Retail property investment in Central & Eastern Europe (CEE) reached nearly €2 bn in the first half of 2013, up around 70% year-on-year, according to the latest research from CBRE.
Retail property investment in Central & Eastern Europe (CEE) reached nearly €2 bn in the first half of 2013, up around 70% year-on-year, according to the latest research from CBRE.
Investors were mainly focused on Russia and Poland, which together accounted for €1.7 bn in H1 volumes and where major dominant shopping centres were a key target, CBRE said.
Above-average growth perspectives for the two countries are reflected in their retail pipelines. Moscow has a pipeline of around 1.6 million m2 currently under construction, while Poland’s is also considerable with close to 1 million m2 under construction.
Outside Poland and Russia, investor interest is more focused on smaller retail assets such as supermarket-led schemes or stand-alone units. As investors rework their portfolios, active trading of partial interests is being seen across the region. A recent example is the sale of the remaining shares in Zlote Tarasy in Warsaw to Unibail-Rodamco.
Jos Tromp, head of CEE research and consulting at CBRE, said that barring significant changes to the macroeconomic situation, trading in the second half of the year will remain strong. ' This may bring 2013 investment activity up to the levels seen in 2008,' he predicted.
