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The Warsaw Voice » Real Estate » April 23, 2008
The Real Estate Voice
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In brief
April 23, 2008   
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Recticel at Panattoni Park £ód¼ Graniczna
Mattress maker Recticel Komfort Snu has signed a lease with Panattoni Europe, a leading industrial space developer in Poland and Central Europe, for premises of 20,000 sq m in Panattoni's new park in £ód¼.

The comprehensive contract of the build-to-suit (BTS) type, or individually tailored to meet customer requirements, provides for production/warehousing space of 19,300 sq m and office space of 700 sq m in Panattoni Park £ód¼ Graniczna. The leased premises will be ready for the tenant Nov. 1.

The new park is located on Graniczna Street in the southern part of £ód¼, near the A1 freeway.

Recticel Komfort Snu Sp. z o.o. is part of the Belgian Recticel company, a leading European producer of polyurethane foam, mattresses and specialist applications for industry, running more than 100 production plants in 26 countries. The firm, in Poland since 1993, is a leader on the market for producing mattresses. In the park in £ód¼, it is launching production of the Sembella, Schlaraffia and Modulia mattress brands.

The contract with Recticel is another major deal for Panattoni Europe. The Leroy Merlin French chain March 17 signed a record lease contract for 56,000 sq m in Panattoni Park Stryków.

Panattoni Europe is part of the Panattoni Development Company, one of the world's largest developers, doing business on 150 markets in North America and Europe.

Cushman & Wakefield to Advise BA
Global real estate services provider Cushman & Wakefield has won a tender to become British Airways' sole property advisor on real estate the carrier owns outside Britain for three years from October.

The company will be managing BA's global property portfolio which includes offices, cargo terminals, airport facilities and hotels in more than 60 countries.

Cushman & Wakefield will be out to maximize profit in line with BA's business strategy. The company will be handling customer relations, project management, valuations and property management in addition to providing advisory services.

Colliers to Manage Centrum Jasna
Colliers International has signed a contract to manage Centrum Jasna, a prestigious A-class office building in the center of Warsaw.

The building is situated at the corner of ¦wiźtokrzyska and Jasna streets, near the National Philharmonic, the TVP public television offices, the Main Post Office, the National Bank of Poland (NBP) and many important state and financial institutions. Centrum Jasna has an underground garage and street-level commercial space. The building has seven above-ground stories and four underground levels. It has net office space of 5,690 sq m and shopping space of 600 sq m. The usable space of an average office floor is 1,600 sq m. The underground garage has 165 parking places.

The building's tenants include Signal Iduna, the European Commission and the Supreme Administrative Court (NSA).

"As the building's manager, it is our role to ensure the tenants optimum office work conditions," said Monika Rajska-Wolińska, of the real estate management department of Colliers International. "We are putting emphasis on maintaining regular contact with the tenants and resolving any reported problems as soon as possible."

Wilanów One Enters Phase Two
The Wilanów One residential project in Warsaw's Wilanów district is now entering its second stage. Phase two of the project will deliver more than 80 high-standard apartments with completion scheduled for August 2009. The building will be located in a prestigious part of the Wilanów district on Królowej Marysieńki Bis Street. The investors in the project are Macquarie Global Property Advisors and AFI Europe.

"We are very happy that the project is gaining momentum and that our development is expanding rapidly," said Moshe Eytam, general manager of Wilanów One. "We have already applied for permission for another phase of the development. The first Wilanów One residences will be ready for occupancy by the end of this year."

Phase two of the Wilanów One development mostly involves three-room apartments with an area of around 75 square meters. There will also be several five-room penthouses ranging from 80 to 170 sq m in area.

Wilanów One is one of the largest investment projects on the Warsaw real estate market in the last several years. As part of the project, some 2,000 apartments will be constructed by the end of 2015, along with a shopping mall and facilities including a preschool. The apartments cost from zl.7,500 to zl.14,000 per square meter depending on their location. Most apartments will have large windows and high walls, ranging from 2.90 m to 3.40 m in height. Israeli studio BLK Architects has designed the development in cooperation with Warsaw's Szymborski & Szymborski studio.

After it is completed, the Wilanów One project will be the largest residential estate within the Wilanów Town complex under development in southern Warsaw.

Wilanów One is AFI Europe's first investment project in Warsaw. AFI Europe is part of the Africa Israel Investments Group and has been active on real estate markets throughout Eastern Europe since 1997. The Wilanów One project began last July.

New Finance Director for Quinlan Private Golub
Developer Quinlan Private Golub has appointed Agnieszka Popko as finance director. Popko will be responsible for managing Quinlan Private Golub's financial operations and projects, including financial reporting and current financial and accounting processes. Popko has more than nine years of experience in accounting and managing financial operations for real estate companies. She has been working as chief accounting officer at Globe Trade Center, a company listed on the Warsaw Stock Exchange, for the past eight years. During her time at GTC, Popko managed asset sales, mergers and acquisitions, and was involved in floating the company. She was also responsible for project funding issues and the accounting aspects of property management.

Popko is a graduate of the strategic management department of the Warsaw School of Management. She holds an MBA from Oxford Brooks University and is a certified internal auditor. She is currently doing a PhD degree in management at the Leon Ko¼miński Academy of Entrepreneurship and Management.

Quinlan Private Golub provides a wide range of development services for Quinlan Private, an international real estate company which manages assets worth 11 billion euros.

Residential Market: Marvipol Starts New Project in Praga
Marvipol began construction on Villa Avanti, a new residential project on the corner of Grenadierów Street and Stanów Zjednoczonych Avenue, in Warsaw's Praga Po³udnie district, April 14. Villa Avanti will have 37 apartments, some of which will be two-level with spacious terraces and balconies.

"This project has attracted a lot of interest on account of having an attractive location and offering value for money," says Marvipol's sales and marketing manager Micha³ Okoń. Austrian construction firm Strabag is the general contractor.

Retail Market: Saturn Store Opens at Blue City Mall

A new Saturn consumer electronics store opened its doors at Warsaw's CH Blue City shopping mall in mid-April, meaning the German chain now has 200 outlets across Europe.

The new store is 6,000 square meters in area. The launch attracted crowds of consumers looking for opening-day bargains, but no major problems were reported as 130 sales and service staff were on hand to help customers. Several previous consumer-electronics store launches in Poland ended with injuries among shoppers rushing to snap up goods at reduced prices. The next Saturn store in Poland is scheduled to open in the north-central city of Bydgoszcz soon.
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