GE Real Estate Central and Eastern Europe (GE Real Estate) expects to announce several acquisitions in Russia in the first quarter of 2008, company officials told Interfax. “We hope to announce two to three deals in Russia in the coming months,” Managing Director Karim Habra told Interfax, adding that these would be most likely warehouse and retail schemes. GE Real Estate entered Russia in October with a USD 50 million investment in Heitman Russia Property Partners, a new fund which will have USD 150 million in equity.
“Industrial rents in Russia are at peak and will go down in two to three months,” said GE Real Estate head of business development Christopher Zeuner, adding that he sees room for further rental growth of retail rents but not much room for growth of office rents in Russia. Among the biggest challenges in Russia is to find strong partners and the risk of corruption, Zeuner said. While the company is still monitoring the Baltic countries for possible expansion, Estonia, Latvia, and Lithuania are “small markets” Zeuner added.
source: bulgarianpropertyagent.com
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