TNBiz (TNBiz)
Finance  |  June 24, 2011 10:25:06

The volume of investments in Central Europe exceeded the first 2 half mld.EUR


Mediafax

PRAGUE (MEDIAFAX) - In Central Europe continues in the first half of this year growth in its investment activity here since January the company invested 2.09 billion euros (48.7 billion). On Friday informed about consulting company Cushman & Wakefield.

This increase compared to 1.83 billion euros (44.56 billion dollars) in the second half of 2010 indicates that the total investment in the region could be achieved by the end of 4.8 billion euros (116.88 billion dollars).

Not surprisingly, the region is dominated by Poland, though it was the only market where in the first half of 2011 volume of transactions compared to the previous half fell (from 1.27 billion euros, 30.92 billion crowns in the second half of 2010 to 875 million euros , 21.3 billioncrowns in the first half of 2011).

In contrast, Czech and Hungarian market in the same period significantly recovered volume of transactions in the Czech Republic increased from 295 million euros (7.18 billion) to 744 million euros (18.1 billion) and Hungary of 78 million euros (1.9 billion dollars) to 233 million euros (5.67 billion dollars).

The Central European market, however, no transaction activity is still below the five-year average.

"The volume of investments in 2011 overcomes even the most optimistic forecast in January. In the summer take place in the Czech and Slovak market today promised a few large transactions in the field of retail, office and industrial space. Domestic investors continued buying, a significant increase in activity, however, was mainly caused by the return of foreign investors, "said James Chapman, head of the investment team at Cushman & Wakefield in the CR andthe Slovak Republic.

"The rate of return of premium properties in the Republic declined over the past nine months by about 0.75 percent. As a result, the market appears more opportunities. This will allow investors to choose more, though for the best space will remain tough. Best news for the Czech market is that investors see no substantial reason for the difference in prices compared with Western Europe, "said Chapman.

In the first half of 2011 prevailed portfolio transaction were made in all markets, accounting for more than 60 percent of the volume of all trades. The acquisition of Europolis company CA Immo reached 850 million euros (20.7 billion) and other transactions is a joint venture VGP / AEW Europe industrial space in the market for 300 million euros (7.3 billion) acquisition of the retail portfolio and Family Centers in Republic and Slovakia by the CPI63 million euros (1.53 billion). Total in the first half of 2011, 69 traded real estate.

In the popular sector by investors were in the first half of 2011 to move toward the office premises. "We expect that this trend will be short-lived, due to a significant increase in investment activity in the retail sector over recent months. Volume of transactions in the retail sector will be during the third and fourth quarter increase with time as the gradual closing of the transaction," Chapman estimates .

The volume of retail transactions in the first half of 2011 fell to 623 million euros (15.17 billion dollars) compared to 1.12 billion euros (27.27 billion dollars) in the second half of 2010. Volume of transactions in the field of office space increased from 466 to 947 million euros (11.35 to 23.06 billion dollars).Significantly increased the volume of transactions in the field of industrial space from 128 to 511 million euros (3.1 to 12.44 billion dollars), primarily due to transaction VGP.

Regardless of the dominant influence of CA Immo transaction, the highest amount in the first half of 2011 the company invested AEW Europe, Atrium, Deka, Union, Invesco, Pradera and ECE. The Czech and Slovak market remains the most important investor in CPI, then the Hungarian Erste. There are also new investors who regulate risk tolerance and extend their interest from their default western markets.

Filip Sušanka, susanka@mediafax.cz

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