Polish real estate investment volumes will reach €1 bn in the first half of 2013, property adviser Savills has predicted.
According to research published by Savills at MIPIM, an active fourth quarter in 2012 resulted in Poland's highest annual investment volume since 2006 at €2.7 bn, representing 8% year-on-year growth.
With activity expected across all property sectors, the adviser forecasts €1 bn will be transacted in the Polish commercial property market during the first half of 2013.
The firm notes that almost 60% of transactions in 2012 were finalised in the fourth quarter. Of a total 42 deals completed, 22 took place in Q4 2012, amounting to €1.6 bn and including nine transactions of over €100 mln.
Nonetheless, the largest transaction of the year took place in Q1, namely the acquisition by Axa Real Estate and CBRE Property Fund Central Europe of a 77% stake in Zlote Tarasy, a mixed-use complex in Warsaw for €475 mln.
Michal Stepien, senior consultant at Savills Poland, commented: 'Investors put a strong focus on prime assets in 2012, which was reflected in the highest average lot size recorded in the history of Polish commercial property investment market, at €64 mln. Hence, despite a relatively low number of investment transactions in 2012 the volume was the highest since 2006.'
CEE Investment Briefing @MIPIM 2013
PropertyEU - in partnership with IPD - is holding a special investment briefing at MIPIM on Central and Eastern Europe.
PropertyEU's CEE update takes place on 14 March between 3pm and 4pm at the IPD Auditorium E, Level 3.
The speakers include Martin Erbe, head of international real estate finance for Northern and Central Europe at Helaba Landesbank Hesse - Thuringia; Michael Atwell, MRICS, head of capital markets, CEE at CBRE Poland; Daniel Piazolo, managing director at IPD Investment Property Databank, Germany and Daniel Harris, managing director, Europe and CE at Tristan Capital Partners, UK.
Click on the link below to reserve your place (entrance is free).