UK Makes ID Verification Mandatory for Company Directors and PSCs

Identity verification has officially become mandatory for company directors and people with significant control (PSCs) in the UK following the latest implementation phase of the Economic Crime and Corporate Transparency Act 2023. Companies House confirmed that the new requirements came into effect on 18 November 2025, marking one of the biggest compliance changes for UK companies in decades.

The rules apply immediately to all new directors and newly registered PSCs, whether on the incorporation of a new company or through changes to an existing one. For individuals already serving as directors or already registered as PSCs on 18 November, the regime will be phased in over the next 12 months and tied to existing Companies House filing timelines. A PSC is generally defined as an individual owning or controlling more than 25% of company shares or voting rights.

Identity verification is designed as a one-time process. Individuals must prove their identity using approved documents—such as a passport—through a free government service or an authorised third-party provider. Once verified, the individual receives a unique identity number that must be used for all future interactions with Companies House. Individuals holding multiple directorships or PSC roles will only need to verify once, but will face several compliance deadlines across different companies.

Under the new rules, anyone appointed as a director after 18 November 2025 must provide their verified ID number as part of the appointment process. Existing directors must complete verification before filing their next annual confirmation statement (CS01), and Companies House is urging early completion to avoid complications such as mismatched records, expired identification documents, or delays affecting foreign nationals or individuals living overseas.

Individuals becoming PSCs after 18 November must supply their ID number when added to the Companies House register, or within 14 days of the change. Those already registered as PSCs face different obligations depending on whether they also serve as directors of the same company. PSCs who are also directors must submit their ID number twice—once as a director and separately as a PSC—while PSCs who are not directors must submit their ID number within the first 14 days of their birth month.

Failure to comply carries significant legal consequences. The Act introduces new criminal offences for both individuals and companies, including cases where a person continues acting as a director without being verified by the required date. In such instances, not only the individual but the company and its other officers may be held liable. Companies House has published guidance outlining its enforcement approach, signalling that non-compliance will be taken seriously.

Law firms and corporate advisers are now helping clients prepare for the transition, ensuring verification is completed early and assisting with complex cases involving multiple roles or overseas individuals. The shift marks a major step in the UK’s efforts to increase corporate transparency and combat economic crime through tighter scrutiny of those who control and manage companies.

Source: CMS

Poland’s Future Inflation Index Steady as Price Pressures Ease

The Future Inflation Index (WPI), which signals expected movements in consumer prices several months ahead, did not change in December compared with November, according to the latest data. The index has shown virtually no movement for four consecutive months, reflecting a period in which inflation has been steadily declining and moving closer to the National Bank of Poland’s target.

Analysts note that both global and domestic conditions are contributing to price stability. Weak international economic activity has helped keep commodity prices and global demand in check, while slower wage growth in Poland in recent months has eased pressure on household spending, reducing the likelihood of a renewed demand-driven rise in inflation.

Recent surveys of consumer expectations show a clear shift in sentiment. The share of people anticipating price increases in the coming months fell by 6.5 percentage points from October. The number of respondents expecting prices to rise as fast as before—or faster—declined, while more people expect slower price growth. Although consumer expectations tend to mirror recent inflation trends and have limited predictive accuracy, they play a role in spending behaviour. Lower inflation expectations often translate into more cautious purchasing decisions and reduce the tendency to buy in anticipation of further price hikes.

Business sentiment, however, has moved in a slightly different direction. In the latest GUS survey, manufacturing companies reported a modest increase in their expectations for future price changes. For the first time in nearly a year, the share of firms planning price increases exceeded those planning reductions, by 3.5 percentage points. Higher expectations were most common among pharmaceutical producers, electronics manufacturers, and makers of machinery, equipment and transport goods. Some of these anticipated changes are seasonal, such as price adjustments in medicines or certain electronic products. Others may reflect early signs of rising investment demand.

Some firms producing computer equipment also reported upward price pressure linked to a sharp drop in supply and rapidly rising RAM prices—a development partly driven by global investment in artificial intelligence hardware. Despite these pockets of pressure, producer prices overall have been in a strong downward trend for more than two years. Economists note that even a modest improvement in demand may prompt companies to consider raising prices, but this does not necessarily mean such increases will be passed through to consumer goods.

Commodity markets have shown little volatility, with prices generally stable for nearly two years. The IMF’s commodity index rose by 3.5% over the past three months but remains close to its average level for this period. Energy commodities continue to show downward trends, while metals and food commodities remain broadly stable. Geopolitical tensions and subdued global growth have limited the conditions for sustained increases in commodity prices, with the main exceptions being gold and silver, which have benefited from higher demand during periods of uncertainty.

New lease agreements signed at Warsaw’s Oxygen Park

Two companies have recently signed lease agreements at the Oxygen Park office complex in Warsaw. ITPunkt, a provider of IT services for the B2B sector, has leased 460 m² for its new headquarters, while Paszkiewicz Firma Budowlana has expanded its existing office to 300 m².

ITPunkt offers IT management and outsourcing, project financing, audits, consulting, cybersecurity and cloud services. The company, founded in 2009 in Katowice, employs around 100 people and has branches in four Polish cities. At Oxygen Park, ITPunkt leased approximately 460 m² of office space. During the negotiations, the tenant was advised by Mateusz Piotrowicz from ShareSpace. The landlord’s representative during the transaction was Marta Gawęda, Leasing Manager at Golden Star Estate.

Paszkiewicz Firma Budowlana, a company involved in construction, refurbishment and fit-out works, has been a tenant at Oxygen Park since 2018. The firm increased its leased area to 300 m², moving its headquarters to the second building within the complex.

“We are delighted to see Oxygen Park continue to attract companies looking for a modern, friendly and growth-oriented work environment. Welcoming ITPunkt to our tenant community and seeing Paszkiewicz Firma Budowlana expand are clear signals that the consistently developed quality and standards of the complex meet the real needs of the market,” said Marta Gawęda, Leasing Manager at Golden Star Group. “New lease agreements are always a source of great satisfaction and provide the best confirmation of a project’s competitiveness — in this case, Oxygen Park’s strength on the demanding Warsaw office market. Equally important is the trust shown by long-standing partners who choose to stay with us and grow their teams within our properties. It proves that effective management, relationship-building and the unique atmosphere of a place truly matter. Oxygen Park is a space that evolves together with its tenants, and we are proud to accompany them on this journey,” she added.

Oxygen Park consists of two six-storey buildings offering more than 18,000 m² of office space. The complex includes a green patio, relaxation areas, a café, underground parking, bicycle facilities and showers. It holds a BREEAM “Very Good” rating. The site is located along Aleje Jerozolimskie, close to the WKD Raków station, and approximately 7 km from both the city centre and Warsaw Chopin Airport.

Tenants at the complex include Adara, Agfa, Certis Belchim, DiaSorin, ECO3, e-Xim, Eurotronic, Grupa Transportowa, Hamelin, LSI Software, Parker Hannifin, PHINIA, Sodexo, Nieruchomości Plus, Nowy Styl, Trane and Toshiba Global Commerce Solutions. Oxygen Park was designed by JEMS Architekci and completed in 2013.

An increasing number of warehouses with heat pumps are planned in Małopolska. Could Kraków emerge as a leader?

A quiet revolution is underway in Małopolska’s industrial landscape. Developers across the region are increasingly favouring heat pumps and photovoltaic systems over traditional gas boilers in warehouse construction. This shift marks a growing commitment to renewable energy solutions, with investors recognising the dual benefits of environmental responsibility and long-term cost efficiency.

How does Marta Nowik, Director, Industrial and Logistics, AXI IMMO, assess this trend? We invite you to read her commentary on how Małopolska is entering the era of gas-free warehousing.

The warehouse sector in Małopolska is undergoing a significant energy transition. Just a few years ago, facilities heated using ambient energy were a rarity. Today, however, they are emerging as a viable alternative to conventional gas boilers. Heat pumps, supported by photovoltaic systems and energy management technologies, are increasingly setting the standard in modern logistics parks.

Although the Małopolska region — with approximately 1.19 million square metres of modern warehouse stock — does not match the overall scale of Mazovia (7.19 million square metres) or Silesia (6.15 million square metres), developers operating in and around Kraków are increasingly integrating “no-gas-ready” solutions into their projects. In Poland, pioneers in this field include 7R, Panattoni, CTP, and MDC².

Nonetheless, technical constraints must be taken into account. Heat pumps for large-scale warehouses require substantial grid connection capacity, a well-designed heat distribution system, and robust building insulation. In Małopolska, some older parks may require infrastructure upgrades to accommodate such systems. Developers who plan these adaptations at the design stage can significantly reduce implementation costs.

According to current data from industrial developers, over 40% of planned warehouse and production investments in the Kraków region could be delivered with heat pumps as the primary heating source. This figure may increase in the coming quarters or years, depending on tenant demand. For companies leasing space in modern logistics parks, this shift offers not only reduced heating costs but also access to more environmentally friendly solutions — a growing asset in customer and investor relations.

It is worth considering how the buildings in which businesses operate are heated. Heat pumps, which until recently were regarded as a solution primarily for Build-to-Suit (BTS) projects, are now increasingly being planned as standard in new warehouse and production locations. This shift is driven not only by ESG policy requirements but also by economic rationale. With rising carbon emissions and gas prices, renewable energy can deliver tangible savings — up to 50% on heating costs. Naturally, actual savings depend on several factors, including insulation quality, heating system type, and installation efficiency. By choosing facilities equipped with heat pumps, tenants can substantially lower operating costs and reduce exposure to volatile fossil fuel prices.

Carbon dioxide emission costs and gas prices are on the rise, while energy from renewable sources is delivering tangible savings — in some cases, up to 50% on heating expenses. Naturally, the actual level of savings depends on several factors, including the quality of insulation, the type of heating system, and the efficiency of the installation itself.

By choosing facilities equipped with heat pumps, tenants can significantly reduce their operational costs and shield themselves from the volatility of fossil fuel prices.

In practice, it can be expected that over the next few years, the majority of new Class A warehouses in the Kraków metropolitan area will be offered in a “no-gas” configuration, with heat pumps and photovoltaic systems included as standard.

All signs point to Małopolska having the potential to become a leader in the green transformation of the warehouse sector — particularly in percentage terms, given the market’s size and growth dynamics. However, final investment decisions often hinge on the preferences of future occupiers. Their active engagement in selecting sustainable solutions will play a crucial role in shaping the future direction of the market.

Author: Marta Nowik, Director, Industrial and Logistics Department, AXI IMMO

Slovakia’s construction output continued to grow in October 2025, but growth slowed

Construction activity in Slovakia continued to expand on an annual basis in October, though the pace of growth eased compared with earlier months, according to data published today by the Statistical Office of the Slovak Republic.

Preliminary figures show that total construction output in October exceeded EUR 800 million, marking the sixth consecutive month of year-on-year increases. The volume of work was up 3.7 % compared with October 2024, after adjusting for price changes.

Despite the ongoing annual rise, the rate of growth was significantly lower than in previous months, making October one of the slowest months for expansion this year. On a seasonally adjusted basis, construction output was 3.6 % lower than in September 2025.

Within the sector, building construction continued to drive overall growth, with work in this segment up on the previous year. In contrast, civil engineering activities — including road and highway projects — declined compared with October 2024.

Domestic construction work accounted for the bulk of activity, representing 88 % of total output. Both new building work and repairs/maintenance operations contributed to the year-on-year increase.

Slovak construction firms also reported higher output abroad, where their work volume was up significantly compared with a year earlier.

For the first ten months of 2025 overall, construction output in Slovakia is estimated at EUR 6.6 billion, up 7.1 % year-on-year.

The Statistical Office publishes these monthly figures around 40 days after the end of the month, with revisions applied quarterly to ensure accuracy.

More Poles See Late 2025 as a Suitable Time to Buy Property, Though Caution Remains

A recent nationwide survey shows that attitudes toward buying a home improved in the final months of 2025, although many people remain hesitant. According to the research, around one-third of respondents believe that the end of the year offers favourable conditions for purchasing a flat or house. Earlier in 2025, that view was held by noticeably fewer people.

Despite this shift, a slightly larger share of respondents still feel that the final quarter is not the right moment to enter the market. Researchers point out that although interest rates have come down and prices in some cities have steadied or dipped, buyers remain careful.

The study indicates that perceptions in the first half of the year were particularly pessimistic, with only a small share of respondents seeing the market as supportive for buyers. Sentiment improved over the summer and autumn as conditions became somewhat more predictable.

The findings also highlight a persistent concern: the high cost of homes. A large majority of those surveyed continue to describe prices as elevated, which remains the main obstacle for would-be buyers.

Views on selling also shifted. In previous months, more people felt it was a good time to sell property, but that number declined in the fourth quarter. Analysts suggest that many sellers have yet to see a noticeable rise in buyer activity, despite lower interest rates, and may feel that the most advantageous period for listing a property has passed.

Concerns about affordability remain widespread. More than two-thirds of respondents said that few people in their social circles could currently buy a home. This sentiment is strongest among residents of Poland’s largest cities and among younger adults.

The survey was carried out in November 2025 on a representative sample of more than 1,000 adults.

Source: Nieruchomosci

Ballymore and Penta form joint venture to deliver more than £700m in London housing projects

Ballymore and Penta Real Estate have established a 50/50 joint venture to develop more than 680 new homes across two London sites, with a combined gross development value exceeding £700 million.

The partnership will focus on two schemes: the 52-storey Cuba Street residential tower next to Canary Wharf, which will deliver 434 homes, and The Capston at Ballymore’s Embassy Gardens development in Nine Elms, which will add 247 homes. Both projects have planning consent, and construction is underway.

The joint venture marks Penta’s first investment in the UK real estate market. The company has stated its intention to expand its presence in the sector.

“We are excited to be entering the world-leading UK real estate market backing these unique and prominent London residential projects. Ballymore shares our dedication to delivering inspiring homes and creating a positive impact through high quality development projects. We look forward to working together to create a series of fantastic living opportunities for Londoners,” said Pavel Streblov, UK managing director and board member of Penta Real Estate.

John Mulryan, group managing director of Ballymore, said: “Securing this funding in today’s challenging environment represents a significant achievement, and we are excited to work with Penta Real Estate on its first investment in the UK. At a time of constrained supply, it is vital to bring forward projects at pace, and we look forward to building a successful partnership founded on aligned interests and a shared commitment to delivery.”

Kellnerová announces plan to move PPF Group headquarters from the Netherlands to the Czech Republic

Amalar Holding, which manages the joint assets of Renáta Kellnerová and her daughters, has announced its intention to transfer the registered office of PPF Group from the Netherlands to the Czech Republic. PPF Group is the main holding entity of the wider PPF investment group, active in 25 countries across multiple sectors. According to Amalar, the relocation process is expected to be completed in the first half of 2026, after which PPF Group will become a Czech tax resident.

PPF operates in Europe, Asia, North America and South Africa, with investments in telecommunications, media, financial services, real estate, e-commerce, biotechnology and engineering. At the end of last year, the group held assets valued at €41.722 billion (approximately CZK 1.024 trillion) and employed 45,000 people worldwide. In 2024, it reported a record net profit of €3.2 billion (CZK 78.7 billion).

The group’s majority owner was Petr Kellner, the Czech Republic’s wealthiest businessman, who died in a helicopter accident in March 2021.

Source: CTK

FN Brno plans new pavilions worth over CZK 2 billion

The Faculty Hospital in Brno is preparing several new construction projects with a combined value exceeding CZK 2 billion. Hospital director Ivo Rovný and deputy for investments Radoslav Basel outlined the upcoming plans at a briefing with journalists. Alongside projects already underway, the hospital intends to build new facilities for child psychiatry, outpatient hematology-oncology care, treatment of highly dangerous infectious diseases, and a separate administrative building. Individual projects range in cost from around CZK 120 million to nearly CZK 1 billion.

Current construction includes a new institutional pharmacy and a modular building for a children’s group. Preparations are also underway for a pavilion for the Clinic of Gynecology, Obstetrics and Neonatology, as well as a new parking house near the Children’s Hospital in Černá Pole.

“We plan to build a new pavilion for child psychiatry in the Bohunice complex of the hospital. The building should be two stories high, with the inpatient part on the second floor. The increase in child psychiatric diseases is concerning, and we are trying to prepare to help children by increasing the care capacity in our hospital,” said Rovný. The hospital expects the project to exceed CZK 300 million.

A pavilion for comprehensive outpatient hematology-oncology care, including clinics and day-care units, is estimated at close to CZK 1 billion. The aim is to reduce waiting times and increase capacity.

Hospital management is also considering a separate pavilion for highly infectious diseases and a new administrative building by 2030. Basel noted that administrative offices are currently dispersed across the campus, limiting coordination and using space that could otherwise serve medical functions. The administrative project is estimated at up to CZK 400 million and may be built in phases.

Two further projects are intended to improve comfort for patients and staff. A parking structure with approximately 800 spaces, estimated at around CZK 500 million, is planned by the city-owned company Brněnské komunikace, although the hospital and city must still agree on a land-swap arrangement. A unified entrance building is also planned to simplify patient navigation, concentrating registration, information services and a retail pharmacy in one location. The entrance building is expected to cost CZK 169 million, and a feasibility study is being prepared.

Source: CTK

Romanian employees say work often goes unseen; office improves visibility

A new survey by Genesis Property indicates that many employees feel aspects of their work are overlooked. More than 58% of respondents said they perform “invisible work” that is not acknowledged by colleagues or managers. At the same time, nearly 80% reported that in-office interactions help make their work more visible and contribute to feeling appreciated. The survey was conducted in October 2025 on a nationally representative sample of 1,025 Romanian respondents.

The findings suggest the office environment remains significant for how employees manage boundaries and communication. Over 36% said the office helps them better separate personal and professional life, and more than 35% said being on site helps them stay informed about day-to-day developments. When working remotely, more than 28% reported difficulty maintaining a clear division between work and personal time, while 26% said they take on more invisible tasks and often work additional hours.

“Being in the office is no longer just about ticking off tasks, but about being seen, heard, and part of a living community, a place where work takes on a human face and people recognize one another beyond screens and deadlines. At a time when more and more employees feel they are fading into their roles, small gestures, a ‘thank you,’ a sincere question, a two-minute conversation, become the anchors that hold teams together. Because, in the end, what truly motivates us is not perfection, but the feeling that our work genuinely matters to someone,” said Elena Panait, Head of Leasing & ComYunitY at Genesis Property.

According to the survey, more than 39% of respondents feel they have better access to information and informal opportunities when working from the office, while over 38% value the faster feedback. More than a quarter said the office environment helps strengthen relationships with managers. Over 54% identified clearer and faster communication as the main advantage of being in the office, and nearly 28% highlighted more effective collaboration and clearer progress on projects.

Respondents also expressed views on desired office-campus features. More than 47% said relaxation areas are most important for a pleasant work atmosphere, followed by training programmes and courses (27.3%) and green spaces with walking areas (25.2%).

YUNITY Park, the office campus developed by Genesis Property founder Liviu Tudor, is presented by the company as reflecting changing work patterns. The campus includes extensive green areas, indoor and outdoor relaxation zones and facilities focused on wellbeing. It is in its third phase of development, backed by a €50 million investment.

The Genesis Property survey was carried out via the iVox platform in October 2025 among 1,025 internet users in Romania. Women accounted for almost 47% of respondents, and more than 53% reported a net monthly income of at least 5,000 lei.

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