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Poland is the co-leader among investment markets in CEE

According to CBRE’s newest data, in the first half of 2012, the volume of transactions in the commercial real estate investment market in Central and Eastern Europe was 60 percent higher than in the analogical period of 2011.

Despite weak results of the region, constant uncertainty as to the future of the eurozone and investors focusing on better assets, the investment activeness in Poland and Russia is still high and the investments in these two countries constituted 83 percent of the value of all transactions made in the region.

In the first half of 2012, investment transactions worth almost EUR 2.1 billion were made in Central and Eastern Europe real estate market, out of which a total of EUR 854 million were transacted in the Polish market. The largest deal in the entire region was the sale of Złote Tarasy shopping centre by ING Real Estate Development in Warsaw to a fund managed by AXA REIM. The second largest transaction was sales of 50 percent of shares in Golden Babilon Rostokino centre in Moscow, Russia. The buyer, IMMOFINANZ, has purchased remaining shares from the co-owner. Other major agreements in Poland at that time are sales of part of its portfolio by Prologis to Hines for EUR 96 million and purchase of the Alfa Olsztyn shopping centre by Rockspring from Arka BZ WBK fund for EUR 84 million.

The largest falls have been observed on the markets that are assessed as the least stable ones. For example, in Romania, the volume of transactions decreased five times to about EUR 50 million in the first half of 2012 as compared to the first half of 2011. The decrease in the activeness observed in the Czech Republic is the result of great results noted in the first half of 2011 together with little availability of high-quality retail property, which is the result of numerous transactions made in the previous year.

The recent boom in the investment real estate market in Central and Eastern Europe was mostly caused by a high supply of retail space. Since many transactions were made in some of the markets of the region, the result is a significant decrease in the amount of high-quality space available on the market. This tendency will continue in the years to come. Based on the analysis of actions of investors active in the CEE area, one should expect that they are going to seek best space available and their interest will translate into transactions on the lower segment off the market only to a small extent.

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