PAMERA Real Estate Group increases assets under management to over €2 billion

The real estate family and investment office PAMERA Real Estate Group reported positive results for the 2025 financial year. Despite a still-challenging market environment, the company continued to pursue a countercyclical investment strategy, acquiring properties in Germany and the United States with a total transaction volume of more than €300 million.

Growth was supported not only by acquisitions but also by new asset management mandates. Over the course of the year, assets under management increased to nearly 100 properties, comprising around 440,000 sq m of rental space, with a total value exceeding €2 billion.

Expansion in the US remained a key contributor. Since the establishment of PAMERA North America LLC in 2024, the group has acquired properties with a combined value of more than USD 440 million in the metropolitan areas of New York, Raleigh and Denver. All assets are managed locally by PAMERA’s team based in New York City.

Looking ahead to 2026, PAMERA plans to continue using the current market conditions for selective, countercyclical investments, with a continued focus on North America alongside opportunities in Germany. Managing partners Christoph Zapp and Karl Groß von Trockau said that recent market volatility continues to present entry opportunities for well-capitalised investors with strong local expertise, supporting further acquisitions and organic growth.

The company also plans to open an additional German office in Leipzig in March 2026. This will become PAMERA’s fourth location in Germany, alongside Frankfurt and Berlin, complementing its existing presence in Munich and New York City.

PAMERA stated that its combination of investment and asset management capabilities, together with its local operating structure, positions the group to continue managing and developing its portfolio in line with long-term investor objectives.

Poland at a Security Crossroads: The Greenland Dispute

Amid the growing dispute over the future of Greenland, Polish authorities are calling for caution and calm. Poland has officially stated that it has no plans to deploy troops to Greenland, despite several NATO countries deciding to send small contingents as part of the Arctic Endurance exercise. The eight participating countries issued a joint statement emphasizing their support for Denmark’s sovereignty and Greenland’s territorial integrity, as well as their opposition to the threat of tariffs that could harm transatlantic relations.

Prime Minister Donald Tusk assured that Poland has no intention of committing troops to the Arctic, arguing that this is neither the time nor the place to analyse the consequences of a potential American military intervention. He stated that the dispute between Denmark and the United States should remain diplomatic and not escalate into military action that could challenge NATO principles. Tusk also stressed the importance of European solidarity, while adding that Poland sees no need for any “emotional reaction” to the situation surrounding Greenland. He reaffirmed the role of NATO and cooperation with the United States as the foundations of Poland’s security.

At the request of the Ministry of Foreign Affairs, the Polish ambassador to Denmark travelled to Greenland to assess the situation and better understand tensions on the ground. Foreign Minister Sikorski emphasised that Poland should advocate for a world governed by clear international norms and the right of smaller states to determine their own futures, a stance shaped by Poland’s own historical experience.

President Karol Nawrocki also addressed the growing crisis in Greenland, highlighting both the region’s geopolitical importance and the need to resolve the dispute through diplomacy and partnership. In media statements and during his visit to London, he underlined that Greenland’s status should be resolved through dialogue between the United States and Denmark, in order to avoid escalation that could threaten NATO cohesion and international security. He also pointed to the island’s strategic value in the context of great-power rivalry, particularly competition with Russia and China, and emphasised that responsibility for the security of the free world rests primarily with NATO, with the United States as a key ally.

Reactions from experts and commentators were mixed, and often more decisive and heated than those of politicians. Some criticised the government’s decision not to engage militarily in Greenland, arguing that Poland’s absence from European initiatives could weaken its position within the alliance and in Europe more broadly. Others countered that any Polish involvement in operations around Greenland could provoke a negative reaction from the United States, which is widely regarded as the primary guarantor of Poland’s security, particularly in relation to Russia.

The dispute over Greenland signals changing global security realities. The Arctic is becoming a zone of intensified strategic competition, and recent developments highlight a fundamental reality: the United States remains the only Western power capable of effective global power projection. Whether one agrees or not, American military strength continues to underpin Western security. At the same time, the United States is gradually losing its greatest asset—the alliance system. For decades, networks of political, military, and economic partnerships have been the primary instruments of American influence worldwide. While the United States cannot fight on behalf of everyone, it also cannot afford to confront everyone at once.

The situation surrounding Greenland also exposes Europe’s weakness. For years, European countries have neglected their own defence capabilities, replacing them with declarations and symbolic politics. The lack of real military capacity across much of Europe is no longer merely a political issue; it has become a security problem.

For Poland, this represents a crucial lesson. In the new strategic environment, alliances are necessary but insufficient. Security must be grounded in national capabilities: a strong defence industry, resilient logistics, operational readiness, and credible deterrence. The era of strategic comfort that Europe has grown accustomed to over recent decades is coming to an end.

Source: Warsaw Enterprise Institute (WEI)

Variable flats offer greater flexibility for future home changes

Rising renovation costs are causing many households in Poland to delay planned upgrades. According to recent estimates, nearly 85% of Poles postpone renovation works, with kitchens proving particularly difficult and expensive to modify due to fixed installations and technical constraints. As a result, attention is increasingly turning to housing concepts that allow greater flexibility over time, including so-called variable flats, which are designed to accommodate future layout changes.

Home renovations are typically considered every decade, most often focusing on kitchens and bathrooms, which are more exposed to wear and moisture. While homeowners often begin with ready-made design ideas, these plans frequently prove costly or technically unfeasible once existing installations are taken into account. Kitchens are especially restrictive. Research conducted by Chalmers University of Technology in 2022 found that in nearly 70% of the analysed apartments, relocating the cooking area was not realistically possible, largely due to limited access to installation risers and difficulties in modifying connections.

At the same time, the way apartments are used tends to evolve. Spaces originally intended primarily for leisure increasingly need to accommodate home offices, study areas or small business activities. This shift often creates demand for clearer separation between working and living zones. The ability to relocate a kitchen or adjust whether it is open to or separated from the living room can make such reorganisation significantly easier.

One response to these challenges is the introduction of variable flats, developed by Develia, which are designed with additional installation solutions from the outset. The concept is intended to reduce future technical barriers and allow apartments to be adapted more easily as residents’ needs change.

“Variant flats were created in response to the needs of customers who want to more easily adapt their flats to changing expectations for modern and functional space. Anticipating the most common solutions, we have supplemented the apartment layouts with the necessary installations and adapted the existing ones so that changes are easier to implement – both at the construction stage and many years later, when the need arises,” said Wojciech Sosnowski, Design Manager at Develia.

One of the most common layout decisions concerns whether the kitchen should be open or closed. In standard apartments, this choice is often irreversible or requires costly reconstruction. In variable flats, alternative layouts can be implemented already at the stage of tenant modifications, including relocating the kitchen or changing its relationship with the living area. Importantly, these changes can also be made years later without extensive interference in the building’s infrastructure.

This flexibility is made possible by incorporating additional risers at the design stage, removing the key obstacle that prevents kitchen relocation in most conventional apartments. It also eliminates the need to create new installation routes, which can be expensive and often requires approval from the building community.

Variable flats are also intended to adapt to changing market trends and life circumstances, such as the need to create a home office or an additional bedroom for a growing family. From the outset, residents have clarity on which elements of the layout can be altered and how, providing greater certainty about how the apartment can evolve over time.

The concept offers multiple layout options within a single apartment footprint, rather than requiring buyers to choose between different floor plans. Design considerations extend beyond installations to features such as window placement, which must support both natural lighting and potential future reconfigurations.

From an investment perspective, variable flats allow for a balance between standardised solutions and the ability to tailor units to different tenant or buyer needs. More broadly, the model reflects a shift toward designing residential space with long-term adaptability in mind, offering an alternative approach at a time when renovation costs and functional requirements are both increasing.

Source: Develia

Brno new-build apartment prices rose 11% year on year in 2025, sales reached highest level since 2016

The Brno residential development market recorded one of its strongest years on record in 2025, with both sales volumes and prices increasing despite higher financing costs. According to data from Trikaya, a total of 1,405 newly built apartments were sold during the year, representing the highest annual figure since 2016 and exceeding the already strong performance of 2024.

Price growth remained steady throughout the year. In the fourth quarter of 2025, the average asking price for new apartments in Brno exceeded CZK 145,000 per sq m, reflecting a year-on-year increase of 11%. The market showed little sign of cooling towards the end of the year, underlining Brno’s position as a strong regional centre with sustained housing demand. In the final quarter, 322 apartments were sold, fewer than a year earlier, but insufficient to change the positive overall annual balance.

Demand during 2025 was uneven across the year and followed a clear seasonal pattern. February was the strongest month, with 186 apartments sold, the highest monthly result of the year. By contrast, August recorded the lowest activity, with 78 units sold, continuing the typical summer slowdown observed in previous years.

Average asking prices rose almost continuously over the course of the year. From January to December, prices per square metre increased by more than CZK 12,000, meaning buyers who postponed decisions faced significantly higher purchase prices by year-end. Asking prices climbed from CZK 133,600 per sq m in January to CZK 145,700 in December, while average transaction prices increased from around CZK 128,000 to nearly CZK 137,000 per sq m over the same period.

According to Trikaya, smaller units continued to dominate demand. Apartments with layouts of 1+kk and 2+kk accounted for almost 80% of all sales during the year, reflecting both affordability constraints and investor interest. Although overall price growth for transaction prices was more moderate, at around five percent year on year, analysts note that this may partly reflect the relatively fast expansion of supply in earlier periods.

Rising prices per square metre also translated into higher total purchase prices. In the fourth quarter of 2025, the average asking price of a new apartment in Brno reached CZK 8.86 million. This development was driven not only by price inflation but also by the structure of demand, as smaller apartments typically achieve higher prices per square metre than larger units.

Market performance in 2025 was closely linked to developments in the mortgage market. After several years of uncertainty, mortgage lending recovered, with banks and building societies providing the second-highest volume of home loans in the history of the Czech Republic. Buyers increasingly accepted higher interest rates as the new standard and focused more on long-term affordability, income stability and project quality rather than short-term rate movements.

Within the city, demand was strongest in Trnitá, where 65 apartments were sold in the fourth quarter alone. Bosonohy also recorded strong activity, with 49 units sold, while districts such as Staré Brno, Židenice and Husovice maintained stable demand, each recording around 30 sales. At the end of 2025, there were 46 active residential projects on the Brno market, led by Nová Zbrojovka, which recorded more than 100 sales over the year.

Looking ahead to 2026, analysts expect supply constraints to persist, largely due to inefficiencies in the permitting process, while demand is likely to remain resilient. Although sales volumes may soften slightly, market conditions are expected to continue favouring sellers rather than buyers. Mortgage rates are anticipated to stabilise around five percent, with no return to the era of cheap financing. Despite this, demand is not expected to decline significantly, as buyers remain concerned that property prices may rise faster than any potential savings from lower interest rates.

Strategy extends lease at Skyliner office building in Warsaw

Strategy has extended its lease for office space in the Skyliner office building in Warsaw, part of the portfolio of Karimpol Group. The company occupies approximately 1,500 sq m on the 22nd floor of the building and was the first tenant to sign a lease at Skyliner following its opening.

Strategy, listed on NASDAQ under the ticker MSTR and formerly operating under the name MicroStrategy until February 2025, uses the Warsaw office as part of its Polish operations. The company develops cloud-based analytics and business intelligence solutions and has an established presence in the local market.

According to Katarzyna Głowacka, Vice President and General Manager of Strategy Poland, the decision to extend the lease reflects the role the Skyliner office plays in the company’s operations in Poland, as well as the quality of the workspace, stable lease conditions and long-term cooperation with the building owner.

From the owner’s perspective, Michał Orłowski, Head of Leasing & Asset Management at Karimpol Polska, noted that the continuation of the lease builds on a relationship that began in 2021, when Strategy became the first tenant of the building.

Karimpol was advised on the transaction by Argon Legal.

Skyliner was opened in January 2021 as the first phase of a larger office complex at Rondo Daszyńskiego in Warsaw. The 195-metre tower offers around 45,000 sq m of office space and holds a BREEAM Excellent certification. The building is powered entirely by renewable energy sources and currently hosts a broad mix of international and domestic tenants.

Construction of the second phase of the Skyliner complex began in February 2024 and is expected to be completed by the end of 2026. The new tower will provide approximately 24,000 sq m of leasable space, primarily offices, with additional retail and service units at ground level. Karimpol Polska has already obtained a BREEAM New Construction Outstanding certificate for the second building. The main contractor is WARBUD S.A., with architectural design by APA Wojciechowski Architekci, while CBRE Polska is responsible for commercialisation of the project.

PORR to build section of Szczecin western bypass

fletcher@cijeurope.com
19 January 2026
Company News, Deals, Land, Transportation

PORR has been awarded a contract by the General Directorate for National Roads and Motorways (GDDKiA) to deliver part of the Szczecin western bypass (ZOS), one of Poland’s largest ongoing road infrastructure projects. The company will design and construct the Kołbaskowo–Dołuje section, a stretch of more than 13 km, with works scheduled to be completed within 41 months. The contract is valued at approximately EUR 150 million (PLN 631 million).

The scope of the contract covers the planning and construction of a new dual-carriageway expressway with two lanes in each direction, forming part of the S6 route around Szczecin. In addition to the main carriageway, the project includes two interchanges at Będargowo and Dołuje, 18 engineering structures and a road maintenance facility near the Siadło Górne junction. Eight of the structures are designed as wildlife crossings.

The Kołbaskowo–Dołuje section will connect to the second phase of the Przecław–Warzymice bypass along national road DK13, providing a new link to the A6 motorway. Along the route, the bypass crosses several existing roads and railway lines. The largest structure on this section is a 284-metre bridge over the Szczecin–Stobno Szczecińskie–Lübeck railway line. The route then continues northwards and ends near Wołczkowo.

According to PORR, the S6 western bypass is intended to improve traffic flow and safety in the Szczecin metropolitan area and to strengthen transport links in north-western Poland, while incorporating environmental protection measures into the design and construction process.

PORR has previously completed more than 600 km of road projects for GDDKiA across Poland. In the north of the country, its recent work includes a 1.5 km section of DK11 between the Janiska roundabout and the Kołobrzeg East junction, opened in 2024, and a 10 km stretch of the S6 between Bożepole and Luzino, completed in 2022. The company is also involved in bypass projects in Wałcz, Szwecja and Złocieniec.

In addition to road construction, PORR delivered the Świnoujście tunnel in 2023. The tunnel, built beneath the Świna Strait using a tunnel boring machine, created the first permanent road connection between the islands of Usedom and Wolin, replacing the previous reliance on ferry services.

Photo: Contract signing (from left): Łukasz Świerkowski (Project Manager, PORR S.A.), Piotr Kledzik (Managing Director, PORR S.A.), Paweł Woźniak (Director General, GDDKiA), Łukasz Lendner (Regional Director, GDDKiA Szczecin) © PORR

Catella APAM completes six retail lettings at Morgan Quarter, Cardiff

Catella APAM, acting on behalf of the Greater Manchester Pension Fund, has completed six new retail lettings at Morgan Quarter in Cardiff. The agreements were concluded over an eight-week period in the fourth quarter of 2025 and cover a combined area of approximately 16,000 sq ft.

The new occupiers are De Montfort Fine Art, Kokoro, Amplifon, Pop Specs, Busby & Fox and Socktopus. The lettings span a range of retail and service uses.

Morgan Quarter comprises a series of historic shopping arcades connecting Cardiff’s main retail streets. Catella APAM’s asset management approach has focused on defining different retail zones within the scheme, with varied tenant profiles intended to serve a broad customer base.

Rhys Williams, Associate Director at Catella APAM, said the recent leasing activity reflects continued retailer interest in central Cardiff and the implementation of the asset management strategy at Morgan Quarter.

Advisory services were provided by Savills. According to Rob Palmer, Director in the firm’s retail agency team in Bristol, the recent openings highlight the range of retail, service and food concepts represented at the scheme.

The transactions form part of Catella APAM’s ongoing management strategy for Morgan Quarter, which is focused on tenant mix, customer experience and the long-term performance of the asset.

Rolling Wireless extends and expands lease at Bartók Ház in Budapest

Rolling Wireless has signed a long-term lease extension and expansion for more than 1,500 sq m of office space at Bartók Ház in Budapest. The agreement was concluded with the building’s asset manager, TriGranit. Following the expansion, Rolling Wireless becomes the second-largest tenant in the property.

Rolling Wireless has been based at Bartók Ház since 2023. Under the new lease, the Budapest operation will be developed into a broader development centre. In addition to its existing software activities, the site will add hardware and firmware development functions, strengthening the company’s international research and development structure.

According to Andreas Kohn, Chief Operating Officer of Rolling Wireless, the company plans to increase its workforce in Hungary from around 40 employees to approximately 100 by 2026. The expansion is intended to support the company’s regional operations by maintaining development centres in both Europe and Asia.

The leased premises are located on the first and second floors of the building. Rolling Wireless was advised by ESTON during the negotiation and signing of the agreement.

Bartók Ház is a Class A office building offering more than 17,600 sq m of leasable space. It is located in central Budapest with good public transport accessibility. The property holds a BREEAM “Very Good” certification and an Access4you certificate, and plans are in place to supply the building entirely with renewable energy in the future. Other tenants in the building include DXC Technology, Lidl, Novartis, Sandoz, Mandiner Novum and the Mathias Corvinus Collegium Foundation.

The building was acquired in October 2025 by DRFG Investment Group as its first commercial real estate investment in Hungary. TriGranit is responsible for asset management, ESG-related improvements and leasing activities at the property.

MB Advisors acquires two mixed-use residential properties in Berlin for BlueRock Group

MB Advisors has acquired two residential buildings with ground-floor retail units in Berlin’s Neukölln district on behalf of BlueRock Group. The assets were purchased from private investors, with transaction details undisclosed.

The five-storey properties, constructed in 1908 and 1910, together provide approximately 2,300 sq m of rental space. One building comprises 29 residential units and three commercial units across around 1,200 sq m, while the second includes 27 residential units and four commercial units totalling about 1,100 sq m.

MB Advisors sourced the assets and carried out technical and commercial due diligence, as well as transaction structuring. The firm will also take on ongoing asset management responsibilities. Engel & Völkers Commercial Berlin acted as broker and advisor on the transaction.

The acquisitions form part of BlueRock Group’s longer-term strategy to build a value-add residential portfolio in Berlin, with MB Advisors supporting the programme and managing the properties following completion.

REALOGIS: Frankfurt industrial and logistics market records modest growth as sublettings increase

According to REALOGIS, take-up in the Greater Frankfurt industrial and logistics property market reached 435,200 sq m in 2025, reflecting a year-on-year increase of 3%. Despite the improvement, activity remained around 5% below the five-year average of 458,040 sq m. The largest transactions during the year were signed by Shaoke for 36,000 sq m and FIEGE for 30,700 sq m.

REALOGIS expects take-up to remain below the long-term average in 2026, citing a limited pipeline of new developments. At the same time, the consultancy anticipates a continued, gradual market recovery that should support leasing activity over the course of the year.

Prime rents continued to rise, reaching €8.50 per sq m, up from €8.10 per sq m a year earlier. This represents a 5% increase and marks a new provisional high for the market, following €8.30 per sq m recorded at the end of the first half of 2025.

Existing properties remained the dominant source of take-up, accounting for 289,700 sq m, or 66% of total activity. This segment stabilised after a decline in the previous year, supported in part by larger leases concluded by Shaoke and Pirelli Deutschland GmbH. Greenfield developments gained significance, reaching 120,400 sq m and a 28% market share, with transactions by FIEGE, Alnatura and Aldi Süd accounting for the majority of this volume. Brownfield developments contributed a further 25,100 sq m.

Sublettings continued to gain importance, increasing to 101,200 sq m and representing 23% of total take-up, compared with 17% a year earlier. The market remained clearly tenant-driven, with rental agreements accounting for 96% of activity. Owner-occupier transactions declined sharply, totalling 15,800 sq m, or just 4% of take-up.

By property type, big-box facilities recorded the highest volume, reaching 199,100 sq m and overtaking other categories. Supply and other property types followed with 119,600 sq m, while business parks accounted for 116,500 sq m.

Rhine-Main South continued to dominate the market, generating 310,500 sq m, or 71% of total take-up. Major leases by Shaoke, FIEGE, Alnatura, Aldi Süd and Pirelli Deutschland GmbH together represented more than 40% of overall activity. Other submarkets recorded significantly lower volumes, with Rhine-Main North, East and the Frankfurt city area each accounting for single-digit market shares.

Logistics and distribution companies remained the leading occupier group, taking 208,500 sq m, or 48% of total take-up. Retail and wholesale followed with 125,200 sq m, showing a moderate recovery compared with the previous year, while manufacturing activity declined to 73,800 sq m. Within retail and wholesale, traditional retail formats continued to dominate, with e-commerce accounting for a limited share of demand.

Larger units gained further importance in 2025. Properties above 10,000 sq m accounted for more than one-third of total take-up, while units between 5,001 sq m and 10,000 sq m also increased their share. Overall, around two-thirds of market activity was generated by leases of more than 5,000 sq m, underlining the continued focus on larger-scale logistics and industrial space in the Frankfurt region.

Photo: Julian Petri – copyright,REALOGIS

« Previous 1 … 103 104 105 106 107 … 495 Next »

Latest news

All posts by fletcher@cijeurope.com.