P O L A N D
Investment Market
In comparison to the corresponding period of 2008, the Polish Vendors who need to raise capital in Poland are also benefiting
investment market in the first half of 2009 has contracted from a return of refinancing avenues which are an attractive
considerably and recorded a total volume of ca. EUR 200 alternative to the very opportunistic bids of recent months.
million in real estate transactions. Approximately 85% of the
above figure can be attributed to two CBD office transactions
Whilst investment volumes in CEE
in Warsaw, which closed in 2009, but which were initiated
in 2008 – Deloitte House (Atrium City; 21,000 sqm GLA,
remain low, as the global economy
EUR 117 million) and Grzybowska Park (7,000 sqm GLA,
appears to stabilize, we are
EUR 70 million) both acquired by the German open-ended fund
Deka Immobilien.
witnessing renewed interest from
Whilst investment volumes in CEE remain low, as the global
institutional and private capital
economy appears to stabilize, we are witnessing renewed interest
in core assets with multiple bid
from institutional and private capital in core assets with multiple
bid situations returning on some offerings
situations returning on some
The interest is largely coming out of Germany on both the
offerings.
debt and equity side, with major senior lenders and investment
funds taking a closer look at the commercial property market, The market has witnessed several high-profile senior debt
albeit selectively. Warsaw is the main destination for the facilities granted to landlords over the last month, however the
aforementioned group of capital market players. Due to prevailing Loan-to-Value ratios are much more conservative in
liquidity constraints and limitation of exposure to single assets, comparison to the pre-crisis environment, in addition to higher
transaction lot sizes in 2009 are generally expected to be below margins charged by the banks.
the EUR 80-100 million threshold.
The focus is firmly on core assets with a strong leasing profile,
supported by grade A covenants with stabilized cash flows and
long remaining average weighted lease term. Accordingly, the
market segmentation which has emerged in the course of the
credit crunch is causing temporary illiquidity of non-core assets
due to shortage of available debt for such product and the higher
return expectations of prospective purchasers.
Transactions on Polish Investment Market Concluded in H1 2009
Transactional Total GLA
Asset Class Property Name Location Purchaser
price (EUR) (sqm)
Deloitte House
Office Warsaw, CBD Deka Immobilien 117,000,000 21,000
(Atrium City)
Office Grzybowska Park Warsaw, CBD Deka Immobilien 70,000,000 10,400
Office Pirelli building Warsaw, Wola Arka BZ WBK 4,500,000 4,000
Retail Fashion House Sosnowiec AIB 14,000,000 12,500
Retail Stokrotka Łomża Arka BZ WBK 6,100,000 6,100
MID-YEAR 2 0 0 9 COLLIERS INTERNATIONAL 19
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