Tuesday, 20 October 2026
Property investment across Central and Eastern Europe is becoming increasingly international as investment funds and real estate companies from Czechia, Hungary and Slovakia acquire commercial buildings beyond their home markets. The movement reflects growing investment resources, greater competition for established properties and efforts to diversify portfolios across several countries. Poland has emerged as a particularly important destination, while Romania is attracting more capital from neighbouring markets.
Czech investors remain among the region’s most influential buyers. Knight Frank research indicates that Czech capital accounted for approximately 24% of commercial property investment in Poland during 2025, representing around €1.05 billion. This exceeded the shares attributed to domestic Polish and American investors, demonstrating the importance of Czech buyers in one of Europe’s largest regional property markets. The figures cover Czech investment capital generally, rather than property funds alone.
The expansion has been supported by renewed investment in Czech property funds. Cushman & Wakefield estimates that funds accepting retail investors received approximately €100 million to €150 million in monthly subscriptions during 2025. When combined with borrowing, these inflows could support annual property acquisitions approaching €4 billion. This represents potential purchasing capacity rather than completed investment, but illustrates the financial resources available to Czech-managed funds.
Finding suitable buildings in the Czech Republic is becoming more challenging. Research published by Cushman & Wakefield in September 2026 identified limited availability of established commercial properties as a constraint on investment activity. Competition for buildings with reliable tenants and attractive rental income is encouraging investment managers to consider acquisitions in neighbouring markets, where opportunities may offer different pricing and growth prospects.
Hungarian investors are also extending their international presence. In March 2026, Shopper Park Plus completed the acquisition of eight retail properties in Poland for approximately €195 million. The portfolio provides around 208,000 sqm of commercial accommodation, with Auchan remaining an important occupier. The transaction strengthened the company’s position in Central Europe’s retail property market and demonstrated the ability of Hungarian investment platforms to undertake substantial acquisitions abroad.
Hungarian-managed capital has also become more visible in Romania. Investment funds managed by Gránit Asset Management acquired both buildings within Bucharest’s Equilibrium office development through separate transactions. The first building was purchased from Skanska in 2025 for €52 million, followed by the acquisition of the second property in January 2026. Together, the buildings provide approximately 41,000 sqm of office space, establishing a significant investment position in the Romanian capital.
Slovak property funds are expanding internationally on a smaller scale. In 2026, ERSTE Realitná Renta, managed by Erste Asset Management, acquired CBPI Park Liberec in the Czech Republic. The industrial property comprises three buildings with approximately 38,300 sqm of leasable space and was fully occupied when the transaction was completed. The acquisition represented the fund’s first investment in Czech commercial real estate and illustrates the increasing movement of investment capital between neighbouring markets.
IAD Investments has also developed an international property portfolio, including investments in Hungary and Poland. In February 2026, the Slovak investment manager introduced a Czech koruna investment class for its Prvý realitný fond, broadening access for investors seeking exposure through Czech currency. The development highlights another aspect of international expansion, with investment managers seeking capital from neighbouring countries alongside opportunities to acquire properties abroad.
Romanian property companies are beginning to pursue international opportunities, although their activities remain less extensive than those of established Czech and Hungarian investment platforms. In March 2026, One United Properties acquired residential development land in Franklin, Tennessee, near Nashville, marking its entry into the United States. The Romanian-listed developer intends to develop a residential project incorporating townhouses and supporting facilities. While this represents an important international investment, the company’s development-focused business model differs from that of conventional commercial property funds.
Poland continues to attract substantial investment from both regional and international buyers. Cushman & Wakefield reported approximately €3.1 billion of commercial property transactions during the first half of 2026, making Poland the largest investment market among the seven Central and Eastern European countries included in its research. The country’s scale, established commercial property sectors and availability of investment opportunities have made it an important destination for capital originating elsewhere in Europe.
Competition is also increasing across the wider region. Commercial property investment in the seven markets monitored by Cushman & Wakefield reached approximately €5.4 billion during the first half of 2026. Investors originating within Central and Eastern Europe accounted for 55% of transactions, down from 64.8% a year earlier. Meanwhile, Western European capital increased its share from 12.8% to 22.7%, indicating renewed international interest in regional commercial property.
The increasing movement of investment capital between countries is creating opportunities for portfolio diversification, but also introduces additional financial and operational considerations. Investors must assess local property regulations, taxation, tenant demand, financing costs and currency exposure. Strong competition for established assets can increase purchase prices and reduce future income returns, particularly where investment managers are seeking to deploy substantial amounts of newly raised capital.
The latest acquisitions demonstrate that Central European investors are developing a broader international presence, although the scale of activity varies considerably. Czech investors have established substantial positions in neighbouring markets, Hungarian investment companies are completing major retail and office acquisitions, and Slovak funds are gradually expanding beyond their domestic portfolios. Romanian property businesses are beginning to explore international development, while Poland remains a major destination for investment capital.
Looking towards 2027, the availability of suitable properties is likely to play an increasingly important role in determining where regional investment managers deploy their capital. With competition from both domestic and Western European buyers strengthening, successful international expansion will depend less on the amount of money available and more on the ability to acquire properties at sustainable valuations while maintaining reliable income and manageable financing costs.
Source: CIJ.World Research & Analysis Team
