Nuveen, Neinver, Union Investment and CA Immo are all mulling sales in CEE to capitalise on the region’s strong operational dynamics, with well over €1 bn of prime CRE assets expected to come to market.

Spanish retail specialist Neinver and joint venture partner Nuveen are understood to be preparing the sale of their factory outlet portfolio in Poland in what is expected to become the country’s largest retail sale of the year. The package, encompassing 107,000 m2, consists of five factory outlet centres; two in Warsaw (Annapol and Ursus), one in Krakow, one in Poznan and one in Gliwice. The properties were refinanced in 2023 with a €170 mln five-year loan from Aareal and ING, and are now expected to fetch some €400 mln.

Neinver and Nuveen declined to comment.

Also in the Polish capital, Vienna-based landlord CA Immo is pushing ahead with the €200 mln disposal of Warsaw Spire Building B and C, two buildings of identical size and shape developed by Ghelamco and acquired by CA Immo in 2017 and 2018. The assets are being marketed together by advisor CBRE but they can also be acquired separately. 

Similarly, developer Capital Park is looking for a buyer for Royal Wilanów, arguably the best performing mixed-use scheme outside of Warsaw’s city centre. The fully let office and retail asset has been put up for sale for €120 mln. 

The biggest asset marked for sale this week was however in the Czech Republic, where landlord Union Investment announced it is planning to sell the €700 mln Palladium shopping centre. Union paid €570 mln for the Prague asset back in 2015.

The five-storey shopping mall is the latest major retail complex coming for sale in the region, after the disposal of two of Poland’s largest shopping centres – Silesia City Center and Magnolia Park for a total of €780 mln last year.

Hotel buyers check in to French and Nordic cities

33 hotels across France and the Nordics changed hands this week for well over €1 bn.

Capman Real Estate’s circa €900 mln acquisition of the 28-hotel Midstar portfolio of 4,709 rooms in Sweden, Denmark and Norway marked the largest hotel real estate transaction in the Nordics on record.

In France, Henderson Park joined forces with asset management firm Atream to scooop up a portfolio of five hotels offering 645 rooms in Paris, Lille and Cannes.

Henderson Park said it plans to consolidate the portfolio’s ownership structure to fully capitalise on value creation through an asset management strategy.

‘The hospitality sector continues to benefit from secular tailwinds with the number of travellers rising alongside visitor spend, having bounced back strongly since the Covid-19 pandemic. This acquisition adds to our European hotel portfolio, providing us with five well-located, income-producing hotels in compelling markets in France, which remains the world’s most popular destination for international visitors,’ said Christophe Kuhbier, the head of Europe investments at Henderson Park.

Hotel properties also dominated the recently completed loans section this week.

StayCity secured €92 mln from OakNorth to expand its hotel portfolio while Zetland Capital was granted a £70 mln financing from Leumi for the Edinburgh Marriott Holyrood and Manchester Marriott Hotel Piccadilly hotels. In Portugal, Value One and Arbireo borrowed €25 mln to develop the 250-room Radisson Red Porto Gaia due to open in the Portuguese city in 2027.

In London, Colliers has started marketing The Park Grand Paddington Court and Park Grand London Hyde Park hotels with a price tag of £110 mln.

 

Recently completed deals       
Asset Asset type Location Buyer Vendor Size Price (mln) Key facts
28-hotel Midstar portfolio hotel Sweden, Denmark and Norway CapMan Real Estate Midstar 4,709 rooms €900 The transaction marks the largest hotel real estate transaction in the Nordics on record.
2,500 plots development land Scotland Barratt Redrow Springfield Properties 2,500 plots £64 (€77) The vendor plans to use the proceeds to pay down debt and capitalise on growth opportunities in the north of Scotland.
Atricom office Frankfurt Israeli investor Gold Tree EQT 46,000 m2 €75 The sales price is less than half the 2021 valuation of the asset.
logistics asset logistics Fontaine, France Clarion Partners Europe Vailog 75,700 m2 €61 The multi-tenant building is fully let to Compagnie Industrielle des Chauffe-Eau.
data centre campus alternative Frankfurt Undisclosed Keppel DC REIT NA €50 Built in 1989, the Kelsterbach campus, near Frankfurt Airport, consists of a five-storey data centre shell and core connected to a six-storey office building.
Bristol Zoo Gardens development land Bristol Acorn Bristol Zoological Society 11.4-acre £40 (€48) The sale follows planning consent in April 2023 for the creation of 196 new homes.
portfolio of 8 assets mixed Halmstad, Sweden Emilshus Corem 47,300 m2 €47 (SEK 520) The office and warehouse portfolio generates SEK 53 mln a year and has an occupancy rate of 93%.
Stane Retail Park retail Colchester, UK South African client of Pembrey Asset Management Churchmanor Estates Company 123,637 ft2 £34 (€41) The scheme was opened in phases between October 2021 and October 2022.
Automobilen 1 logistics Nyköping, Sweden Logistea GLL Real Estate Partners 44,900 m2 €40 (SEK 450) The tenant is the Municipality of Nyköping,which is renting the space with a remaining term of 6 years.
Ariel House office London Feldberg Capital Unnamed institutional investor 23,820 ft2 £29 (€35) The purchase was made for the Cora brown-to-green workplace fund.
logistics asset logistics Raunheim, Germany Hines Dietz Group’s Bensheim 38,100 m2 NA Logistics company Kühne+Nagel is the main tenant.
Helsinki Arena alternative Helsinki Trevian Kasvu LP Ky Arena Events 13,000 seats NA Completed in 1997, Helsinki Arena has long been Finland’s most important multi-purpose venue.
Nové Mesto mixed-use complex mixed Bratislava WOOD & Company CPI Europe 70,000 m2 NA The sale to WOOD & Company will be carried in two tranches out as part of a share deal by the end of 2026.
five hotels hotel France Henderson Park, Atream French institutional investors 645 rooms NA The portfolio comprises Paris – Issy-les-Moulineaux, Paris – Montreuil, Paris – Saint-Denis, Lille and Cannes.
Piastów Office Center office Szczecin, Poland INVESTIKA Real Estate Fund, Bud Holdings Blackstone 21,000 m2 NA The complex is leased to modern IT/TELCO companies and business processing administrations.
co-living development living London Packaged Living and Buccleuch Undisclosed 150 homes NA The project has a gross development value of £40 mln.
Rise portfolio living The Netherlands Ardea Vastgoed consortium BNP Paribas REIM 265 apartments NA Rabobank is financing the buyers in the purchase of this 25,000 m2 portfolio.
resi development land development land Madrid Azora NA 475,000 m2 NA The purchase will allow Azora to deliver 3,500 new homes with the first ready to occupy Q4 2028.
three multifamily properties living Stockholm KKR Reliwe and The Derome Group 382 units NA The project is expected to be completed between late 2026 and early 2027.

 

Assets on the market       
Asset Asset type Location Vendor Size Price (mln) Broker Key facts
Palladium shopping centre retail Prague Union Investment 41,000 m2 €700 NA Union Investment paid €570 mln for the asset back in 2015.
Factory Outlet portfolio retail Poland Nuveen, Neinver 107,000 m2 ~€400 CBRE The portfolio consists of five assets, two in Warsaw (Annapol and Ursus), one in Krakow, one in Poznan and one in Gliwice.
Warsaw spire B and C office Warsaw CA Immo 43,000 m2 €200 CBRE The assets can be bought together or separately.
Logistics Park Moerdijk logistics Moerdijk, the Netherlands DSV 250,000 m2 €400 NA DSV is looking to lease back the asset.
The Park Grand Paddington Court and Park Grand London Hyde Park hotels hotel London Unnamed private buyer 350 rooms £110 (€132) Colliers The assets are being sold either individually or as a package.
Royal Wilanów mixed Warsaw Capital Park 37,000 m2 €120 CBRE The office and retail asset is entirely occupied.
Aleje Jerozolimskie PSR project living Warsaw Matexi Polska 392 apartments €60+ JLL The building will be developed by 2027.
Earls Court redevelopment mixed London Earls Court Development Company 40 acres NA NA The Earls Court Development Company is searching for additional partners for its £10 bn redevelopment project.

 

Recently completed loans    
Lender(s) Borrower(s) Asset(s) Loan Size (mln) Key facts
Berlin Hyp GESOBAU two residential building complexes in Berlin-Reinickendorf €170 The green loan finances a building with 2,605 residential units.
Berlin Hyp AG and PKO Bank Polski Henderson Park, EPP three Polish office parks €149 The three assets comprise the Malta Office Park in Poznan, the O3 Business Campus in Krakow and the Symetris Business Park in Lodz.
OakNorth Staycity Group Hotel portfolio €92 The company is looking to triple in size over the next five years.
Leumi Zetland Capital Edinburgh Marriott Holyrood and Manchester Marriott Hotel Piccadilly £70 (€85) The loan marks the second transaction between both companies after Leumi provided a €51m facility to refinance the Morrison Hotel in Dublin in 2023.
Banco BPI Value One and Arbireo Radisson Red Porto Gaia €25 The development financing is for a 250 room hotel due to open in 2027.

 

Funds on the market   
Firm Fund Strategy Details
KKR KKR Opportunistic Real Estate Credit Fund II Dedicated to opportunistic investments in senior loans and real estate securities in the U.S. and Western Europe Closed commitments to the comingled fund and separate accounts pursuing KKR’s Opportunistic Real Estate Credit Strategy total over $850 mln.
      The strategy has a flexible mandate to pursue attractive risk-adjusted returns across both loans and securities.
      Loan originations will focus on first mortgages secured by high-quality properties owned by institutional sponsors and located in major markets.