News

September 2018
Marynarska Point II, Warsaw - Poland: Bluehouse acquired an office building of nearly 14,000 sqm located in Mokotow – one of the largest and most dynamic business districts in Central Europe. The property was constructed in 2008 and is in very good condition, offering suspended ceilings, programmable and regulated air-conditioning, structural cabling, security and 24h monitoring, as well as a power generator. Additionally, the asset underwent a refurbishment of the ground floor (including the reception and patio) which now features a modern, visible reception layout as well as a lounge area. This is complemented by an outside patio which serves as a leisure component for tenants and visitors. There are 10 above-ground levels and 265 underground parking spaces. Major tenants include DNB Bank, Regus and T-Mobile.
July 2018
Margit Palace, Budapest - Hungary: Margit Palace was sold to very experienced Hungarian investment fund manager, Adventum Investment who was able to underwrite the asset based on its past performance and to forecast its ability for growth in the further parts of the market cycle.  At the other side, the timely sale of Margit Palace confirmed the improved liquidity in the Hungarian market, which provides confidence to our investors for subsequent investments. Margit Palace was acquired in July 2016, with the vacancy rate of 44%. By the end of 2017, Bluehouse successfully refurbished the building and the surrounding landscape, and brought fresh look to this beautiful office complex with an old fashion charm. Special challenge was to upgrade property parts recorded at the protected heritage list. Parallel with upgrading building technical and aesthetics position, Bluehouse worked on raising building occupancy, which rated 96% at the exit date.
November 2017
Karviná Shopping Centre, Karviná - Czech Republic: Bluehouse completed the acquisition of the shopping centre with a retail area of circa 14,000 sqm. The centre is the main retail destination in city with population of circa 54,000 inhabitants. Major tenants include Albert hypermarket, C&A, New Yorker.
September 2017
Panattoni 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.
 
The development will take place in cooperation with Panattoni Europe, one of the leading industrial developers in CEE.
 
Radzymin is approximately 28 km from Warsaw, being the capital and the largest city in Poland, an important and established industrial hub strategically located in the centre of the country.
 
The area offers good quality infrastructure and business-related services being consistently ranked the most business-friendly city in Poland. 
The Warsaw region is the biggest logistics market in Poland (35%). It is served by the A2 motorway (E-W) which is the main gateway for national and international inbound and outbound traffic. The A2 motorway connects with the Warsaw ring road, which grants access to the major airports and the city centre, as well as the S8 express road, which connects Western and Eastern Europe with the Baltic Countries, Belarus and Russia.
August 2017
Panattoni Park, Poznań - Poland: Bluehouse initiated the development of a modern class A multi-tenant logistics centre offering 86,871 sqm of warehouse space and 3,761 sqm of office space within the Poznan-Jaryszki logistics cluster. The industrial park is going to be constructed in 4 phases with the last phase to be completed in 2019. The development will take place in cooperation with Panattoni Europe, one of the leading industrial developers in CEE.
 
Jaryszki – approximately 12km from Poznań is the fifth largest city in Poland, an important and upcoming industrial hub strategically located halfway between Berlin and Warsaw. The region has one of the lowest unemployment rates in Poland (1.8%), offering good quality infrastructure and business-related services.
July 2017
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.
July 2016
Bluehouse completed the acquisition of one Grade A and two Grade B+ office buildings in Hungary. The portfolio consists of Margit Palace, a Grade A office building located in the city center of Buda, which was completed in 2003 with a GLA of 17,193 sqm of office space, 1,889 sqm of storage space and 229 underground parking spaces;  and Terraparks A&B, located in Budaor, which were completed in 2002, and combined have a GLA of  26,216 of office space, 3,834 sqm of storage, 70 underground parking spaces and 242 above-ground parking spaces.  Tenants include Roche, Dupont, Invitel, Emea Remote and Justice Table, to name a few.  This latest acquisition demonstrates our unique access to off-market deals as a result of our 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.
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