Club MeetingPrague, 28 February

Co-Era - How far can it go?

CEE club members gathered in Prague last Wednesday to talk about the emerging world of co-working, sharing their thoughts on its importance and how the phenomenon is reshaping the office asset class.

Joining our club members was Ed Owen from Wework, who shared an insight into the essence of this business model and where the company is seeing opportunities in the CEE market.

Discussion highlights: 

Discussion started with some statistics around the co-working world; it is estimated that worldwide 1.7 million people are already using co-working spaces. This figure is growing exceptionally fast in cities such as London with approx. 30% of London’s office market now co-working. The image of co-working is changing too; stats show that co-working is no longer only for start-ups, but big corporates and companies like Amazon, Facebook and banks are following suit and adopting the practice.

Very quickly members shared their thoughts on what co-working represents. The co-working model was compared to hotels (in the context of management contracts) and shopping centres (in the context of multiple tenants - some failing and some prospering) and how this presents a risk for real estate leaders. An investor mentioned that there is significant concern around the sustainability of the model during a downturn or crisis due to income of underlying the businesses, in contrast to the traditional leasing model.

Members agreed that the concept is still quite new to the CEE region and this explains the initial lack of distrust in the region. However, one member made the point that this will change with time; in the US the model experienced the same thing, and demand will be a key driver. In fact, it was suggested that millennials will make up 50% of the workforce by 2020 and 70% by 2030; the demand for coworking spaces will only increase as spaces look to humanise the way people work.

Participants exchanged views on potential threats to the model, from an increase in home-office working, to the multitude of factors that made co-working work, such as prime location and the type of workforce attached to that location; factors that are not necessarily guaranteed for some markets.

CEE Advisory Board
Michael AbelMichael AbelManaging DirectorTPG
Robert MartinRobert MartinFounding Partner, Head of Central EuropeEuropa Capital
Ramon SpoladoreRamon SpoladoreHead of Central Eastern EuropeGenerali Real Estate
Troy JavaherTroy JavaherManaging DirectorLincoln Property Company
Edgar RosenmayrEdgar RosenmayrManaging Director & CEOKULCZYK SILVERSTEIN PROPERTIES Sp. z o.o.
Árpád TorokÁrpád TorokCEOTriGranit Development Corporation
Patrick ZehetmayrPatrick ZehetmayrHead of Group RE FinancingErste Group Bank AG
Yannis DelikanakisYannis DelikanakisFounding PartnerBluehouse Capital
Marian HermanMarian HermanGroup CEOHB Reavis
Nebil SenmanNebil SenmanManaging PartnerGriffin Real Estate
Otis SpencerOtis SpencerManaging Director, asset managementPeakside Polonia Management sp. z.o.o.
Gábor FutóGábor FutóFounder & OwnerFutureal
Michael Abel
Managing Director
United Kingdom
Segment: Private Equity

Michael is a Managing Director and a member of TPG Real Estate’s Investment Committee and is based in London. He joined TPG from Europa Capital and started his career in the Private Equity Real Estate divisions of J.P.Morgan and Lehman Brothers. He holds a Diplome de Grande Ecole and MSc in Management from ESCP Europe, and speaks German, Spanish, English, Portuguese and French. He currently serves on the Board of Directors of TriGranit and A&O Hotels and Hostels.

Robert Martin
Founding Partner, Head of Central Europe
Europa Capital
United Kingdom
Robert is a Founding Partner of Europa Capital and is Head of Central Europe. He is responsible for investment origination, acquisition, and asset management across the Region and is a member of the Investment Committee for all Europa’s funds. Before starting Europa in 1998, Robert worked at St Quintin and Herring Baker Harris in London. He is a Member of the Royal Institution of Chartered Surveyors and has a BSc in Land Management from Reading University and a Masters of Business Administration (MBA).
Ramon Spoladore
Head of Central Eastern Europe
Generali Real Estate
Czech Republic
Ramon Spoladore has spent most of his professional career within the real estate investment department of the Generali Group, which he joined in 2002. Prior to taking up his new position, he had been Head of Investments and Asset Management at Generali Real Estate CEE for two and a half years, contributing to strengthening GRE in the region. An Italian citizen, Ramon holds a Degree in Business Administration from the University of Trieste, and a Master in Real Estate from Bocconi University in Milan.
Troy Javaher
Managing Director
Lincoln Property Company
United States
Segment: Developer /Investor
Mr. Troy Javaher is currently Managing Director of European operations for Lincoln Property Company. Lincoln Property Company (LPC) was founded in Dallas in 1965 and has developed more than 12.6 million square meters of commercial projects and 212,000 multi-family units at a total cost of over $30 billion. An American national, Troy Javaher was previously the Head of Capital Markets for Central and Eastern Europe for JLL. He has a Masters in Real Estate from Columbia University in New York and has professional work experience in the region since 1998.
Edgar Rosenmayr
Managing Director & CEO
Árpád Torok
TriGranit Development Corporation
Segment: Real Estate Platform
Árpád has been in the international real-estate business for more than 2 decades, more than 15 years with TriGranit. Previously held senior management positions at Cushman & Wakefield in Europe. Was appointed to CEO of TriGranit in 2009, the company has since succeeded to obtain over 1 billion Euros in financing and refinancing to develop around 950,000 m² of projects completed or currently under construction. TriGranit - one of the largest fully integrated real estate investment, development and management platforms in CE.
Patrick Zehetmayr
Head of Group RE Financing
Erste Group Bank AG
Patrick Zehetmayr is Managing Director and heading the division Real Estate Client Coverage for Erste Group Immorent AG. Erste Group Immorent is the specialist for commercial real estate and infrastructure financing as well as property development within
Yannis Delikanakis
Founding Partner
Bluehouse Capital

Founding Partner. Bluehouse Capital is a private equity investment management firm with a focus in the property markets of Emerging Europe, which include Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania and Serbia, operating through its local offices in the region. Prior to this, Mr. Delikanakis served for five years as the General Manager of real estate for the Technical Olympic Group and as Executive Vice President and Executive Vice Chairman of the NYSE-listed homebuilder Technical Olympic USA, Inc. Mr. Delikanakis is a graduate of the Advanced Management Development Program in RE from Harvard University and holds a M.Sc. in project management from the University of Texas at Austin.

Marian Herman
Group CEO
HB Reavis

Marian Herman is the Chief Financial Officer and Member of the Management Board of HB Reavis Group, responsible for all of the company’s finance-related activities including debt financing, divestments, investment management, budgeting, controlling and accounting. He joined HB Reavis in 2010 as Head of Investment Management & Divestments. In this role he was responsible for the Group’s M&A and divestment activities across all markets, having successfully concluded over €1bn of commercial RE deals. Marian has over 18 years of experience in investment management and investment banking. Prior to joining HB Reavis, he had been working for over 10 years in London for RREEF Infrastructure, Deutsche Bank and ING Group.

Nebil Senman
Managing Partner
Griffin Real Estate
Segment: Investor
Nebil Senman is a Managing Partner of Griffin Real Estate, a leading and dynamically-growing investment group operating in CEE's commercial real estate market. Previously, Nebil held positions for nine years as Senior Vice President and Supervisory Board Member of Oaktree’s German and Polish real estate funds and operations worth several billion Euro. Before joining Oaktree, Nebil spent eight years within the real estate advisory and corporate finance division at Ernst & Young Real Estate (previously Arthur Andersen) where he held different managerial positions. Nebil is a graduate of universities in Berlin, Paris (ESCP-EAP) and London. He holds an MBA and a degree in civil engineering, and a post-graduate diploma in real estate management.
Otis Spencer
Managing Director, asset management
Peakside Polonia Management sp. z.o.o.
Gábor Futó
Founder & Owner
Segment: Development Partner
Gabor Futo is founder of Futureal Group. Under his leadership Futureal has become one of the leading real estate developer and investor in the CEE region with a team of over 300 top professionals and with project pipeline of over 1.6 billion Euro, including more than 6,000 residential units and over 500,000 sqm of commercial space. Cordia, its residential arm, is the number one residential developer in Hungary and is also active in Poland, Romania, Germany and the USA.

  Wednesday, 28 February

09:00 - 09:45    Registration / Arrival

09:45 - 11:00    Discussion

11:00 - 12:00    Parting Refreshments


Membership is by invitation and reserved exclusively for investors, lenders and developers*. 

Qualified individuals (C / Director Level) that believe they could benefit from being part of such a global community are welcome to further details.

If you want to find out on how to become a club member get in touch with Svetlana Fedosova.

*Some leniency is given to those outside this category up to a maximum of 10% ratio of the Club.

Svetlana Fedosova

Svetlana Fedosova

Club Director

+ 44 (0)20 7121 5098

+ 44 (0) 7564 09 7070

[email protected]
Svetlana Fedosova
+ 44 (0)20 7121 5098 / + 44 (0) 7564 09 7070
Club Director
GRI Club

Club Partner

First Title Insurance

First Title Insurance

First Title Insurance plc is a UK regulated insurer, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, which commands excellent* financial security ratings from all of the major agencies and is authorised and regulated to issue policies in England & Wales, Scotland, Northern Ireland, the Republic of Ireland and many other European countries.

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