MLP Group completes €350m green bond issue to support European expansion

MLP Group has completed a €350 million green notes issuance with a five-year maturity and a fixed coupon of 4.75%. The transaction forms part of the company’s long-term financing strategy and is intended to support its further development in the European logistics and industrial real estate market.

The bond issue, equivalent to approximately PLN 1.5 billion, attracted strong investor interest and was oversubscribed, according to the company. Proceeds from the issuance will be used to strengthen MLP Group’s balance sheet and provide funding flexibility for future investments.

Radosław T. Krochta, CEO and President of the Management Board of MLP Group S.A., said the transaction supports the group’s plans to expand its portfolio in key European urban markets, where demand for logistics and industrial space remains concentrated and land availability is limited.

MLP Group’s growth strategy focuses on core markets in Western and Central Europe. Germany and Austria are currently priority countries, with investment activity centred on major metropolitan areas including Munich, Hamburg and Vienna. Poland remains the company’s largest and most established market, with ongoing development activity in cities such as Warsaw and Wrocław.

The company stated that the bond issuance is intended to support its continued expansion while maintaining a stable financial structure, as it develops its portfolio of logistics and industrial assets across Europe.

Fond Českého Bydlení expands into Germany, portfolio nears €100m

Fond Českého Bydlení SICAV, also known as The Czech Housing Fund, has entered the German residential market, bringing its total assets close to €100 million. The fund, which focuses on rental housing investments, acquired a portfolio of 198 apartments located in Saxony and Bavaria during 2025.

Following the transactions, the fund manages a total of 1,060 residential and commercial units, with a combined lettable area of nearly 62,000 sq m. Legal advisory services for the acquisitions were provided by DRV Legal.

Entry into the German market

The move into Germany forms part of the fund’s diversification strategy and reflects the international background of its founders. Jakub Kořínek previously oversaw activities of the Penta Investments group in Germany and Austria, while Tomáš Novák focuses on the US real estate market.

“The situation in Germany is completely different from that in the Czech Republic. The share of rental housing exceeds 52% and continues to grow. We are entering the market at a time when property prices have not yet reached their 2022 levels and are still in the early phase of an upward trend. Moreover, unlike in the Czech Republic, the market is much better at reflecting the energy efficiency of apartment buildings in rental prices. This allows the Fund to capitalize on its experience with energy savings and significantly increase the value of acquired properties. The absolute price per square meter is very favorable, even compared to the Czech Republic,” says Jakub Kořínek, co-founder of Fond Českého Bydlení.

“Following the completion of the acquisition, German projects now account for approximately 22.5% of our portfolio and have become a significant component of it,” adds Tomáš Novák, co-founder of the fund. “We believe that, in some cases, rents can still be gradually adjusted toward prevailing market levels in the respective localities. Over time, this can support both the value of the properties and their financial performance.”

Locations and portfolio management

The acquired residential buildings are located in the catchment areas of Dresden and Leipzig, mainly in the towns of Freiberg, Oschatz and Riesa, as well as in the Bavarian city of Bayreuth. According to the fund, these regions benefit from established infrastructure, access to employment and proximity to the Czech border, which allows operational synergies between the Czech and German portfolios, including in construction and refurbishment works.

Renovation plans and further growth

The fund plans to gradually modernise the German residential properties in order to increase their long-term value and rental income. Renovation works are expected to be carried out by Czech construction companies already cooperating with the fund, which it says should help manage costs compared to using local German contractors.

“The experience and reputation gained in the German market will open the door to further investments in Europe’s largest rental housing market. We are aware that as the Fund’s assets grow, the Czech market, with its limited size and high fragmentation, will eventually become too small for us. Expansion into Germany is therefore a logical step. At the same time, we are in an advanced stage of additional acquisitions on the Czech market, and I expect further portfolio expansion in the near future,” concludes Kořínek.

Panattoni obtains €24m loan from Bank Pekao for Białystok logistics project

Panattoni has secured €24 million in financing from Bank Pekao for the development of Panattoni Park Białystok III. The loan will fund the construction of a Class A warehouse facility in the Podlaskie region.

The project, comprising more than 32,000 sq m of warehouse space, is being developed near the Białystok-Zachód junction on the S8 expressway, in the municipality of Choroszcz. Completion is scheduled for the first quarter of 2026.

According to the developer, around 75% of the space has already been pre-leased. The tenant mix includes a courier company, a logistics operator and two retail-sector firms.

Panattoni Park Białystok III is currently the only new Class A warehouse facility under development in the Podlaskie Voivodeship. The location is approximately 16 km from the centre of Białystok and offers access to national road connections, including the Via Carpatia corridor, which is intended to link the region with northern and southern Europe.

The project is planned to obtain BREEAM certification at the Excellent level. Design features include measures aimed at reducing energy and water use, as well as infrastructure to support electric vehicle charging.

Panattoni stated that the financing supports its strategy of expanding modern industrial space in regional markets outside Poland’s main logistics hubs.

HalfPrice and Starbucks Join Tenant Mix at Outlet Park Szczecin

Outlet Park Szczecin has added new tenants to its retail and leisure offer, with HalfPrice and Starbucks opening at the EPP-owned centre. The latest leasing activity, including new openings and the expansion of existing stores, covers a total area of more than 2,500 sq m.

HalfPrice, part of the CCC Group, has opened a new store at the centre. The off-price concept offers clothing, footwear, sports accessories and home products from international and premium brands at discounted prices, reinforcing Outlet Park’s fashion and outlet-oriented profile.

According to EPP, the arrival of HalfPrice aligns with the centre’s positioning as a destination combining the characteristics of an outlet with the breadth of a conventional shopping centre. In parallel, Starbucks has opened a café, adding to the centre’s food and beverage offer and supporting its role as a social and meeting space.

The recent changes also include several relocations and expansions by existing tenants. Cafe Castellari has introduced a new concept in premises that are twice the size of its previous location. Bookstore chain Świat Książki has moved to a significantly larger unit, while men’s fashion brand Lancerto has expanded its store footprint by nearly two and a half times. UNISONO and Volcano have also increased their sales areas, and German Optiker has extended its lease at the centre.

EPP says the relocations allow tenants to modernise their store layouts and respond to changing presentation standards and customer expectations. Overall, the latest leasing activity underlines the centre’s stable occupancy and continued appeal to both new and existing brands across different retail segments.

GCC IPO Activity Falls to Four-Year Low in 2025 Amid Regional and Global Headwinds

Initial public offering (IPO) activity across Gulf Cooperation Council (GCC) equity markets declined sharply in 2025, with both deal volumes and proceeds falling to multi-year lows. According to a report by Kamco Invest, regional exchanges recorded 42 IPOs during the year, the lowest level in four years, while total proceeds dropped to USD 5.8 billion, marking a five-year low and a decline of almost 55 percent compared with 2024 .

The slowdown followed a relatively strong year for primary markets in 2024 and was largely driven by a reduction in large-scale offerings, alongside weaker equity market performance in the region. The Saudi benchmark TASI declined by 12.8 percent over the year, while the MSCI GCC index posted a modest gain of 1.6 percent, underperforming most major global markets. The report attributes this to a combination of geopolitical tensions, lower oil prices affecting project activity, and a shift in global capital toward markets benefiting from strong gains in artificial intelligence-related stocks.

Saudi Arabia remained the dominant IPO market in the region, accounting for 37 of the 42 listings across its Main Market and the Nomu Parallel Market. Despite a year-on-year decline in deal numbers, the Kingdom raised USD 4.2 billion in IPO proceeds, marginally higher than in 2024 and ahead of the UAE, where proceeds fell sharply to USD 1.1 billion from USD 4.1 billion a year earlier. IPO activity in the UAE declined to three deals in 2025, compared with seven in 2024. Other GCC markets recorded limited activity, with Oman seeing one IPO linked to the listing of a state-owned logistics company, while Kuwait registered a single smaller offering.

The contraction was also evident in deal size. Average IPO proceeds on GCC main markets declined to USD 306 million in 2025 from USD 505 million in 2024, and only one offering raised more than USD 1 billion during the year, compared with three such deals the previous year. At the same time, the number of IPOs with a market capitalisation above USD 1 billion fell to seven, down from 14 in 2024.

Post-listing performance weakened alongside market conditions. By year-end, a majority of newly listed companies were trading below their offer prices, with 28 IPOs recording declines and only 13 showing gains. Kamco Invest notes that elevated valuation expectations ahead of listings, combined with broader regional uncertainties, weighed on investor sentiment. Companies that delivered positive returns tended to operate in niche segments such as energy, software and services, and education.

In contrast to the GCC, global IPO activity showed moderate growth in 2025. Worldwide deal volumes increased slightly to 1,257 IPOs, while total proceeds rose by nearly 29 percent to USD 146.1 billion, the highest level in three years. The United States and China dominated global proceeds, together accounting for roughly half of the total, while the GCC’s share of global IPO proceeds fell to 3.9 percent from 11.4 percent in 2024.

Despite the weak performance in 2025, the outlook for the GCC IPO market in 2026 is more constructive. Kamco Invest identifies a pipeline of around 73 potential listings across the region, with Saudi Arabia expected to lead again in terms of volume. A stabilising macroeconomic environment and renewed investor interest in growth sectors could support a recovery in issuance, although competition from large global IPOs may continue to influence capital allocation decisions.

Source: Kamco Invest

Women’s Representation in Top Management Levels Off in 2025, DIW Study Finds

The share of women on executive and supervisory boards at Germany’s largest companies showed little progress in 2025, with stagnation or slight declines recorded across many sectors. This is according to the latest Female Managers Barometer published by DIW Berlin, marking the 20th edition of the long-running survey.

Data collected in late autumn 2025 indicate that women accounted for no more than around 20 percent of executive board members in most of the corporate groups analysed. In some cases, the proportion fell compared with the previous year. The study notes that this was often not due to women leaving executive boards, but rather to a faster increase in the number of male board members. The financial sector was the main exception, continuing to record gradual gains in female representation at executive level.

“It is still unclear whether this is a temporary dip or the start of a longer phase of stagnation,” said Katharina Wrohlich, head of the Gender Economics research group at DIW Berlin. She added that the latest results should be seen as a warning sign, underlining that progress in gender equality at senior management level cannot be taken for granted.

Despite the recent slowdown, the long-term trend remains positive. Since the barometer was first compiled in 2006, the proportion of women in top decision-making bodies has increased significantly. Among the 200 largest non-financial companies by turnover, women represented just over one percent of executive board members in 2006, rising to around 19 percent by late 2025. In the banking and insurance sectors, the figure increased from about 2.5 percent to approximately 21–22 percent over the same period. Female representation on supervisory boards also rose markedly across all groups surveyed.

The strongest results continue to be observed among DAX 40 companies and firms with federal government participation. While women were almost absent from executive boards at DAX companies in the mid-2000s, they now hold more than a quarter of these positions. Companies with federal participation have consistently recorded above-average shares and, despite a slight decline in recent years, still report around 32 percent female representation at executive level.

Alongside the main analysis, an additional study published as part of this year’s barometer examined the broader impact of women in leadership roles. Using a survey-based experiment, researchers found that employees tended to view lower wages for women as fairer than equivalent pay gaps for men. However, when respondents experienced a change from a male to a female direct manager over a five-year period, this gender gap in perceived wage fairness narrowed. According to DIW Berlin, the findings suggest that women in senior roles can influence workplace attitudes by challenging established gender norms.

The researchers conclude that sustained growth in the proportion of women in leadership positions could support longer-term progress toward equality, while prolonged stagnation risks slowing these broader social effects.

Revival of the Siemensbahn: Construction Works Advance Under i2030 Programme

The long-disused Siemensbahn in Berlin is set to return to operation as part of the i2030 – More Rail for Berlin and Brandenburg programme. The project aims to restore a rail link between Jungfernheide and Gartenfeld, creating a modern connection integrated into the wider S-Bahn network. Deutsche Bahn is delivering the scheme using a rail partnership model, with PORR acting as a contractual partner for one of the main construction packages.

Originally opened in 1929, the Siemensbahn was built to serve Siemensstadt, which was one of Berlin’s largest industrial areas in the early 20th century. Following war damage and the long-term impact of the Berlin Wall, the line ceased operations in 1980 and remained unused for more than four decades.

The renewed route is intended to support current mobility needs in north-west Berlin. Once completed, the line will link the Siemensstadt Square development area directly to the Ringbahn, improving access to Berlin Central Station and Berlin Brandenburg Airport. The overall project covers approximately 4.5 kilometres, running from the Westhafen area via Jungfernheide and Siemensstadt to Gartenfeld.

Construction scope

Within the project, a consortium comprising PORR, KEMNA BAU and MCE is responsible for Contract Package 2, known as “KIB Neubau”. This package includes the construction of civil engineering structures such as railway bridges, stations, pedestrian tunnels, noise protection systems and retaining walls. The works extend from the Westhafen section to the Untere Spreebrücken junction with the existing elevated railway, as well as the area around Gartenfeld station. Earthworks, general civil engineering activities and the creation of logistics areas for the wider project are also part of the scope.

Partnership-based delivery

The Siemensbahn is being implemented using Deutsche Bahn’s rail partnership model, which brings planning and construction teams together from an early stage. The approach is intended to improve coordination across disciplines and provide greater certainty on quality, schedules and costs during delivery.

Complex urban environment

Construction is taking place in a dense urban setting, partly alongside active railway infrastructure. This requires detailed logistics planning and the execution of works within limited time windows agreed with Deutsche Bahn. Additional constraints include interventions in listed structures and works in proximity to the River Spree. To address these challenges, a Building Information Modelling (BIM) system was developed during the tender phase to support logistics planning and execution.

The reactivation of the Siemensbahn forms part of broader efforts to expand rail capacity in the Berlin–Brandenburg region, with a focus on improving connectivity and supporting long-term urban development.

Source: PORR Group

Germany Moves to Fast-Track Housing Development with ‘Bau-Turbo’ Reform

Germany has launched one of its most far-reaching reforms of construction and planning law in more than a decade, aiming to speed up residential development and ease pressure on urban housing markets. The initiative, known as the “Bau-Turbo”, forms the first phase of a broader amendment to the Federal Building Code (Baugesetzbuch, BauGB), with further legislative changes expected in early 2026 .

Introduced in October 2025, the Bau-Turbo establishes a temporary fast-track mechanism designed to reduce approval times and unlock inner-city development potential. Central to the reform is a new experimental provision that allows municipalities to approve residential projects more quickly, even where no binding development plan exists or where existing planning law would otherwise require modification.

Under the new rules, extensions, additions and conversions of existing buildings can be authorised more rapidly, and residential construction is permitted in certain inner-city areas without a formal development plan. A key feature is a “deemed approval” mechanism, whereby projects are considered approved if local authorities do not respond within three months. While procedures are streamlined, core requirements such as building safety, fire protection and environmental regulations remain unchanged.

The reform also introduces greater flexibility in noise protection standards, enabling higher thresholds and innovative technical solutions in specific planning procedures. This is intended to make additional urban land suitable for residential use, particularly in dense city environments.

Although the Bau-Turbo does not include direct subsidies, it addresses what market participants identify as a major obstacle to development: lengthy and uncertain approval processes. In the short term, the measures are expected to lead to an increase in building permits and the reactivation of previously stalled projects, although a rapid rise in completed housing units is not anticipated. Over the medium term, municipalities that actively apply the new provisions could see a gradual increase in housing supply through densification and adaptive reuse, potentially contributing to price stabilisation in some local markets.

From an investment perspective, the reform is expected to increase the attractiveness of inner-city projects with clear approval prospects and strong municipal cooperation. Opportunities are likely to emerge in the redevelopment and densification of existing assets, mixed-use schemes supported by public infrastructure investment, and ESG-aligned projects that may benefit from new financing instruments such as the federal Deutschlandfonds.

The Bau-Turbo is also part of a wider policy package that includes infrastructure investment, simplified construction standards under the “Building Type E” concept, and public–private financing mechanisms. Together, these measures signal a shift in German housing policy from a focus on regulation towards facilitation and predictability.

While the reform will not resolve structural challenges such as high construction costs, labour shortages and financing conditions, it is widely seen as a significant step toward restoring confidence in Germany’s residential development market and improving the feasibility of new housing projects

Source: Periskop Development

Foreign Tourism Pushes Slovak Accommodation Sector to Strong November Performance

Slovakia’s accommodation sector recorded one of its strongest Novembers on record in 2025, supported by a surge in international visitors and broad-based growth across all regions of the country, according to the latest figures released by the Statistical Office of the SR.

Hotels, guesthouses and other accommodation providers welcomed more than 467,000 guests during the month, representing an 8.4% increase compared with November 2024. This marked the best November performance for the sector since the pandemic and brought overall visitor numbers close to pre-crisis highs, remaining only slightly below the level recorded in November 2019.

Guests spent almost 1.1 million nights in Slovak accommodation establishments, up 7.1% year on year. The average stay length remained stable at 2.3 nights, indicating steady travel patterns rather than shorter or more fragmented visits.

Domestic travellers continued to form the backbone of the market, accounting for nearly two-thirds of all guests. Around 307,000 residents stayed in accommodation establishments in November, an increase of 4.6% compared with the same month last year. While strong by historical standards, domestic visitor numbers were marginally lower than the peak achieved in the final pre-pandemic year.

The strongest growth momentum came from abroad. The number of foreign visitors rose by 16.6% year on year, reaching approximately 160,000 guests. This figure slightly exceeded the previous November record set in 2019, confirming a full recovery of international tourism and highlighting Slovakia’s renewed appeal among foreign travellers.

Regional tourism reaches new highs

All eight Slovak regions recorded year-on-year growth in visitor numbers during November. The most dynamic increase was reported in Žilinský kraj, where arrivals jumped by more than 18%, while Trnavský kraj saw more moderate growth of around 2%.

In absolute terms, Bratislavský kraj remained the most visited region, hosting over 126,000 guests during the month. Žilinský kraj followed closely, approaching the 100,000-visitor threshold, while Prešovský kraj also ranked among the leading destinations with more than 76,000 guests. Together, these three regions accounted for nearly two-thirds of all visitors staying in Slovakia in November.

From a longer-term perspective, Žilinský, Košický and Prešovský regions each achieved their highest November visitor figures ever recorded, surpassing even pre-pandemic benchmarks.

Year-to-date figures confirm solid recovery

For the first eleven months of 2025, Slovak accommodation establishments hosted nearly 5.9 million guests, representing a 6.8% increase compared with the same period in 2024. Growth was driven primarily by foreign tourism, although domestic travel also continued to expand. The total number of overnight stays rose by 6.1% year on year.

Despite this strong performance, overall visitor numbers for January–November remained slightly below the record levels of 2019, trailing by roughly 2%, or around 118,000 guests.

The latest data underline the continued recovery and growing resilience of Slovakia’s tourism sector, with international demand playing an increasingly important role in driving growth as the industry enters 2026.

Energy and Sustainability Shape Data Centres in 2026

The European data centre industry is expected to enter a decisive phase from 2026, as rising demand for digital services collides with growing pressure to manage energy use, environmental impact and regulatory expectations. Operators and investors alike are increasingly viewing the coming years as critical for shaping how large-scale digital infrastructure develops across the continent.

Rapid expansion in artificial intelligence applications continues to drive the need for new data processing capacity. Facilities that support the training and operation of advanced algorithms now form a key part of Europe’s digital backbone. However, this growth also brings higher electricity consumption and more complex operational requirements, forcing operators to rethink how facilities are designed, powered and managed.

Energy strategy becomes central to future development

As computing workloads intensify, data centre operators are reassessing long-term energy strategies. Greater emphasis is being placed on securing stable, low-emission power supplies, supported by on-site storage systems and local energy solutions that can reduce reliance on overstretched national grids. In parallel, discussions are emerging around alternative power options that could offer consistent output with lower environmental impact, particularly in regions where grid upgrades are progressing slowly.

Industry representatives note that large financial flows are continuing to move into digital infrastructure, driven by strong investor interest in artificial intelligence and cloud services. This has resulted in an increase in strategic partnerships, joint ventures and large-scale investment transactions across Europe.

Environmental expectations extend beyond energy efficiency

Environmental considerations are playing a growing role in investment decisions and permitting processes. Beyond electricity use, developers are being asked to demonstrate responsible water management, careful site selection and the use of materials with lower environmental impact. Acceptance by local communities has become an increasingly important factor, encouraging operators to engage more actively with municipalities and residents during the planning phase.

Data centre operators are also expanding how they measure environmental performance. Indicators related to emissions, water use and the full life cycle of buildings are becoming more prominent, alongside traditional efficiency benchmarks. Reuse of construction materials, modular building approaches and the recovery of excess heat for nearby buildings are gradually being incorporated into new projects.

Cooling and automation reshape facility design

Rising computing density has made conventional heat management increasingly difficult. As a result, operators are adopting alternative cooling approaches that transfer heat more directly and efficiently. Early deployments have shown that these methods can significantly reduce the energy required to manage temperature in high-intensity environments, making them increasingly important for facilities designed to support advanced computing tasks.

Automation is also gaining ground. Virtual modelling tools that replicate real-world operations allow operators to test scenarios, predict stress points and optimise performance in real time. These systems are becoming an integral part of managing complex facilities as they grow in scale and technical sophistication.

Larger campuses and decentralised infrastructure develop in parallel

Europe is seeing a gradual shift toward very large data centre campuses capable of supporting extensive computing loads. Some planned developments are approaching power capacities previously unseen in the region, requiring major investments in energy connections, backup systems and cooling infrastructure. While many of these projects remain under development, their scale reflects the long-term expectations for digital demand.

At the same time, smaller facilities located closer to end users are expanding in importance. These sites help reduce delays in data transmission and support applications where rapid response times are critical, including healthcare technologies and industrial systems.

Skills shortages remain a constraint

Despite strong investment momentum, the industry continues to face a shortage of qualified specialists across technical disciplines, from electrical engineering and construction to systems management. Companies are increasingly turning to training initiatives, cooperation with universities and retraining programmes to build the workforce needed to support future growth.

Taken together, these developments suggest that the data centre sector is entering a period of structural change. How operators respond to energy constraints, environmental expectations and technological demands over the next few years is likely to shape the competitiveness and sustainability of Europe’s digital infrastructure well beyond 2026.

Source: Data4 and CIJ EUROPE Analysis Team

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