POLAND INVESTMENT PROPERTIES

2018 POLISH MARKET SUMMARY

EUR 5 BILLION INVESTMENT VOLUME

5%
WARSAW PRIME OFFICE
YIELD
6%
REGIONAL PRIME OFFICE
YIELD
5%

PRIME
RETAIL

YIELD
6.00%

PRIME
INDUSTRIAL

YIELD
long leased assets trade for 5.50%
*ARROWS INDICATE CHANGE FROM PREVIOUS YEARS

INVESTMENT MARKET IN POLAND

[Deals closed – breakdown by type (million EUR)]

PRIME YIELDS AND TRENDS

[Divided by sectors]

OFFICE INVESTMENT MARKET IN POLAND

[Deals closed (million EUR)]

RETAIL INVESTMENT MARKET IN POLAND

[Deals closed (million EUR)]

INDUSTRIAL INVESTMENT MARKET IN POLAND

[Deals closed (million EUR)]

HOTEL INVESTMENT MARKET IN POLAND

[Deals closed (million EUR)]

  • The last quarter of 2017 was the most active quarter since the end of 2015 with total volume amounting to more than EUR 2.5 bn. Investment activity in the whole year exceeded EUR 5.00 bn., equating to the highest volume since the peak in 2006.
  • Investor activity focused mainly on the retail and office sectors which amounted to EUR 2.15 bn. and EUR 1.55 bn., respectively.
  • Industrial & logistics was dominated by one single pan-European portfolio transaction, which accounted for 81% of total volume in the sector.
  • New record volume was registered in the hotel sector, with total activity higher than EUR 0.35 bn.
  • Investor interest was also directed towards alternative investment–new single PRS deals were recorded on the market.
  • Prime yields are on a continuous compression path in all sectors of the commercial real estate market in Poland.
  • Almost 55% of total volume was traded in portfolio transactions representing the greatest share in the history of the Polish investment market.

INVESTMENT OPPORTUNITIES
For more information please contact Sean Doyle, Head of Investment Properties
+ 48 500 070 744 | sean.doyle@cbre.com

Azora Portfolio Warsaw, Wrocław, Kraków

Warsaw, Wrocław, Kraków

Sector: Office
GLA: 104,000 sq m
Vendor: Azora Europa

Browary Warszawskie Warsaw

Warsaw

Sector: Mixed Use
GLA: 100,000 sq m
Vendor: Echo Investment

Carpathia Office House Warsaw

Warsaw

Sector: Office
GLA: 4,700 sq m
Vendor: GD&K

Equal Business Park Kraków

Kraków

Sector: Office
GLA: 50,000 sq m
Vendor: Cavatina

Ethos Warsaw

Warsaw

Sector: Office
GLA: 17,600 sq m
Vendor: Kulczyk Silverstein Properties

Galeria Askana Gorzow Wielkopolski

Gorzow Wielkopolski

Sector: Retail
GLA: 18,700 sq m
Vendor: Caelum

Hi Piotrkowska Lodz

Lodz

Sector: Mixed Use
GLA: 34,000 sq m
Vendor: Bacoli Properties

Hillwood Portfolio Various, Poland

Various, Poland

Sector: Industrial
GLA: 684,284 sq m (14 assets)
Vendor: Hillwood

Kazimierz Office Center Kraków

Kraków

Sector: Office
GLA: 16,300 sq m
Vendor: GLL Real Estate Partners

LastMile Portfolio Various, Poland

Various, Poland

Sector: Industrial
GLA: 12,450 sq m
Vendor: CTP

Lopuszańska Business Park Warsaw

Warsaw

Sector: Office
GLA: 17,900 sq m
Vendor: Starwood

Marynarska Point 2 Warsaw

Warsaw

Sector: Office
GLA: 13,970 sq m
Vendor: GLL Real Estate Partners

Millennium Park Warsaw

Warsaw

Sector: Office
GLA: 18,300 sq m
Vendor: Commerz Real

Mogilska Office Warsaw

Warsaw

Sector: Office
GLA: 12,600 sq m
Vendor: Warimpex

Moniuszki 1A Warsaw

Warsaw

Sector: Office
GLA: 9,800 sq m
Vendor: Catalyst Capital

Plac Europejski 2 Warsaw

Warsaw

Sector: Office
GLA: 22,160 sq m
Vendor: Ghelamco

Rocky Portfolio Various

Various

Sector: Retail
GLA: 244,340 sq m (7 assets)
Vendor: Cromwell

Zalando Szczecin

Szczecin

Sector: Industrial
GLA: 95,300 sq m
Vendor: Zalando SE

Millennium Park Warsaw

Warsaw

Sector: Office
GLA: 18,300 sq m
Vendor: Commerz Real

Marynarska Point 2 Warsaw

Warsaw

Sector: Office
GLA: 13,970 sq m
Vendor: GLL Real Estate Partners

Azora Portfolio Warsaw, Wrocław, Kraków

Warsaw, Wrocław, Kraków

Sector: Office
GLA: 104,000 sq m
Vendor: Azora Europa

Carpathia Office House Warsaw

Warsaw

Sector: Office
GLA: 4,700 sq m
Vendor: GD&K

Kazimierz Office Center Kraków

Kraków

Sector: Office
GLA: 16,300 sq m
Vendor: GLL Real Estate Partners

Moniuszki 1A Warsaw

Warsaw

Sector: Office
GLA: 9,800 sq m
Vendor: Catalyst Capital

Warsaw Spire Tower Warsaw

Warsaw

Sector: Office
GLA: 71,590 sq m
Vendor: Ghelamco

Plac Europejski 2 Warsaw

Warsaw

Sector: Office
GLA: 22,160 sq m
Vendor: Ghelamco

Browary Warszawskie Warsaw

Warsaw

Sector: Mixed Use
GLA: 100,000 sq m
Vendor: Echo Investment

Equal Business Park Kraków

Kraków

Sector: Office
GLA: 50,000 sq m
Vendor: Cavatina

Ethos Warsaw

Warsaw

Sector: Office
GLA: 17,600 sq m
Vendor: Kulczyk Silverstein Properties

Hi Piotrkowska Lodz

Lodz

Sector: Mixed Use
GLA: 34,000 sq m
Vendor: Bacoli Properties

Lopuszańska Business Park Warsaw

Warsaw

Sector: Office
GLA: 17,900 sq m
Vendor: Starwood

Mogilska Office Warsaw

Warsaw

Sector: Office
GLA: 12,600 sq m
Vendor: Warimpex

For off-market office deals please contact:

Przemyslaw Felicki

Director, Office Investment

+48 507 088 499
przemyslaw.felicki@cbre.com

Malwina Wierczuk

Associate Director, Office Investment

+48 608 649 780
malwina.wierczuk@cbre.com

Hillwood Portfolio Various, Poland

Various, Poland

Sector: Industrial
GLA: 684,284 sq m (14 assets)
Vendor: Hillwood

LastMile Portfolio Various, Poland

Various, Poland

Sector: Industrial
GLA: 12,450 sq m
Vendor: CTP

Zalando Szczecin

Szczecin

Sector: Industrial
GLA: 95,300 sq m
Vendor: Zalando SE

For off-market industrial deals please contact:

Sean Doyle

Head of Property Investment

+48 500 070 744
sean.doyle@cbre.com

Browary Warszawskie Warsaw

Warsaw

Sector: Mixed Use
GLA: 100,000 sq m
Vendor: Echo Investment

Galeria Askana Gorzow Wielkopolski

Gorzow Wielkopolski

Sector: Retail
GLA: 18,700 sq m
Vendor: Caelum

Hi Piotrkowska Lodz

Lodz

Sector: Mixed Use
GLA: 34,000 sq m
Vendor: Bacoli Properties

Rocky Portfolio Various

Various

Sector: Retail
GLA: 244,340 sq m (7 assets)
Vendor: Cromwell

For off-market retail deals please contact:

Sean Doyle

Head of Property Investment

+48 500 070 744
sean.doyle@cbre.com

Michal Stanislawski

Associate Director

+48 510 000 476
michal.stanislawski@cbre.com

For off-market hotel deals please contact:

Sean Doyle

Head of Property Investment

+48 500 070 744
sean.doyle@cbre.com

For off-market deals please contact:

Sean Doyle

Head of Property Investment

+48 500 070 744
sean.doyle@cbre.com

Paweł Rudiak

Senior Consultant

+48 608 285 614
pawel.rudiak@cbre.com

SELECTED DEALS

Chariot Portfolio CBRE on buy side

Various, Q1 2018

Sector: Retail
GLA: 704,000 sq m
Vendor: Metro
Buyer: Griffin RE

Pegaz CBRE on sell side

Wroclaw, Q1 2018

Sector: Office
GLA: 20,895 sq m
Vendor: UBM
Buyer: HIH

Alfa Białystok CBRE on sell side

Bialystok, Q4 2017

Sector: Retail
GLA: 36,910 sq m
Vendor: JWK Invest
Buyer: Rockcastle

Factory Ursus CBRE on buy side

Warsaw, Q4 2017

Sector: Retail
GLA: 15,813 sq m
Vendor: Neinver
Buyer: TH RE

Hillwood Ozarow II CBRE on sell side

Warsaw, Q4 2017

Sector: Industrial
GLA: 20,819 sq m
Vendor: Hillwood
Buyer: CBRE GI

Nobilis Business House CBRE on buy side

Wroclaw, Q4 2017

Sector: Office
GLA: 16,910 sq m
Vendor: Echo Investment
Buyer: Catalyst

SEB PORTFOLIO CBRE on sell side

Various, Q4 2017

Sector: Office
GLA: 100,000 sq m
Vendor: SEB
Buyer: Goldman Sachs/Cromwell

EPP Portfolio

Various, Q4 2017

Sector: Office
GLA: n/a
Vendor: EPP
Buyer: Griffin PRE

Galeria Magnolia

Wroclaw, Q4 2017

Sector: Retail
GLA: n/a
Vendor: Blackstone
Buyer: Union Investment

Griffin Mix-use Portfolio

Various, Q4 2017

Sector: Office/Retail
GLA: n/a
Vendor: Griffin
Buyer: Globalworth

Logicor

Various, Q4 2017

Sector: Industrial
GLA: n/a
Vendor: Blackstone
Buyer: China CIC

Przystanek mBank

Lodz, Q4 2017

Sector: Office
GLA: n/a
Vendor: Ghleamco
Buyer: LCN

Vinci Office Center

Krakow, Q3 2017

Sector: Office
GLA: 20,400 sq m
Vendor: Dyskret
Buyer: Benson Elliot/Sharow Capital

Green Day

Wroclaw, Q3 2017

Sector: Office
GLA: 16,000 sq m
Vendor: GLL Real Estate Partners
Buyer: Triuva

Galeria Solna

Inowroclaw, Q3 2017

Sector: Retail
GLA: 23,500 sq m
Vendor: Acteeum & Libra
Buyer: EPP

Panattoni Park Konotopa

Warsaw, Q3 2017

Sector: Industrial
GLA: 46,800 sq m
Vendor: Marvipol JV Panattoni
Buyer: M&G Real Estate

Raben Portfolio

Various, Q3 2017

Sector: Industrial
GLA: 126,000 sq m
Vendor: Gramercy
Buyer: AXA IM

Galeria Sloneczna CBRE on sell side

Warsaw, Q3 2017

Sector: Retail
GLA: 40,900 sq m
Vendor: White Star Real Estate
Buyer: Reico

Warsaw Spire
Building B CBRE on sell side

Warsaw, Q3 2017

Sector: Office
GLA: 21,600 sq m
Vendor: Ghelamco
Buyer: CA Immo

Proximo I CBRE on buy side

Warsaw, Q3 2017

Sector: Office
GLA: 28,400 sq m
Vendor: Hines
Buyer: Reico

Alchemia I CBRE on buy side

Gdansk, Q3 2017

Sector: Office
GLA: 24,600 sq m
Vendor: Reino / Bluehouse
Buyer: DAWM

Maraton

Poznan, Q3 2017

Sector: Office
GLA: 23,600 sq m
Vendor: Skanska
Buyer: Union Investments

Zakopianka

Krakow, Q3 2017

Sector: Retail
GLA: 26,300 sq m
Vendor: Tristan Capital Partners
Buyer: EPP

Quadro Portfolio

Various, Q3 2017

Sector: Retail
GLA: 72,400 sq m
Vendor: Blackstone
Buyer: EPP

Warimpex Hotel Portfolio

Various, Q3 2017

Sector: Hotel
GLA: n/a
Vendor: Warimpex
Buyer: U City

IKEA Retail Portfolio

Various, Q3 2017

Sector: Retail
GLA: 170,000 sq m
Vendor: Inter IKEA
Buyer: Pradera

BPH Portfolio

Various, Q3 2017

Sector: Office/Retail
GLA: 130,000 sq m
Vendor: BPH TFI
Buyer: Octava

Hotel Mercure

Torun, Q3 2017

Sector: Hotel
GLA: n/a
Vendor: Orbis (AccorHotels)
Buyer: Cube

Mercure

Jelenia Gora, Q2 2017

Sector: Hotel
GLA: n/a
Vendor: Orbis (AccorHotels)
Buyer: Confidential (Individual Investor

Mercure Karpacz Resort

Karpacz, Q2 2017

Sector: Hotel
GLA: n/a
Vendor: Orbis (AccorHotels)
Buyer: Confidential (Individual Investor

Radisson Blu Centrum Hotel

Warsaw, Q2 2017

Sector: Hotel
GLA: n/a
Vendor: Shaw Investments
Buyer: Europa Capital

Fashion House Portfolio CBRE on sell side

Warsaw, Gdansk, Sosnowiec, Q2 2017

Sector: Retail
GLA: 50,800 sq m
Vendor: Peakside
Buyer: DAM

Galeria Swidnicka CBRE on buy side

Swidnica, Q2 2017

Sector: Retail
GLA: 15,500 sq m
Vendor: Rank Progress
Buyer: Catalyst Capital

Krolewska CBRE on buy side

Warsaw, Q2 2017

Sector: Office
GLA: 6000 sq m
Vendor: S+B Gruppe
Buyer: Generali

Sangate Hotel Airport

Warsaw, Q1 2017

Sector: Hotel
GLA: n/a
Vendor: Gromada Hotels
Buyer: EACC

The Westin Warsaw

Warsaw, Q1 2017

Sector: Hotel
GLA: n/a
Vendor: Skanska
Buyer: Al Sraiya

Sheraton CBRE on sell side

Warsaw, Q1 2017

Sector: Hotel
GLA: n/a
Vendor: Algonquin SA
Buyer: Invesco

Ogrody Elblag CBRE on buy side

Elblag, Q1 2017

Sector: Retail
GLA: 45,700 sq m
Vendor: CBRE GI
Buyer: CPI Group

Hillwood Ozarow II CBRE on sell side

Warsaw, Q4 2017

Sector: Industrial
GLA: 20,819 sq m
Vendor: Hillwood
Buyer: CBRE GI

Logicor

Various, Q4 2017

Sector: Industrial
GLA: n/a
Vendor: Blackstone
Buyer: China CIC

Raben Portfolio

Various, Q3 2017

Sector: Industrial
GLA: 126,000 sq m
Vendor: Gramercy
Buyer: AXA IM

Panattoni Park Konotopa

Warsaw, Q3 2017

Sector: Industrial
GLA: 46,800 sq m
Vendor: Marvipol JV Panattoni
Buyer: M&G Real Estate

Pegaz CBRE on sell side

Wroclaw, Q1 2018

Sector: Office
GLA: 20,895 sq m
Vendor: UBM
Buyer: HIH

Nobilis Business House CBRE on buy side

Wroclaw, Q4 2017

Sector: Office
GLA: 16,910 sq m
Vendor: Echo Investment
Buyer: Catalyst

SEB PORTFOLIO CBRE on sell side

Various, Q4 2017

Sector: Office
GLA: 100,000 sq m
Vendor: SEB
Buyer: Goldman Sachs/Cromwell

EPP Portfolio

Various, Q4 2017

Sector: Office
GLA: n/a
Vendor: EPP
Buyer: Griffin PRE

Griffin Mix-use Portfolio

Various, Q4 2017

Sector: Office/Retail
GLA: n/a
Vendor: Griffin
Buyer: Globalworth

Przystanek mBank

Lodz, Q4 2017

Sector: Office
GLA: n/a
Vendor: Ghleamco
Buyer: LCN

Krolewska CBRE on buy side

Warsaw, Q2 2017

Sector: Office
GLA: 6000 sq m
Vendor: S+B Gruppe
Buyer: Generali

Maraton

Poznan, Q3 2017

Sector: Office
GLA: 23,600 sq m
Vendor: Skanska
Buyer: Union Investments

Alchemia I CBRE on buy side

Gdansk, Q3 2017

Sector: Office
GLA: 24,600 sq m
Vendor: Reino / Bluehouse
Buyer: DAWM

Proximo I CBRE on buy side

Warsaw, Q3 2017

Sector: Office
GLA: 28,400 sq m
Vendor: Hines
Buyer: Reico

Warsaw Spire
Building B CBRE on sell side

Warsaw, Q3 2017

Sector: Office
GLA: 21,600 sq m
Vendor: Ghelamco
Buyer: CA Immo

Green Day

Wroclaw, Q3 2017

Sector: Office
GLA: 16,000 sq m
Vendor: GLL Real Estate Partners
Buyer: Triuva

Vinci Office Center

Krakow, Q3 2017

Sector: Office
GLA: 20,400 sq m
Vendor: Dyskret
Buyer: Benson Elliot/Sharow Capital

Chariot Portfolio CBRE on buy side

Various, Q1 2018

Sector: Retail
GLA: 704,000 sq m
Vendor: Metro
Buyer: Griffin RE

Alfa Białystok CBRE on sell side

Bialystok, Q4 2017

Sector: Retail
GLA: 36,910 sq m
Vendor: JWK Invest
Buyer: Rockcastle

Factory Ursus CBRE on buy side

Warsaw, Q4 2017

Sector: Retail
GLA: 15,813 sq m
Vendor: Neinver
Buyer: TH RE

Galeria Magnolia

Wroclaw, Q4 2017

Sector: Retail
GLA: n/a
Vendor: Blackstone
Buyer: Union Investment

Griffin Mix-use Portfolio

Various, Q4 2017

Sector: Office/Retail
GLA: n/a
Vendor: Griffin
Buyer: Globalworth

Ogrody Elblag CBRE on buy side

Elblag, Q1 2017

Sector: Retail
GLA: 45,700 sq m
Vendor: CBRE GI
Buyer: CPI Group

Galeria Swidnicka CBRE on buy side

Swidnica, Q2 2017

Sector: Retail
GLA: 15,500 sq m
Vendor: Rank Progress
Buyer: Catalyst Capital

Fashion House Portfolio CBRE on sell side

Warsaw, Gdansk, Sosnowiec, Q2 2017

Sector: Retail
GLA: 50,800 sq m
Vendor: Peakside
Buyer: DAM

IKEA retail portfolio

Various, Q3 2017

Sector: Retail
GLA: 170,000 sq m
Vendor: Inter IKEA
Buyer: Pradera

Quadro Portfolio

Various, Q3 2017

Sector: Retail
GLA: 72,400 sq m
Vendor: Blackstone
Buyer: EPP

Zakopianka

Krakow, Q3 2017

Sector: Retail
GLA: 26,300 sq m
Vendor: Tristan Capital Partners
Buyer: EPP

Galeria Sloneczna CBRE on sell side

Warsaw, Q3 2017

Sector: Retail
GLA: 40,900 sq m
Vendor: White Star Real Estate
Buyer: Reico

Galeria Solna

Inowroclaw, Q3 2017

Sector: Retail
GLA: 23,500 sq m
Vendor: Acteeum & Libra
Buyer: EPP

Sheraton CBRE on sell side

Warsaw, Q1 2017

Sector: Hotel
GLA: n/a
Vendor: Algonquin SA
Buyer: Invesco

The Westin Warsaw

Warsaw, Q1 2017

Sector: Hotel
GLA: n/a
Vendor: Skanska
Buyer: Al Sraiya

Sangate Hotel Airport

Warsaw, Q1 2017

Sector: Hotel
GLA: n/a
Vendor: Gromada Hotels
Buyer: EACC

Radisson Blu Centrum Hotel

Warsaw, Q2 2017

Sector: Hotel
GLA: n/a
Vendor: Shaw Investments
Buyer: Europa Capital

Mercure Karpacz Resort

Karpacz, Q2 2017

Sector: Hotel
GLA: n/a
Vendor: Orbis (AccorHotels)
Buyer: Confidential (Individual Investor

Mercure

Jelenia Gora, Q2 2017

Sector: Hotel
GLA: n/a
Vendor: Orbis (AccorHotels)
Buyer: Confidential (Individual Investor

Hotel Mercure

Torun, Q3 2017

Sector: Hotel
GLA: n/a
Vendor: Orbis (AccorHotels)
Buyer: Cube

Warimpex Hotel Portfolio

Various, Q3 2017

Sector: Hotel
GLA: n/a
Vendor: Warimpex
Buyer: U City

OUR TEAM

Sean Doyle
Sean Doyle | MRICS
Head of Investment Properties
Sean Doyle
Przemysław Felicki | MRICS
Director
Sean Doyle
Przemysław Łachmaniuk | MRICS
Director
Sean Doyle
Michał Stanisławski | MRICS
Associate Director
Sean Doyle
Malwina Wierczuk | MRICS
Associate Director
Sean Doyle
Roy Levine
Senior Consultant
Sean Doyle
Michał Berski | MRICS
Consultant
Sean Doyle
Monika Kulawińska
Consultant
Sean Doyle
Piotr Mielnicki
Consultant
Sean Doyle
Jonathan O’Neill
Consultant
Sean Doyle
Paula Pogorzelska
Consultant
Sean Doyle
Marta Pardo
Junior Consultant
Sean Doyle
Magdalena Bednarczyk
Analyst
Sean Doyle
Michał Pastor
Analyst
Sean Doyle
Bogusław Nycz
Analyst
Sean Doyle
Natalia Wasiluk
Senior Graphic Designer
Sean Doyle
Krzysia Chwiejczak
CEE Marketing and Operations Coordinator
Sean Doyle
Beata Garbas
Assistant

OTHER CAPITAL MARKETS LINES

CBRE HOTEL INVESTMENT

At CBRE Hotels, we maintain a diverse group of specialized service lines all focused on supporting our clients’ growth and success while maximizing the value of their investments. By offering strategic direction, operational advice and a global network of services, CBRE Hotels helps clients stay significantly ahead of evolving markets.

SCOPE OF SERVICES

  • Hotel Brokerage & Investment Sales
  • Valuation Services
  • Feasibility Studies
  • Debt & Structured Finance
  • Leisure & Alternative Investments
  • Asset Management
  • Investment & Market Advisory
  • Operator Selection
  • Hotel Loan Sales
  • Strategic Research
Marta Abratowska - Janiec
Marta Abratowska - Janiec
Senior Consultant
CBRE Hotel Investment
Małgorzata Pyc
Małgorzata Pyc
Junior Analyst
CBRE Hotel Investment

CBRE RESIDENTIAL & STUDENT HOUSING

CBRE’s Residential & Student Housing advisory services empowers every aspect of alternative real estate ambitions. Interconnected across every region, CBRE will identify, source and structure residential investment in the most competitive locations, overcoming challenges with consistent value.

With expertise across a range of disciplines, from banking to research, architecture and development, CBRE’s Residential Investment consultancy possess a comprehensive understanding of the full perspective residential property investments to maximise our clients’ returns.

SCOPE OF SERVICES

  • Investment acquisition and disposal advisory
  • Access to global capital and debt finance
  • Investment and transaction structuring
  • Build-to-Rent and Student Housing projects consultancy 
  • Investment modelling and development appraisals
  • Feasibility studies and market research
  • Asset and portfolio strategies
  • Valuation advisory
  • Operational management sourcing
  • Property marketing
  • Complementary retail units advisory
  • Block management
Paweł Rudiak
Paweł Rudiak
Senior Consultant
CBRE Residential

REPORTS

CBRE Research team provides clients with a full range of information, research and consultancy services covering all aspects of the property market in Poland.

Go to the Research page.

CONTACT

Feel free to contact us:

Sean Doyle
Head of Investment Properties

Phone: + 48 22 544 80 86
Mobile: + 48 500 070 744
Mail: sean.doyle@cbre.com

Our address:

CBRE Poland
Rondo ONZ 1
00-124 Warsaw

Phone: +48 22 544 8000
www.cbre.pl