Catella European Residential III Acquires 192-Unit Residential Complex in Vienna

Catella Investment Management (CIM) has completed the acquisition of a residential complex in Vienna’s 21st district, Floridsdorf, on behalf of its Article 9 fund, Catella European Residential III (CER III). The property, built in 2014, consists of three fully-let buildings with a total of 192 apartments and approximately 15,900 square meters of gross living space.

The apartments range in size from 53 to 127 square meters, averaging 83 square meters, and each unit features a private garden or balcony, parquet flooring, and external blinds. The buildings are classified in energy efficiency class B (HWB) and are heated through district heating. A solar thermal system installed on the roof contributes to hot water production.

Michael Keune, Managing Director of CIM, said the acquisition reflects the fund’s commitment to affordable, sustainable housing: “With CER III, we are investing in affordable and modern residential projects in European growth regions. This asset class has proven to be highly resilient, even in challenging market conditions, while providing much-needed rental housing. Alongside social aspects, ecological criteria are central to the fund. Around half of Vienna’s district heating is already generated from industrial waste heat, biomass, geothermal energy, or ambient heat, and the city aims to achieve a fully climate-neutral district heating supply by 2040.”

Benjamin Rüther, Head of Fund Management at CIM, emphasized the appeal of the property: “The complex offers efficient layouts, modern amenities, a communal area, and a children’s playground. It is situated in a green, family-friendly area with good local infrastructure and schools, ensuring residents enjoy a high quality of life in an attractive location.”

Floridsdorf benefits from strong transport links, with bus connections, nearby underground stations, and Siemensstraße S-Bahn station within walking distance. The city center can be reached in about 30 minutes by public transport, while proximity to the S2 and A22 motorways ensures good road connections to Vienna’s wider metropolitan region.

Launched in 2019, CER III invests in residential properties with high energy standards and affordable rents across European growth markets, including Germany, Austria, the Benelux countries, France, Scandinavia, Spain, and the UK. The fund currently manages assets worth around €1 billion.

Federal Reserve Cuts Rates by Quarter Point, Signals More Easing as Labor Market Weakens

The U.S. Federal Reserve cut its benchmark interest rate by 25 basis points on Wednesday, lowering the federal funds target range to 4.00–4.25 percent. The move marks the central bank’s first rate reduction of the year and reflects growing concerns about a cooling labor market and persistent strains in the housing sector. Policymakers also signaled that further cuts are likely before the end of 2025.

The decision comes at a time when the U.S. economy is showing mixed signals. Inflation remains elevated, with consumer prices rising about 2.9 percent year on year in August, while core inflation, which excludes volatile food and energy components, continues to hover above 3 percent. Shelter costs remain a key driver of price pressures, keeping overall inflation above the Fed’s long-term target of 2 percent. Yet the central bank has shifted its focus toward risks in employment, noting that hiring has slowed sharply, layoffs are rising, and long-term joblessness is becoming more entrenched. In August, the U.S. economy added just 22,000 jobs, the weakest figure in several years, while initial jobless claims reached 263,000 in early September, their highest level in nearly four years.

Federal Reserve Chair Jerome Powell described the cut as a “risk management” move designed to stabilize the labor market while maintaining vigilance on inflation. Projections released in the Fed’s latest Summary of Economic Projections show that most officials anticipate at least two more quarter-point reductions this year, a signal that monetary policy is entering an easing cycle after a long period of restrictive settings. However, the Fed remains cautious. According to the projections, policymakers expect real GDP to grow by just 1.6 percent in 2025, with a modest pickup to 1.8 percent in 2026. Unemployment is projected to rise slightly to 4.5 percent this year before edging down toward 4.2 percent over the medium term. Inflation is forecast to decline gradually, with overall PCE inflation at 3.0 percent in 2025, easing toward 2.5 percent by 2027, but only converging slowly to the Fed’s 2 percent goal.

The housing market, one of the most interest-rate-sensitive sectors of the economy, remains under significant pressure. Mortgage rates have declined modestly to about 6.35 percent for a 30-year fixed loan, their lowest level in nearly a year, sparking a surge in refinancing applications. But affordability remains stretched, with home price growth slowing to just 1.4 percent year on year in July and new listings up by more than 25 percent compared to last year. Builders have increasingly resorted to price cuts, with nearly four in ten reporting reductions in September, the highest share in over five years. Analysts warn that while the rate cut may offer some relief to borrowers, it is unlikely to generate a strong rebound in housing without a more substantial easing of financing conditions.

Financial markets reacted cautiously to the announcement. Equities initially gained but later traded mixed as investors weighed the Fed’s dovish tilt against the persistence of inflationary pressures. Treasury yields slipped, reflecting expectations of further monetary easing, but some traders remain skeptical about how aggressive the Fed can be in cutting rates without risking a resurgence of inflation.

The balancing act facing the Federal Reserve is delicate. By prioritizing labor market stability while inflation remains above target, the central bank is signaling a readiness to act preemptively against rising unemployment. At the same time, the projections underline that rate cuts will likely be gradual, with the federal funds rate expected to remain above 3.5 percent at the end of this year and ease only modestly thereafter. The message from policymakers is clear: while the path of interest rates is turning downward, the Fed is determined to avoid undermining hard-won progress on inflation as it navigates an uncertain economic outlook.

Source: comp.

KINGSTONE Real Estate Expands Presence in Poland with Key Appointments

fletcher@cijeurope.com
18 September 2025
Jobs

KINGSTONE Real Estate has announced the expansion of its operations in Poland, reinforcing its local team with two senior appointments. Pawel Sobolewski has been named Managing Director of KINGSTONE RE Poland, while Magdalena Ruta will take on the role of Head of Asset Management Poland.

Sobolewski, who has been with KINGSTONE since 2023 as Head of Fund Management in Germany, will continue in that position while also driving the firm’s business development in Poland. He brings expertise in fund management, acquisitions, investment structuring, and financing. Ruta, an experienced real estate professional with an extensive background in international investment firms, will oversee asset management in Poland, supported by her strong knowledge of the domestic market and wide professional network.

Poland is regarded as one of Europe’s fastest-growing economies and has become an increasingly attractive destination for international investors. Strong fundamentals in the logistics and office markets, combined with the growing demand for rental housing, are creating opportunities for institutional capital. While homeownership has traditionally dominated the housing sector, demand for rental apartments is on the rise, leaving significant room for growth in professionally managed residential assets.

Commenting on the expansion, Sobolewski said: “Poland is one of the most exciting markets in Europe, supported by strong economic growth, a young population, and a dynamic property sector. Many international investors still view the market as complex and non-transparent, which is where our local expertise and direct market access add value. At the same time, we ensure international standards in reporting, structuring, and asset management through our European platform.”

Philipp Schomberg, Executive Partner and co-founder of KINGSTONE Real Estate, added: “We already work with a number of cross-border investors in Poland and see increasing interest, particularly from foreign players. By expanding our team, we are well-positioned to meet this growing demand with a combination of local presence and institutional professionalism.”

Swiss Life Asset Managers Appoints Britta Roden as Head of Research Real Assets

fletcher@cijeurope.com
18 September 2025
Jobs

Swiss Life Asset Managers has announced the appointment of Britta Roden as Head of Research Real Assets, effective 1 October 2025. In her new role, Roden will oversee research activities across all countries and focus on strengthening the firm’s expertise in real estate and infrastructure analysis.

Roden will report directly to Marc Brütsch, Chief Economist at Swiss Life, and will work closely with the sales team to enhance the positioning of the company’s research capabilities among institutional investors across Europe.

“I am delighted that we have been able to recruit Britta Roden, a proven and experienced expert, to head up the Real Assets Research division,” said Brütsch. “Her in-depth knowledge of real estate and infrastructure research will support our strategic direction and underline the importance of high-quality research in making sound investment decisions.”

With more than two decades of experience, Roden has held senior research roles at institutions including KGAL, Jones Lang LaSalle, Invesco, WestImmo, bulwiengesa, and Münchener Hypothekenbank. She holds a Bachelor’s degree in Quantitative Economics and a Master’s degree in Economics from Tufts University in Boston and is an active member of the Royal Institution of Chartered Surveyors (RICS).

Commenting on her appointment, Roden said: “I am delighted to be able to contribute my expertise to Swiss Life Asset Managers and to lead an international research team that I greatly value. This role allows me to bring together my career experience in real estate and infrastructure research within a European context.”

Weak Defamation and Harassment Claims Can Backfire, UK Judgments Show

Two recent High Court judgments—Clarke v Guardian [2025] EWHC 2193 (KB) and Sledziewski & Anor v Persons Unknown & Anor [2024] EWHC 1955 (KB)—underscore how defamation or harassment claims without strong evidence can lead not only to dismissal but to increased reputational exposure for claimants.

In Clarke v Guardian, Noel Clarke’s defamation claim against The Guardian was dismissed on 22 August 2025. The Court found in favour of the defendant on both the truth defence (Section 2 of the Defamation Act 2013) and the public interest defence (Section 4). The first article, published 29 April 2021, alleging sexual harassment, bullying, and other misconduct by Clarke, was held to be substantially true on the basis of evidence provided by 26 oral witnesses and additional written testimonies. Because the claimant’s case required calling into question the credibility and veracity of nearly all 29 of the defendant’s witnesses, a theory of conspiracy or mass falsehood that the Court found “inherently implausible,” the truth defence succeeded. The judgment also emphasised that many of Clarke’s witnesses could not attest to specific conduct, scheduling of testimony or timely submission of hearsay evidence was problematic, and several absent witnesses reduced the strength of his case. The Court further concluded that The Guardian’s belief that publication was in the public interest was reasonable, given thorough journalistic verification, offering Clarke opportunity to respond, and careful editorial presentation. (§ Truth defence findings, serious harm requirement, public interest defence).

In Sledziewski & Anor v Persons Unknown, the claimants included a company manufacturing plaster coving products and its director. They alleged that individuals running YouTube channels had posted videos and commentary, and sent emails, amounting to harassment under the Protection from Harassment Act 1997. The defendants responded that their conduct, though harsh in tone, remained within the scope of free expression and did not reach the legal threshold of “unacceptable and oppressive” behaviour required for harassment. The Court agreed, holding that while some remarks were baseless and provocative, they did not amount to the sort of conduct that the law treats as harassment. The judgment noted that publication involving criticism or citizen journalism faces particularly high scrutiny under freedom of expression (Article 10 of the European Convention on Human Rights).

Both cases illustrate legal principles repeatedly affirmed in recent UK case law: that in defamation actions, meeting the serious harm requirement under Section 1 of the Defamation Act 2013 is essential for each publication complained of; that truth and public interest defences can succeed if the defendant demonstrates robust evidence and process; and that in harassment cases, freedom of expression is a strong counterbalance. Weak claims—those lacking direct evidence, having procedural failings, or relying heavily on character rather than specific conduct—are at risk not only of being dismissed but of further reputational damage as judicial findings may affirm the underlying allegations. They also show that litigation intended to protect reputation may succeed less often than is assumed, and that claimants must carefully assess strength of evidence, the risk of cross-examination, and public interest before initiating defamation or harassment proceedings.

Source: CMS

EU Pay Transparency Directive to Expand Employer Obligations from Mid-2026

The European Union’s new Pay Transparency Directive (Directive (EU) 2023/970) will require Member States to adopt stronger reporting, disclosure and legal obligations aimed at reducing gender pay gaps. With national transposition due by 7 June 2026, the Directive sets out new rights for employees, stronger obligations on employers, and more robust enforcement mechanisms.

Under the Directive, employers with 100 or more employees will need to report on average pay by gender for comparable work, broken down into categories such as job roles or “work of equal value.” The Directive also requires employers to disclose criteria used in pay setting, and to enable employees and job applicants to request information on pay, including bonuses, benefits and other allowances.

When gender pay gaps larger than 5 percent are found without objective, gender-neutral justification and not remedied within six months, the employer must undertake a joint pay assessment with representatives of employees to diagnose root causes and agree remedial actions.

Enforcement of the Directive is expected to include dissuasive sanctions. Member States must ensure penalties for non compliance, potentially including fines, exclusion from public procurement and compensation for affected workers. In addition, the burden of proof in pay discrimination cases will shift from the employee to the employer.

Though the Directive takes effect across the EU, it does not apply directly in the UK, which has its own pay gap reporting rules. UK employers with operations in the EU will need to comply with the Directive for their EU-based operations. Meanwhile, UK legislation is also evolving; proposals under the new Employment Rights Bill would require employers with 250 or more employees to publish action plans to address gender pay gaps.

Challenges remain for organizations preparing for implementation. Many companies, especially those below existing thresholds, are uncertain about definitions of “work of equal value,” criteria for pay comparisons, and how to handle variable pay and benefits in reporting. There are also concerns over data privacy and ensuring that reports do not allow identification of individuals in small employee groups.

Legal experts advise firms to audit current pay structures, prepare internal data and reporting systems, engage employee representatives, and monitor national legislation as it is introduced. Several Member States are already drafting or implementing national laws to align with the Directive.

Source: CMS

Czech Wages Rise 4.25% in 2025, Logistics Leads Growth but Regional Gaps Remain

fletcher@cijeurope.com
17 September 2025
Jobs

Wages in the Czech Republic are growing at an average pace of 4.25 percent this year, according to the latest survey by Grafton Recruitment. The strongest increases are being recorded in the logistics sector, where pay has risen by nearly eight percent, followed by pharmacy and healthcare with growth of just over five percent. At the other end of the scale, wages in administration, human resources, and information technology have grown more slowly, at around 3.2 percent, with IT showing signs of reaching a plateau after years of steady increases.

The survey highlights a labour market that remains tight despite global uncertainty. Inflation in the Czech Republic was measured at 2.5 percent year-on-year in August, which means wage growth is still translating into modest real gains for employees. Unemployment is around 4.5 percent, leaving many companies struggling to fill positions. Manufacturing, logistics, and service providers report the greatest difficulties, often due to the demanding nature of shift work and limited flexibility, combined with pressure to control costs.

Recruitment specialists note that high staff turnover continues to challenge employers. Many workers are prepared to leave their jobs for relatively small salary increases or better benefits offered by competitors. While two-thirds of companies surveyed say they would attempt to retain staff by raising pay by five to ten percent, only a minority of employees are persuaded to stay once they have decided to move. Some firms resist raising wages to avoid triggering wider demands across their workforce, but experts point out that the cost of recruiting and training new staff is usually higher than retaining experienced employees.

The survey also shows a gap between what workers expect and what companies provide in terms of benefits. While almost all employees now say financial benefits are important, fewer than two-thirds of office workers receive them, and the proportion is lower still for manual labourers. This mismatch continues to fuel dissatisfaction in parts of the workforce.

Regional disparities add another layer of complexity. Prague and the Central Bohemian Region remain the most competitive areas, with employers frequently negotiating individually with candidates to secure staff. In regions such as Karlovy Vary, Ústí nad Labem, and Moravian-Silesian, companies face shortages of specialists, often linked to migration of skilled workers to other parts of the country or abroad.

Data from the Czech Statistical Office show that in the second quarter of 2025 the average gross monthly wage rose by 7.8 percent year-on-year to CZK 49,402. Adjusted for inflation of 5.3 percent in the same period, this equates to real wage growth of around 2.5 percent. Experts also point out that while average gross wages remain below pre-pandemic levels, net wages are at record highs thanks to tax changes introduced in recent years.

Compared with neighbouring countries, Czech wage growth is moderate. In Poland, wages in the enterprise sector rose by around nine percent year-on-year in mid-2025, driven by strong demand in logistics, transport, and energy. Inflation there remains higher than in the Czech Republic, however, which reduces the real impact of those nominal gains. Slovakia is seeing steady but slower growth, with salaries generally lower than in Czechia but rising most strongly in logistics and industrial roles. The gap between Prague and Bratislava is narrower when adjusted for living costs.

Austria, by contrast, remains one of the highest-wage economies in Central Europe, with average gross monthly earnings above €4,300 in 2025. Wage growth has been slower than in its eastern neighbours, at around 3 percent this year, but the higher base means Austria continues to attract skilled labour from across the region. Hungary, meanwhile, reports wage growth of about 8.5 percent in the first half of 2025, among the highest in the EU. Strong increases in minimum wages and state-driven pay agreements are driving the trend, but inflation—still above 5 percent—erodes some of the benefits. Sectors such as automotive and logistics are leading the gains, although labour shortages are common across the economy.

Taken together, the picture shows a Czech economy where wages are rising more slowly than in Poland and Hungary but faster than in Austria. Real incomes are improving modestly, but regional disparities and sectoral gaps remain a challenge. Employers continue to struggle to balance wage demands with competitiveness, and without further structural reforms in housing, training, and labour mobility, the pressures in the Czech labour market are likely to persist.

Kulhánek: Lack of Housing Policy and EU Rules Deepened Czech Housing Crisis

Minister for Regional Development Petr Kulhánek (STAN) said today that the affordability of housing in the Czech Republic has been made worse by two decades of inaction and by restrictions linked to the country’s 2004 accession to the European Union. Speaking at the For Arch trade fair in Prague, he noted that EU rules at the time prevented the use of public funds for housing construction, a limitation that has only recently been lifted.

According to Kulhánek, the turnaround began last year when the Ministry of Regional Development introduced a programme to support the construction of municipal and affordable rental housing. The scheme, originally launched under former minister Ivan Bartoš (Pirates), provides municipalities, organisations and private investors with preferential loans and subsidies. For 2025, CZK 7 billion has been earmarked from the state budget for this purpose.

He added that the European Commission has also approved the use of EU funds for housing construction in the Czech Republic, provided that projects demonstrate they do not distort market competition and that the social benefits outweigh potential risks. This notification process, completed earlier this year, has opened the way for state-supported residential construction after a 20-year gap.

“The trend of housing affordability is turning. A lot has been done in the last year and a half. There are significantly more tools to increase availability. If continuity is maintained and if future governments continue with this set of interconnected measures, we will see significant improvement within a decade,” Kulhánek told the conference.

Industry voices at the event pointed to persistent bottlenecks in planning and permitting. Petr Palička, director of EP Real Estate, said long zoning changes and the complexity of building permit procedures remain key obstacles. “The construction itself turns out to be the simplest of the whole process, but the zoning planning and the building permit process is very complicated,” Palička said. He added that the number of parties allowed to comment on projects significantly extends the approval process.

Kulhánek cautioned that it is unrealistic to expect apartment prices to fall, but argued that increased supply could slow price growth. He also underlined the need to develop rental housing alongside owner-occupied units.

Market data suggests that demand is being driven both by investors and by individual buyers. Palička noted that around half of newly completed apartments are purchased by investors, often without mortgages, while the rest are bought by households either for their own use, for their children, or as rental investments. Unlike in some markets, he said, speculative purchases of empty flats held solely for price appreciation are not widespread in the Czech Republic.

Source: CTK

Compu Dynamics Modular Launches AI-Focused Data Center Platforms

Compu Dynamics Modular (CDM), the modular division of Compu Dynamics, has announced the launch of two new modular data center platforms designed to meet the growing demands of artificial intelligence workloads and edge computing. The company says the systems are built to address capacity density, speed of deployment, and scalability, areas where many traditional facilities are struggling as AI adoption accelerates.

The new products, branded as the CDM L Series and CDM I Series, are intended for different ends of the market. The L Series is positioned for high-density AI learning and training workloads, while the I Series is designed for inference tasks and edge deployments. Both are prefabricated modules that integrate power, cooling, and connectivity, and can be expanded in phases depending on demand.

Company executives argue that the platforms reflect two decades of experience in data center design and construction, with an emphasis on flexibility and vendor neutrality. The modular systems are manufactured in the United States and allow integration with different IT hardware providers without tying customers to a single supplier.

The launch comes at a time when data center operators worldwide are under pressure to adapt to the surging power and cooling requirements of AI. Industry benchmarks suggest that while conventional facilities operate at an average rack density of around 12 to 15 kilowatts, advanced AI and hyperscale applications increasingly require 40 to 100 kilowatts or more per rack. Analysts note that this trend is pushing operators toward hybrid air-liquid cooling and modular build-outs, which can be delivered faster than traditional construction.

Compu Dynamics Modular has not yet disclosed performance metrics from live installations of the new platforms. Independent verification of rack densities or megawatt capacities will likely follow as the systems are deployed with customers. At present, the specifications remain based on design projections rather than published case studies.

The modular approach is gaining traction across the industry as demand for AI capacity strains existing supply. Prefabricated facilities can shorten delivery timelines and provide operators with the ability to scale quickly while controlling costs. Compu Dynamics joins a growing field of companies—ranging from hyperscale providers to specialist modular builders—positioning their products as a solution to what many consider the infrastructure bottleneck of the AI era.

Colliers Brokers Lease Expansion for NIKA Logistics at DMC Pardubice

Colliers has facilitated the renewal and expansion of NIKA Logistics’ lease agreement at the DMC Pardubice complex, increasing the company’s total occupied area to 13,828 square metres. The site, located in eastern Bohemia, offers established infrastructure and direct access to key transport routes.

The agreement covers the renewal of 11,593 square metres of warehouse space and 184 square metres of offices, with an additional 2,051 square metres of warehouse capacity added through the expansion. The project investor is Star Capital Finance, while Demaco, a developer and general contractor specialising in industrial and logistics real estate, is responsible for construction. Demaco confirmed that the expansion required relocating existing networks and integrating the new section with the operational facility, but the works were completed on schedule. The company is also investing in energy infrastructure at the park, including a new switching station and a modernised distribution system to accommodate further growth, supported by an existing building permit for an additional 14,500-square-metre hall.

Colliers advised NIKA Logistics throughout the transaction, negotiating revised lease terms and securing conditions for the expansion. According to the company, the agreement reflects the growing demand for long-term logistics space in established hubs.

NIKA Logistics, part of Šmídl Holding, will use the expanded premises to increase service capacity. The Černá za Bory location, on the outskirts of Pardubice, enables the operator to avoid city-centre traffic while offering capacity for up to 12,000 pallet spaces.

The expansion is notable in the context of a constrained regional warehouse market, where the supply of modern logistics space in Pardubice remains limited. For tenants seeking additional capacity, extending within existing facilities provides continuity of operations while addressing immediate space requirements.

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