Vladimír Urbánek (Kurzy.cz)
Real estate  |  October 04, 2010 11:17:38

DTZ: Quiet, heralding a summer of increased activity in the investment market by the end of the year

Relatively quiet in terms of activity was the third quarter of 2010, the Czech investment market. The total investment amounted to EUR 41 million, a 76% decline compared with the previous quarter and 33% fall compared with the third quarter last year. Since the beginning of investment transactions were concluded totaling EUR 289 million, a 130% increase compared to the same period the 2009thDTZ expects that the final level of investment this year should reach 500 to 600 million, which would mean an increase from 11 to 33% compared to last year, but 44 to 50% fall against 2008.


"We expect that this year's final quarter recognize the significant activity with transactions in various stages of negotiation with a total volume exceeding 250 million euros. We will study the business centers and offices in Prague, "says Lenka Šindelářová, analyst at DTZ.


In the third quarter were closed four investment transactions. Sale of three office buildings in Prague represented 72% of total investments. Two transactions took place in Prague 5: Austrian Immorent sold Avenir Office Park, Building E Austrian fund Hypo Real for approximately 15 million and Mayfield developer sold the office building of the Louvre Gallery Spanish investment fund Azor 10 million. EBC Office building in Holesovice in Prague 7 Czech investor was sold for about 4 miles . EUR. Was again active domestic investor CPI. He bought four objects with Bill supermarkets in Prague, Cologne and Zlín in the amount of 11.6 miles . EUR.

The most active players remain the Czech and Austrian investors. German open real estate funds continue to be temporarily closed on the Czech market will be significantly active in mid-2011. Last week was published a new, milder draft legislation governing the protection of investors, including the regulation of German open real estate funds. The proposal provides for a minimum period of holding shares of the Fund for two years. It also provides a level of reduction in value on the redemption of 10% in the third year and 5% in the fourth year.From the fifth year purchases are not any costs for investors.

Buyouts under 5 000 EUR are completely exempt from precipitation. Thus, the proposal distinguishes between small and large investors. "According to our estimates, the law should be adopted within a few weeks, but next month it will take to implement the trade policy funds," adds Charles ultimate investment department of DTZ. Outcome of the legislative process, while the voltage between the expected and domestic investors, developers and real estate professionals.

Yield for the best located, fully leased and attractive office buildings and shopping centers fell below 7%. For warehouses with secured income for five years, reaching approximately 8.25% yield and revenue secured storage with a minimum of ten years, then 8%. It is expected that by the end of the year will remain stable with yield compression in the next year.

Capital value is currently about 20 to 30% below the market peak two years ago. It is assumed that the capital value of property is now stabilized. DTZ also monitors the decreasing differences between the expectations of sellers and buyers bargaining, however, lasts longer.






Margaret Valtrová

Marketing and PR Manager, DTZ

Jiri Hlinka

Smart Communications Ltd.


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