Pulse Document

CEE Investment Market
Pulse / 2014
A major preoccupation for the global economy over the next few
months will be interest rates. Last year saw the long awaited
“tapering” and liquidity withdrawal run its course in the US. Now that
a self-sustaining recovery has been established, the next step will be
raising interest rates from their near-zero lows. The market
expectation is that the Fed funds rate could rise by mid-2015, a view
shared by Oxford Economics.
The picture is more complex in Europe. Over recent weeks there has
been sustained downward pressure on bond rates and, unlike in the
US, markets have become more bearish. With the inflation outlook
softening due to lower oil prices, it looks increasingly likely that any
European interest rate response will fall into next year. Tightening by
the ECB was always several years away and this has not changed.
Elsewhere, the UK is still the most likely to follow the Fed, with
Nordic and Eastern European economies close behind, but all now
look set to delay into 2016.
The revival in European capital flows has been continuous since
2009 against a background of only faltering economic revival. In
2014 as a whole, circa €200 billion is estimated to have been
invested in European commercial property, up 23% on a year before.
This total is still below the peaks of the last cycle, but strong enough
that each year brings speculation about how long the recovery will
In 2015, there will be headwinds, most notably political risks. Not the
least of these is the conflict in Ukraine and consequences for
Russia’s economy, which has potential negative spill-overs across
the Continent. There are also important national votes, including a
General Election in the UK, Europe’s largest investment market. The
re-emergence of Grexit speculation in the New Year also illustrates
how fragile recent Eurozone stability remains. But notwithstanding
these, few expect any let-up in the pace of global capital inflows.
There are still important structural reasons why European property
will continue to be in demand and our own view is that investment in
2015 will broadly be in line with 2014. Relative pricing remains an
important pull, with returns on real estate still significantly higher than
those for other assets. The upward trend in global savings and a
history of under-allocation to real estate by many pension funds will
provide further support.
Even after the US interest rate cycle turns next year, spreads over
bond rates will remain generous, especially in the Eurozone. In
addition, more benign economic conditions and unusually-limited
supply will maintain upward pressure on prime rents. Added to this,
further gradual restructuring of bank balance sheets should bring
COPYRIGHT © Jones Lang LaSalle IP, INC. 2015. All Rights Reserved
both more assets to market and also potentially release more debt
for real estate purchase.
But we expect a shift in investor activity in 2015, as the focus moves
from prime assets in selected lead markets towards secondary and
regional centres. There is evidence of this already in some markets
and the trend is expected to widen. Prime yields are expected to see
a small compression this year, and there is potential downside in the
current climate. But longer term, yields are expected to stabilise at
close to their current levels in most markets.
In CEE, 2014 investment volumes reached a level of approximately
€7.9 billion. This represents a circa 27% y-o-y increase in volumes
compared to those in 2013 (ca. €6.2 billion). Poland remained the
leading regional market with a share of circa 41% in CEE followed by
the Czech Republic (25%), Romania (16%), Slovakia (8%), Hungary
(7%) and the SEE markets (3%).
The breakdown of volumes for 2014 is as follows:
Czech Republic
2014 Volumes*
(€ millions)
Source: JLL, January 2015 (*Preliminary data)
Characterizing and citing the CEE markets as a whole remains
particularly difficult, as these markets are so diverse and the investor
landscape itself is undergoing a meaningful change. Nonetheless,
we do see some important observations emerge from a regional
First, we see that although Poland posted another exceptional year
and remained the primary focus for many institutional investors,
Poland’s percentage of total CEE volume has moved from 70% in
2012 to approximately 41% in 2014. Poland continues to perform
exceptionally well, but the other CEE countries have all significantly
increased their trading volumes, which is a positive trend for the
region as a whole. Moreover, the investment activity in these reemerging markets was well-balanced, with deals across all sectors
and lot sizes. 2014’s solid or record “post-crisis” activity is expected
to continue into 2015, as several large deals are currently advanced.
A second noteworthy observation is the continued intense hunt for
portfolio and platform opportunities. This capital is from both legacy
players and new entrants, and it can enter direct or indirect. These
CEE Investment Market • 2014
newer equity players are seeking to match “equity with expertise,” an
approach which allows them more control of their destiny with
smaller real estate teams, while still aligning themselves with the
very best expertise in the markets.
Finally, we do see increasing appetite for value add opportunities
across the region. These investors are targeting opportunities
providing scale and asset management/development upside. With a
lack of attractively-priced prime product, spreads on a risk-adjusted
basis on these projects are increasingly attracting attention, both
from institutional and local funds. Attractive debt terms further
southeast remains a major impediment, although we would expect to
see some continued, albeit gradual improvement on this front in
the volume across seven deals, with the most noticeable being the
AEW portfolio, bought by PZU AM and the Standard Life Portfolio,
acquired by Blackstone/Logicor. The largest purchasers were
Blackstone/Logicor acquiring almost €200 million of product, as well
as PZU AM, Prologis, SEGRO and Hillwood, each trading around or
above the €100 million mark.
Retail investment saw a relatively slow performance with €570 of
deals – just above 40% of 2013 volumes (€1.4 billion). The Poznań
City Center and Focus Mall Bydgoszcz deals accounted for over
60% of total 2014 turnover.
An important observation across all sectors is that a number of
transactions slipped into 2015, or were initiated late in 2014, hence
2015 is again expected to deliver strong results, benefiting from
landmark deals across all sectors.
We estimate prime office yields to remain stable at around 6.006.25%, with possible compression for unique assets. Retail yields, for
best in class products, are at 5.50% and truly prime warehouse asset
yields are expected at, or below 7.00%.
Focus on Poland
2014 delivered very strong results of €3.2 billion, just 8% below the
exceptionally strong 2013 – totalling €3.4 billion. 2014 volumes
comprise of a record (since 2006 peak) amount of office investment
deals at €1.8 billion, as well as the highest ever level of warehouse
investments at €744 million, supported by €570 million of retail
The most important deals of 2014 included: Rondo 1 and
Metropolitan – acquisitions by DeAWM, Poznań City Center bought
by a consortium of Resolution and ECE Fund, Plac Unii – an
acquisition by Invesco, the Ghelamco portfolio and Quattro Business
Park acquired by the Starwood Group, Atrium 1 deal concluded by
Deka, the AEW warehouse portfolio bought by PZU AM, Focus Mall
Bydgoszcz purchased by Atrium European Real Estate, Tristan/AEW
Portfolio closed by SEGRO and the Standard Life Portfolio acquired
by Blackstone/Logicor. All of these transactions were at or above the
€100 million mark, proving increased liquidity for large-scale deals.
In the office sector, regional cities played a significant role, delivering
over €440 million of transactions. This was a record level and more
than the total of the last five years volumes combined in regional
cities. The most outstanding regional city was Kraków, witnessing
transactions totalling €260 million – almost 60% of the entire regional
office investment volumes and more than the combined office trades
in Kraków for the last 7 years (€186 million).
The warehouse investment market achieved a record year with €744
million of deals, following an exceptionally strong 2013 (€656 million).
It was again dominated by portfolio deals, accounting for over 80% of
COPYRIGHT © Jones Lang LaSalle IP, INC. 2015. All Rights Reserved
Focus on the Czech Republic
The second half of 2014 provided transactional volumes of €1.28
billion; a 52% increase on the same period in the previous year and
78% above H1 2014. This takes the total annual investment volume
to just over €2 billion, i.e. the third most active year in the history of
the market, only 2.5% behind 2011 with its transaction volume of
€2.07 billion. Demand-side pressure caused by the weight of
international capital seeking core CEE opportunities has provided
liquidity for large lot-size properties and portfolios, while their
continued limited availability has driven yield compression.
The substantial pipeline carried into 2015 demonstrates that healthy
competition for prime assets across all sectors and lot-sizes is set to
continue. Additionally, non-core and opportunistic activity registered
a significant increase as the pricing delta to compressed prime yields
improved the relative value of those assets. While the prime end of
the market remains the focus of the international institutions, the noncore properties started to be the domain of an increasing amount of
domestic capital.
In agreement with the broader European trend, major logistics
operators continued to consolidate their holdings in the Czech
Republic over H2. The sale of the Tristan/VGP portfolio to P3/TPG
CEE Investment Market • 2014
represents the country’s largest investment transaction to date at
€523 million, while Prologis’ purchase of Rudna Business Park was
the largest ever single-asset logistics purchase. Smaller lot-sizes
continue to prove attractive to a broad range of purchaser groups.
The retail sector accounted for 21% of overall volumes and displayed
increased breadth and depth as transactions involving portfolios,
regional centres, non-core properties and an outlet concept were
traded in H2. The largest deal concerned Futurum Hradec Kralove
and was purchased for €87.6 million by Meyer Bergman who also
acquired, as part of a wider portfolio, Freeport Fashion Outlet,
complimenting their H1 purchase of Fashion Arena. ING Real Estate
Finance sold Galerie Butovice to Valad, notable due to its position as
a value-add asset and signifying the broadening of International
capital’s risk appetite.
Office activity was proportionally lower than historic levels due to
constrained supply and larger deals elsewhere. The largest
transaction was the €50 million sale of River Gardens I from HB
Reavis to IAD; H2’s only core office deal. Elsewhere 6 properties,
including Prague 5 neighbours, Perkarska & Technopark and BB
Centrum Alpha and Polygon House in Prague 4, transacted. These
further confirmed the liquidity of non-institutional product; something
significantly aided by the sustained appetite of local funds and
Regarding mixed-use assets, Invesco’s sale of Slovansky Dum to a
private investor for ca €90 million and Muller/Erste Bank’s disposal of
the Diamant Building to GLL for ca €70 million, showed continued
strong interest in properties occupying trophy locations as new yield
benchmarks were established.
Our views on prime office yields are at 6.00% (heading sub 6.00%),
prime logistics are at 7.00% (heading sub 7.00%), whilst prime retail
yields are at 5.50% with a significant premium for trophy, and
regionally significant assets.
We anticipate large lot-size purchases by international capital,
including that from non-traditional investor nationalities, to drive
continued high investment volumes in 2015. Reduced bank margins
and low interest rates are supportive while increased fund allocation
towards real estate provides a weight of capital and illustrates its
attractiveness relative to other asset classes.
Focus on Hungary
In 2014, Hungary witnessed its highest transaction volume since
2007 with a total volume of just over €580 million, out of which
income producing assets represented around €450 million. Investor
appetite has gained momentum for Hungarian assets due to
improving market conditions and the attractive prices compared to
Poland or the Czech Republic, making prime assets particularly
attractive. Among the various asset classes, the performance of the
Hungarian office market was especially convincing as vacancy
dropped to the lowest level of the past 6 years while gross take-up
broke record volumes.
Both halves of 2014 were active with €285 million transacted in the
first half and €295 million in the second half of the year.
During H2, various core office and industrial assets were transacted
and new market players became active on the market. The
Hungarian National Bank purchased two assets while the Hungarian
Diófa REIM generated nearly 20% of the total transaction volume.
Based on their strategies, we expect them to remain particularly
active in 2015 as well. Whereas the National Bank focuses on
premium assets, Diófa concentrates on core and value-add assets,
depending on its fund allocation.
The most significant transaction of the second half was the sale of
Eiffel Palace, a multi-tenant prime office building in the CBD,
delivered in 2013. The 14,500 sq m asset was sold to the Hungarian
National Bank by Horizon Development during the summer for a
price of €45.3 million. Later in the year, the bank acquired the 4,000
sq m Ybl Villa in the Castle district. The other major office deals of
the second half were the disposal of the 100% let 18,000 sq m Green
House by Skanska to Diófa REIM, the purchase of the North Tower
of Vision Tower (occupied by a single tenant – KPMG) by Erste
REIM, the acquisition of a 15,000 sq m office building in South Buda
and the purchase of first generation office building Óbuda Gate by
Diófa REIM.
On the logistics and industrial market, the second half of the year
witnessed the sale of Tulipán Park by SEB to Logicor (Blackstone),
as part of a pan-euro logistics portfolio and the acquisition of the
single let Auchan warehouse in the Viktória Park (along with a Polish
asset) by Prologis from Invesco. The largest industrial transaction of
the period was an owner occupier deal by Audi, who bought its BTS
70,000 sq m warehouse/production line in Győr, The total transaction
volume of logistics and industrial assets amounted to some €72
million in 2014 and nearly 100% of this was recorded during the
second half of the year. Although this volume represents the highest
annual volume in the industrial sector since 2007, it’s important to
point out that nearly 60% of it was generated by owner occupations.
Contrary to the first half of the year, which saw large retail
transactions (sale of 50% of Allee and the countrywide network of
Park Center stripmalls), the second half witnessed smaller retail
deals, therefore, the total transaction volume of this asset class
amounted to €168 million in 2014 with only €10 million in H2.
COPYRIGHT © Jones Lang LaSalle IP, INC. 2015. All Rights Reserved
CEE Investment Market • 2014
Further notable transactions of the period included the sale of the
Millennium Gate site, bought by Euromedic for the development of a
private hospital and the sale of the South wing of Klotild Palace, as
the municipality of district 5 continued its disposal process and sold
the 11,000 sq m, vacant, landmark property to the Turkish Özyer
Group, who is planning to transform it into a 5* hotel.
Finally, a few regional hotel transactions took place during the year
alongside the Intercontinental Budapest, taking the hotel volume
close to €120 million for 2014.
2014 was an active year on the Hungarian real estate investment
market. The total transaction volume reached some €580 million,
which makes 2014 the second strongest year in terms of investment
volumes since the 2008.. As usual, the most popular asset class was
office, generating 35% of the total volume, followed by retail with
29% and industrial with 13%. The remaining share is accounted for
by hotels and properties for redevelopment.
Based on the latest transactional evidence, the prime office yield
compressed by 20 bps and stands at 7.30%. Prime retail is at 7.25%
and prime logistics now stands at 9.25%. We expect a potential 25
bps compression in the latter two asset classes in the upcoming
quarters supported by the improving real estate environment and
investment activity.
According to our opinion, 2015 will see increasing interest for
Hungarian assets from international investors and local funds. We
also expect the National Bank to continue its real estate investment
programme. Based on the deal pipeline, we already foresee that the
average ticket size will significantly increase in 2015 and that some
landmark assets will be transacted, taking the transaction volume to
at least €750-800 million.
Promenada Mall from Raiffeisen Evolution for €148 million, making it
the largest single asset transaction in Bucharest ever.
Globalworth was the most active player on the office market in 2014.
The London Stock Exchange listed investment fund purchased BOB
and BOC office buildings together with 446 apartments and 25 retail
spaces in an adjacent residential project - Upground Towers, for
€210 million and Tower Center International, an office tower in the
CBD of Bucharest, for €58 million. Moreover, in Q4, the fund
announced the acquisition of Green Court Building A, the first office
development of Skanska in Romania, of Nusco Tower from the
Nusco family and of the Unicredit HQ.
The industrial segment is once again starting to attract the interest of
investors. The acquisition of Europolis Park from CA Immo for well
over ca.€100 million represents the largest industrial transaction ever
signed in Romania and a new market entry for P3, a specialist
owner, developer and manager of European logistics properties,
owned by Ivanhoe Cambridge and TPG.
An important new trend has been the sale of large portfolios of NPLs
by banks active in Romania. In total, almost €2 billion of gross book
value in loans partially collateralized by property was transacted and
further transactions are expected in 2015. It is expected that many of
the underlying assets will be offered for sale in the near future
increasing supply of secondary product.
In our view, prime office yields are at 8.00%, prime retail yields at
7.75% and prime logistics yields at 9.75%. Yields have compressed
slightly during the year, but no significant further compression is
expected until bank margins would drop considerably as the spread
in yields between Romania and more core CEE markets is currently
partially offset by the spread in bank margins, which is especially
affecting leveraged buyers.
Focus on Romania
Focus on Slovakia
The property investment volume in 2014 is estimated at
approximately €1.3 billion, the second highest annual figure ever
recorded, representing an increase of 285% compared with 2013.
This is a clear sign that Romania is back on the map of international
investors. The majority of deals were focused on Bucharest.
Slovakia's economic performance in 2014 was more balanced when
compared to previous years, as domestic demand rose at significant
pace. This led to significant economic improvement with estimated
GDP growth at 2.4%. Stronger economic growth was however
slowed down by limitations of the automotive industry and by EU
sanctions levied on Russia. Retail sales, new car registration and
consumer sentiment initiated an upward trend for private
consumption, which is boosted by lower unemployment levels,
growth in nominal wages by 5% and CPI inflation close to 0%.
Market volumes were dominated by retail transactions (around 41%)
The largest transaction was the purchase of 12 retail properties by
Auchan, which it anchors, in several cities across Romania, for a
price estimated at around €260 - 280 million. NEPI bought
COPYRIGHT © Jones Lang LaSalle IP, INC. 2015. All Rights Reserved
CEE Investment Market • 2014
Slovakia is forecasted to outperform the EU with 2.7% GDP growth
in 2015 and 3.4% in 2016.
The improving economy has also impacted the real estate market.
The investment volume in 2014 exceeded €610 million and was the
highest level recorded since 2005. The second half of 2014
recorded seven assets changing hands, however two transactions
alone accounted for almost 87% of the total investment volume. The
largest deal in 2014 was the sale of Eurovea by Irish developer
Ballymore Group to J&T Real Estate. The transaction included the
acquisition of a large retail gallery, office blocks and a Sheraton hotel
for a purchase price exceeding €365 million.
The second largest transaction was the sale of Aupark shopping
centre in Kosice, together with the adjacent office building, Aupark
Tower, in Slovakia’s second largest city. New Europe Property
Investment (NEPI) employed their South African capital in acquiring
the scheme or €165 million from HB Reavis The deal also included
the sale of a development plot in Kosice city centre .
In addition, Prologis acquired a smaller industrial scheme from
Heitman, as part of a portfolio transaction, supporting its presence in
Senec and Tatra Asset Management purchased Tesco in Skalica
from CSOB Property Fund.
In general, both smaller domestic investors and international players
have increased their appetite for higher yielding value-added
secondary products, even in smaller regional cities. Secondary
locations have started to attract international capital too. The gap in
pricing expectations between vendors and bidders has narrowed,
reflecting the willingness of both parties to align with market
conditions. Despite the large share of retail and mixed assets in the
2014 investment volumes, industrial assets are still attracting the
highest interest from the market when it comes to the number of
In alignment with the market situation in other parts of CEE, and as a
result of improving market conditions, yields are expected to
compress in Slovakia over the upcoming quarters. Our view on prime
yields has changed since H1 with Offices now standing at 7.00%,
Shopping Centres at 6.75% and Industrial and Logistics at 8.25%.
Focus on SEE
Although, the South Eastern European sub region is relatively
unexplored, its most active markets, such as Slovenia, Bulgaria and
Croatia, have seen more activity, especially in terms of retail and
office development, largely thanks to their EU memberships. While
Serbia and its capital Belgrade have the least developed market
among the aforementioned countries, there has recently been higher
interest recorded, especially from foreign investors, pointing out its
great potential. This has resulted in a recent joint venture conducted
between the City of Belgrade and Eagle Properties (part of the
Emaar Properties Group from the UAE) which puts the city in the
spotlight with one of the biggest projects in Europe “Belgrade on
Water”. The construction works are set to start during the second
quarter of 2015, although the preparation works and clearance of the
land for commencement of the project’s first phase have already
During the second half of the year, increased activity in terms of new
projects development as well as foreign and local investor’s interest
was noted. The highest investment activity was recorded in Serbia,
dominated by foreign investors. One of the country’s prime retail
assets, Kragujevac Plaza developed by Plaza Centers, was acquired
by New Europe Property Investments (NEPI) for a price of €38.6
million. Furthermore, Brussels based company MITISKA REIM has
acquired an 85% interest in the newly developed retail park in Sabac,
Capitol, developed by the Poseidon Group.
In addition, market activity in Bulgaria was influenced by local
investors and a Bulgarian Real Estate Fund has acquired building 1A
in Business Park Sofia for a price of €4.7 million. The Croatian
market however is witnessing a shift in investor interest from the
office and retail segment towards the hotel and hospitality segment.
The main issues that the respective countries are still facing, is the
lack of transparency in comparison to their neighbouring countries,
causing insecurity for potential investors. JLL’s Global Real Estate
Transparency Index results have shown that these markets have
noted positive shifts, which we believe will encourage institutional
investors to take advantage of opportunities from such emerging
countries. Serbia was among the top improvers in 2014 having
started their formal EU accession negotiations, which is pushing
through to structural reforms.
In the upcoming years, we expect a higher number of transactions of
income producing properties across the region. Our views on prime
office yields in the region are at 8.75% - 9.00%, with prime retail at
8.25% - 8.75% and prime logistics at 10% - 10.25%.
COPYRIGHT © Jones Lang LaSalle IP, INC. 2015. All Rights Reserved
CEE Investment Market • 2014
Key Deals – H2 2014
City, Country
Approx. Sale
(€ million)
Plac Unii
Warsaw, PL
Liebrecht & wooD / BBI
Warsaw, PL
Aberdeen (DEGI)
Deutsche Asset &
Wealth Management
Katowice BP, T-Mobile OP,
Łopuszańska BP
Warsaw, Katowice,
Łódź, Wrocław,
Gdańsk, PL
AEW Europe
Aviva Investors
Atrium European Real
Property Name
AEW Industrial Portfolio
Starwood Capital Group
Focus Mall
Bydgoszcz, PL
Quattro Business Park
Kraków, PL
Starwood Capital Group
Pramerica Panattoni Portfolio
Błonie, Czeladź,
Gliwice, Kraków, PL
Pramerica / Panattoni
Blackstone / Logicor
Hampton by Hilton
Warsaw, PL
S+B Group
Union Investment
Tesco Warehouse (BTS)
Gliwice, PL
ca. 48
Galeria Piła
Piła, PL
ca. 45
Rank Progress
Immofinanz Immobilien
Ambassador Office Building
Warsaw, PL
Kronos Capital
Hines REIT
Libra Business Centre (Bld B)
Warsaw, PL
ca. 36
Mermaid Properties
Vienna Insurance
Żerań Park I
Warsaw, PL
BPH Office Park
Gdańsk, PL
Javin Group
Jasna 26
Warsaw, PL
ca. 27
Mermaid Properties
Vienna Insurance
VGP Portfolio
Various, CZ
Business Park Rudna
Rudná, CZ
Slovanský dům
Prague 1, CZ
Futurum Hradec Králové
Hradec Králové, CZ
Heitman / GE / TK Development
Meyer Bergman
Diamant Building
Prague 1, CZ
Muller/Erste Bank
River Gardens
Prague 8, CZ
Panattoni Park Prague
Prague, CZ
Pramerica / Panattoni
Blackstone / Logicor
Galerie Nové Butovice
Prague 5, CZ
ING RE Finance
Polygon House
Prague 4, CZ
COPYRIGHT © Jones Lang LaSalle IP, INC. 2015. All Rights Reserved
CEE Investment Market • 2014
Property Name
City, Country
Approx. Sale
(€ million)
12 Units with adjacent
commercial galleries
Various, RO
260 - 280
Promenada Mall
Bucharest, RO
Raiffeisen Evolution
Europolis Park Bucharest
Bucharest, RO
CA Immo
Nusco Tower
Bucharest, RO
Green Court A
Bucharest, RO
Eiffel Palace
Budapest, HU
Horizon Development
National Bank of
Green House
Budapest, HU
Diófa REIM
Vision Towers North
Budapest, HU
Aupark Kosice
Kosice, SK
HB Reavis
City Business Center III, IV, V
Bratislava, SK
ca. 64
HB Reavis
Senec Distribution Centre
Senec, SK
Kragujevac Plaza
Kragujevac, SRB
ca. 38.5
Plaza Centers
Business Park Sofia 1A
Sofia, BG
ca. 4.7
Bluehouse Capital
Bulgarian Real Estate
Tatra Asset Management
Source: JLL, January 2015
COPYRIGHT © Jones Lang LaSalle IP, INC. 2015. All Rights Reserved
Troy Javaher
Head of Capital Markets - CEE
Jones Lang LaSalle
Kevin Turpin
Head of Research & Consultancy - CEE
Jones Lang LaSalle
+420 224 234 809
[email protected]
+420 224 234 809
[email protected]
Tomasz Trzoslo
Head of Capital Markets - Poland
Jones Lang LaSalle
Agata Sekula
Head of Retail Capital Markets - CEE
Jones Lang LaSalle
Stuart Jordan
Head of Capital Markets - Czech Republic
Jones Lang LaSalle
+48 22 318 0024
[email protected]
+48 22 318 0026
[email protected]
+420 224 234 809
[email protected]
Benjamin Perez-Ellischewitz
Head of Capital Markets - Hungary
Jones Lang LaSalle
Miroslav Barnas
Managing Director - Slovakia
Jones Lang LaSalle
Andrew Peirson
Managing Director - SEE
Jones Lang LaSalle
+36 1 802 6242
[email protected]
+421 259 20 99 12
[email protected]
+381 11 2200 101
[email protected]
CEE Investment Market – 2014
COPYRIGHT © Jones Lang LaSalle IP, INC. 2015. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of Jones
Lang LaSalle. It is based on material that we believe to be reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any warranty that it contains no factual errors. We would
like to be told of any such errors in order to correct them.