Auchan Gdańsk Shopping Centre reaches full occupancy

Auchan Gdańsk Shopping Centre has closed the year with 100 per cent of its retail space leased. The commercialisation of the centre is managed by Nhood Services Poland, which is responsible for leasing strategy and tenant relations.

According to Nhood Services Poland, full occupancy reflects a long-term approach focused on maintaining a stable tenant mix, renewing existing leases and attracting new tenants. In 2025, around 20 per cent of the lease portfolio at Auchan Gdańsk Shopping Centre was renewed. Tenants extending their agreements included ZOO Karina, Reserved Kids and Pepco.

Over the past 12 months, the tenant mix has also been updated. Douglas joined the centre, while Rossmann expanded its store area in response to customer demand. A new food and beverage concept, Pyszne i Zdrowe (Delicious and Healthy), was also introduced.

“Achieving full commercialisation is not only a matter of numbers, but above all the result of many years of consistently building relationships with partners. The trust they place in us allows us to jointly plan the development of the Auchan Gdańsk Shopping Centre and respond to changing customer expectations. This year’s commercialisation results confirm the stability of our facility and the quality of cooperation we offer to tenants,” says Aleksandra Krupa, commercialisation leader of the Auchan Gdańsk Shopping Centre at Nhood Services Poland.

As part of its ongoing strategy, the Auchan Gdańsk Shopping Centre plans to further develop its family-oriented offer. A new children’s play area, Bajkowy Labirynt (Fairytale Maze), is expected to open in the near future, complementing the existing facilities for younger visitors.

With a fully leased retail area and planned additions to its offer, the Auchan Gdańsk Shopping Centre continues to operate as a fully occupied retail property serving the Gdańsk market.

AI Investment Wave and Equity Boom Lift Global Outlook as US Slowdown Eases, Fitch Says

Fitch Ratings has upgraded its global economic growth projections for 2025 and 2026, pointing to a surge in US IT investment and strong equity-market wealth effects as key forces offsetting the negative impact of tariff hikes. The revised outlook is set out in the December 2025 edition of the Global Economic Outlook.

The agency now expects the world economy to expand by 2.5% in 2025 and 2.4% in 2026, both figures 0.1 percentage points above its September forecasts. Growth improvements in the US and eurozone outweigh a looming slowdown in China, which remains the primary drag on the global forecast.

In the United States, the economic impact of a sharp tariff increase—lifting the effective tariff rate to an estimated 13.6%, the highest since 1941—has been far less severe than previously anticipated. Fitch attributes this resilience to a powerful acceleration in AI-driven capital spending. IT investment alone accounted for nearly 90% of US GDP growth in the first half of 2025, with private-sector capital expenditure projected to rise by nearly 4% next year. Equity-market gains have also supported household spending, contributing an estimated 0.3 to 0.4 percentage points to consumption. As a result, Fitch now expects US GDP to grow by 1.8% in 2025 and 1.9% in 2026. Chief Economist Brian Coulton notes that “the AI revolution has prompted additional private-sector spending on a scale that is heavily cushioning the adverse impact of tariff hikes on the US economy. The robots have come to the rescue.”

The eurozone outlook has brightened as well. The region avoided the contraction previously forecast for the third quarter, supported by stronger aeronautical exports in France, broad-based investment, and a more stable performance in Ireland following earlier volatility. Credit conditions have begun to improve, and the fiscal stance in Germany is expected to turn markedly expansionary. Fitch now projects eurozone growth of 1.4% in 2025 and 1.3% in 2026, slightly above potential.

China remains the central source of downside pressure on global growth. Although Fitch has raised its 2025 projection slightly to 4.8%, it expects growth to slow significantly to 4.1% in 2026. The report highlights an unprecedented decline in fixed-asset investment, which has fallen year-on-year since June, marking the first sustained drop outside the pandemic. Weak domestic demand, a deepening property downturn, sluggish retail sales and entrenched deflation continue to weigh on economic activity. Real estate investment has been contracting for nearly four years, and investment in manufacturing and infrastructure has begun to decline as well. Fitch anticipates that authorities will ultimately ease policy in 2026 to prevent growth from slipping below 4%, supported by a large general government fiscal deficit of around 8% of GDP.

Loose fiscal policy across the world’s largest economies is another factor underpinning global resilience. The US deficit is expected to reach 6.8% of GDP in 2025 and widen further in 2026, while China’s deficit remains above 8%. In dollar terms, the two countries will borrow a combined USD 4 trillion next year, equivalent to 4% of global GDP. Germany is also set to enter a period of significant fiscal easing, which Fitch believes could lift its growth by roughly half a percentage point in 2026.

Monetary policy is moving gradually back toward neutral. Fitch expects the Federal Reserve to pause rate cuts in December before lowering rates three times by mid-2026, bringing the federal funds rate to around 3.25% as the tariff shock stabilises and labour-market conditions soften. The Bank of England is projected to cut rates three times in 2026 as unemployment rises and wage pressures ease, while the European Central Bank is not expected to cut further after reductions earlier in the year. Labour markets across the US, UK and eurozone show declining vacancy-to-unemployment ratios, easing central bank concerns about inflation persistence.

Emerging markets will see more moderate momentum. Fitch expects emerging-market growth to ease to 3.7% in 2026, with expansion outside China slowing to 3.2%. Forecast revisions have generally been positive, with India receiving the largest upgrade, while Russia stands out as the major downgrade due to deteriorating economic indicators.

Fitch flags several risks to the outlook, particularly in the United States. Equity valuations are described as “very rich,” with the S&P 500’s market capitalization reaching 185% of nominal GDP in the third quarter of 2025, a post-war record. Price-earnings ratios are well above historical norms, and the market value of corporate equity liabilities now exceeds twice the sector’s total net worth. While high valuations do not predict imminent corrections, the report warns that a significant drop in equity prices would pose a substantial risk to US consumption. Another uncertainty centres on future US trade policy, including an upcoming Supreme Court ruling on the legality of using emergency powers to impose tariffs.

Source: Fitch

German economy expected to return to growth as fiscal stimulus drives recovery

After two years of recession, the German economy is expected to record marginal growth of 0.2 per cent this year, before accelerating in 2026 and 2027, according to the winter economic forecast published by the German Institute for Economic Research (DIW Berlin). Growth is projected at 1.3 per cent in 2026 and 1.6 per cent in 2027, largely supported by expansionary fiscal policy, while underlying structural challenges remain unresolved.

DIW notes that the economy has stabilised following the downturn, but that the improvement is being driven primarily by government measures. “The economic situation has not fundamentally improved, but it has stabilised,” said DIW Chief Economist Geraldine Dany-Knedlik. “An upturn is now on the horizon – thanks to government stimulus measures that are compensating for the slowdown in foreign trade for the time being.”

Public spending becomes the main growth driver

Increased fiscal space has enabled the federal government to step up spending, particularly on infrastructure, defence and climate protection. Rising public consumption is expected to contribute more to growth than private consumption over the forecast period. DIW observes that households have remained cautious amid economic uncertainty and job security concerns, leading to a higher savings rate. As fiscal stimulus feeds through to the labour market, consumer confidence is expected to improve gradually.

Private investment remains subdued

By contrast, the private sector has yet to show a strong recovery. Initial optimism that the new federal government would quickly improve long-term growth prospects has weakened, with companies remaining hesitant to invest amid uncertainty over economic policy. DIW expects that stronger public demand will eventually support private investment, but notes that confidence among businesses has declined.

Export growth is also expected to remain modest. While progress in resolving the tariff dispute with the United States has improved planning certainty, DIW points to a gradual decoupling of the German economy from global trade. Survey data suggest that German firms are losing competitiveness, affected by comparatively high production and energy costs, rising labour costs linked to higher social security contributions, and persistent shortages of skilled workers.

Warnings over sustainability of the recovery

DIW President Marcel Fratzscher cautioned against interpreting the projected upturn as a lasting turnaround. “The predicted upturn should not be interpreted as a guaranteed turnaround,” he said. “The development is largely determined by government stimulus and temporary relief effects.”

According to DIW, structural challenges including demographic change, the energy transition, weak productivity growth, innovation deficits and the need to modernise public institutions continue to weigh on long-term prospects. Fratzscher stressed that a sustainable recovery would require higher levels of private investment, productivity gains and faster progress in economic transformation.

He added that economic policy should address investment and transformation needs without increasing social or fiscal burdens, calling for regulatory simplification and a reform of the tax system, particularly in relation to large fortunes, inheritances and property-related capital gains. DIW also argues that climate-damaging and inefficient subsidies should be reduced.

Global outlook remains comparatively resilient

Despite tighter US trade policy, DIW expects the global economy to remain more resilient than previously anticipated. Although higher US tariffs are weighing on many economies, global trade has remained relatively dynamic, particularly in Asia. Recent US trade agreements with key partners have reduced uncertainty and improved business sentiment, while fiscal measures are supporting domestic demand in several regions.

The US economy has expanded steadily so far but is expected to slow towards the end of the year, partly due to the effects of a government shutdown. The eurozone is projected to grow at a moderate pace, supported by rising real wages, although a strong euro is expected to dampen momentum. China is forecast to narrowly miss its growth target of five per cent amid weak domestic demand and the impact of US tariffs.

Overall, DIW forecasts global economic growth of 3.3 per cent this year, easing to 3.0 per cent in 2026 before picking up slightly to 3.2 per cent in 2027.

Source: DIW

Panattoni advances final phase of Kielce logistics park with new 13,000 sqm building

Panattoni has started construction of the final phase of its logistics development in the Świętokrzyskie region. As part of Panattoni Park Kielce, a fourth building with a total area of 13,000 sqm is now underway. Completion is scheduled for the first quarter of 2026, and lease agreements have already been concluded with two tenants.

The development is located between Warsaw and Kraków, with direct access to national transport routes serving central and southern Poland. Panattoni was the first developer to deliver modern Class A warehouse space in Kielce, contributing to the region’s growing role in logistics, manufacturing and distribution.

“Panattoni recognised the potential of the Świętokrzyskie region at an early stage of its development. Today, Kielce is becoming an increasingly important hub on the national distribution network map,” said Dorota Jagodzińska-Sasson, Managing Director at Panattoni. “Our investments in this region not only address business needs, but also strengthen the position of the Świętokrzyskie Province as an emerging logistics and production hub.”

One of the tenants is an automotive distributor that has leased more than 4,700 sqm, including approximately 800 sqm of office space. The location will serve as a distribution point supporting operations across the Świętokrzyskie region and neighbouring provinces. A second tenant, a logistics operator, has taken 4,800 sqm, also including 800 sqm of office space. The company is relocating to the new facility to expand its regional operations and introduce cross-dock services within a Class A warehouse environment.

“Kielce is gaining increasing importance in distribution networks, and modern developments such as Panattoni Park Kielce respond to the needs of both the national and local markets,” said Joanna Pilich, Senior Leasing Manager at Panattoni. “We are pleased that two renowned companies have chosen our investment.”

When completed, Panattoni Park Kielce will consist of four buildings with a combined area of around 68,000 sqm. The complex is located at the administrative boundary of Kielce, approximately six kilometres from the city centre, near the Kielce Zachód (Niewachlów II) junction, which links the S7 expressway with national road DK74.

The park provides Class A warehouse and production space with flexible unit layouts designed to accommodate tenants from a range of industries.

Romania updates insurance guarantee framework and insolvency rules

Romania has adopted new legislation amending the functioning of the Insureds Guarantee Fund (FGA) and the country’s insurance insolvency framework, introducing changes aimed at improving compensation mechanisms, strengthening financial resilience and aligning national rules with European Union requirements.

Law No. 202/2025, published in the Official Gazette on 3 December, amends the existing laws governing the FGA and insolvency proceedings. The changes focus in particular on the handling of motor third-party liability (MTPL) claims and the coordination of cross-border insurance guarantee mechanisms within the EU .

Under the new law, the role of the FGA is clarified as a guarantee scheme that protects insurance creditors in the event of insurer bankruptcy or liquidation, without taking over the obligations of the failed insurer. The Fund will continue to make payments through an administrative process rather than stepping into the contractual position of the insolvent insurer.

One of the most significant changes concerns MTPL compensation. The previous compensation cap of RON 500,000 has been removed for injured parties, with payments now linked to the maximum liability limit of the applicable insurance policy or the higher statutory limit in force at the place of the accident. Claims linked to insolvency proceedings initiated before the law entered into force will continue to be handled under the previous legal framework .

The legislation also introduces stricter timelines for claim handling. The FGA must now issue a decision on MTPL claims within three months of receiving a payment request, either approving the claim, making a partial offer or issuing a reasoned rejection. Where compensation is due, payment must be made within three months of approval or acceptance of a partial offer.

In terms of financing, the law broadens the Fund’s revenue sources to include recoveries through subrogation, reimbursements from equivalent schemes in other countries and, in exceptional cases, government loans. The Ministry of Finance may provide loans or guarantees to the Fund if available resources are insufficient to cover claims. Investment rules for the Fund’s assets have also been expanded to allow a wider range of interest-bearing instruments, including those denominated in foreign currencies .

The amendments strengthen cooperation between the FGA and guarantee schemes in other EU member states, particularly in cases involving cross-border MTPL claims. Insurers operating in Romania through branches under EU freedom-of-services rules will be required to contribute to the FGA only for the portion of their activities not covered by their home-state guarantee schemes.

The law also tightens reporting obligations and introduces new sanctions. Insurers, their management and the Fund itself may face financial penalties for failures to provide information, comply with procedural deadlines or meet reimbursement obligations, subject to specified limits.

According to the explanatory material accompanying the legislation, the reforms are intended to improve predictability for claimants, reinforce systemic stability during insurer failures and bring Romania’s insurance guarantee system into closer alignment with EU law. The changes are expected to lead insurers to reassess their financial contributions to the Insureds Guarantee Fund.

Source: CMS

Union Investment sells two office properties in Mexico City

Union Investment has completed the sale of two office buildings in Mexico City, Montes Urales I and Montes Urales III, to Mexican real estate company Inmofin. The transaction value has not been disclosed.

Montes Urales I has been held in the UniImmo: Europa open-ended real estate fund since 2006, while Montes Urales III has formed part of the UniImmo: Global portfolio since 2007.

According to Union Investment, market conditions in Mexico City have improved in recent years. “Leasing momentum has significantly improved over the last two years and with that, investor demand for well-located and high-quality office properties has increased substantially, especially in Mexico City,” said Tal Peri, Head of Investment Management U.S. East Coast and Latin America at Union Investment. “After a holding period of 17 and 16 years respectively, we have therefore decided to take advantage of this positive market momentum to sell these two assets and rejuvenate the fund portfolios.”

Both properties are located in the Lomas submarket, one of the three core office submarkets within Mexico City’s central business district. The area is home to a number of international occupiers, including companies such as Google and Oracle.

New office leases signed at Warsaw’s Oxygen Park

Two office transactions were completed in November at the Oxygen Park office complex in Warsaw, with one new tenant joining the scheme and an existing occupier expanding its leased space.

ITPunkt, a provider of IT services and solutions for business clients, has leased approximately 460 sqm of office space at Oxygen Park, where it will establish its new headquarters. The company offers services including IT management and outsourcing, project financing support, audits and consulting, cybersecurity and cloud-based solutions. Its operations are supported by certifications from technology providers such as Dell, Microsoft, Cisco and VMware.

Founded in Katowice in 2009, ITPunkt currently employs around 100 people and operates from offices in four Polish cities. During the leasing process at Oxygen Park, the tenant was advised by Mateusz Piotrowicz of ShareSpace, a commercial real estate advisory firm specialising in tenant representation. The landlord was represented by Marta Gawęda, Leasing Manager at Golden Star Estate, the asset manager of the property.

The second transaction involved Paszkiewicz Firma Budowlana, which has been based at Oxygen Park since 2018. As part of its continued development, the construction and fit-out company decided to expand its office space to 300 sqm and relocate its headquarters within the complex, moving to the second building.

Commenting on the transactions, Marta Gawęda said: “Welcoming ITPunkt to our tenant community and seeing Paszkiewicz Firma Budowlana expand are signals that the standards offered by Oxygen Park correspond with current market needs.” She added that the continued presence and growth of existing tenants reflects confidence in the quality and management of the complex.

Oxygen Park is located on Aleje Jerozolimskie in Warsaw’s business district, at Jutrzenki 137A. The development comprises two six-storey office buildings with a total leasable area exceeding 18,000 sqm. The complex was designed by JEMS Architekci and completed in 2013.

Tenants have access to shared amenities including a landscaped patio, a café, underground parking, bicycle facilities and changing rooms with showers. The property holds a BREEAM “Very Good” certification. Oxygen Park benefits from transport connections along one of Warsaw’s main arterial roads, with access to public transport and the nearby WKD Raków suburban rail station. The site is located approximately seven kilometres from Warsaw Chopin Airport and the city centre, with retail facilities in the surrounding area.

In addition to ITPunkt and Paszkiewicz Firma Budowlana, current tenants at Oxygen Park include companies from a range of sectors such as manufacturing, logistics, technology and services.

Develogic joins Symfonia Group

Develogic, a Polish software provider specialising in solutions for the construction and development sectors, has joined the Symfonia Group, a supplier of ERP systems and digital business services in Poland. The transaction is intended to support further digitalisation in a sector that remains comparatively underrepresented in IT adoption.

According to data cited by business news agencies such as ISBnews and PMR Market Experts, construction accounts for around 10% of Poland’s GDP and includes more than 700,000 companies employing approximately 1.5 million people. Despite its scale, the sector remains less digitised than most other industries. PMR estimates indicate that construction accounted for around 2% of Poland’s total IT market in 2024, while the value of the construction sector could exceed PLN 400 billion by 2026, partly supported by funding from the National Reconstruction Plan (KPO). Polish firms represent roughly 11% of all construction companies operating within the European Union.

Based in Poznań, Develogic has been developing software tailored to the construction industry for more than 15 years. Its solutions are currently used by several hundred clients in Poland and are designed to address sector-specific operational, financial and regulatory requirements.

Commenting on the transaction, Piotr Ciski, CEO of the Symfonia Group, said: “This is an excellent partner for Symfonia in the process of digitising companies that expect solutions tailored to the specifics of the industry. The market needs a comprehensive tool for project, finance and sales management, prepared with a deep understanding of the specifics of this sector.” He added: “We also see great opportunities for expanding products and services to foreign markets.”

Jakub Kwaśnik, CEO of Develogic, said the two companies had cooperated for several years prior to the transaction and that further growth required a larger strategic partner. “We have been working with Symfonia for years and at this stage we need a trusted, large partner to continue to grow dynamically and achieve our ambitious goals,” he said. “I am confident that joining the Symfonia Group will strengthen our operations and that we will form an excellent business tandem. Together, we will not only be able to strengthen the Develogic brand on the Polish market, but also offer our solutions in Europe.”

Following the transaction, the companies plan to develop a more integrated ERP platform for construction and development companies in Poland and other European markets. Develogic’s clients are expected to gain access to Symfonia Group’s wider product portfolio, including solutions supporting compliance with the National e-Invoice System (KSeF). Symfonia is also investing in cloud technologies and artificial intelligence, which are expected to form part of future product development.

The value of the transaction has not been disclosed.

KINGSTONE Real Estate: Care facility operators face mounting constraints

The market for care facilities in Germany is facing increasing pressure as rising demand driven by demographic change collides with structural limitations affecting operators. Shortages of skilled staff, higher operating costs and regulatory complexity are constraining the sector’s ability to expand, according to participants in a recent webinar hosted by KINGSTONE Real Estate.

The discussion, titled “Care in transition – operators between growth and reality”, brought together Maximilian Radert, Head of Product Development & Research at KINGSTONE Real Estate, Mathias Staudt, Healthcare Expert at KINGSTONE Real Estate, and Christian Nitsche, Chairman of the Board at DOMICIL Senior Residences.

Demand growth supported by families

Germany currently has around 5.7 million people receiving care benefits, most of whom are supported at home or through outpatient services. Only a limited proportion live in inpatient care facilities. Christian Nitsche noted that the current system depends heavily on informal family care. “The system is being supported by the family. The critical question here is what happens when people can no longer be cared for at home. That is when supply will be severely disrupted,” he said.

Maximilian Radert added that demographic change has moved beyond being a social challenge and could develop into a broader structural issue if capacity does not keep pace with demand. He described the situation as potentially becoming a “systemic risk” that requires coordinated attention from policymakers, investors and operators.

Staffing shortages limit expansion

While demand remains strong, operators are constrained in expanding services due to limited resources. According to Nitsche, workforce availability represents the main restriction. “The bottleneck exclusively pertains to the shortage of skilled workers,” he said, adding that the problem increasingly affects support functions such as kitchen and cleaning services.

Participants highlighted the need for more flexible regulatory frameworks and reduced administrative requirements to help operators maintain capacity without compromising quality standards.

Investment and refinancing challenges

Investment conditions were identified as another key issue. Rising construction and operating costs, combined with the need to modernise existing stock, are creating financing challenges for new developments. Nitsche pointed to a gap between political expectations and economic realities, arguing that refinancing frameworks need to reflect actual construction and renovation costs.

Mathias Staudt noted that only a small number of German federal states currently link refinancing mechanisms for new care facilities to construction cost indices. “There are only two German states, Baden-Württemberg and NRW, that have adequate regulation around new-builds and at least base their refinancing on the building cost index,” he said. In many regions, ageing building stock makes private operators and institutional investors essential to sustaining and expanding care capacity.

Digital tools as operational support

Digitalisation was repeatedly cited as a means of improving efficiency within facilities. Staudt emphasised that digital processes can reduce administrative burdens and allow staff to focus more on care delivery.

Christian Nitsche shared examples from DOMICIL Senior Residences, where electronic documentation, AI-assisted speech recognition and digital service planning tools are already in use. “Our aim is to get employees out of the office and working with our residents,” he said.

Outlook

The webinar concluded that while demand for care facilities is expected to continue rising, sustainable growth will depend on workforce availability, viable refinancing structures and stable regulatory conditions. Investors may play an important role in expanding capacity, but participants warned that without reforms and a reduction in bureaucracy, supply constraints could intensify.

Summing up the discussion, Radert said: “It is crucial that we view the care sector as indispensable going forward. This is the only way to reconcile supply and demand long term.”

Bulgarian Cabinet Resigns as Parliamentary Vote Fails to Proceed

Bulgaria’s political crisis deepened on Thursday after Prime Minister Rosen Zhelyazkov announced the resignation of his coalition government following days of large-scale public demonstrations across the country.

The announcement was made shortly before members of parliament were due to vote on a motion seeking to remove the government from office. The initiative, brought forward by opposition parties, did not result in the cabinet’s formal dismissal, as the parliamentary session was unable to secure the necessary participation to complete the procedure.

According to parliamentary proceedings, a vote was initiated after the resignation statement, but it failed to meet the conditions required to move forward decisively. Several lawmakers from the governing coalition did not take part, leaving the chamber without sufficient attendance to sustain the process. As a result, the motion did not obtain the level of support required under parliamentary rules.

The government’s decision to step aside came amid sustained protests in Sofia and other major cities, where demonstrators voiced concerns over governance, economic pressures and institutional accountability. The rallies marked one of the largest waves of public mobilisation in recent months and placed growing pressure on the ruling alliance.

With the resignation submitted, the country now enters a transitional phase. The cabinet is expected to remain in a caretaker capacity until constitutional procedures determine the next steps, which may include efforts to form a new majority or the appointment of an interim government ahead of potential early elections.

The unfolding situation adds further uncertainty to Bulgaria’s political landscape, which has seen repeated changes in government and prolonged periods of instability in recent years.

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