Real estate investment turnover in Central and Eastern Europe reached €1.2bn (£1bn) in the first two months of 2011.
Research released today by CB Richard Ellis said the figure includes the purchase of Oesterreichische Volksbanken AG’s Europolis real estate unit by CA Immobilien Anlagen AG, one of the largest property companies in Austria.
The deal was announced during summer 2010 but officially completed in January 2011.
CBRE added that after a period of illiquidity following the global economic downturn, transaction activity outside Central Europe has started to re-emerge.
Croatia, Bulgaria and Romania have seen a return of institutional investors and transactions.
Jos Tromp, head of CEE research and consultancy at CBRE, said: “We foresee further increases in property investment volumes in CEE in 2011; however, the availability of quality product across the region is expected to be a key constraint on activity.
“In line with CA Immo’s purchase of Europolis, additional corporate acquisitions may push investment volumes up further.”
nathan.cross@estatesgazette.com
