Polish Government approves deregulation of rules for non-public investment funds

The Council of Ministers of Poland has adopted a draft amendment to the Act on Investment Funds and the Management of Alternative Investment Funds, as well as the Act on Trading in Financial Instruments. The proposal forms part of the government’s broader deregulation agenda and is aimed at reducing administrative burdens for non-public closed-end investment funds.

The bill removes the obligation for non-public closed-end investment funds to register their investment certificates in the securities depository operated by the National Depository for Securities. It also abolishes the requirement for these funds to appoint an issue agent solely for the purpose of such registration.

According to the government, the current framework results in an overly formalised issuance process for investment certificates, generating costs that are disproportionate to the scale and profile of non-public funds. These funds are typically addressed to professional investors, and the existing requirements are not reflected in European Union regulations.

Under the proposed changes, non-public closed-end investment funds will be allowed to register investment certificates directly in the fund’s register of participants, provided that this option is предусмотрed in the fund’s statute. This solution is intended to align the registration system with the size of the fund and the needs of its investors.

The register of participants may be maintained either by the investment fund company managing the fund or by a professional entity appointed for this purpose. The government expects this to reduce operating costs while ensuring that records continue to be kept by qualified entities.

Any change to the registration system will require approval by the investors’ meeting and an amendment to the fund’s statute. This is intended to give fund participants a direct say in how investment certificates are registered.

Where certificates are registered in the participants’ register, the entity maintaining the register will be required to provide information on issued certificates and on benefits due to investors, including whether and to what extent such benefits have been paid. This is expected to improve transparency for current and potential investors.

If adopted by parliament, the new provisions are set to enter into force 14 days after publication in the Journal of Laws.

Consumer prices in Moldova rose in December 2025, annual inflation around 6.8%

Average consumer prices in Republic of Moldova increased in December 2025 compared with the previous month and remained higher than a year earlier, according to data released by the National Bureau of Statistics. The figures provide an overview of price developments at the end of the year and for the 12-month period.

In December, average consumer prices were up modestly compared with November 2025. Over the longer year-on-year measure, prices were about 6.8% higher than in December 2024, indicating that inflation remained elevated in 2025. This year-on-year increase reflects the cumulative change in the cost of goods and services bought by households over the last 12 months.

The monthly rise in December followed smaller price increases reported earlier in the autumn, with average prices having risen by smaller amounts in preceding months including November. Across 2025, consumer prices showed a general upward trend when compared with the same months in the previous year.

These developments come against the backdrop of broader inflation dynamics in Moldova. Price changes over the year have been influenced by movements in food, non-food items and services, and remain above the central bank’s target range.

The statistics agency releases consumer price indices each month and these figures contribute to the calculation of annual inflation rates used by policymakers, analysts and financial institutions to monitor price stability and economic conditions.

Central Group sells 1,200 apartments in 2025 and expands land bank for 5,300 new units

Central Group sold 1,200 apartments in 2025, marking its highest annual sales volume to date. In the same year, the company acquired land in seven locations across Prague with capacity for approximately 5,300 new apartments. The acquisitions were financed entirely from the company’s own resources, without the use of bank loans, investment funds or bond issuance.

Central Group has been active on the Czech residential market for more than three decades. Since its establishment, it has completed over 20,000 apartments across 200 projects in Prague. The developer currently has around 3,200 apartments under construction, with an estimated value of CZK 25 billion. The company has also been listed among the 40 most valuable Czech companies in the Česká elita ranking and has repeatedly placed first in the TOP Employers awards.

Sales structure and locations

Apartments from Central Group’s portfolio accounted for a significant share of sales in both the mid-range and luxury segments in Prague during 2025. The developer currently offers around 800 apartments across nine locations in the capital.

“We sold a total of 1,200 new apartments last year. Two-thirds of sales were in the mid-range segment. One-third of sales were in the luxury segment, where apartments come with a number of above-standard features included in the price. These include, for example, luxury interior design, air conditioning, underfloor heating, glass railings, and stone facade cladding,” says Dušan Kunovský, founder and CEO of Central Group.

In the mid-range category, the highest sales were recorded in Prague 9, particularly in the Tesla Hloubětín and Harfa Living residential districts, which together accounted for around half of the company’s total apartment sales. In the luxury segment, the strongest demand was reported in the Parková čtvrť project in Prague 3, part of the wider Nový Žižkov area, which is undergoing redevelopment.

Land acquisitions and development pipeline

In addition to sales, 2025 was also a record year for Central Group in terms of land acquisitions.

“Last year, we purchased land for more than 5,300 new apartments in seven locations in the capital. This is a record for the entire existence of our company since its inception in 1994,” Kunovský says.

The largest share of newly acquired land is located in Prague 4, including the districts of Braník, Krč, Michle and Kunratice. Additional plots were purchased in Hlubočepy, Běchovice and Malešice. Overall, Central Group is currently preparing development plans for around 40,000 apartments across approximately 60 locations in Prague, ranging from large urban districts to smaller residential projects.

Toward the end of 2025, the company also acquired a commercial complex in the Novodvorská area of Prague 4 – Braník, adjacent to the Novo Plaza shopping centre. The site is planned for redevelopment into a residential project with around 700 apartments.

Financing approach

Central Group continues to finance its development activity exclusively from retained earnings. The company does not use external debt, investment funds or bond financing and has reinvested its profits into growth since its founding.

“I am very pleased that thanks to our long-term approach, we are able to grow so dynamically. And we do so on our own, without the need for outside money. When the market is doing well, anyone can be a developer with money from loans, funds, or bonds. But when the market becomes complicated, the series of ‘hurray projects’ from less experienced developers turn into truly tragic stories and losses,” Kunovský adds.

Prop.com partners with Reos to manage and digitise micro-living portfolio

Prop.com has entered into a strategic partnership with Reos GmbH to manage and digitise its expanding micro-living platform, currently valued at around €400 million, according to a statement released on 15 January 2026.

Under the agreement, Reos will provide property management and digital operating services across Prop.com’s pan-European micro-living portfolio, with an initial focus on assets in the DACH region. The partnership launches with a micro-living property in Trier, Germany, which will be managed and digitised by Reos using its cloud-based processes and smart-building infrastructure.

Prop.com plans to roll out the operating model across its acquisition and development pipeline during 2026, using a standardised framework designed to support rapid portfolio expansion. The collaboration centres on integrating building, operational and consumption data into a single digital workflow, linking Reos’ property management systems with Prop.com’s PropChain data platform to support reporting, governance and operational oversight.

Paul Hohenstatt, CIO of Prop.com, said: “Micro living is one of the most compelling investment strategies right now in the European residential market. We see continued strong demand and undersupply for micro living. By combining Reos’ digital operating system with our PropChain data backbone, we are building a modern micro-living platform that prioritises transparency, operational excellence and a frictionless tenant experience.”

Jan-Christoph Maiwaldt, CEO of Reos, added: “We are excited to embark on this partnership with Prop.com and jointly scale a best-in-class, data-driven operating model for PBSA and micro-living across the DACH region. Prop.com has clearly recognised the added value our digital ecosystem delivers – from end-to-end automation and smart-building integration to real-time ESG transparency and data quality.”

For tenants, the partnership is expected to deliver a fully digital user experience, covering rental contracts, building access, maintenance requests and communication via a dedicated app. From an investor perspective, the integrated system is intended to improve data transparency and reporting, supporting portfolio management and decision-making across the growing platform.

Reos currently manages around 10,000 residential units in Germany and Austria, with a focus on micro-living, PBSA and residential quarters. Prop.com said the partnership is intended to support the scalable operation of its micro-living assets as the portfolio continues to expand.

BlueRock Group maintains acquisition focus on residential and office assets in 2026

BlueRock Group completed office and residential property transactions with a total volume of approximately EUR 50 million in 2025, continuing its investment activity despite challenging market conditions. At the end of the year, the group reported assets under management of around EUR 650 million.

During 2025, BlueRock acquired seven residential properties in Berlin, comprising 193 residential units and 15 commercial units with a total lettable area of roughly 14,200 sq m. In parallel, an office property in Cologne held within a BlueRock fund was sold to an international industrial occupier.

In the Berlin residential market, BlueRock continues to work closely with MB Advisors GmbH, which is responsible for identifying and executing acquisitions and supporting the implementation of the group’s asset management strategy. The cooperation will continue in 2026, as BlueRock plans to expand its investment and development activities in the city.

Active asset management, including value-add measures such as densification, supported the refinancing of six centrally located residential properties in Berlin in 2025, despite the challenging financing environment. Berliner Sparkasse acted as financing partner. Further refinancings have already been secured for the first quarter of 2026, supported by value increases achieved across the portfolio.

In 2025, BlueRock was selected by Tikehau as a joint venture partner to build an additional residential portfolio in Berlin. The cooperation aims to acquire around 1,000 residential units with development and value enhancement potential within the Berlin S-Bahn ring over the next two years. Two club deals based on this strategy were completed during 2025.

BlueRock expects a gradual recovery in the German office market over the coming months, bringing selective acquisitions back into focus, particularly for core and core-plus strategies in the country’s largest office markets. At the same time, the company says that the further development and value preservation of its existing office portfolio will remain a priority in 2026, reflecting ongoing changes in occupier behaviour, ESG requirements and operating costs.

Ronny Pifko, CEO of BlueRock, said: “Office properties have long since ceased to be a sure-fire success. What is needed instead are asset managers with an efficient, professional and personable hands-on approach to further developing buildings and successfully implementing lettings. This also requires flexibility, creativity and patience. For us, this includes the development and implementation of hybrid usage concepts, such as the conversion of office space into residential or serviced apartments.”

Photo: Ronny Pifko, CEO of BlueRock

Union Investment acquires retail park in Vienna from Nextensa

Union Investment has acquired the Gewerbepark Stadlau retail park in Vienna from Nextensa. The property is located in Donaustadt, Vienna’s 22nd district, one of the city’s established commercial areas. The transaction was completed for an open-ended special real estate fund managed by Union Investment, with the purchase price reported at around EUR 36 million.

The acquisition follows a period of subdued investment activity and represents Union Investment’s second purchase within a short timeframe. In November 2025, the Hamburg-based manager acquired a logistics property in France, and it has indicated that further acquisitions are planned in 2026.

“With this purchase, our retail real estate portfolio in Austria has increased to over 20 properties with a value of around €500 million. This makes Union Investment one of the leading asset and investment managers for retail properties in Austria. We are continuing to actively seek investment opportunities for the mandates we manage, preferably retail parks and food retail,” said Roman Müller, Head of Investment Management Retail at Union Investment.

Felix Brandt, Investment Manager Retail at Union Investment, added: “The grocery-anchored retail park in Stadlau ideally meets our investment criteria: the dominant retail agglomeration is located in a dynamically growing district with great development potential. The urban development projects that have been completed and are planned, as well as the direct connection via a new footbridge and cycle path bridge from 2026, underline the attractiveness of the location and offer sustainable opportunities for value appreciation.”

The property was originally developed in 1996 as a DIY store and was extensively reconfigured into a retail park in 2016, including an expansion of around 3,000 sq m. The asset currently provides close to 11,000 sq m of lettable space and is fully occupied. Anchor tenants include TK Maxx, Intersport, Lidl and dm.

Union Investment was advised on the transaction by Schönherr Rechtsanwälte, TPA and EHL, among others. Nextensa was advised by Saxinger Rechtsanwälte and EY.

New data highlights uneven employment and income patterns across Poland

A new nationwide overview of employment and pay levels in Poland points to pronounced regional and structural differences within the labour market, based on data reflecting the situation in the first half of 2025.

The analysis shows that the distribution of jobs across the country remains highly uneven. Urbanised and economically stronger regions continue to concentrate a larger share of employed people, while some areas recorded a decline in employment compared with the previous year. The private sector accounts for most jobs nationwide, although its relative importance varies significantly by location, with clear differences between western and eastern parts of the country.

Demographic characteristics of the workforce also differ across regions. Women represent slightly less than half of all people in work, but their share varies at local level. The data point to a gradual increase in the average age of workers in many regions, reflecting broader demographic trends that may affect labour supply over the longer term.

Income levels show similarly wide disparities. Earnings tend to be higher in major cities and in regions with a strong industrial or services base, while lower pay levels are more common in areas with a greater reliance on agriculture. Company size also plays a role, with employees of larger organisations generally earning more than those working for small firms.

Differences in pay between men and women persist across most regions and sectors. Although the scale of these gaps varies depending on age, location and employer characteristics, income inequality by gender remains a consistent feature of the Polish labour market.

Source: Statistics Poland

Polish Job vacancies stabilised in 2025 after a year of modest fluctuations

The number of online job advertisements in Poland remained broadly stable in 2025, with only minor fluctuations over the course of the year, according to the Job Offer Barometer compiled by OJALAB at WSIiZ in Rzeszów and the Office for Investment and Economic Cycles. The index slipped slightly in December to 249.8 points from 250.7 in November, marking the third consecutive but limited monthly decline. Compared with December 2024, the level was marginally lower.

Looking at the year as a whole, the balance of changes at the end of 2025 was similar to that seen a year earlier. The first quarter brought a short-lived increase in vacancies, but the momentum proved weak. In the second half of the year, and particularly in the final quarter, downward trends dominated, bringing the market back to a level close to that seen at the beginning of the year. Overall, employers maintained a relatively stable demand for new employees rather than significantly expanding recruitment.

Labour market conditions were more favourable in occupations requiring education in science or engineering. Positive changes were most visible in IT-related roles and in construction, although these gains were not sufficient to offset the sharp declines recorded in these categories in previous years. By contrast, professions linked to social sciences, law and many service roles ended the year with slightly fewer vacancies than in 2024. From a longer-term perspective, the largest pool of job offers continues to be for manual workers.

The registered unemployment rate, excluding seasonal employment, declined by 0.1 percentage points in November to 5.7%. Since mid-2025, however, the number of unemployed people has been gradually rising, leaving the unemployment rate around 0.6 percentage points higher than at the start of the year. Despite this increase, unemployment remains low by historical standards and compared with other European Union countries.

Regionally, December saw a month-on-month increase in online job offers in four provinces: Pomerania, Lublin, Mazovia and Kuyavia-Pomerania. In the remaining regions, the number of vacancies declined, with somewhat larger drops recorded in provinces with higher unemployment rates. The sharpest monthly reductions were observed in the Opole, Lubusz and Świętokrzyskie regions. Over the full year, trends varied. Some provinces, including Warmian-Masurian, Silesia, Lubusz and Łódź, recorded a steady decline in vacancies, while Subcarpathia and Greater Poland ended the year with more job offers than at its start. In other regions, increases and decreases largely balanced out.

By qualification group, professions linked to social sciences and law saw relatively strong demand in December for call centre roles, real estate positions and marketing jobs, while declines were recorded in human resources, purchasing and sales. Over the year, vacancies in banking, finance, real estate and sales decreased, and office-related roles stabilised after early declines but remained below year-earlier levels.

Among science and engineering graduates, December brought limited growth, with programmers and engineers recording the strongest demand. Over the year, IT roles related to programming showed a gradual increase, driven largely by renewed hiring by a small number of large companies after previous sharp contractions. Administrative IT roles stabilised after early gains, while construction-related vacancies continued an upward trend that has been in place since mid-2023. In contrast, engineering roles declined for much of the year, and vacancies in research and e-commerce remained low but stable.

In service occupations, December saw an increase in job advertisements across most categories. Media, tourism and parts of logistics recorded the largest monthly gains, although the media sector remains on a longer-term downward trend. Tourism showed a clear recovery in the final months of the year, ending 2025 slightly above its January level and at a relatively high level compared with previous years. Education-related vacancies fell sharply in the last quarter but remained elevated in historical terms. Logistics-related roles continued to decline overall, though signs of stabilisation appeared toward year-end, while freight forwarding recorded a net increase in vacancies over the year despite a small drop in December.

Overall, the data point to 2025 as a year of stabilisation rather than growth in job vacancies, with employers remaining cautious amid changing economic conditions and sector-specific adjustments in demand.

Source: BIEC

Operational Real Estate Gains Ground in Germany’s Investment Market

The share of operational real estate (OPRE) within Germany’s investment market has increased notably since 2023, according to a new study by Colliers. Following the slowdown in commercial transaction volumes triggered by higher interest rates, OPRE assets have gained prominence as investors seek more resilient and diversified income streams.

The report, Operational Real Estate: Real Estate Meets Entrepreneurship, shows that the market share of operator-run assets rose by five percentage points to 16% after 2023, reaching a new peak of 21% in the first half of 2025. The analysis focuses on market developments, key growth drivers and the role of operational properties within the current investment environment, alongside a detailed review of individual asset classes and their relevance for institutional investors.

According to the study, operational real estate tends to be less exposed to traditional property cycles, as income performance is linked more closely to the underlying business operations than to broader real estate market dynamics. This characteristic supports more stable cash flows and lower volatility, making OPRE an increasingly considered complement to traditional asset classes. At the same time, the report notes that access for institutional investors remains uneven, with Germany still offering scope for further market development, particularly through the expansion of new and sustainable operator concepts.

“Operational assets are driven primarily by business performance rather than pure rental dynamics,” said Dirk Richolt, Head of Capital Advisory & Operational Real Estate at Colliers in Germany. He added that long-term income security and diversification potential make these assets attractive, although greater market openness would be needed to unlock their full potential for institutional capital.

Francesca Boucard, Head of Market Intelligence & Foresight at Colliers in Germany, emphasised that operational real estate also plays a role beyond yield enhancement. She pointed to its relevance for impact-oriented strategies and investments in systemically important infrastructure, while noting that the wide range of asset types requires more detailed analysis from investors.

The report includes an illustrative assessment of ten operational property types at different stages of market maturity, aiming to provide guidance for evaluating investment opportunities and improving transparency across this increasingly diverse segment of the German real estate market.

ALEXA closes 2025 with high occupancy and growth in footfall and sales

The inner-city shopping centre ALEXA ended 2025 with an occupancy rate of 99 per cent and reported year-on-year growth in both visitor numbers and tenant turnover. In the Shopping Centre Performance Report 2025, the centre was again ranked as the top-performing shopping centre in Berlin.

During the year, ALEXA recorded 46 leasing transactions, including new leases, expansions and contract extensions. The centre is owned by Union Investment and managed by Sonae Sierra.

One of the most visible developments in 2025 was the opening of Pop Mart, which attracted significant visitor interest and media attention. Additional market entries included U.S. Polo Assn., which opened its first store in Germany at ALEXA, as well as Only & Sons and Miniso, both of which launched their first Berlin locations in the centre. The Bundesliga club 1. FC Union Berlin also opened a new fan shop.

‘ALEXA has been on the road to success for 18 years and continues to cause a stir. This year, with the sensational Pop Mart opening, we have shown that there is no better place for trendy brands than ALEXA,’ says Oliver Hanna, Sonae Sierra Centre Manager at ALEXA. ‘We look forward to further events that will remain unforgettable and enhance the Alexanderplatz location, together with all Berliners and visitors to Berlin.’

As of 31 December 2025, ALEXA hosted more than 170 shops. Compared with the previous year, visitor footfall increased by 2.5 per cent, while tenant sales rose by 4.3 per cent. In total, 19 new leases and extensions were signed, alongside 27 lease renewals.

Several existing tenants also upgraded their presence. Thalia completed a comprehensive modernisation of its largest Berlin store, while Bershka reopened after refurbishment, almost doubling its retail space.

In addition to retail activity, ALEXA continued to position itself as an event location. In 2025, this included events such as the “Touchdown ALEXA” American football programme with former NFL and ELF players, the Serienale series festival, free family cinema screenings, autograph sessions with players from 1. FC Union Berlin, participation in the 47th CSD Berlin Pride, sustainability-focused events under the “Bewusst(er) leben” banner, and a poster competition organised with the non-profit initiative wirBERLIN.

Photo: Alexa inside Copyright Sonae Sierra

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