Poland accounted for close to 70% of the estimated EUR 1.25 bn of real estate transactions in Central and Eastern Europe during the first half of 2012, according to Jones Lang LaSalle. The property adviser recorded EUR 877 mln of transactions across all sectors in Poland, a marginal drop of 6% over the corresponding period of 2011.
Poland accounted for close to 70% of the estimated EUR 1.25 bn of real estate transactions in Central and Eastern Europe during the first half of 2012, according to Jones Lang LaSalle. The property adviser recorded EUR 877 mln of transactions across all sectors in Poland, a marginal drop of 6% over the corresponding period of 2011.
In contrast, the CEE markets experienced a 40% drop in volumes compared to H1 2011. Activity in the Czech Republic in H1 2012 reached approximately EUR 225 mln, EUR 92 mln in Romania and in Hungary EUR 71 mln. Slovakia, Croatia and Serbia have not yet registered any transactional activity.
The largest transaction closed in Poland during H1 2012 was the sale of the 77% stake in the mixed-use retail and office scheme Z³ote Tarasy in Warsaw. It was sold by ING Real Estate to a consortium of Unibail-Rodamco and CBRE Global Investors via its PFCE fund for a reported price of EUR 475 mln. The majority of H1 2012 deals were a result of postponed 2011 closings and almost none of the most significant transactions were both initiated and closed within the first six months period, JLL said.
