Vladimír Urbánek (Kurzy.cz)
Markets  |  April 09, 2013 14:52:50

DTZ: Increased investment activity at the beginning of the year - the owner can change the property in 2013 for EUR billion

Surprisingly positive result has a domestic investment market in the first quarter. Owner changed properties totaling 237 million euros, according to the analysis consultancy DTZ twelve times more than in the same period last year. A mere 3% less than in the last quarter of last year, which usually culminates in investor activity. I first three months of the year showed that the strongest demand is accompanied by high-quality office buildings.

Market sentiment is on the 1st quarter, significantly more optimistic than in the previous period. Thanks to a strong start of the year and an increased number of transactions rozjednaných DTZ expects total investment in 2013 could reach 1 billion. Attracts investors mostly larger number of quality office buildings currently offered for sale. It was the availability of high buildings in the Czech market in comparison with neighboring Poland and Warsaw limited and foreign investors in the past year and more headed there. Also expectations of sellers and buyers meet this year. Negatively on the results may reflect the situation in the Eurozone and the possible deterioration of economic prospects for generating markets for foreign investors.

The above-described behavior of investors documented analysis of transactions during the first three months of this year. Was dominated by sales of office buildings in established locations in Prague, where the most important transactions DTZ ranks sales office Andel Park B by the German fund SEB bought GLL Real Estate.A further sale of office buildings Trianon, which from the German fund Union Investment Real Estate Real Estate Fund bought the Czech Savings Bank REICO. Owner changed a multifunctional building Old Custom House. This complex was acquired by Invesco Real Estate for real estate fund group Bayerische Versorgungskammer (BVK) from the Austrian Bank Austria Credit Anstalt for 38 miles . EUR.

Active were also domestic investors. British investment company Palmer Capital sold the older office buildings in Brno, Olomouc and Frydek-Mistek first Regional closed investment fund managed by Amista for almost 8 miles . EUR (approx. 200 million CZK). This type of local investors should continue to be active and to concentrate mainly on older non-Prague office and retail properties.

The largest transaction in 2013 should become the ongoing sale of the buildings in the complex The Park in Prague 4, the seller is a German fund DEGI. Next properties, which were either already is, or are offered for sale include: some buildings in the complex BB Centrum Euro Astra Palace and other mainly office and retail projects or portfolios.

Highest yields remained stable QoQ. For first-class offices reach 6.25%, the storage space is guaranteed rental income for a period of min. 10 years is 8%. For street shops and the best shopping centers reached 6.25%.It is expected that yields will remain stable in 2013 for office and storage space, while the high-end retail properties, we see scope for reducing yields.

There continues to be interested in buying a property development projects with a prepared zoning decisions primarily in established locations in Prague 1, 4, 5 and 8th Foreign investors focus on high quality leased office buildings in Prague in locations that are also attractive to tenants, and implements them in the largest share of demand.Prague 1, 4, 5 and 8 together in 2012 had a 77% share of the net take-up and a similar trend seen in the first quarter. The interest of the tenants can hear developers who are willing to be introduced in these areas also venturing into construction without prior secured tenant and expect that after the start of construction will be quickly leased premises. In the period from the summer of 2012 was initiated 64,000 m2 Such projects in City West in Prague 5, Quadrio in Prague 1, or Vision Park II Karlin in Prague 8


Development of investment property (source: DTZ)

Dita Kubánková

Communications Manager


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DTZ: Zvýšená investiční aktivita na začátku roku – majitele mohou v roce 2013 změnit nemovitosti za miliardu EUR

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