Yareal Launches Final Phase of SOHO Scheme in Warsaw

Yareal Polska has started construction of SOHO HUB, the final phase of its SOHO by Yareal mixed-use project in Warsaw’s Praga Południe district. The works are scheduled for completion in the first quarter of 2028.

The developer has appointed FineTech Construction as general contractor for the phase, which includes the development of two new commercial buildings and the refurbishment of a historic industrial structure.

SOHO HUB forms the fifth stage of the broader SOHO by Yareal scheme in the Kamionek area. The project will include building J (Mińska 39), providing more than 7,000 sqm of space, alongside an underground car park with 146 spaces, including electric vehicle charging points. A second building, J’ (Mińska 39A), will accommodate service functions, including space intended for a fitness operator.

A key component of the phase is the refurbishment of building B.55 (Mińska 39B), a listed structure dating back to the late 19th century. Originally part of a linen and jute factory complex established in 1899, the building has been used for various industrial purposes, including by the Pocisk Ammunition Plant during the interwar period and later by state-owned manufacturing companies. The redevelopment is being carried out in coordination with the Masovian Voivodeship Conservator of Monuments and will include restoration of architectural elements such as the original window layout, alongside upgrades to meet current building standards.

Separately, works are ongoing on another historic building within the complex, which is being adapted to accommodate a restaurant offering. The space is expected to open in the second half of 2026.

“The commencement of construction work on SOHO HUB is a symbolic and incredibly important moment for us – we are entering the final phase of SOHO by Yareal, a project we have been consistently developing for years as a multifunctional, vibrant destination on the Warsaw map,” said Jacek Zengteler. “Through SOHO HUB, we are completing this investment by adding complementary functions. At the same time, we are restoring a historic building while adapting it to modern standards.”

The developer added that more than 1,300 sqm in building J has already been leased to a first tenant under a long-term agreement.

FineTech Construction has previously worked with Yareal on projects including the LIXA office buildings in Warsaw.

Payment Disruption in Poland Highlights Role of Cash as Backup

A short-term disruption to electronic payments in Poland last week has drawn attention to the resilience of increasingly digital financial systems, as well as the continued role of cash as a fallback.

Customers across the country reported difficulties processing card payments and using terminals, with some services linked to BLIK also affected. According to local media and industry sources, the issue was connected to a technical failure at Polcard, one of the country’s payment processing providers. The disruption was resolved within hours.

Poland is among Europe’s more advanced markets in terms of cashless payments. Data from Narodowy Bank Polski indicate that non-cash transactions account for a majority of everyday payments, supported by widespread adoption of contactless cards, mobile banking and instant payment systems. Tools such as BLIK have become standard for retail, online and peer-to-peer transactions.

The outage, although temporary, illustrates the reliance of both consumers and businesses on uninterrupted access to payment infrastructure. In situations where electronic systems are unavailable, even briefly, transactions can be delayed or halted, particularly in smaller retail environments where alternative options may be limited.

There is no indication that the disruption was linked to a cyberattack. However, institutions across Europe, including the European Central Bank, have previously highlighted the importance of maintaining multiple forms of payment, including physical cash, as part of overall financial system resilience.

At the European Union level, regulatory developments are also shaping the role of cash. Under updated anti-money laundering rules, a €10,000 cap on cash payments in commercial transactions is expected to come into effect from 2027, alongside stricter identification requirements for certain transactions.

While digital payments continue to expand, central banks and policymakers generally position cash as a complementary element rather than a substitute. The recent disruption in Poland does not alter the broader trajectory towards digitalisation, but it does underline the importance of maintaining alternative payment options in the event of system outages.

Source: WEI

MLP Group Plans Two-Storey Logistics Scheme Near Munich

MLP Group is preparing to enter the southern German market with a new logistics development near Munich, marking its first project in the region and its first multi-level warehouse scheme.

The planned MLP Business Park Munich will be located in Neufahrn, Bavaria, and is expected to provide around 42,800 sqm of gross leasable area. The project will include approximately 34,000 sqm of warehouse space, 4,100 sqm of mezzanine and 4,700 sqm of office accommodation. Construction is scheduled to begin at the end of 2026.

The development will introduce a two-storey concept designed to address land constraints in urban markets. The ground floor is intended for logistics, light production and value-added services, while the upper level is planned for a broader mix of occupiers, including technology, pharmaceutical and small and medium-sized enterprises. Both levels will be accessible, with the upper floor designed to accommodate vehicles of up to 7.5 tonnes.

MLP Group secured zoning approval for the site in February 2026. The 44,500 sqm plot is located close to the A92 motorway, approximately 20 km from central Munich and around 5 km from Munich Airport. Public transport access is expected to improve with a planned S-Bahn connection in the area.

“With our first project in the Munich region, we are entering one of the most competitive logistics markets in Europe. We are particularly encouraged by the strong early interest, reflected in a high number of leasing enquiries. The two-storey concept underlines our commitment to delivering space-efficient solutions in urban environments,” said Martin Birkert.

Radosław T. Krochta, President of the Management Board of MLP Group, added: “In markets such as Munich, access to land is a key constraint for further development. To continue growing in these locations, we need to rethink how we design and deliver logistics space. Multi-level schemes represent a natural evolution, enabling more efficient land use while providing high-quality, modern space aligned with market needs.”

The scheme is being developed on a speculative basis. Sustainability measures are planned to include photovoltaic installations, green roofs and façades, heat pump-based heating and high levels of natural daylight. The project is targeting DGNB Gold certification.

Michael Schöfer, Head of the Building Authority for the Municipality of Neufahrn near Freising, commented: “We welcome this investment as it helps to reduce the shortage of available space and demonstrates that high-quality, sustainable projects can be delivered through collaboration.”

CTP Extends 46,000 sqm Lease with Walz in Southern Germany

CTP has agreed a 15-year lease extension with Walz GmbH for approximately 46,000 sqm at CTPark Bad Waldsee in southern Germany.

The agreement covers a single-tenant property at Steinstraße 28 in the Ravensburg district, where Walz occupies a combination of office, warehouse and logistics space. The asset comprises 45,650 sqm of lettable area on a plot of around 79,000 sqm.

As part of the extension, CTP plans to carry out selected modernisation works at the site, aimed at maintaining operational standards and supporting longer-term building performance.

The transaction reflects the continuation of an existing tenant relationship. According to the company, 71 percent of leases signed in 2025 were agreed with existing tenants, alongside an overall client retention rate of 81 percent.

Sandra Kraus, Leasing Director for Germany at CTP, said: “The continuation of our partnership with Walz sends a strong signal about the attractiveness of our Bad Waldsee location. Long-term lease agreements like this highlight the importance of reliable space solutions and close collaboration for the sustainable success of our customers. At the same time, it confirms the continued strong demand for modern logistics and industrial space in Germany.”

Timo Hielscher, Managing Director at CTP Germany, added: “Long-term and successful partnerships like the one we have with Versandhaus Walz provide an excellent foundation for collaboration between tenant and landlord. A well-established relationship of trust accelerates joint decision-making and solution processes, significantly increasing efficiency.”

CTPark Bad Waldsee is located in the Upper Swabia region, with access to the B30 and B465 federal roads and connections to the A96 and A7 motorways. The site is also served by local rail and bus links.

Avison Young Announces Promotions in Poland Team

Avison Young has announced a series of internal promotions within its Poland office, reflecting changes across its investment, project management and valuation teams.

Patryk Błach has been promoted to Associate Director within the firm’s investment advisory department. He joined Avison Young in 2021 and has since progressed through multiple roles. Błach has been involved in a number of advisory assignments and transactions, including the sale of the Signum Work Station office building in Warsaw and advisory work related to the acquisition of the Quick Park retail scheme in Mysłowice. Prior to joining the firm, he worked at McKinsey & Company, Accenture and PwC. He holds degrees from the Warsaw School of Economics and the University of Warsaw.

Kamil Głowienka has been promoted to Senior Project Manager. With more than 10 years of experience in real estate and construction, he has worked on projects in Poland as well as internationally, including in Spain and China. His previous roles include positions at Warbud, Emmco Pomorze, Rivervial Grupo Constructor and White Star Real Estate. At Avison Young, he has been responsible for technical advisory services, including technical due diligence. Among the projects he has overseen is the redevelopment of the historic Czerwone Koszary complex in Gdańsk into the Noli Gdańsk Old Town co-living scheme.

Katarzyna Uzar has been promoted to Valuation and Innovation Specialist within the firm’s Valuation and Advisory department. She has been with the company for two years and has worked on commercial property valuation assignments. In her new role, she will focus on internal process improvements, including coordinating innovation initiatives and implementing tools and technological solutions. Her responsibilities will also include collaboration with other Avison Young teams internationally.

Poland’s Leading Indicator Edges Up as Business Sentiment Stabilises

Poland’s economic indicator (WWK), which provides an early signal of economic trends, increased by 1.4 points in April 2026 compared with the previous month. The rise offsets declines recorded in the prior two months, although the index remains below its recent peak at the start of the year.

Half of the indicator’s eight components showed improvement, while the remaining elements were largely unchanged.

Equity market performance was the main contributor to the increase. The WIG index on the Warsaw Stock Exchange has been on an upward trajectory since late 2024, with its real value rising by more than 30 percent over the past year. Market participants have remained positive despite external pressures, including geopolitical tensions in the Middle East, higher oil prices and elevated risk levels. A weaker US dollar has also supported capital flows into Polish equities.

However, the stock market continues to play a limited role in corporate financing. The capitalisation-to-GDP ratio in Poland stands at around 27 percent, significantly below the European Union average of approximately 60 percent.

Industrial data point to a modest improvement in demand conditions. The share of companies reporting declining order books fell in April, although the timing of public holidays at the start of the month affected the data. After adjusting for this factor, the improvement appears limited. At the same time, inventories of finished goods declined, which may support production levels in the near term, as seen in March.

Corporate financial conditions remain broadly unchanged. Since autumn last year, more companies have continued to report a deterioration rather than an improvement in their financial situation.

Business sentiment has nevertheless shown a slight improvement. This appears to reflect a degree of adjustment by companies to the current operating environment, including higher input costs, supply constraints and elevated uncertainty.

€130m Branded Residences Scheme Linked to Versace Ceramics Advances in Bucharest

A high-end residential project developed in collaboration with Versace Ceramics is underway in the Romanian capital, with total investment estimated at around €130 million.

The scheme, known as Edition 1011, is being delivered by Ten Eleven Development, led by entrepreneur Constantin Iacov. It will comprise 419 apartments, with full completion targeted for the end of 2028.

Located on a 13,500 sq m site between Șoseaua Fabrica de Glucoză and Bulevardul Dimitrie Pompeiu, the project sits within one of Bucharest’s established office submarkets. The development is designed to provide access to both thoroughfares and to nearby business, retail and education facilities.

Construction began in February, with RCTI Company, part of the Impact group, acting as general contractor. According to the developer, excavation works exceeding 45,000 cubic metres have been completed, with foundation and structural works currently in progress.

The project is positioned as a branded residences scheme, with Versace Ceramics involved in the concept and interior design elements. Materials from the brand are planned to be used across residential units and common areas, alongside products from other suppliers including Gessi, Weitzer Parkett and Mirage.

“The Edition 1011 Featured by Versace Ceramics is Romania’s first branded residences statement. The continuous collaboration with Versace Ceramics across the entire concept — from each residence to the lobby and leisure areas — has given rise to a collection that places Bucharest on the international map of residential exclusivity. We are not building just another Bucharest address. Square metres are universal. Signature is not,” said Constantin Iacov.

The development will include a range of unit types, from studios to larger apartments, alongside shared amenities such as a concierge-served lobby, private club facilities, a semi-Olympic indoor pool and a spa and wellness area.

The project is being developed to nZEB standards and is undergoing BREEAM certification.

Protected Areas and Managed Assets Shape Poland’s Holiday Property Market

The structure of Poland’s holiday property market is evolving, with demand increasingly shifting towards serviced apartments rather than traditional second homes. Market participants point to changing buyer expectations and lifestyle patterns as key drivers behind this trend.

According to Radosław Jodko of RRJ Group, the premium segment is being redefined around four main factors: maintenance-free ownership, access to hotel-style infrastructure, architectural quality and location.

“The new definition of luxury in vacation properties is based on four pillars: maintenance-free living, access to hotel infrastructure, architectural quality, and location,” Jodko said. “An apartment in a cozy complex with a year-round spa, swimming pool, gym, and concierge service is proving to be a more rational solution for a growing number of buyers than a traditional vacation home.”

This shift reflects broader changes in buyer profiles. Higher-income clients are typically more mobile and spend limited time in one location, while also expecting consistent service standards. Amenities such as wellness facilities, on-site restaurants and marina access are becoming standard in new developments, alongside operational models that allow owners to outsource maintenance and rental management.

“In the premium segment, buyers are increasingly asking not about square footage, but about what they get with the apartment,” Jodko added. “When we analyze our clients’ purchasing decisions over the last two years, we see very clearly that a spa area, a year-round pool, and a fully operational concierge can outweigh an additional fifty square meters of space. This is an experience, not real estate in the traditional sense.”

Proximity to protected natural areas is also emerging as a factor in project positioning, particularly in regions such as Masuria, where parts of the landscape fall within the Natura 2000 framework. While environmental protections can limit new development, they may also constrain supply and support the long-term positioning of existing schemes.

“We see this in the hard data,” Jodko said. “Projects located on the border of protected areas achieve higher average short-term rental rates and significantly higher guest retention. Natura 2000 is no longer perceived as a development barrier, but has begun to act as a bonus factor.”

The Masurian Lakes region remains one of the largest interconnected inland water systems in Central Europe, supporting a well-established tourism market. Locations along the main lakes and waterways benefit from developed marina infrastructure, hospitality services and seasonal accessibility, which together contribute to relatively stable visitor demand across different parts of the year.

From an investment perspective, pricing in the region remains below more established Western European holiday markets, while demand is supported by both domestic buyers and international visitors, particularly from Germany and Scandinavia.

“From a purely financial perspective, Masuria offers a rare combination today: a relatively low price base compared to Western European holiday markets, growing demand from Polish private clients, and growing German and Scandinavian demand,” Jodko said. “I currently consider Masurian premium apartments as an asset class in the early consolidation phase. It’s a market where the return on short-term rentals in well-managed projects fluctuates between 4 and 7 percent annually, and at the same time, there’s noticeable capital appreciation. For a client with a portfolio diversified across stocks, bonds, and Warsaw rental apartments, a Masurian premium apartment is beginning to serve as a third pillar – with additional utility value that no other portfolio component provides.”

At the same time, the segment remains relatively early-stage, with variations in development quality and operational standards across projects.

“When making a decision, it’s also important to consider that the Polish premium vacation rental market is still young, and the quality of projects can be inconsistent,” Jodko said. “Therefore, with this type of investment, it’s essential to thoroughly verify the operator, the rental management model, and the actual parameters of the common areas. Due diligence is a mandatory aspect of this type of premium investment. But certainly for the premium client seeking a place combining wilderness with a well-conceived apartment investment, Polish lakes offer a value proposition rarely matched anywhere else in Europe.”

Martin Wolfrat Appointed Managing Director at Art-Invest Real Estate Management

Martin Wolfrat has been appointed Managing Director of Art-Invest Real Estate Management, effective from the beginning of 2026. He will continue to lead the company’s Hamburg branch.

Wolfrat has been with Art-Invest Real Estate for more than a decade and has headed its northern German operations as Partner and Head of Hamburg since 2020. He was promoted to partner in 2023, having previously worked as an investment manager at the company from 2015. During that time, he oversaw projects including Altes Klöpperhaus, Görttwiete and Admi Ahoi.

In his expanded role, he will remain responsible for a number of developments in Hamburg, including the Alter Wall district, the ongoing Hammerbrooklyn scheme, the Reese House at Rathausmarkt and the Große Bleichen/Jungfernstieg complex. The Hamburg office manages assets valued at approximately €1.4 billion and employs 25 staff.

Before joining Art-Invest Real Estate, Wolfrat spent more than nine years at Strabag Real Estate, where he worked as a technical and commercial project manager. He studied architecture at Lübeck University of Applied Sciences and is also trained as a carpenter.

“I am delighted to be appointed Managing Director of Art-Invest Real Estate Management and appreciate the trust the shareholders have placed in me,” Wolfrat said. “Over the many years I have been with Art-Invest Real Estate, I have not only worked on exciting and challenging projects that have had a lasting impact on Hamburg’s cityscape, but I have also collaborated with many wonderful people both within and outside the company. A special thank you to my fantastic Hamburg team – the success of these projects would not have been possible without their cooperation. I look forward to continuing our collaboration and to developing and managing many more great projects together.”

Markus Wiedenmann, CEO, and Ferdinand Spies, COO of Art-Invest Real Estate, added: “We are delighted to appoint Martin Wolfrat, a long-standing and trusted employee from within our own ranks, as Managing Director in Hamburg. Over the past few years, Martin Wolfrat and his Hamburg team have managed several important projects for our company, projects that have had a significant impact beyond the region.”

PORR Improves CDP Environmental Ratings Following ESG Measures

Austrian construction group PORR has recorded an improvement in its latest assessment by CDP, reflecting progress in its environmental strategy and reporting.

The company received an A- rating for Climate Change, up from B in the previous year, and maintained a B rating for Water Security, with improvements noted in specific areas.

“Over the past two years, we have taken significant strategic steps in climate protection and sustainability and implemented them consistently. The improvement in the CDP rating confirms this course,” said Karl-Heinz Strauss, CEO of PORR.

The updated scores follow the implementation of a group-wide ESG strategy, the calculation of a full corporate carbon footprint and the introduction of a decarbonisation plan. The company is targeting a 43 percent reduction in Scope 1 and Scope 2 emissions and a 25 percent reduction in Scope 3 emissions by 2030, using 2024 as a base year. Its alignment with the Science Based Targets initiative was also reflected in the assessment. In water management, improvements were linked to expanded scenario analysis and enhanced data collection, including the use of water meters.

According to the company, its Sustainability Strategy 2030 delivered measurable results in its first year. Direct emissions (Scope 1 and 2) were reduced by 22.5 percent, while value chain emissions (Scope 3) declined by 12.9 percent. Emissions intensity decreased by 14.3 percent, supported by stable production levels. The company attributed these changes to increased use of alternative fuels, expanded renewable energy use and lower overall energy consumption.

Total energy consumption fell by 9.2 percent to 817.1 GWh, while the share of renewable energy rose to 19.9 percent, compared with 7.7 percent in 2024. Measures included the wider use of photovoltaics and green electricity on construction sites, as well as adjustments to equipment usage.

In materials management, PORR reported an increase in its internal recycling rate from 50 percent to 57 percent, with more than half of recycled materials sourced from its own operations. The company said this reduces reliance on primary raw materials and exposure to supply volatility.

“The CDP rating shows that we are increasingly implementing our strategic goals in day-to-day construction site operations,” Strauss added.

CDP is a non-profit organisation that provides a widely used framework for environmental disclosure. More than 22,000 companies globally report environmental data through its platform, making its ratings a recognised benchmark for climate and sustainability performance.

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