EMEA Market Snapshot Capital Markets | Q1 2021 - Assoimmobiliare
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EMEA Capital Markets Snapshot | Q1 2021 Capital Markets | Q1 2021 EMEA Market Snapshot
EMEA Capital Markets Snapshot | Q1 2021
Overview
Q1 2021 saw momentum continue in the Industrial & Logistics and Living Sectors to watch
sectors however, there was a pause to large scale office transactions which Logistics: Distribution, last-mile & data centres.
led to many countries seeing investment volumes half in comparison to Residential BTR/PRS/Affordable Housing/Senior Living.
Q1 2020. Investment into direct European Real Estate reached €51bn, a 35% Core offices, life-science backed assets.
fall on Q1 2020. However, it is worth noting that Q1 2020 was the second
Grocery/convenience retail.
highest Q1 figure posted in the last 10 years, and the figure masks a range
in performance across countries. Qrt Pricing Direction Qrt Pricing Forecast
Office
Due to the third wave in Europe many tender The living sector continues to have high demand
processes have been delayed however, there is in the Nordics, as well as in Italy and CEE as an
Logistics
activity in ‘off market’ and small tender processes. emerging asset class. Positive sentiment is also
Despite the absence of large scale office returning to the UK Student Housing market. There
Residential
transactions in Q1, sentiment remains positive continues to be significant interest in the alternative
for low risk, core assets in prime locations and we sectors including life sciences, senior living and assets
expect several large scale assets to be marketed in backed by technology sub sectors.
Retail
Q2 2021 and when the return of international travel
The hospitality sector is seeing more interest with Hotel
permits, volumes to pick up.
several markets reporting transactions for the first
The Industrial and Logistics sector continues to time since the pandemic started. Several core and
thrive with falling yields in almost all markets and forward hotel deals have entered the market and Q1 2020 vs Q1 2021
premiums being paid for portfolios. Investors are great anticipation towards new pricing awaits. billions Q1 2020 Q1 2021
willing to go up the risk curve in this sector although 20
18
some investors are showing some initial concerns to
60
pricing and whether developers will push rents far
14
enough in a falling yield cap rate environment. 12
10
8
Richard Divall | Head of Cross Border Capital Markets EMEA 6
4
richard.divall@colliers.com
2
+44 7831 254673
0
Germany
UK
France
Netherlands
Sweden
Spain
Poland
Italy
Denmark
Norway
Source: Colliers
EMEA Capital Markets Snapshot | Q1 2021
UK Sectors
to watch
Qrt Pricing
Direction
Qrt Pricing
Forecast
Grocery, industrial Office
and anything
Transactional volumes remained subdued in Q1, as the national lockdown continued to that’s linked to
impact on activity. Mild yield compression is evident at all the sector levels, driven by Logistics
demographics,
supermarkets and industrial, the latter growing to account for 46% of all transactions. such as
residential, Residential
Market Review student housing,
senior housing. Retail
• Around £7.5 billion worth of capital was invested • Grocery investment reached almost €346 million,
during Q1, according to preliminary data. This is thanks to supermarket income REIT’s purchase
Hotel
well below the five-year quarterly average of €16 from Aviva of a 25.5% interest in a 26-unit
billion, but better than the £5.8 billion transacted Sainsburys portfolio for €133 million.
during the first national lockdown in Q2 2020.
• Student housing accounted for €791 million of all All sector capital value index
• Portfolios accounted for six of the ten largest deals investment, the highest quarterly figure since the
120
by value, led by the sale of a seven-unit warehouse sale of the iQ portfolio in Q1 2020.
portfolio to BentallGreenOak for €350 million at
• Activity in the hospitality and leisure markets
5.5%.
remains very limited.
• A further €2.66 billion was deployed in the 100
• All property yields remain generally stable,
industrial sector during Q1 which accounts for over
although there is mild yield compression for
46% of all transactions in the UK.
supermarkets and prime assets in prime locations
• It was another quiet quarter for office investment across most sectors.
80
volumes, with only €1.5 billion transacted. This is 03’16 09’16 03’17 09’17 03’18 09’18 03’19 09’19 03’20 09’20 03’21
in line with the Q2 2020 figure, but well below the
Source: Colliers Leeds Bristol Manchester
five-year quarterly average of €5.7 billion. Glasgow Birmingham London
Largest Q1 Deal: Second-largest Q1 deal: Largest Q1 single-deal:
John Knowles | Head of National Capital Markets I UK
Logistics Portfolio (2.1m Nido Portfolio (2,163 66-73 Shoe Lane, London
john.knowles@colliers.com
Highlighted sq ft of floorspace student beds across EC4 (147,000 sq ft of office
+44 7979 245792
Top Three across seven standalone five assets). Bought by space). Bought by a four-
Deals warehouses). Bought by Greystar Europe Holding way joint venture led by
Andrew Thomas | Head of International
BentalGreenOak for for €336 million. Wing Tai for
Capital Markets | London
€350 million at 5.5%. €295 million at 4.1%.
andrew.thomas@colliers.com
+44 7793 808181
EMEA Capital Markets Snapshot | Q1 2021
Germany Sectors
to watch
Qrt Pricing
Direction
Qrt Pricing
Forecast
Core assets, Office
logistics, food-
The contrast between transaction volumes in Q1 2020 and Q1 2021 is stark. While Q1 anchored retail
2020 recorded an all-time high, Q1 2021 witnessed the lowest volumes since 2013, with Logistics / /
warehouses/
hardly any large-scale transactions in the €100+ million category. Pricing trends are retail parks, data
centres. Residential / /
limited due to the low volume of deals, but offices are becoming highly sought-after as
the pandemic and remote working evolves.
Retail
Market Review
Hotel
• The investment market has started the year very • Focus on core assets remains strong. Offices are
quietly as a lot of core deals boosting volume still highly sought after, as the impact of remote
were signed in Q4 2020. Since then, landmark working is now perceived differently compared All sector capital value index
deals of €250 million and above have not been to the beginning of pandemic. International
registered in Q1 as deal making takes much longer investors showed very low activity but are still 180
due to constraints from the lockdown. However, in wait-and-see mode.
160
sentiment and activity among investors is still at a
high level. 140
• Despite the absence of landmark deals during Q1, 120
the deal pipeline has not dried out, in particular
when it comes to larger portfolio and platform 100
deals. The market is pausing, as investors will 80
wait until early summer, when the lockdown 03’16 09’16 03’17 09’17 03’18 09’18 03’19 09’19 03’20 09’20 03’21
is expected to be brought to an end by high
Source: Colliers Berlin Dusseldorf Hamburg
vaccination rates in Germany. Frankfurt Munich
High Street Retail Office Portfolio Logistics Deal
Christian Kadel | Head of Capital Markets | Germany
7 department stores (2 tier Headquarter Selection Tritax brought 2 core
christian.kadel@colliers.com
Highlighted cities), RFR (seller), Apollo Berlin (2 HQ Nike and logistics assets, the Wayfair
+49 151 68850231
Top Three (buyer), approx. Klarna; Patrizia (seller), new European hub at Lich
Deals €200 million Real IS (buyer), & Puma at Nuremburg for
€185 million €291 million reflecting a
3.9% GIYEMEA Capital Markets Snapshot | Q1 2021
France Sectors
to watch
Qrt Pricing
Direction
Qrt Pricing
Forecast
Office core Office
and value-add,
Investment volumes were down in Q1 2021 compared to Q1 2020. Large-scale transactions residential,
were rarer than usual, with a corresponding impact on acquisition volumes. The ongoing Logistics
logistics.
health crisis is causing sellers to adopt a wait-and-see attitude. Yield pressure remains in
Residential
core and value-add assets in Paris with strong international demand building.
Market Review Retail
• The next quarter should see a resumption in the • On the international investor side, the Germans are Hotel
marketing of assets for sale, with sellers having to still present and are still looking to buy core assets,
act on disposal plans scheduled for 2021. a type of asset that is in high demand and whose
pricing level is confirmed. In Q1, pressure remained All sector capital value index
• Larger investment volumes are expected to
strong on core and value-add assets in Paris. Assets
materialise in the third and fourth quarters, 150
that are less well located or which have leases that
especially since France is one of the destinations
are less secure are those for which the pricing level
targeted by investors. 125
is revised downwards.
• In the first quarter, it was mainly national investors
• The first quarter saw the completion of Shift, 100
who were active, in particular insurance companies
Issy-les-Moulineaux for €620 million – 3.75% NIY
and Société Civiles de Placement Immobilier (SCPIs).
to Primonial REIM, EDF Invest, La Française Core. 75
50
03’16 09’16 03’17 09’17 03’18 09’18 03’19 09’19 03’20 09’20 03’21
Source: Colliers Paris
Altaïs tower Le Square Hôtel Mondragon
Montreuil Paris 8th Paris 2th
Highlighted 37,500 sq m 7,000 sq m 14,000 sq m
Top Three €250 million - 4.5% €200 million – 2.9% NIY €195 million Philippe Ravoire | Senior Director, Capital Markets
philippe.ravoire@colliers.com
Deals Sellers: Arpent Capital Seller: PGIM Real Estate Seller: BNP Paribas
/ Maple Knoll Capital Buyer: CNP Assurances Buyer: JP Morgan & Altarea +33 6 86 18 20 86
/ Okatree Capital Core Value add
Management
Buyer: Gulf Islamic
Investment (GII) – Core+EMEA Capital Markets Snapshot | Q1 2021
Netherlands Sectors
to watch
Qrt Pricing
Direction
Qrt Pricing
Forecast
Residential, Office
logistics and
The investment volume in the first quarter of 2021 lagged significantly behind the previous year. healthcare.
This is partly because as of January 1, 2021, the real estate transfer tax (RETT) has increased to Logistics
8%, up from the previous rates at 2% for residential and 6% for commercial real estate. Retail is
Residential
experiencing yield pressure in the convenience sector and €100m logistics are in strong demand.
Market Review Retail
• Due to the increase in the RETT, many sales increase in the second half of the year when
Hotel
that were initially planned for 2021 had already vaccination programmes are well underway, and
transacted in the final quarter of 2020. Particularly restrictions have been lifted.
in the case of residential portfolios where the RETT
• Despite the more limited market dynamics, we All sector capital value index
impact would have been the largest. Less product
have seen little evidence of price shifts in most
came to market in the first quarter of 2021 as a 180
segments. Only in the retail market a clear decline
result, and also because investors are awaiting to
in price formation is visible. However, this does not 160
see the impact of the increased RETT on the Q1
apply to convenience retail, since there has been an
2021 valuations. 140
increasing demand since the outbreak of COVID-19,
• In addition, the current flight restrictions still mean and yields are still under downward pressure in 120
that investors are reluctant to bring new product to this specific part of the sector.
the market, especially in the office market, which is 100
• There are several forward funding Logistics units
more dependent on international capital flows. It is
that have come to market in the Netherlands all in 80
expected that investment activity will significantly 03’16 09’16 03’17 09’17 03’18 09’18 03’19 09’19 03’20 09’20 03’21
excess of €100m and there is strong demand.
Source: Colliers Amsterdam Rotterdam
Union Investment has Warburg-HIH Invest 2 Intercity Hotels,
partnered with Stellar Real Estate has Breda & Leiden
Highlighted Development on a exchanged contracts to Commerz Real buys two Dré van Leeuwen | Partner, Executive Director
Top Three speculative forward buy the 140,000 sq m new Intercity hotels to be Capital Markets & Agency
Deals funding logistics portfolio distribution centre from built, one in Breda (174 dre.vanleeuwen@colliers.com
in the Netherlands with the development’s joint rooms) and one in Leiden +31 6 50 67 10 93
a total lettable area of owners, Somerset Capital (115 rooms), construction
around 83,000 sq m for Partners and USAA of both hotels is expected
ca. €100 million. Realco-Europe for to start in the summer.
€200 million ca. 4% NIY.EMEA Capital Markets Snapshot | Q1 2021
Ireland Sectors
to watch
Qrt Pricing
Direction
Qrt Pricing
Forecast
PRS, social Office
housing, I&L.
Q1 2021 spend exceeded €1.2bn, which is a 44% increase compared to €674m in Q1 2020
and, impressively, constitutes a 43% increase on the 5 yearly Q1 average of €685m. Logistics
Market Review Residential
• The investment spend came despite Ireland • Unlike the occupational market for the Office
Retail
starting 2021 in a nationwide lockdown, which sector, investor appetite remained buoyant
included the closure of all building sites and real throughout the pandemic. Total spend in this
estate inspections prohibited. Consequently, sector was just below €400m, made up of six Hotel
a large number of launches were put on hold deals. Project Tolka was acquired by Blackstone
until restrictions are lifted. Furthermore, travel from Colony Capital for approximately €290m,
All sector capital value index
restrictions for international visitors remain in place. portfolio included a 72/75% interest in four core
investments. 140
• PRS accounted for 59% of the deals completed,
which equated to €711m across 11 transactions. • Demand for core assets across PRS, Office and
The most notable is a €450m deal however details Logistics sectors remained very strong, with the 120
of this transactions have not been made public. 3 of lack of supply in these sectors continuing to be
the top 5 deals were PRS. Real IS were active again impediment to getting deals agreed as opposed to
with the acquisition of 134 units in Marina Village, the appetite from buyers. 100
Greystones, Co. Wicklow for €64.5m. Initial purchase
of 65 units now concluded with contracts exchanged
80
for purchase of a further 69 apartments. 03’16 09’16 03’17 09’17 03’18 09’18 03’19 09’19 03’20 09’20 03’21
Source: Colliers Dublin
Office - Project Tolka was Office - AM ALPHA PRS - Real IS purchase of
Michele McGarry | Director, Head of Capital Markets
acquired by Blackstone acquired 76 Sir John 134 units: Initial purchase
michele.mcgarry@colliers.com
Highlighted from Colony Capital for Rodgersons Quay, for of 65 units now concluded
+353 87 2050515
Top Three approximately €290m, €95m, from TIO. The with contracts exchanged
Deals portfolio included 4 core building is let to Rabo for purchase of a further
office investments ranging Bank and Algebris and 69 apartments.
from 72% to 75% interest. part vacant.EMEA Capital Markets Snapshot | Q1 2021
Sweden Sectors
to watch
Qrt Pricing
Direction
Qrt Pricing
Forecast
The popularity Office
of logistic,
Domestic and international investor appetite for the Swedish market remains strong. residential, and
Transaction volume in Q1 of 2021 amounted to €3.3 billion, nominally a contraction by Logistics
public properties
48% year on year, however Q1 2020 was inflated by the fact that SBB purchased Hemfosa continues to rise
and will continue Residential
for €2.8 billion in Q1 of 2020. Residential, public and logistics are on the rise, with
to dominate the
significant yield pressure.
property market. Retail
Market Review
• The negative effects of the pandemic on the • The office sector is seeing some activity, but it is still Hotel
property market are slowly but surely dissipating quite low compared to previous quarters. Pricing
with market activity clearly on the rise. Just as in the and yield are at a standstill with investors being
All sector capital value index
previous quarter, residential, public, and logistics hesitant, primarily due to vacancy risk, and property
properties are the sectors experiencing most owners not budging on pre-pandemic valuations. 140
activity and we are seeing lower and lower yields
• Investor appetite for both domestic and
for these sectors.
international assets remains substantial, 120
• The retail and hotel sectors are still experiencing specifically for residential, public, logistic, and
a tough time with lower activity as interest in prime office properties. We are expecting the
these sectors continues to be low. Although NIAM same behavior in coming quarters with market 100
purchased three shopping centres from Citycon activity primarily in the residential, public, and
for 1.5 billion SEK these would not be classified as logistics sectors.
80
traditional shopping centres. 03’16 09’16 03’17 09’17 03’18 09’18 03’19 09’19 03’20 09’20 03’21
Source: Colliers Stockholm
Blackstone/Mileway Residential – Balder Retail – Niam purchased
have acquired the first purchased 1,400 BTR 3 shopping centres
Highlighted tranche of CastellumAB’s apartments and 12,000 sq m located in the greater
Top Three portfolio which amounts of commercial space Stockholm area from
Joachim Svedberg | Head of Capital Markets
Deals to circa €490 million. The spread across 10 projects Citycon for €147 million.
joachim.svedberg@colliers.com
first tranche comprises of from Serneke for
+46 70 262 26 06
39 properties. The second €314 million. Approximately
tranche is due to close at 75% of the apartments
the end of Q1 for are located in Stockholm,
€1.3 billion. Gothenburg and Malmo.EMEA Capital Markets Snapshot | Q1 2021
Denmark Sectors
to watch
Qrt Pricing
Direction
Qrt Pricing
Forecast
Residential – Office
in particular
The pandemic caused only a brief stir and a moderate slowdown in the Danish affordable
investment market in 2020. Denmark remains a coveted investment destination, with Logistics
housing, prime
prospects of investment activity accelerating in 2021. core and value-
add office, Residential
Market Review logistics.
Retail
• The Danish property investment market got off • Multiple high-volume transactions are currently in
to an exceptionally good start in Q1, with strong due diligence, and we expect to see sustained brisk
Hotel
investor appetite from domestic and international activity in the months ahead.
capital alike. Residential investment properties and
developments are in particularly high demand.
All sector capital value index
• International investors are increasingly looking 140
to enter the Danish investment property market,
mainly the residential, Central Business District
(CBD) office, and logistics sectors, which offer a 120
generous spread between investment yields and
financing costs. Investors are, however, to some
extent frustrated by a lack of available investment 100
opportunities that match their requirements.
80
03’16 09’16 03’17 09’17 03’18 09’18 03’19 09’19 03’20 09’20 03’21
Source: Colliers Copenhagen
Starwood acquired the The Square, a 16,000 sq m AXA acquired Frimærket, a
243-room five-star Skt. mixed-use building in new 8,000 sq m residential Peter Winther | CEO, Head of Capital Markets
Highlighted Petri Hotel, Copenhagen, a prime Copenhagen property located in peter.winther@colliers.com
Top Three from Strawberry at an CBD location, was Herlev on the outskirts of +45 28 19 66 76
Deals estimated price of €147.9 acquired by AM Alpha, Copenhagen, at a price of
million. Choice remains on behalf of a German €39.3 million.
the operator. private investor, at a price
of ca. €100 million.EMEA Capital Markets Snapshot | Q1 2021
Spain Sectors
to watch
Qrt Pricing
Direction
Qrt Pricing
Forecast
Logistics, holiday Office
hotels, residential
The third wave of the pandemic is significantly influencing investment activity. Investment multifamily
volumes have been low, especially when comparing Q1 2021 to the Q1 2020 when the COVID-19 Logistics
(BTR – PRS)
pandemic had not fully begun, despite growing appetite and liquidity. There is pressure to invest
Residential
in BTR residential, and industrial and logistics continue to draw great appetite. We look forward
to the vaccination programme speeding up to improve confidence and accelerate investment.
Retail
Market Review
Hotel
• There is a lot of liquidity in the market and a distressed hotels deals, but owners are still
significant growing appetite among investors reluctant to sell or drop prices significantly.
that is not being reflected in transactions due to All sector capital value index
• In retail, the high street retail sector is the most
uncertainty. There is also a lack of product that
uncertain due to weak consumption and the 180
meets the requirements of investors, especially core
transfer of significant demand to e-commerce.
investors looking for safe and long-term product. 160
Nevertheless, the supermarket segment continues
• The industrial and logistics sector has continued with to capture market activity.
140
a huge investors appetite and ambitious returns.
• There is also a great interest in senior living, due
120
• In residential, there is a lot of pressure to invest in to the strong Spanish demand fundamentals
Build to Rent (BTR) and the Private Rented Sector that allow investors focused on rental income 100
(PRS), with an increasing demand and lower middle generation from solid underlying assets to enter
income and good economic fundamentals. this asset class. 80
03’16 09’16 03’17 09’17 03’18 09’18 03’19 09’19 03’20 09’20 03’21
• The hotels sector is static due to government • In general, the yields have remained stable in Source: Colliers Barcelona Madrid
aid (ICOS and ERTEs). Investors are looking for prime areas.
Offices: Värde Partners Residential: Aedas has Retail: Blackbrook Capital Alberto Díaz | Managing Director, Head of Capital Markets
has agreed the forward sold a turnkey portfolio has acquired a portfolio alberto.diaz@colliers.com
Highlighted sale of its office tower of 655 BTR units across of 22 supermarkets from +34 645 801 840
Top Three development in the 22@ major cities to the Grupo Lar. The premises
Deals district in Barcelona to partnership between are leased to Eroski for 10
DWS for €128 million. by Primonial and Grupo years closing at €59 million.
Lar, valued at €120 million.EMEA Capital Markets Snapshot | Q1 2021
Italy Sectors
to watch
Qrt Pricing
Direction
Qrt Pricing
Forecast
Logistics Office
After a strong finish to 2020, this year so far has been relatively slow in terms of
investment activity. Investors’ focus has been on the more COVID-resilient asset classes Logistics
such as core offices, logistics and residential.
Residential
Market Review
Retail
• In the office market the investor focus is mostly However, retail yields, those for shopping centres
concentrated on low risk core assets in prime in particular, are expected to continue to increase
locations where continued high demand has on the back of muted investors’ interest. Hotel
helped sustain sharp prime yields. However,
• Finally, residential investments have started gaining
secondary assets and non-core locations have
traction, which is a relatively new asset class in the All sector capital value index
begun to suffer from weakening investor demand
Italian market. The Reale portfolio deal closed in
and subsequently softening yields. Value-added 180
December 2020 could represent the first of a long
opportunities are rare mainly due to financing
list of investment opportunities in this field with 160
issues and the prevailing uncertainty with respect
many investors, mainly foreigners, showing strong
to the evolving new norm in the occupier market. 140
appetite for this asset class. However, with existing
• The increase in e-commerce spending has supply levels scarce, development funding options 120
continued to fuel demand from logistics operators are increasingly considered. Invesco invested into
to secure additional space, especially to service the development project called Sei Milano. 100
last-mile logistics requirements. Solid occupier
80
market fundamentals have helped investment 03’16 09’16 03’17 09’17 03’18 09’18 03’19 09’19 03’20 09’20 03’21
volumes in Q1 reach close to record levels,
Source: Colliers Rome Milan
sustaining the downward pressure on yields.
Logistics – Portfolio of Hotel – Baglioni Hotel Mixed-use – Via Roma in
Silvio Sancilio | Head of Capital Markets
seven assets in Milan & Luna in Venice bought by Turin bought by Zetland
silvio.sancilio@colliers.com
Highlighted Rome. €156 million. Reuben Brothers for for €55 million.
+39 338 7469372
Top Three €100 million.
DealsEMEA Capital Markets Snapshot | Q1 2021
Poland Sectors
to watch
Qrt Pricing
Direction
Qrt Pricing
Forecast
Logistics, Office
residential, office.
Momentum returned to the market with €1.27 billion in total investment volume in Q1 2021,
the third best first quarter after Q1 2018 and Q1 2020 (preliminary results). Liquidity is Logistics
returning to the office market with 22 assets across Poland transacted in 11 separate deals.
Residential
Market Review
Retail
• 58% of total volume was allocated outside of • A number of office transactions are expected to
Warsaw, driven by logistics deals for a total of close in Warsaw in Q2 2021 as Investor sentiment
€350 million. towards the office sector returns. Hotel
• Capital is looking for core product with strong • The Industrial and Logistics sector continues
location and income fundamentals – we expect to attract strong Investor interest with yields All sector capital value index
that prime yields will continue to decrease in the continuing to compress.
160
coming quarters. Liquidity is picking up for non-
central locations, driven value-add buyers.
140
• New buyers, such as Stena Fastigheter, PAREF
and Investika have entered the Polish market with 120
office acquisitions.
100
80
03’16 09’16 03’17 09’17 03’18 09’18 03’19 09’19 03’20 09’20 03’21
Source: Colliers Warsaw
Acquisition of Buma Purchase of Villa Offices Savills IM has agreed to
office portfolio (9 office in Warsaw by KGAL from acquire a logistics asset
Highlighted Wrocław and Kraków) Echo Investment S.A. in Lodz, Poland for
Piotr Mirowski | Senior Partner, Head of Capital Markets
Top Three by Partners Capital via for €86.7 million at 4.7% €65.5 million from Tritax
piotr.mirowski@colliers.com
Deals REINO accounting for NIY was the first post- at 4.95% NIY.
+48 512 233 228
€200 million - the largest pandemic core deal in
office deal in Q1 2021. the City Centre West,
highlighting returning
liquidity and capital
appreciation.EMEA Capital Markets Snapshot | Q1 2021
Czech Republic Sectors
to watch
Qrt Pricing
Direction
Qrt Pricing
Forecast
Residential, Office
industrial, core
The Czech market is still slow in comparison to previous years. Market fundamentals offices.
remain good, as does the demand for core and core+ assets, but the market is Logistics
experiencing limited supply of the right investment product.
Residential
Market Review
Retail
• With the Czech Republic still very much in the grip • The residential sector, and especially PRS, is
of the pandemic, real estate investment volumes considered one of the rising investment asset
Hotel
remain slow in comparison to previous years. classes in the Czech Republic. Investors are
There is evidence of continued demand for prime currently exploring the possibilities and, while the
office, industrial and Private Rented Sector (PRS) market is in its infancy, the first major deals have
All sector capital value index
in particular, yet options for investment are few. already been transacted. As a result, developers
This is also one of the main reasons why more are starting to focus more on this product, as 160
and more of the typically active local investors are opposed to individual unit sales. The industrial
looking for new acquisitions abroad, particularly in sector is also enjoying much greater interest 140
Poland and Germany. Investors all agree on their from investors. However, as the Czech market
intention of expanding their portfolios in 2021, but is composed mostly of long-term holders, land 120
due to the progress in managing the pandemic, acquisition is also a path to follow, as Lidl proved
we predict this activity will come in the second half with buying large development land for a local 100
of the year. distribution center near Pilsen.
80
03’16 09’16 03’17 09’17 03’18 09’18 03’19 09’19 03’20 09’20 03’21
Source: Colliers Prague
Industrial: Arete CZ&SK Office: Parkview office Residential: Unicity Andy Thompson | Director Czech & Slovak Republics
Industrial Portfolio building in Prague 4, Residential portfolio of CEE Capital Markets
Highlighted consisting 11 properties sold by Skanska for 226 apartments in Plzeň andy.thompson@colliers.com
Top Three across Czech Republic and €77 million to Deka was sold by Daramis to +420 731 151 279
Deals Slovakia, acquired Immobilien. Heimstaden.
by Cromwell for
ca €115 million.EMEA Capital Markets Snapshot | Q1 2021
Contacts
For more information please use the contact details below:
EMEA Team Local research leads
Christian King Josef Stanko Frank Verwoerd
Client Services, Cross Border Capital | EMEA Research Analyst | Czech Republic Head of Research & Market Intelligence | Netherlands
+44 7981 704448 josef.stanko@colliers.com frank.verwoerd@colliers.com
christian.king@colliers.com +420 728 175 024 +31 6 12 63 87 15
Damian Harrington Emil Helmsøe-Zinck Dominika Jedrak
Director, Head of Research | EMEA Head of Valuation and Advisory | Denmark Director Research and Consultancy Services | Poland
+44 7867 360489 emil.helmsoee-zinck@colliers.com dominika.jedrak@collirs.com
damian.harrington@colliers.com +45 30 23 96 41 +48 666 819 242
Istvan Toth Laurence Bouard Jorge Laguna
Associate Director, Research | EMEA Head of Research | France Business Intelligent Director, Head of Research | Spain
+44 20 7487 1899 laurence.bouard@colliers.com jorge.laguna@Colliers.com
istvan.toth@colliers.com +33 6 81 56 49 02 +34 654 387 110
Susanne Kiese Jack Hanna
Head of Research | Germany Analyst, Capital Markets | Sweden
susanne.kiese@colliers.com jack.hanna@colliers.com
+49 151 55110942 +46 70 869 70 08
Simone Roberti Dr. Walter Boettcher
Head of Research | Italy Head of Research and Economics I UK
simone.roberti@colliers.com walter.boettcher@colliers.com
+39 348 3806762EMEA Capital Markets Snapshot | Q1 2021
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images:
Annualized Revenue Established in Managing APAC
$3.3B 67 2B
(US$) Countries (square feet)
U.S.
Lease/sale transactions Assets under management Comprised of
54,000 $40B 18,000+
(professionals)
All stats are for 2020, are in U.S. dollars and include affiliates coming soon
Data Disclaimer
This report gives information based primarily on Colliers International data, which may be helpful in anticipating trends in the property sector. However, no warranty is given
as to the accuracy of, and no liability for negligence is accepted in relation to, the forecasts, figures or conclusions contained in this report and they must not be relied on for
investment or any other purposes. This report does not constitute and must not be treated as investment or valuation advice or an offer to buy or sell property.
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