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September 7th, 2008
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EXHIBITION Development company ECM is organizing a public exhibition about the history of the Pankrác Plain and the reconstruction of the former Czechoslovak Radio building, now renamed the City Tower, reportedly the tallest building in the Czech Republic. The exhibition will run until June 27 in the City Tower lobby, located at Hvězdova 1716 in Prague 4. The exhibition, entitled “City Tower, on the highest level,” consists of 14 large-format panels and a video presentation.

LEASE ProLogis  announced it signed a lease agreement with Carrefour Poland to develop more than 11,500 square meters of industrial space at ProLogis Park Będzin. Under this agreement, Carrefour Poland will occupy Building 2 at the park. The company has also assumed a 34,000-square-meter lease in Building 1 at ProLogis Park Będzin and 21,200 square meters in Building 1 at ProLogis Park Piotrków.
PURCHASE Orco Property Group agreed to forward purchase of a large-scale shopping center, newly named Filion, in the west part of the Russian capital. Nine months before opening, the shopping center is 98 percent leased to 144 tenants with 90 percent of income secured to international and major national brands. Rubin Development is currently in process of construction with the opening date planned for 2009.
COMMITTEE The International Council of Shopping Centers (ICSC) is setting up a European National Committee in the Czech Republic, its sixth such committee in Europe, to support growing retail development opportunities in the country. The Czech Republic National Committee was officially launched at Andels Hotel, Prague June 11. A presentation from Yvonne Court on trends in the European shopping center industry was followed by a short speech by ICSC European chairman and chief operating officer Jaap Gillis.
AWARD ProLogis’ first park in Romania has received the Project of 2007 Award for the Best Real Estate Industrial Development in South Eastern Europe in a competition organized by Europaproperty.com. The third edition of the event took place on May 8 at JW Marriott Hotel in Bucharest, Romania. Next to ProLogis Park Bucharest A1 there were five other developments nominated in the category of the best industrial project of 2007.
CLOSE ON Semiconductor announced it plans to close its two wafer manufacturing facilities located in Piešťany, Slovakia, and transfer the production lines to other company-owned facilities. The fab closures are expected to occur over the next 12 to 18 months. The closure will ultimately result in the elimination of approximately 400 manufacturing-related jobs beginning in May 2009.  The company’s nonmanufacturing back-end business operations, however, will remain in Piešťany. ON Semiconductor’s university-based Development Center located in Bratislava, Slovakia, will remain operating.   
DEVELOPMENT ProLogis is planning to develop 20,600 square meters of industrial space in Budapest for UTi Logistics LLC, one of the region’s leading providers of third-party logistic services. UTi Hungary’s new build-to-suit facility will be located at ProLogis Park Budapest-Sziget, a 170,700 square meter distribution park being developed 17 kilometers south of Budapest. UTi will operate the facility as a regional distribution center for a client.
ZŁOTA Orco Property Group received the final building permit for its flagship residential project, Złota 44, which was designed by architect Daniel Libeskind. Construction will start immediately, the company announced. The 192-meter-tall tower, Złota 44 will be a luxury apartment building erected in the very heart of Warsaw. Libeskind’s design is based on the idea of an eagle rising in the air.
PROJECT A new shopping & lifestyle galleria will be constructed in the former home of the Budapest Stock Exchange, on Vörösmarty Square in the heart of Budapest. Owned and developed by ORCO Property Group, the new “Váci1” is due to open in Spring 2010. The “original splendour” of the building, will be restored in a unique and contemporary style by French architect Christian Biecher, in cooperation with the Hungarian architect office, Kőnig and Wagner.
CENTER Plaza Centers N.V. announced it has acquired a 17,000 square meter site in Leszno, Poland, for the development of a major new shopping and entertainment center. On completion, the shopping and entertainment center will provide space for more than 70 shops, with 16,000 square meters for lease. Construction is expected to commence in the middle of 2009, with completion targeted for the end of 2010. Since 1996, the company has built, managed and sold a total of seven shopping centres in Poland.
 
CREDIT Investment volumes in the first three months of the year fell 37 percent on the same period in 2007, while yields rose at their fastest since 1992, according to new research released by Cushman & Wakefield. Volumes are expected to increase in the Czech Republic and Slovakia in the second half of the year, the data shows. Additional, signs of strong rental growth are now being seen in the Czech market.
LICENSE Plaza Centers N.V. announced that the consortium formed by the shareholders of Dream Island, in which it holds a 30 percent stake, has won the first-ever major casino licence to be awarded in Hungary for its planned 1.5 billion euro entertainment and mixed use Dream Island development in central Budapest. Construction can now begin on this 350,000-square-meter mixed use project, which will include approximately 3,000 hotel rooms in several hotels of different categories.
HOTEL GE Real Estate Europe announced it has joined BNP Paribas Assurance as a founding limited partner of Capital France Hotel with the aim of positioning it for European growth. The partners intend to grow Capital France Hotel’s assets to 1 billion euros by the end of 2010 through investing in Scandinavia and Central and Eastern Europe. Capital France Hotel currently owns and manages a portfolio of nine three- and four-star hotels in urban locations.
KAROLINA Construction has begun on the major mixed-use project New Karolina in Ostrava. Once completed, the 400-million-euro development will be among one of the Czech Republic’s largest inner city regeneration projects. Developer Multi Development Czech Republic will transform the Karolina zone into a huge mixed-use development and an integral part of the city center. The total project comprises 97,000 square meters of retail, 67,000 square meters of offices and 78,000 square meters of residential space with 3,500 parking spots.


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