Margit Palace Budapest, Hungary: Margit Palace was sold to Hungarian investment fund manager Adventum Investment. The project was acquired in July 2016 and offers a total GLA of 18,500 sqm of office areas. During the holding period Bluehouse has added significant value by pursuing extensive refurbishment works and improved occupancy reaching nearly full tenancy status.
Korso Karviná, Czech Republic: Bluehouse completed the acquisition of the shopping centre with a retail area of circa 12,800 sqm comprised of (a) 7,800 sqm of retail area and (b) a hypermarket with an area of 6,000 sqm anchored by Ahold. The asset will undergo major refurbishment works with vacant units converted into leisure and food court. The center is the main retail destination in city with population of circa 54,000 inhabitants.
Logistics Park Warsaw, Poland: Bluehouse initiated the development of a modern class A multi-tenant logistics centre offering 53,000 sqm of warehouse space and 3,000 sqm of office space to be built in Radzymin near Warsaw, one of the most sought-after destinations for logistics/ industrial occupiers. The business plan is to develop the Warsaw North centre in two phases with the last phase to be completed in 2019.
Logistics Park Poznan, Poland: Bluehouse initiated the development of a modern class A multi-tenant logistics centre offering 88,000 sqm of warehouse space and 4,000 sqm of office space. The industrial park is located in the Poznan-Jaryszki logistics cluster and will be constructed in 4 phases with the last phase to be completed in 2020.
Alchemia I Gdańsk, Poland: Alchemia I was sold to Deutsche Alternative Asset Management, a subsidiary of Deutsche Bank and one of the largest international real estate managers. Alchemia I was acquired in July 2015 and during the holding period Bluehouse added value by institutionalizing the asset in terms of its technical position, increasing the building’s occupancy and re-gearing existing leases with all tenants being retained.
Bluehouse was nominated for “Best Real Estate Investment Manager – Emerging Europe 2016” by CFI.co, an organization that seeks out organizations that contribute significantly to the convergence of economies and truly add value. The Awards Program aims to identify and reward excellence wherever it is found in the hopes of inspiring others to further improve their own performance. Bluehouse was nominated following voting from CFI.co readers, subscribers and contributors such as the World Bank Group and various UN organizations, EU bodies and other prominent entities.
Bluehouse completed the acquisition of an office portfolio in Hungary. The portfolio consists of Margit Palace, a Grade A office building offering 18,500 sqm of GLA of office space and 2,000 sqm of supportive areas located in the city center of Buda; and Terraparks A&B which combined offer a GLA of 22,000 of office space and 3,600 sqm of supportive areas located in Budaors. This latest acquisition demonstrates the capabilities of Bluehouse to access to off-market deals as a result of longstanding relationships in the region. Having pre-negotiated with the bank the optimal capital structure for the buildings, we will now pursue an active management strategy to include vacancy reduction, lease extensions and refurbishment work which when completed will enable us to benefit from stable recurring income, and from yield improvement as a result of their institutionalization.
Bluehouse was nominated for “Investor of the Year” at the 6th Annual EuropaProperty CEE Investment & Green Building Awards Gala, which will be held in Warsaw, October 27th, 2016 at the Intercontinental Hotel.
Bluehouse was nominated for “Investor of the Year” at the 9th Annual EuropaProperty SEE Real Estate Awards Gala & Forum, which will be held in Bucharest, April 21, 2016 at the Radisson Blu Hotel.