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Investors are still active

Marek Paczuski, Director of Investment Consulting Department, Savills
Marek Paczuski, Director of Investment Consulting Department, Savills
What was Q2 2017 on the commercial real estate market?

According to data prepared by Savills, the volume of investment transactions in Q2 2017 on the commercial real estate market in Poland exceeded one billion euro. Savills observes that the activity of investors is maintained on such a high level mainly due to large portfolio investment transactions.

The volume of transactions in the first six months of 2017 was not as large as in the first half of the previous year, however, the investors’ appetite is still huge in both prime segment and in the area of properties with a significant growth potential of values through recommercialization, or extension and redevelopment, including the change of a usable function. The economic situation is driven by large portfolio investment transactions mainly in the commercial and warehouse sectors, which provide a certain level of price premium with simultaneous diversification of risk to purchasers – says Marek Paczuski, Director of Investment Consultancy Department, Savills.

According to the estimates of Savills, this year’s volume of investment transactions in Poland reached the level of 1.5 billion euro after Q2 with the recorded decrease of ca. 24 per cent year-on-year as the effect of quite a high base in 2016. Savills envisages that, taking the value of transactions in progress into account, the yearlong volume will be probably very close to the one recorded last year (ca. 4.5 billion euro).

Q2 2017 was dominated by portfolio investment transactions in the commercial sector, which included, for instance, sales of 25 business parks situated in close proximity to Ikea shops in 8 European countries (including 4 business parks in Poland): Ikea Centers, Luxembourgian European Retail Parks SCSp Fund managed by Pradera, or purchase of 3 Fashion House centers in Piaseczno, Sosnowiec and Gdańsk by RREEF Spezial Invest.

When it comes to the office sector, a relatively small number of transactions were concluded in Q2 2017. The largest transaction was the purchase of Maraton in Poznań by Union Investment from Skanska for ca. 62 million euro.

According to data prepared by Savills, the capitalization rates for the best commercial properties are maintained in all sectors of the market, reaching the value below 5.50 % in the office sector (Warsaw) and in the commercial sector, as well as slightly below 7 % in the warehouse sector (with the exception of buildings rented in a perfect financial condition and for a long term such as Amazon).

Savills envisages that the second half-year of 2017 will result in finalization of the next large portfolio transactions in the commercial and warehouse sectors as well as several large transactions in the office and commercial sectors. There are indications that 2017 will be the third year of high activity of investors in a row.

 


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