Galeria Olimpia with new contracts for 1,600 sqm.

EPP-managed Galeria Olimpia is strengthening its fashion, food and beauty offer. The facility has recently signed agreements with three brands. The shopping centre will soon see the debut of the first Rituals shop in Belchatow, and customers will be able to enjoy the range of the enlarged NEW YORKER shop. In addition, visitors can already taste Taiwanese tea from Crazy Bubble. In total, the signed agreements cover approximately 1,600 sqm.

– Galeria Olimpia is a well-established shopping centre in Bełchatów and a venue for local debuts for brands that are well-known and appreciated by consumers. Among the facility’s tenants, we will soon welcome Rituals, which – as in the case of the dm drugstore and Family Pets & Zoo – has chosen our centre to locate its first store in the city. We have also extended our cooperation with NEW YORKER, which appreciates the strength of the facility and is expanding its shop. Galeria Olimpia’s catering offer, meanwhile, has been strengthened by Crazy Bubble, serving the popular bubble tea originating from Asia. With our visitors in mind, we are building a diverse, comprehensive offer, so we will surprise customers with further novelties in 2025 , comments Adam Kłos, Asset Manager at EPP.

Fans of premium brands will be able to take advantage of the offer from Amsterdam-based Rituals as early as February. Putting bath, body care and home products in one portfolio, the brand offers customers a new lifestyle of turning everyday rituals into moments worth remembering.

Soon, NEW YORKER will be offering the latest trends and fashionable accents in an even larger space. Whether it’s for casual streetstyle or elegant party wear – NEW YORKER puts an exciting mix in its collections. The range includes own brands FSBN and FB Sister (sports and streetwear), AMISU and SMOG (casual and evening fashion), BLACK SQUAD and ICONO (urban and streetwear), CENSORED (lingerie and swimwear) and a wide range of accessories. In line with the slogan ‘Dress for the moment’, the brand provides the latest trends and fashionable accents for every occasion.

Crazy Bubble, the largest bubble tea chain in Poland and Europe, is where the highest quality ingredients come together to create unique compositions. A wide selection of flavours and additives allows to create drinks perfectly suited to every taste. The outlet is located at the entrance to the Helios cinema.

Galeria Olimpia is the largest shopping complex in Belchatow. It comprises a shopping centre and a retail park with a total of around 80 retail and service outlets. Its offer includes popular brands such as Carrefour hypermarket, Dealz, H&M, CCC, Empik, RTV Euro AGD, Rossmann, dm drugstore, Hebe, Douglas, DOZ Pharmacy. The centre’s offer is supplemented by Bricomarché, Abra Meble and Media Expert shops operating in the retail park located opposite the shopping centre.

In Galeria Olimpia, in addition to an extensive retail and service offer, customers will also find places where they can eat well, relax and spend time actively, such as Smak na Tak, Buła z Wołem, Crazy Bubble or the Grycan café, as well as the only Helios cinema in the city with four spacious halls. There are also 1,050 free parking spaces available to visitors.

Panattoni begins construction on Sosnowiec Industrial Park with Hebe as anchor tenant

Panattoni will break ground in December on Panattoni Park Sosnowiec V, a new industrial park in Poland’s Silesian Voivodeship. The project will feature two modern buildings with a total area exceeding 52,000 square meters, reinforcing the region’s growing reputation as a hub for industrial activity.

The first phase of construction will deliver a hall covering more than 33,000 square meters, set for completion in the fourth quarter of 2025. A second building, planned for a later phase, will add nearly 19,000 square meters to the development. Hebe, the health and beauty retailer and a subsidiary of the Jeronimo Martins Group, will serve as the park’s first tenant, leasing 22,000 square meters for a decade. The facility will serve as a build-to-suit distribution center tailored to Hebe’s logistical requirements.

According to Marek Dobrzycki, Partner at Panattoni, the project underscores the company’s commitment to Silesia, a region attracting substantial interest from key market players. “We are extremely pleased that Hebe has chosen our location for its distribution center, a choice that will drive the brand’s continued expansion in Poland. The facility will include special features to optimize logistics processes and enhance operational efficiency,” Dobrzycki said.

Hebe’s bespoke distribution center will incorporate advanced technological features, including a pick-tower mezzanine for streamlined operations, internal transport systems to boost productivity, and ergonomic work environments. Employee comfort has also been prioritized, with thoughtfully designed social facilities.

Sustainability plays a central role in the park’s design, which aims for a BREEAM certification at the Excellent level. These sustainability features include energy-efficient lighting, water conservation measures, a leak detection system, and electric vehicle charging stations. The facility’s roof will be reinforced to support future solar panel installations, reducing both operational costs and carbon footprint.

The park is strategically located just 2.2 kilometers from the S1 expressway and 12 kilometers from the A4 motorway, providing seamless access to Poland’s major transportation networks. Situated only 16 kilometers from Katowice city center and 19 kilometers from Katowice Airport, the park is also well-positioned for international logistics, with the Czech border just 84 kilometers away.

Panattoni Park Sosnowiec V is poised to become a cornerstone of industrial development in the Silesian Voivodeship, offering tenants like Hebe cutting-edge facilities and an unmatched location to support their growth.

A new fitness centre and pharmacy opened in the Roztyly Plaza building

The Roztyly Plaza office building, located right next to the Roztyly C metro station, offers two more services. Tenants of the building and the public can use the newly opened Serpiente pharmacy and a modern fitness centre with sauna and solarium Max Fitness Roztyly on an area of 1 200m2. The last retail space will open early next year and will be occupied by the renowned financial and advisory company Partners Financial Services.

“We have tried to ensure that the Roztyly Plaza building brings services that are lacking in the location, and at the same time, that its offer suits the tenants who spend most of their time here. We believe that we have succeeded in doing so thanks to the fitness centre and pharmacy,” says Eduard Forejt, director of business development at Passerinvest Group, adding: “In the newly opened Serpiente pharmacy, people have access to a wide range of medicines, vitamins and health supplies, along with expert advice, and thanks to the fitness centre with sauna, solarium and massages, users have space for sports and relaxation.”

Tenants of the building, local residents, as well as visitors to Prague’s Roztyl district have been able to use the modern canteen with Filip Sajler’s Perfect Canteen, which offers à la carte breakfasts, snacks and lunches, for example, since spring. The last vacant retail space will be occupied at the beginning of the year by a branch of financial consultancy Partners Financial Services, which will provide advice on finance, banking services, mortgages, life insurance, pension savings, as well as other investment products. EcoFlow, an authorised EcoFlow store specialising in battery stations, solar panels and smart home ecosystems, will also offer its products on the ground floor of the building.

The Roztyly Plaza office building is very accessible thanks to its location right next to the Roztyly C metro station and other transport arteries. There is also an underground P+R car park for the general public.

CTP delivers 100,000 sqm logistics centre for Tesco in Hungary

CTP, Europe’s largest listed industrial and logistics property developer, has officially handed over a new state-of-the-art logistics centre near Szigetszentmiklós, Hungary, to retail giant Tesco. Spanning 100,000 square meters and developed on a 60-hectare greenfield site, the facility is poised to transform Tesco’s supply chain operations across Hungary. Scheduled to be fully operational by March 2025, the logistics hub is designed to enhance efficiency, optimize transportation logistics, and significantly reduce environmental impact.

The nearly one-kilometer-long complex houses advanced features tailored to Tesco’s diverse needs, including cold storage halls with variable temperature controls, a dry goods hall, and extensive infrastructure for vehicle support, such as a truck wash with a water recycling system, repair and forklift service facilities, and on-site electric vehicle chargers. The logistics centre also integrates a gas station and improved road infrastructure, ensuring seamless access for the local population and logistics operations alike.

Sustainability is central to the project. The facility is powered by renewable energy, with 8,620 solar panels generating 3.75 MW of power. Awarded an ‘A’ energy rating, the building is on track to achieve BREEAM certification by the end of 2024. Tesco estimates the revamped logistics operations will cut annual CO2 emissions from transportation by 830 tons. Additional measures, such as a water recycling system for the truck wash and an irrigation well for maintaining green spaces, underline the project’s commitment to environmental responsibility.

“This new logistics centre is a milestone for Tesco Hungary,” said Zsolt Pálinkás, CEO of Tesco Hungary. “The retail sector has undergone immense change in recent years, with sustainability and innovation becoming paramount. This environmentally conscious facility equips us to meet evolving demands while advancing toward our goal of carbon neutrality by 2035. CTP has been a reliable partner, delivering a world-class development that strengthens our leadership in the Hungarian retail market.”

Dr. Ferenc Gondi, Managing Director of CTP Hungary, praised the collaboration: “The construction of Tesco’s logistics centre is a landmark project for CTP in Hungary. It underscores our commitment to fostering community development and environmental stewardship. By delivering sustainable and innovative real estate solutions, we not only support Tesco’s operational goals but also contribute to the economic and social growth of the region.”

The facility marks a significant step for both Tesco and CTP in their shared pursuit of operational excellence and environmental sustainability, reinforcing their positions as leaders in retail and industrial development respectively.

S IMMO AG posts strong Q3 results, driven by strategic investments and operational Ggowth

S IMMO AG has reported a robust financial and operational performance for the first three quarters of 2024, reflecting the company’s strategic investments and continued portfolio optimization.

“These results clearly demonstrate our strong operating performance and the benefits of our prudent investment strategy over recent months,” said Radka Doehring, a member of the Management Board. “We have achieved significant increases in total revenues, rental income, and gross profit, which are well above last year’s levels.”

The company recorded a 36% increase in total revenues, reaching €280.3 million, while rental income surged by 46% to €167.7 million. Gross profit rose by 48% to €162.6 million, and EBITDA jumped 57% to €134.6 million. Net income for the period stood at €29.8 million, with earnings per share at €0.40.

Strategic Sales and Portfolio Realignment

Key developments include the completion of the sale of Hotel Juliš in Prague, which boasts a gross leasable area of 6,700 square meters. This sale aligns with S IMMO’s broader strategy of portfolio optimization, which has included property sales in Germany, Austria, the Czech Republic, Hungary, and Slovakia.

Additionally, a significant milestone was achieved on 14 October 2024, when the shareholders approved a squeeze-out of minority shareholders under the Austrian Squeeze-out Act. The registration of this action is expected in December 2024, pending court approval.

Operational Highlights and Financial Strength

S IMMO attributes its improved revenue performance to acquisitions of high-income-generating properties in Austria and the Czech Republic in 2023 and 2024, coupled with strong like-for-like growth. Rental income climbed sharply to €167.7 million, a 46% year-on-year increase, while gross profit improved to €162.6 million, up 48%. Revenues from operating costs also rose significantly, contributing to the company’s overall financial strength.

While property expenses increased to €80.5 million, reflecting higher operational and maintenance costs, EBITDA saw substantial growth, rising to €134.6 million, compared to €86 million in the same period last year.

Valuation Gains and Improved Equity Metrics

The company reported a positive property valuation result of €2.1 million, compared to a negative €17.7 million in Q3 2023. Equity increased slightly to €1.65 billion, and EPRA NRV per share stood at €28.08. The equity ratio improved to 41.8% by the end of Q3 2024, up from 40.7% at the close of 2023.

Outlook and Continued Growth

S IMMO continues to focus on its strategic withdrawal from the German market, with properties meeting IFRS 5 criteria being classified as assets held for sale. This aligns with the company’s broader strategy to streamline operations and maximize value through active asset rotation.

“These figures are a testament to the effectiveness of our strategy,” said Tomáš Salajka, a member of the Management Board. “Our active asset rotation creates a solid foundation for future earnings.”

With total assets of €4.03 billion as of 30 September 2024, and cash reserves of €273.2 million, S IMMO is well-positioned for continued growth. The company’s strong operational and financial performance underscores its resilience and ability to adapt to market opportunities.

Union Investment commits €10 million to repositioning “Le Befane” shopping centre in Rimini

Union Investment has announced an additional investment of €10 million to enhance and modernize the “Le Befane” shopping centre in Rimini, Italy, solidifying its position as a premier retail destination on the Adriatic coast.

Acquired in 2017 as part of the UniImmo: Europa open-ended real estate fund, “Le Befane” boasts 129 shops, a hypermarket, a food court, and a 12-screen cinema. The two-level shopping centre, one of the largest in the region, serves a catchment area of approximately 900,000 residents and attracts over 1.5 million tourists annually.

Carsten Freitag, Senior Asset Manager Retail International at Union Investment, highlighted the extensive upgrades undertaken over the past two years, including the revitalization of the retail landscape and the addition of 17 high-profile brands such as Lego, Starbucks, Signorvino, Rituals, and Victoria’s Secret. Anchor tenants have also been rotated, with floor plans updated to accommodate evolving space requirements, such as the expansion of Zara to 3,400 square meters.

Looking ahead, the new phase of refurbishment will focus on several key areas:
• Expanded Dining Options: The food court will be remodeled and expanded by 2026, featuring 17 restaurants and kiosks with seating for over 600 guests.
• Cinema Transformation: The 12-screen cinema will undergo a redesign, with enhanced audiovisual systems, modern lounge areas, and upgraded seating.
• Modernized Arcade: The shopping arcade will receive a contemporary look, aligning with current retail trends.
• Healthcare Facilities: A new health services area, including a dental practice, will be introduced.
• Parking Revamp: Structural upgrades to the 3,000 parking spaces are set for completion by spring 2025.

The refurbishment also underscores Union Investment’s commitment to sustainability. Recent investments in infrastructure have included state-of-the-art air conditioning and ventilation systems, new general-area lighting, and the installation of a shading system. The building management system is also being modernized to align with contemporary technical and environmental standards.

Located along main road 16 in Rimini’s southwestern municipal area, “Le Befane” is just 15 minutes by car from the historic city center. Its prime location ensures accessibility for both residents and tourists, reinforcing its role as a central hub for shopping, dining, and entertainment.

The planned upgrades aim to enhance the shopping experience, cater to evolving consumer demands, and ensure the property remains a cornerstone of the region’s retail landscape.

Celebrating Excellence: Highlights from the CIJ Awards Czech Republic”

The CIJ Awards Czech Republic was a resounding success, showcasing the best of the real estate industry in an evening filled with celebration, innovation, and networking. The event brought together the most prominent names in the sector, recognizing their outstanding achievements and contributions to the market. From the meticulously organized program to the elegant venue, every detail reflected the prestige and significance of this annual occasion. The lively atmosphere, engaging speeches, and seamless execution left attendees inspired and energized for the future. It was a true testament to the strength and vibrancy of the Czech real estate community.

The ceremony honored outstanding achievements across various categories, from innovative residential developments to groundbreaking commercial projects. The atmosphere was electric as winners were announced, showcasing the exceptional talent and vision driving the Czech real estate market.

The evening wasn’t just about awards; it was a celebration of the industry’s resilience, creativity, and growth. Attendees enjoyed fine dining, engaging conversations, and an elegant setting that added to the night’s charm.

This year’s Winners:
Best Standard Residential Development of the Year – Lihovar Smíchov by Trigema
Best Premium Residential Development of the Year – Pařížská 25 by Kaprain Real Estate
Best Office Development of the Year – Roztyly Plaza by Passerinvest (21,700 sqm)
Best Retail Development of the Year – Palac Savarin by CRESTYL
Best Legacy (Refurbished) Development of the Year – Dunaj Palace by ZEITGEIST (8,800 sqm)
Best Warehouse/Industrial Development of the Year – Urbanity Campus Tachov by Urbanity
Best Residential Buildup in Development of the Year – SO-HO Rezidence 2 by Cresco Real Estate
Best Office Buildup Development of the Year – Česká spořitelna HQ Smichov City by Sekyra Group (75,000 sqm)
Best Warehouse Buildup in Development of the Year – Urbanity Campus Tachov phase 2 (38,500 sqm) by Urbanity
Best Commercial Property Lease Transaction of the Year – Main Point Pankrác (Orlen Unipetrol renewal 6,338 sqm) by Mint Investments
Best Commercial Property Investment Transaction of the Year – Eagle shopping centre portfolio by Star Capital Finance (€285 mil)
Best Asset Management Company of the Year – ARETE
Best Performing Real Estate Property Fund of the Year – MINT rezidenční fond
Best Real Estate Property Fund Management of the Year – Accolade
Best Law Firm of the Year – Dentons
Best Tax & Finance Advisor of the Year – TPA
Best Local Real Estate Agency of the Year – LEXXUS NORTON
Best International Real Estate Agency of the Year
Leadership of the Year – Radim Bajgar, Mint Investments
Best Overall Developer of the Year – Sekyra Group

As the CIJ Awards Czech Republic 2024 came to a close, it left attendees inspired and motivated for the year ahead, reinforcing its position as one of the most anticipated events in the real estate calendar.

The winners of the competition were selected in a three-stage voting jury committee process. These being a selected jury committee of 100+ recognised experts from the real estate, investment, architectural and construction industries.

The winners of each individual categories also advance as nominations for the Best of the Best CIJ HOF (Hall of Fame) Awards in 2025. The Hall of Fame Awards is the climax to the CIJ Awards series, pitting the winning projects and companies from around Central & Eastern Europe against each other to determine who the Best of the Best really are.

About CIJ EUROPE:
For almost 30 years, CIJ EUROPE has been reporting on new projects, properties, transactions and development initiatives, while also providing commentaries and detailed analyses of the market, statistics and information on the latest trends in Northern, Central and Eastern Europe and in the international real estate development community. It presents interviews with the people who shape the industry, influential politicians, and key officials who decide on planning and public tenders. It is an important and reliable source of information about the development, property and construction industry in CEE and Europe.

Mostostal Warszawa posts PLN 12.85 million net profit in Q3 2024

Mostostal Warszawa recorded a consolidated net profit of PLN 12.85 million in Q3 2024, a significant increase from the PLN 2.04 million reported in the same period last year, the company announced.

The company’s operating profit (EBIT) also showed strong growth, reaching PLN 20.85 million in Q3, up from PLN 13.66 million a year earlier. Consolidated sales revenues for the quarter rose to PLN 469.23 million compared to PLN 448.29 million in Q3 2023.

Despite the Q3 gains, Mostostal Warszawa faced challenges earlier in the year. In Q1 2024, the company reported a net loss of PLN 10.64 million compared to a profit of PLN 6.81 million in Q1 2023, with sales revenues declining to PLN 1,123.95 million from PLN 1,233.61 million a year prior.

Performance across business segments was mixed. Revenues for the Industry and Energy Group stood at PLN 166.89 million in Q1-Q3 2024, down from PLN 255.69 million a year earlier. The Infrastructure segment saw a modest increase to PLN 667.53 million from PLN 658.17 million, while General Construction revenues dropped to PLN 275.66 million from PLN 303.36 million.

On a unit basis, Mostostal Warszawa reported a net loss of PLN 6.73 million for the first nine months of 2024, compared to a profit of PLN 2.11 million in the same period last year.

Mostostal Warszawa is one of Poland’s leading construction companies, with operations spanning all major sectors of the construction industry. The firm specializes in general investment execution and turnkey projects for both domestic and international clients. Listed on the Warsaw Stock Exchange since 1993, the company reported consolidated sales revenues of PLN 1.68 billion in 2023.

The strong Q3 results indicate a recovery in profitability for Mostostal Warszawa, with its infrastructure projects contributing to the gains. The company’s continued focus on key sectors and strategic investments is expected to drive further growth in the coming quarters.

Source: Mostostal Warszawa and ISBnews

Nhood Services Poland opens first retail park at Auchan Mikołów Shopping Centre

The first retail park developed by Nhood Services Poland officially opened today at the Auchan Mikołów Shopping Centre. The 5,400-square-meter facility, located at 2 Cieszyńska Street, is fully leased and brings together a variety of international and local brands. This project marks a significant milestone for Nhood Services Poland as its first venture into retail park development.

The grand opening, held at 11 a.m., was attended by representatives from local administration, project partners, and customers. Among the special guests was Stanisław Piechula, Mayor of Mikołów.

“We developed this retail park to meet the needs of tenants seeking large retail spaces, some exceeding 500 square meters,” said Marcin Stokowiec, Development Director at Nhood Services Poland. “With this investment, we have attracted renowned brands, creating a strong shopping destination in combination with the neighboring Auchan Mikołów Shopping Centre.”

The retail park has been fully leased since its design phase, with tenants including DM, Martes Sport, Maxi Zoo, Media Expert, RTV Euro AGD, TEDi, Sinsay, and the 1 Minute Smacznego concept.

The project faced significant challenges due to the site’s post-industrial nature and difficult ground conditions. Specialized geotechnical solutions, including piling and soil solidification, were implemented to ensure stability and environmental safety. These efforts were part of a comprehensive remediation process aimed at improving the site’s properties while benefiting the surrounding environment.

“We are proud to celebrate the opening of this facility after just 10 months of construction. This success is due to the collaboration of many dedicated teams, including our general contractor, Infine,” said Marcin Wawiernia, Project Manager at Nhood Services Poland.

Infine’s representative, Tomasz Sikora, highlighted the advanced construction techniques and eco-friendly materials used to create a modern and functional retail space. “The project meets the highest standards of construction while addressing the needs of both tenants and the local community,” he said.

The retail park boasts an innovative and sustainable design, with an original façade that complements the ongoing modernization of the neighboring Auchan Shopping Centre. Large, 4-meter-high shop windows provide ample visibility for tenants, while light lines emphasize the architectural form of the building.

Ecological elements include climbing plants designed to cover an entire wall, newly planted trees in the parking area, and amenities such as watering points and a bicycle service station. Energy-saving solutions like photovoltaic panels and CO2 sensors enhance the building’s efficiency, while high-quality materials contribute to long-term energy savings.

The retail park extends the walkway of the Auchan Mikołów Shopping Centre, with a continuous roof allowing customers to shop comfortably in any weather.

Nhood Services Poland not only oversaw the planning, design, and construction of the project but will also handle its daily management and tenant relations. The retail park is expected to become a central shopping destination in the region, offering convenience, sustainability, and a diverse mix of retail options.

This development underscores Nhood Services Poland’s commitment to creating modern, customer-centric commercial spaces while addressing environmental and community needs.

Panattoni breaks ground on PLN 100 million appliance component factory in Łódź

Panattoni has laid the cornerstone for the construction of a domestic appliance component factory in Łódź. The cornerstone-laying ceremony marks the launch of an investment valued at over PLN 100 million.

The 15,000-square-meter facility, located just 8 kilometers from downtown Łódź and 4 kilometers from the A1 motorway, is designed as a build-to-own project tailored to E.G.O.’s technological and operational needs. Construction began in July and is set to be completed by the fourth quarter of 2025.

The ceremony was attended by senior representatives from E.G.O., Panattoni, and local authorities. Dr. Karlheinz Hörsting, CEO of the E.G.O. Group, emphasized the significance of the new facility. “Today’s groundbreaking marks the beginning of a new chapter in the history of the E.G.O. Group here in Łódź. This building is a testament to our commitment to this location and our drive to innovate.”

Panattoni’s leadership echoed this sentiment, highlighting the partnership’s impact on the region’s growth. “A build-to-own facility is always a tremendous vote of confidence in the developer. We are proud that E.G.O. has entrusted us with such an important project. By delivering ambitious developments for market leaders, we contribute to the economic development of the entire region,” said Marek Dobrzycki, Partner at Panattoni.

Katarzyna Kujawiak, Development Director at Panattoni, added, “The location near the city center provides excellent accessibility for employees and space for future expansion. The facility has been meticulously designed in collaboration with E.G.O.’s team to meet their technological requirements and support their continued growth.”

Panattoni has been instrumental in transforming the Łódź region into a hub for industrial and logistics development, with over 2.3 million square meters of warehouse and production space completed. This includes the Central European Logistics Hub, one of the largest industrial complexes in Europe.

The new facility in Łódź reinforces Panattoni’s leadership in industrial real estate and underscores the strategic importance of the region for global manufacturers like E.G.O. The project is expected to further strengthen Łódź’s position as a center for innovation and economic growth.

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