych, kulturalnych, rekreacyjnych. Wyniki konkursu architektoniczno-urbanistycznego mają być znane w I kw r. Kolejnymi etapami będą wystawa pokonkursowa i przygotowanie projektu wykonawczego. Do konkursu zostało zgłoszonych blisko 40 projektów z całego świata. W plebiscycie, który nagradza unikalne obiekty architektoniczne, Fabryka Grohmana rywalizowała głównie inwestycją z Heidelbergu w Niemczech. Jednak łódzka fabryka zdobyła najwięcej głosów internetowych, zwyciężając tym samym w Monachium. Rewitalizacja XIX-wiecznej, zabytkowej Fabryki Grohmana rozpoczęła się w 2012 r. i trwała 18 miesięcy. W budynku, w którym mieści się Centrum Konferencyjno-Biurowe Łódzkiej SSE, zostały stworzone nowoczesne przestrzenie biurowe, sale konferencyjne i szkoleniowe. Rewitalizacja zyskała akceptację wojewódzkiego konserwatora zabytków. Podczas prac zastosowano materiały budowlane, wzornictwo i bruk z epoki. PRCH Retail Awards 2013 przyznane 17 października w warszawskiej Fabryce Trzciny Polska Rada Centrów Handlowych (PRCH) ogłosiła zwycięzców czwartej edycji eksperckiego programu PRCH Retail Awards 2013 na najlepsze centrum i sieć handlową oraz kampanie marketingowe. Po ceremonii rozdania nagród odbyła się aukcja charytatywna na rzecz Michała Jurusia podopiecznego Fundacji Śmigła Życia. PRCH, organizacja zrzeszająca ponad 200 inwestorów, deweloperów i najemców centrów handlowych, stworzyła program PRCH Retail Awards po to, aby w fachowy i bezstronny sposób promować najlepsze praktyki biznesowe w branży centrów handlowych w Polsce. Mniejszy ruch w galeriach handlowych W ostatnich latach we wrześniu obserwowaliśmy systematyczny spadek liczby klientów w centrach handlowych, a bieżący rok nie jest wyjątkiem. W 2013 r. zanotowano spadek indeksu Reveal Polska zarówno w ujęciu miesięcznym (o 2,8 proc), jak i rocznym (o 0,8 proc.). Mimo to wartość indeksu była we wrześniu zdecydowanie wyższa niż w latach 2010 i Bardzo udany dla handlu był jak pamiętamy koniec sierpnia, czyli tygodnie 34. i 35. (1 września wypadał w niedzielę kończącą tydzień 35). Przygotowania do nowego roku szkolnego niewątpliwie miały wpływ na bardzo dobre wyniki w obu tygodniach, zanotowano wówczas wzrosty w ujęciu tygodniowym odpowiedni o 11,1 i 15,6 proc. Można wręcz powiedzieć, że na tle bieżącego roku tydzień 35. był jak dotychczas rekordowy komentuje Agnieszka Górnicka, senior associate konsultant Millward Associates. Wśród finalistów znalazły się wyróżniające się jakością i efektywnością centra i sieci handlowe oraz najskuteczniejsze kampanie marketingowe centrów i sieci handlowych. Lista nagrodzonych dostępna w serwisie Po silnych wzrostach już w tygodniu 36. nastąpił równie silny spadek Indeksu Reveal Polska (o 13,3 proc. w ujęciu tygodniowym). Kolejne tygodnie przyniosły już tylko niewielkie wahania, przez co cały miesiąc zakończył się na minusie w porównaniu z sierpniem. Wrześniowy spadek liczby klientów w centrach handlowych jest zjawiskiem typowym i w tym roku nie odbiegał od normy. Jeśli bieżący rok nie będzie nadto się różnić od lat poprzednich, powinniśmy w październiku zaobserwować wzrost, będący skutkiem jesiennych zakupów podsumowuje Agnieszka Górnicka.

53 LISTOPAD 2013 FOKUS 53 Ponad 90 mln zł z oferty publicznej dla MLP Group W ramach oferty publicznej MLP Group przydzieliło wszystkie z oferowanych akcji. Akcje sprzedawane były po cenie 24 zł. Tym samym wartość oferty publicznej wyniosła ok. 90,57 mln zł brutto. W transzy inwestorów indywidualnych stopa redukcji sięgnęła 19,8 proc. Debiut akcji MLP Group na Giełdzie Papierów Wartościowych w Warszawie zaplanowano na 28 października 2013 r. Inwestorom w ramach oferty publicznej oferowano łącznie akcji MLP Group w tym: nowo emitowanych akcji serii C oferowanych przez spółkę oraz istniejących akcji serii A. Do inwestorów indywidualnych skierowanych było akcji (10 proc. wszystkich oferowanych), a inwestorzy instytucjonalni mogli objąć akcji (90 proc.). MLP Group planuje przeznaczenie środków z emisji akcji serii C na sfinansowanie rozbudowy istniejących parków oraz rozbudowę banku posiadanych gruntów. FUTUWAWA rozstrzygnięta Zielone, nowoczesne, przyjazne mieszkańcom ulice i place miejskie oraz istniejące budynki i osiedla w nowej, lepszej odsłonie tak rysuje się przyszłość Warszawy według zwycięzców drugiej edycji konkursu Futuwawa. Konkurs Urban Photographer of the Year rozstrzygnięty Brytyjski fotografik Mark French został zwycięzcą tegorocznej edycji konkursu Urban Photographer of the Year na najlepszą fotografię o tematyce miejskiej, organizowanego przez firmę CBRE. Zwycięskie zdjęcie zrobione w Hongkongu, zatytułowane Wyglądać dobrze w trakcie pracy, pobiło 12,5 tys. fotografii nadesłanych na konkurs z całego świata. Coroczny globalny konkurs CBRE jest organizowany od 6 lat. Do tegorocznej edycji nadesłano rekordową liczbę zdjęć ponad 12,5 tys. ze 118 krajów od wybrzeży Chile po pustynie w Arabii Saudyjskiej. Z Polski napłynęły 264 prace. Celem konkursu Urban Photographer of the Year jest zachęcenie fotografów, zarówno profesjonalnych, jak i amatorów, do uchwycenia kwintesencji życia i pracy w miastach i miasteczkach na całym świecie o każdej porze dnia i nocy. Główną nagrodą jest luksusowe foto-safari w wybranym miejscu na świecie. Futuwawa to międzynarodowy, otwarty konkurs przeznaczony dla polskich i zagranicznych architektów, projektantów, artystów oraz amatorów na najlepszy projekt dla Warszawy przyszłości w zakresie architektury, urbanistyki i sztuki obecnej w przestrzeni publicznej. W tegorocznej edycji nagrodzone zostały przez jury konkursowe ex aequo trzy projekty, inspirujące do twórczego postrzegania obecnej zabudowy miasta: Zielony Most nad placem Bankowym autorstwa Bartosza Jakubowskiego, Nowe strategie przestrzennej integracji struktur miejskich na przykładzie najbliższego otoczenia ulicy Żelaznej autorstwa Tomasza Kamińskiego oraz projekt zatytułowany Moderna Odnova, nowe życie osiedla Za Żelazną Bramą autorstwa Piotra Szcześniaka. Atlas Estates oficjalnym partnerem Legii Warszawa Firma Atlas Estates podpisała umowę z Legią Warszawa, dzięki której otrzymała tytuł oficjalnego partnera tego klubu sportowego. Umowa partnerstwa została podpisana na czas sezonu rozgrywek piłkarskich Ekstraklasy 2013/2014 z możliwością jego przedłużenia. związku z nawiązaniem W współpracy z Legią Atlas Estates przeprowadzi w mediach społecznościowych konkursy dla kibiców i swoich klientów, w ramach którego będzie można wygrać bilety na mecze rozgrywane przez piłkarzy klubu na stadionie Pepsi Arena. Dodatkowo, deweloper może prowadzić działania promocyjne na terenie stadionu, w tym w Klubie Biznesowym Legii, oraz poprzez internetowe kanały komunikacji klubu, takie jak strona czy profil klubu na Facebooku.

54 54 DANE Z RYNKÓW LISTOPAD 2013 Rynek inwestycyjny/region CEE Kwartalne wolumeny transakcji inwestycyjnych, wg krajów (mln euro) KW. I KW. II KW. IIIKW. IV KW. I KW. II KW. IIIKW. IV KW. I KW. II KW. IIIKW. IV KW. I KW. II KW. IIIKW. IV KW. I KW. II KW. IIIKW. IV KW. I KW. II KW. IIIKW. IV KW. I KW. II KW. III Czechy Węgry Polska Rumunia Słowacja Rynek inwestycyjny/polska Wolumen inwestycji w latach (mln euro) Rynek handlowy/polska Źródło: Cushman & Wakefield Wartość handlowych transakcji inwestycyjnych miliony euro III KW III KW sektor hotelowy sektor mieszkaniowy obiekty wielofunkcyjne sektor magazynowy sektor handlowy sektor biurowy Źródło: CBRE, 2013 Źródło: Jones Lang LaSalle, III kw Rynek HANDLOWY/POLSKA Czynsz prime vs wskaźnik pustostanów 120 7,0% Rynek BIUROWY/EUROPA Zasoby powierzchni biurowych w wybranych miastach europejskich ,0% 5,0% 4,0% 3,0% 2,0% 1,0% Warszawa Wrocław Łódź Czynsze prime euro/mkw./m-c Śląsk Poznań Kraków Wskaźnik pustostanów % Szczecin Trójmiasto 0,0% Źródło: Jones Lang LaSalle, III kw r. 0 Monachium Berlin Bruksela Madryt Frankfurt nad Menem Sztokholm Wiedeń Kopenhaga Warszawa Budapeszt Praga Bratysława Źródło: CBRE, II kw r.

55 LISTOPAD 2013 DANE Z RYNKÓW 55 Rynek BIUROWY/EUROPA Podaż i wskaźnik powierzchni niewynajętej w wybranych miastach europejskich 25% 20% 15% 10% 5% 0% Moskwa Londyn Monachium Warszawa Berlin Frankfurt nad Menem Rynek BIUROWY/POLSKA Roczna podaż powierzchni biurowej w Warszawie i miastach regionalnych, mkw Bruksela Madryt Diseldorf Podaż w mkw. Pustostany Wiedeń Budapeszt Amsterdam Praga Bukareszt Dablin Bratysława Źródło: CBRE, I kw Miasta regionalne Warszawa Źródło: DTZ Research RYNEK BIUROWY/POLSKA Zasoby nowoczesnej powierzchni biurowej w Polsce, I połowa 2013 r. 6 proc. 7 proc. 5 proc. 2 proc. 2 proc. 4 proc. 9 proc. 5 proc. 60 proc. Warszawa Kraków Wrocław Trójmiasto Poznań Łódź Katowice Szczecin Lublin GRUNTY INWESTYCYJNE/POLSKA Ceny gruntów w Polsce Przeznaczenie działki Biura (za mkw. powierzchnie najmu) Handel (za mkw. powierzchnie najmu) Magazyny (za mkw. powierzchnie najmu) Mieszkania (za mkw. PUM) Centrum Warszawy euro Warszawa poza centrum Głównie miasta regionalne Mniejsze miasta euro euro < 100 euro > 500 euro euro euro euro* euro** < 100 euro euro*** < 200 euro > 1500 euro**** euro * powyżej mieszkańców ** pozostałe miasta *** także okolice dużych miast w pobliżu węzłów komunikacyjnych **** najlepsze lokalizacje w centrum i poza centrum w najlepszych dzielnicach euro < 500 euro Źródło: DTZ Research Źródło: CBRE wrzesień 2013 r.

56 56 TEMAT NUMERU LISTOPAD 2013 Polski rynek handlowy niezmiennie w fazie wzrostu Polski rynek handlowy nadal pozostaje aktywny pod względem nowych projektów, transakcji inwestycyjnych i nowych marek, które decydują się na prowadzenie swojego biznesu nad Wisłą. Jest sporo przesłanek, które pozwalają przypuszczać, że ten trend się utrzyma. Łukasz Marynowski Jak wynika z raportu Jones Lang LaSalle Rynek handlowy w Polsce w III kw. 2013r. na koniec III kw. całkowita podaż nowoczesnej powierzchni handlowej w Polsce wyniosła 11,4 mln mkw. pow. najmu. Polski rynek nadal pozostaje zdominowany przez format klasycznych centrów handlowych, które stanowią według różnych źródeł od ponad 70 proc. do prawie 90 proc. całości rynku. Drugie w kolejności są parki handlowe, a stawkę zamykają z marginalnym procentem centra wyprzedażowe. Najbardziej aktywny okres otwarć na rynku w tym roku przypadnie na jego ostatni kwartał. Do końca roku liczba metrów kwadratowych, które zasilą powierzchnię już dostępną, oscylować będzie w okolicach 300 tys. Eksperci JLL wyliczają, że do nowej podaży przyczyni się siedem nowych otwarć i pięć rozbudowanych projektów. Według tych samych danych ponad 50 proc. tej podaży jest realizowane w ramach trzech dużych obiektów w głównych aglomeracjach. Są to: Riviera w Gdyni (43,7 tys. mkw. rozbudowa 70 tys. cały obiekt, oddane do użytku r.), Poznań City Centre w Poznaniu (60 tys. mkw. oddane do użytku r.) oraz Auchan Bronowice w Krakowie (60 tys. mkw. otwarcie listopad 2013 r.). W III kw. do dyspozycji klientów oddane zostały także Trzy Korony w Nowym Sączu (35 tys. mkw.), Plac Unii City Shopping w Warszawie (15,5 tys. mkw.), Stara Kablownia (14,6 tys. mkw.). Do końca roku na rynek trafią jeszcze Brama Pomorza w Chojnicach, Dekada w Grójcu, a także rozbudowane Ferio w Koninie i Galeria Olimp w Lublinie. Cały 2013 r. zamknie się łącznie 485 tys. mkw. nowej powierzchni prognozują analitycy z Jones Lang LaSalle. Dodają także, że aktywność budowlana na rynku wciąż pozostaje wysoka i obecnie powstaje ponad 800 tys. mkw. z perspektywą otwarcia w ciągu najbliższych dwóch lat. Rozbudowy istniejących obiektów handlowych stanowią ważny trend na polskim rynku. Od 2010 r. LeszEk Sikora, dyrektor zarządzający ECE Polska rojekt w Bydgoszczy, o roboczej nazwie Galeria Kujawska, z założenia ma być największym i najbardziej wszechstronnym Pcentrum handlowym nie tylko w mieście, lecz także w województwie kujawsko-pomorskim. W celu doprecyzowania jego oferty i zdefiniowania najbardziej reprezentatywnych grup odbiorców prowadziliśmy analizy demograficzne i inne badania regionalnego rynku. Z uwzględnieniem doświadczenia istniejących już obiektów zarządzanych przez ECE dochodzimy do wniosku, że długofalowy sukces tego centrum możemy zapewnić przez jego odpowiednią wielkość i dostosowanie go do preferencji i siły nabywczej naszych klientów. Nie będzie to zatem z pewnością centrum marek luksusowych, które zaczynają swoją ekspansję w Polsce zazwyczaj od Warszawy, ze zdecydowaną preferencją dla Warszawy. Galeria w Bydgoszczy to duży obiekt, o powierzchni wynajmu 50 tys. mkw., zatem możemy pozwolić sobie na bogaty tenant mix, skompletowanie oferty dla wszystkich grup klientów. Zdecydowanie wiodącym motywem oferty obiektu będzie moda od popularnych marek dla młodzieży i dorosłych, po niewielką liczbę bardziej ekskluzywnych marek. Co do zasady, w lokalizacjach, które ECE decyduje się rozwijać, moda jest najszerzej reprezentowaną grupą najemców. Wyposażenie wnętrz, elektronika użytkowa, artykuły dziecięce, delikatesy, sport, fitness będą dopełniały w liczbie ok. 200 sklepów najbardziej kompleksową ofertę. Oczywiście najlepszy tenant mix nie zapewni sukcesu, jeśli centrum będzie źle zaprojektowane. W naszym przypadku nad projektem pracują nie tylko architekci, ale również od najwcześniejszej fazy zrębów koncepcji wiele do powiedzenia mają menedżerowie wynajmu oraz zarządzający centrami, których wytyczne pomagają osiągnąć maksymalną efektywność naszych centrów. Bydgoszcz, mimo że jest jednym z największych polskich miast i stolicą regionu, nie ma obecnie tak dopracowanego obiektu.

57 LISTOPAD 2013 TEMAT NUMERU 57 Centrum Riviera w Gdyni tuż przed otwarciem około 20 proc. oddawanej co roku podaży to właśnie rozbudowy. Jones Lang LaSalle przewiduje, że sytuacja taka utrzyma się w następnych dwóch latach. Istotne trwające obecnie rozbudowy to m.in.: Ogrody w Elblągu, Atrium Copernicus w Toruniu, Gemini Park w Bielsku- Białej, Galeria Pomorska w Bydgoszczy i Galeria Olimp w Lublinie. Międzynarodowe marki czują się dobrze w Polsce Polska nadal cieszy się sporym zainteresowaniem międzynarodowych marek. Obecni już na rynku gracze decydują się na dalszy rozwój, pojawiają się też nowi.w ubiegłym roku na polskim rynku zadebiutowało ponad trzydzieści nowych marek, podczas gdy w pierwszej połowie 2013 r. na rynek weszło już 25 marek, w tym Louis Vuitton, Original Aleksander Walczak, prezes Dekada Realty arka Dekada jest obecna na polskim rynku nieruchomości komercyj- od 2011 r. Od tego czasu możemy się pochwalić zrealizowaniem Mnych sześciu nowoczesnych obiektów handlowych o powierzchni od kilku do kilkunastu tysięcy mkw., które zyskały bardzo duże uznanie u lokalnych konsumentów. Wśród zrealizowanych przez nas inwestycji są obiekty handlowe typu convenience, zlokalizowane w centrach miast lub osiedli mieszkaniowych w Myślenicach, Sieradzu, Skierniewicach, Żyrardowie, Olsztynie i Krakowie. Dzięki prestiżowym lokalizacjom i odpowiedniej komercjalizacji obiekty te doskonale przyjęły się na lokalnych rynkach i cieszą się wysoką odwiedzalnością. Obecnie realizujemy kolejne inwestycje. Już 27 listopada otwarta zostanie Dekada Grójec, nowoczesny park handlowy składający się z dwóch parterowych budynków. Chętnie realizujemy także inwestycje, które łączą funkcję handlową z funkcją komunikacyjną. Dekada Nowy Targ, która pierwszych klientów powita już w marcu 2014 r., będzie nowoczesnym centrum handlowym połączonym z dworcem autobusowym. Zintegrowanym centrum komunikacyjno-handlowym będzie także Dekada Brodnica, której powstanie zaplanowane jest na II połowę 2014 r. W planach są także realizacje projektów w Rypinie, Malborku, Nysie i Łowiczu. Docelowo planujemy wybudowanie ok. 20 centrów handlowych funkcjonujących pod szyldem Dekada. Nasza spółka sama zarządza wybudowanymi obiektami. Nabyte doświadczenia wykorzystujemy przy realizacji kolejnych inwestycji, aby nasze centra handlowe były jeszcze bardziej funkcjonalne i spełniały wszystkie oczekiwania zarówno okolicznych mieszkańców, jak i naszych najemców.

58 58 TEMAT NUMERU LISTOPAD 2013 Galeria Bronowice w Krakowie Grzegorz Latała, dyrektor ds. komercjalizacji w Mayland Real Estate tworzyliśmy niedawno Rivierę w Gdyni. Projekt zakładał wybudo- regionalnego centrum i taki obiekt tam powstał. To najwięk- Owanie sze centrum w północnej Polsce z bardzo ciekawym i bogatym tenant mix. Odnieśliśmy znaczący sukces komercjalizacyjny, która osiągnęła w momencie otwarcia poziom 96 proc. Taką poprzeczkę stawiamy sobie również w Krakowie zwłaszcza, że Serenada jest w wielu założeniach podobna projektu gdyńskiego. Centrum Handlowe Serenada uzyskało już prawomocne pozwolenie na budowę i ulokuje się w północnej części miasta, gdzie nasycenie powierzchnią handlową jest o 15 proc. mniejsze niż w pozostałych dzielnicach Krakowa. Ta dysproporcja sprawia, że północna część miasta jest doskonałą lokalizacją dla nowych obiektów. Podstawowym atutem Serenady jest, że to prawdopodobnie ostatni taki duży projekt w Krakowie. Jest uzupełnieniem istniejącej strefy handlowej. W tej części Krakowa nie ma dominującego nowoczesnego obiektu handlowego, a my właśnie taki obiekt przygotowujemy. Są tam ulokowane centra starej generacji, wymagające przebudowy, zmian w tenant mix. W strefie tej brakuje silnych i dużych marek modowych, food courtu z prawdziwego zdarzenia. Dlatego Serenada będzie centrum lifestye owym. Ma szansę na duży sukces. Choć jesteśmy na wstępnym etapie komercjalizacji, to osiągnęła ona już 40 proc. Projekt będzie podobnie pozycjonowany jak gdyńska Riviera. Wiemy, że rynek jest w bardzo trudnym momencie, ale realia rynkowe były trudne również przez ostatnie dwa lata, kiedy komercjalizowaliśmy Rivierę. Ponieważ zakładamy, że podobnie jak centrum w Gdyni, Serenada ma być dużym centrum o charakterze regionalnym, to dobór najemców powinien obejmować wszystkie znaczące sieci ze średniej i z wyższej półki. Rejon Krakowa, w którym powstaje Serenada, już teraz rozwija się bardzo intensywnie. Obok naszego centrum powstaje dużo nowej powierzchni biurowej i mieszkaniowej. Pozwala to nam przewidywać odwiedzalność na poziomie 8 mln klientów rocznie. Dzięki położeniu przy głównej osi komunikacyjnej Krakowa Centrum znajdzie się w strefie 15 min dojazdu samochodem dla prawie pół miliona mieszkańców, czyli praktycznie całej lewobrzeżnej części Krakowa. Realna strefa oddziaływania Serenady to milion mieszkańców, a rynek konsumencki w tej strefie szacowany jest na 2,330 mld euro. Myślę, że to dobra zachęta dla przyszłych najemców. Marines, Sports Direct, Karl Lagerfeld, Sinsay i Armani Jeans podają autorzy raportu Warsaw Investors Guide opracowanego przez CBRE. Z kolei analitycy z JLL dodają, że również polskie sieci wprowadzają na rynek nowe marki (np. Medicine). Inne sieci tworzą nowe koncepty. Przykładowo Empik Media & Fashion wprowadza na rynek nowy format sklepów Empik Empik Express o pow mkw. dostosowany do potrzeb małych miast i małych obiektów handlowych. Ponadto H&M powiększa sklepy, aby wprowadzić koncept H&M Home. Stabilny poziom pustostanów Poziom pustostanów w miastach pow. 200 tys. mieszkańców wyniósł na koniec I połowy 2013 r. ok. 4 proc. Najwięcej wolnej powierzchni zaobserwowano na rynkach, na których w ostatnim okresie pojawiły się nowe obiekty lub wcześniej borykały się one z problemem wysokiego poziomu pustostanów, takich jak Poznań, Wrocław, Radom i Toruń. Miasta, w których odsetek pustostanów jest obecnie najniższy, to m.in. Warszawa, Szczecin i aglomeracja katowicka. Warto zwrócić uwagę, że poziom pustostanów pozostaje stabilny dla wiodących centrów wyliczają analitycy Jones Lang LaSalle.

59 LISTOPAD 2013 TEMAT NUMERU 59 krzysztof apostolidis, prezes Fabryki Biznesu, inwestora Centrum Handlowo-rozrywkowego sukcesja w Łodzi wielu dogłębnych badań łódzkiego rynku wynika, że łodzianie oczekują od centrów handlowych nie tylko możliwości zrobienia Z kompleksowych zakupów, ale przede wszystkim atrakcyjnego spędzenia wolnego czasu, a za największy mankament większości istniejących obiektów uznają niedostateczną ofertę rozrywkową. Dla mieszkańców ważna jest też dogodna lokalizacja oraz duży wybór sklepów i marek, czyli odpowiedni tenant mix najemców w galerii handlowej. Sukcesja spełnia wszystkie te kryteria. Będzie jedynym miejscem w szeroko rozumianym centrum miasta, które zaoferuje mieszkańcom zakupy, gastronomię, rozrywkę i rekreację pod jednym dachem; miejscem tętniącym życiem na co dzień, przyjaznym dla klientów i najemców, obiektem w pełni zielonym, jedynym tego typu w regionie z certyfi katem BREEAM. Proekologiczne rozwiązania przyniosą nie tylko oczywiste korzyści dla środowiska, ale też wymierne oszczędności, m.in. energii elektrycznej i cieplnej. Tylko dzięki nowoczesnemu systemowi oświetlenia zużycie prądu będzie niższe o ok. 35 proc. w porównaniu z rozwiązaniami tradycyjnymi. Dla najemców oznacza to znacząco niższe koszty operacyjne. Niewątpliwym atutem Sukcesji jest też lokalizacja: w jednym z najdynamiczniej rozwijających się rejonów Łodzi, doskonale skomunikowanym ze wszystkimi dzielnicami miasta, w sąsiedztwie drogi krajowej nr 1, Międzynarodowych Targów Łódzkich i kampusu Politechniki Łódzkiej, największej uczelni technicznej w województwie. Trwa budowa, a ponad rok przed planowanym otwarciem komercjalizacja Sukcesji jest na półmetku. Zespoły Fabryki Biznesu i Savills prowadzą zaawansowane negocjacje z kolejnymi sieciami. Wśród kluczowych najemców są m.in. supermarket Piotr i Paweł, 9-salowe kino Helios, drogeria Rossmann, elektromarket Avans, jeden z największych w Polsce klubów Pure Jatomi Fitness, Top Secret oraz pięć salonów odzieżowych grupy LPP. Wśród marek, z którymi podpisaliśmy już umowy, są również nieobecne dotychczas w mieście. Czy Łódź potrzebuje jeszcze jednego centrum handlowego? Z analiz lokalnego rynku jednoznacznie wynika, że tak. Jest zapotrzebowanie na nowy, wielofunkcyjny obiekt, dostosowany do potrzeb, oczekiwań, stylu życia i profi lu ekonomiczno-demografi cznego lokalnej społeczności, a taka będzie Sukcesja. rynek inwestycyjny na dobrym poziomie Wartość transakcji inwestycyjnych zrealizowanych w sektorze handlowym na koniec III kw r. wyniosła 773 mln euro. Największe sfinalizowane transakcje to zakup Silesia City Center w Katowicach przez konsorcjum na czele z Allianz (ok. 400 mln euro), zakup Galerii Dominikańskiej we Wrocławiu przez Atrium European Real Estate (151,7 mln euro) oraz przejęcie za 174,5 mln euro przez Tristan Capital Partners portfela nieruchomości handlowych firmy Charter Hall (Zakopianka w Krakowie, Borek we Wrocławiu, Turzyn w Szczecinie, Arena w Gliwicach i Dąbrówka w Katowicach) wyliczają autorzy Rynek handlowy w Polsce w III kw Kluczowe transakcje w toku, których finalizacja przewidziana jest na IV kw r., to kupno Galerii Kazimierz w Krakowie przez Invesco (180 mln Plac Unii City Shopping euro) oraz zakup Wola Park w Warszawie przez Inter Ikea. (Więcej na temat transakcji na rynku polskim mogą Państwo przeczytać na łamach tego numeru w rozmowie z Agatą Sekułą, dyrektorem Działu Inwestycji na Rynku Nieruchomości Handlowych w Europie Środkowo-Wschodniej Jones Lang LaSalle).

60 Sukcesja nowa jakość w Łodzi Centrum Handlowo-Rozrywkowe Sukcesja to wielofunkcyjny kompleks, który stworzy nową jakość w Łodzi. Będzie miejscem nie tylko robienia zakupów, ale przede wszystkim spędzania wolnego czasu, przyjaznym dla mieszkańców, najemców i środowiska, łączącym nowoczesną architekturę i najnowsze technologie z tradycją. Znajdą się w nim m.in. galeria handlowa i food court (około 170 sklepów i punktów usługowych), strefa rozrywkowo-rekreacyjna (m.in. 9-salowe kino Helios, jeden z największych w kraju klubów Pure Jatomi Fitness i plac zabaw z możliwością zostawienia dziecka pod opieką) oraz dwupoziomowy, naziemny parking (ponad 1000 miejsc). Obiekt jest budowany w pobliżu kampusu Politechniki Łódzkiej, Międzynarodowych Targów Łódzkich i nowego osiedla mieszkaniowego, w miejscu doskonale skomunikowanym ze wszystkimi dzielnicami Łodzi. To jeden z najdynamiczniej rozwijających się rejonów miasta, który przekształca się w jego nowe centrum. Sukcesja ma być ekoliderem wśród tego typu obiektów w regionie, budowanym i funkcjonującym według najnowszych standardów międzynarodowego certyfikatu BREEAM. Inwestor postawił na dużą funkcjonalność, m.in. intuicyjną komunikację oraz wygodne parkingi o czytelnym układzie miejsc i łatwym systemie identyfikacji. Przewidziane są liczne udogodnienia dla rodzin z dziećmi. Atrakcyjnie zagospodarowany, z zielenią i fontannami, teren wokół kompleksu zostanie otwarty na przestrzeń publiczną. Inwestorem jest łódzka spółka Fabryka Biznesu. sukcesja prezentacja.indd :25:41 Magnolia Park największym centrum na Dolnym największym centrum na Dolnym Śląsku Śląsku M Park jest największym centrum handlowo- rozrywkowo-rekreacyjnym na Dolnym Śląsku. Łączna powierzchnia handlowa wynosi obecnie m 2, a dalsze inwestycje są właśnie realizowane. Wśród najemców centrum znajduje się około 230 sklepów, kawiarni, restauracji i punktów usługowych. Oferta Magnolia rozrywkowo-rekreacyjna Park obejmuje kino i salę zabaw dla dzieci. Zmotoryzowani klienci mogą korzystać z miejsc parkingowych. Wśród wielu renomowanych polskich i międzynarodowych marek dostępnych w Magnolia Park znajdują się: Aldo, C&A, Denon, ECCO, Esprit, H&M, Home- &You, InterSport, KappAhl, New Yorker, Peek&Cloppenburg, Pierre Cardin, Promod, RESERVED, Saturn, TOUS, W. Kruk, Zara, kino Helios, hipermarket budowlany Castorama i czynny do północy hipermarket TESCO. Zróżnicowana, atrakcyjna oferta, wygodny dojazd samochodem i komunikacją miejską oraz bliskość dużych osiedli mieszkaniowych czynią centrum doskonałym miejscem zakupów, spotkań, rozrywki i rekreacji. Magnolia Park stanowi również miejsce spotkań dla lokalnej społeczności ze względu na odbywające się tu liczne koncerty, imprezy sportowe, pokazy mody i inne wydarzenia organizowane zarówno wewnątrz centrum, jak i w amfiteatrze na świeżym powietrzu. Magnolia Park należy do portfela King s Street Retail, platformy grupującej wysokiej jakości polskie centra handlowe. Od października 2011 roku za zarządzanie Magnolia Park odpowiada Master Management Group, wiodąca polska firma zarządzająca i inwestująca w nieruchomości handlowe. Od początku roku w Magnolia Park dużo się zmieniło. Dzięki relokacji ruchomych schodów w centralnej części obiektu usprawniona została komunikacja w całej galerii, zwłaszcza pomiędzy poziomami 0 a +1. Sklepy licznych marek przeszły modernizację, aby otworzyć się w nowej odsłonie, a inne zmieniły lokalizację w centrum handlowym. Od sierpnia strefa restauracyjna działa w nowym miejscu obok kina Helios. Jeszcze w tym roku wrocławianie będą mogli ponownie odwiedzać znane i lubiane restauracje, takie jak Burger King czy KFC. Obecnie w Magnolia Park trwają prace mające na celu stworzenie nowych wielkopowierzchniowych lokali dla marki Deichmann oraz drogerii Super-Pharm, które należą do grona kluczowych najemców centrum handlowego, oraz dla sieci sportowej Decathlon, który zajmie powierzchnie nowo-wybudowanej części centrum. Ich zakończenie planowane jest na luty 2014 roku. Docelowo Magnolia Park będzie rozbudowana o m 2 GLA. Zakończenie wszystkich etapów rozbudowy planowane jest na 1 kwartał, 2015.

61 Office Book 2013/2014 O F F I CE The Polish Offi ce Market Review BOOK 2013/2014 NAJNOWSZY ROCZNIK TO: artykuły redakcyjne, analizy ekspertów, wywiady i komentarze, sytuacja oraz prognozy rozwoju rynku powierzchni biurowej w Polsce, aktualna lista biurowców klasy B i A, dystrybucja na najważniejszych targach i konferencjach, dostęp do wersji elektronicznej on-line, prezentacja najciekawszych obiektów. Property Media Group tel



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www.kingsturge.com 1 PRZEGLĄD EKONOMICZNY ECONOMIC OUTLOOK ECONOMIC OUTLOOK The Polish economy is in a position of relative strength compared to other economies in the EU. While negative growth is expected in 2009, the Polish economy will be less badly affected

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