ELI launches next phase of Warsaw Airport Kinetyczna project

European Logistics Investment (ELI) has started the second phase of its Warsaw Airport Kinetyczna development, with Panattoni continuing as the project’s developer. The new stage will add nearly 12,000 sqm of GLA and is scheduled for completion in the first quarter of 2026. The first lease has been signed by a supplier of electric and combustion warehouse forklifts and other material-handling equipment, which plans to occupy around 3,000 sqm.

The first phase of the scheme, totalling more than 11,000 sqm, was delivered in October 2024 and is fully leased to a major e-commerce delivery platform.

The site is located near Warsaw Chopin Airport and key transport routes, including the Southern Warsaw Bypass and expressways S2, S7, S79 and S8. According to the developer, the location is positioned for city-logistics operations and regional distribution.

The building holds a BREEAM Excellent certification and includes energy- and water-saving systems as well as workplace-oriented features. The scheme also provides office areas suitable for company headquarters.

“Recent data for the Polish market show a steady increase in demand for industrial and logistics space. As of the end of Q2 2025, the vacancy rate for Warsaw’s inner city and suburbs stood at a blended 6.6%, down by 1.6 pp over the last 12 months (compared to the national average of 8.1%). In the first half of 2025, total gross take-up in Poland amounted to more than 2.9 million sqm, an increase of 12% year-on-year. At the same time, the Warsaw area generated 20% of total leasing volume – making the capital city the most active leasing market in Poland. We are taking advantage of these positive market conditions and are initiating the next stage of the investment. The first tenant is scheduled to take occupancy in Q1 2026,” says Flora Bertano, Director at European Logistics Investment B.V.

“The launch of the new phase of our Warsaw Airport Kinetyczna project marks another milestone in our commitment to delivering high-quality, efficient and sustainable logistics solutions. Strategically located to ensure seamless transportation, the facility enhances supply chain reliability while supporting the evolving needs of businesses. As we continue to expand, we remain focused on operational excellence and environmental responsibility, reinforcing our position as a key player in Poland’s logistics and industrial sector,” says Łukasz Toczek, Director at Griffin Capital Partners.

Santander Bank Polska S.A. is financing the investment with an investment and development loan of more than EUR 22 million. Harden Construction is acting as general contractor on the second phase.

Poland’s healthcare financing faces growing pressure as NFZ deficits widen

Poland’s public healthcare system is experiencing increasing financial strain, with the National Health Fund (NFZ) reporting significant shortfalls in its projected budget for the coming years. According to official documents, the NFZ’s 2025 financial plan shows a funding gap of approximately PLN 14 billion, alongside health-insurance contribution revenues that are PLN 3.5 billion lower than expected. Current estimates indicate that the deficit could expand to around PLN 23 billion in 2026 if no additional corrective measures are taken.

Analysts note that rising medical costs, higher prices for pharmaceuticals and technologies, and wage increases in the healthcare sector are contributing to the pressure on the public payer. Data also confirm the presence of “medical inflation,” where the cost of healthcare grows faster than general inflation, reducing the real purchasing power of NFZ funding.

Hospitals and outpatient providers have warned that NFZ reimbursement levels often do not cover the actual cost of services, increasing the risk of longer waiting times and postponed procedures. Several healthcare associations report that facilities are already limiting service volumes because of underfunded contracts.

Public debate has included claims that the financial strain is caused by increased use of the system by foreigners, particularly Ukrainian refugees. However, according to NFZ expenditure and contribution data, healthcare spending on individuals with PESEL-UKR is fully offset by the insurance contributions they pay, representing a small share—around 0.4 percent—of total NFZ expenditure.

Experts point out that Poland is facing the same challenges affecting healthcare systems across Europe, including an ageing population, growing demand for services, and rising pharmaceutical costs. However, Poland’s centralized funding structure means that fluctuations in NFZ revenue are felt quickly across the system.

Official strategies for long-term reform have not yet been published, though discussions include expanding state-budget transfers, revising reimbursement models, and updating the benefits package to match available funding.

Source: WEI

Poland: Demand for housing loans rises sharply in November

Demand for housing loans increased markedly in November 2025, according to the latest BIK Index of Demand for Housing Loans. The value of loan inquiries submitted to BIK by banks and SKOKs was 50.3 percent higher than in November 2024, measured on a working-day basis.

A total of 37.06 thousand people applied for a mortgage during the month, up from 26.93 thousand a year earlier, representing a 37.6 percent year-on-year increase. Compared with October 2025, however, the number of applicants declined by 13.6 percent.

The average requested loan amount reached PLN 476,500, which is 9.2 percent higher than in November 2024 and slightly (0.3 percent) above the level recorded in October.

According to Sławomir Nosal, Head of BIK’s Analysis Team, recent monetary policy decisions are influencing borrower behaviour. “Already half the number of people than a year ago applied for a home loan in November this year. With further interest rate cuts by the Monetary Policy Council, there is a growing interest in financing the purchase of real estate with a bank loan. Also, the average value of the applied loans is higher and higher – in November it amounted only to a minimum of less than the record amount from June this year (477 thousand PLN). Due to the continuing high demand for home loans, it should be expected that the annual growth rate of the value of loans granted will remain high,” he said.

The BIK Index of Demand for Housing Loans tracks the value of mortgage applications submitted by individual customers and compares it with the same period of the previous year. The index is used by analysts and financial institutions to monitor trends in the mortgage market and assess the likely direction of lending activity in the coming months.

Newport by Panattoni raises €100 million at first close of pan-European Logistics Fund III

Newport Logistics Fund III, part of the Panattoni group, has completed a first close of €100 million toward its targeted €300 million capital raise. The fund, launched in May 2025, is seeking commitments for a programme of logistics developments across Europe. The initial close is among the larger logistics fundraising events reported in Europe this year.

According to the company, investor commitments were secured despite a subdued real estate investment environment, influenced by higher interest rates and lower transaction volumes. Investor jurisdictions have not been disclosed.

The fund aims to support the development, leasing, and eventual sale of 10 to 12 Class A logistics facilities in several European markets. The earlier two Newport funds hold a combined portfolio valued at approximately €350 million and have delivered projects in multiple countries.

Three assets have already been secured for Fund III in France, Germany and the UK, with further projects under due diligence in Italy, Austria and Germany. Across these sites and the broader pipeline, the fund expects to deliver more than 500,000 sq m of logistics space in at least nine countries, with individual assets ranging from 10,000 sq m to over 50,000 sq m.

In Germany, the Mainz-South scheme in Erbes-Büdesheim is fully permitted and under construction. The location provides access to the A63, A61 and A6 motorways and sits between the Rhine-Main and Rhine-Neckar regions. The project is positioned to attract occupiers in pharmaceuticals, chemicals and retail logistics, including companies operating near Eli Lilly’s planned €2.3 billion campus.

In the UK, the fund has secured Panattoni Milton Keynes, a 94,000 sq ft development in the country’s “Golden Triangle.” The building will include dock and level access doors, EV charging, and a 12.5-metre internal clear height, with potential occupiers expected to come from e-commerce, distribution and manufacturing sectors.

A third project has been secured in France, with details due to be announced later.

Reflecting on the first close, Daniel Raemy, CEO of Newport by Panattoni, said: “Our strong first closing reflects the confidence investors place in our strategy, our team, and the depth of our development pipeline. Raising €100 million in such a short period, and in challenging market conditions, demonstrates clear belief in the resilience of European logistics and in our ability to originate and deliver high-quality, sustainable assets across multiple jurisdictions.”

He added: “With secured assets in France, Germany and the UK, and further projects progressing in Italy, Austria, and Germany, we are well positioned to deploy capital efficiently. Our focus remains on disciplined, diversified development that delivers both long-term value and best-in-class ESG performance.”

The fundraising period for the fund continues until August 2026.

Art-Invest Real Estate acquires 25hours Hotel MuseumsQuartier in central Vienna

Art-Invest Real Estate has purchased the 25hours Hotel at MuseumsQuartier in Vienna from a joint venture of JP Immobilien Group and WertInvest. The acquisition, carried out for one of the firm’s institutional fund vehicles, expands Art-Invest’s hotel holdings in the Austrian capital. The property is leased long-term to KNSA Hospitality, which operates it under the 25hours brand via Ennismore.

The hotel comprises 216 rooms, including 34 suites, and features a circus-inspired interior design. Amenities include the Ribelli restaurant, the rooftop bar Der Dachboden, meeting rooms, and a wellness area with sauna, steam bath and fitness facilities. The property was originally built in 1971 and converted into a hotel in 2013 after serving as a student residence.

Located beside the MuseumsQuartier in Vienna’s seventh district, the hotel benefits from a central setting near cultural institutions, Mariahilfer Strasse, and the historic first district. Art-Invest stated that the acquisition aligns with its strategy of investing in hotels in major European cities and destinations with strong tourism demand.

Dr. Peter Ebertz, Managing Director and Head of Hotels at Art-Invest Real Estate, said: “With the acquisition of the 25hours Hotel at MuseumsQuartier in Vienna, we continue our strategy of investing in hotels in European metropolitan areas and sought-after leisure destinations. Thanks to its broad target group the 25hours Hotel has proven its resilience and offers attractive upside potential in the future. Our goal is to further expand our investments in lifestyle hotels in European cities with strong leisure demand.”

Mark Leiter, Managing Director and Head of Vienna at Art-Invest Real Estate, commented: “This acquisition highlights the importance of the Vienna hotel market for our growth strategy. The location in the cultural center of the city and the hotel’s unique concept make this investment a valuable addition to our portfolio.”

Daniel Jelitzka, Owner and Managing Partner at JP Real Estate, noted the significance of the asset for the company: “The 25hours Hotel at the MuseumsQuartier is particularly meaningful to us – it was our first hotel investment in 2003 and marked an important step in establishing our hospitality division. This property has shown us the strength that lies in bold concepts, strong partners and exceptional locations, and it has helped shape our position as hotel developers.”

Michael Tojner, Owner and Managing Partner of WertInvest, added: “We are pleased to have found a solid buyer for our property in Art-Invest Real Estate. This unique asset, together with its innovative operator and operating concept, demonstrates that real estate transactions remain possible even in a challenging market environment.”

The transaction was completed as an asset deal; the purchase price was not disclosed. Art-Invest Real Estate intends to hold the property long-term. Legal, tax, technical and commercial advisors for both sides included Barnert Egermann Illigasch Rechtsanwälte, TPA, Delta Managing & Consulting Engineers, MRP Consult, Wolf Theiss, Oterea and JP Hospitality Advisory. Eastdil Secured acted as broker.

Czech construction output increased in October, though growth pace slowed

Construction activity in the Czech Republic continued to rise in October, but the year-on-year growth rate moderated compared with previous months. According to the Czech Statistical Office (CZSO), construction output was 7.1% higher than a year earlier, while month-on-month it fell by 0.4%.

Radek Matějka, Director of the CZSO’s Department of Agricultural and Forestry, Industrial, Construction and Energy Statistics, said the expansion was mainly supported by building construction. Output in that segment rose by 9.6%, while civil engineering activity recorded a 3.3% increase.

The total estimated value of projects granted building permits reached CZK 46.6 billion in October, which represents a 7.3% rise year-on-year.

Housing activity strengthened as well. A total of 3,457 new dwellings began construction, an increase of 34.5% compared with October last year. According to Petra Cuřínová, Head of the Construction Statistics Unit at the CZSO, the acceleration was driven largely by multi-unit residential projects, particularly in the Středočeský Region, Prague and the South Moravian Region.

Completions also increased, with 2,914 dwellings finished in October—up 58.1% year-on-year. The CZSO noted that part of the rise reflects unusually low completion figures recorded in October 2024.

For context, Eurostat data show that construction output in the EU27 rose by 0.5% year-on-year in September 2025. Figures for October are scheduled for release on 18 December.

Average Czech mortgage rate unchanged at 4.91% in early December

The average mortgage rate in the Czech Republic remained at 4.91% at the start of December, the same level recorded since October and the lowest since April 2022. According to the Swiss Life Hypoindex, which tracks banks’ advertised rates for loans covering up to 80% of a property’s value, the average has fallen by roughly a third of a percentage point over the course of this year.

“Even December has not brought a change to the mortgage market, rates continue to stand still. The market thus characterizes stagnation, although individual special offers of banks work with individual discounts, but average rates are kept below the five percent threshold without a more noticeable movement in both directions. For clients, this means an environment in which monthly payments are still relatively high, but at the same time there is no risk that the parameters of mortgages provided will change fundamentally from month to month,” said Jiří Sýkora, analyst at Swiss Life Select.

Sýkora noted that developments in 2026 will depend largely on the Czech National Bank’s monetary policy, inflation trends and the broader economic outlook. “If inflation continues to move closer to the inflation target and the central bank is not forced to enforce more restrictive conditions, banks may reach for a slight further rate cut during 2026, typically in the order of tenths of a percentage point, not a full percentage. That is why it is not possible to expect a significant movement of rates next year, but rather a continuation of the current very gradual trend,” he said.

He added that a moderate rise in residential property prices remains the most likely scenario for 2026, though at a slower pace than during the market boom before 2022. In larger cities and sought-after areas, demand and limited supply may continue to lift prices, while tighter financing conditions could reduce investor activity in the buy-to-let segment. “For next year, we expect mortgage rates to move mostly in the four percent band, with possible shifts in the order of tenths of a percentage point. However, mortgages for two percent will remain only a memory in 2026,” Sýkora estimated.

At the start of December, the monthly repayment on a 3.5 million CZK mortgage with an 80% LTV, a 25-year maturity and the average offered rate of 4.91% remained effectively unchanged at around 20,285 CZK.

Source: CTK

CA Immo sells office property on Kirchstrasse in Berlin

CA Immo has completed the sale of an office building located at Kirchstrasse 6, 7 and 12 in Berlin’s Moabit district. The property, which forms part of the Spreebogen complex, contains approximately 29,700 sqm of lettable space and is occupied by the State of Berlin, housing the Tiergarten District Court and the Berlin Administrative Court. According to the company, the building generated around €5 million in annualised gross rental income.

The seven-storey structure, built in 1994, includes 111 underground parking spaces and was originally developed as a single-tenant building tailored to the requirements of the courts. CA Immo noted that the disposal aligns with its ongoing strategy of concentrating on modern, flexible Class A office properties in central locations.

Commenting on the transaction, Hedwig Höfler, Group Head of Investment Management at CA Immo, said: “With the sale of the property we are consistently pursuing our portfolio strategy. As a specialist investor in modern office properties in central locations, we focus on properties where we can create additional value through active asset management and targeted investments. The proceeds from the sale strengthen the capital allocation in our core business and enable us, for example, to reinvest in our Berlin development projects.”

The company described the transaction as supportive of its broader capital allocation plans, which prioritise selective reinvestment in its development pipeline.

Active enterprises in Poland rise to 2.88 million in Q3 2025

Poland recorded 2,875,994 active enterprises in the third quarter of 2025, an increase of 4.9 percent compared with the same period of the previous year, according to new data from Statistics Poland. Micro-enterprises continued to form the backbone of the business landscape, accounting for 95.9 percent of all active entities and growing by 5.2 percent year-on-year. By contrast, the number of small enterprises declined by 0.5 percent, medium firms by 1.0 percent and large firms decreased by three entities.

The sectoral structure of Polish enterprise activity remained broadly stable. The largest share of businesses operated in trade and the repair of motor vehicles, representing 17.2 percent of all active firms. Construction accounted for 15.2 percent, while professional, scientific and technical activities made up 13.8 percent. At the other end of the spectrum, mining and quarrying represented just 0.1 percent of all enterprises, and energy generation and supply accounted for 0.3 percent. The strongest year-on-year increases in enterprise numbers were reported in education, which expanded by 17.8 percent, administrative and support service activities, which grew by 15.9 percent, and the arts, entertainment and recreation sector, which rose by 9.2 percent.

Regionally, the Mazowieckie voivodship remained the country’s largest business hub, hosting 20.1 percent of all enterprises. It was followed by Wielkopolskie with 10.3 percent, Śląskie with 10.2 percent and Małopolskie with 10.0 percent. Opolskie recorded the smallest share at 1.9 percent. Growth dynamics also varied across regions: Mazowieckie, Małopolskie and Pomorskie saw the largest increases in active enterprises, while Zachodniopomorskie, Warmińsko-Mazurskie and Podlaskie recorded the weakest growth.

Local-level patterns highlighted further variation. The powiats with the highest number of enterprises included Poznański, Piaseczyński, Krakowski, Wołomiński, Pruszkowski and Wrocławski. Only a few areas—Gołdapski, Węgorzewski and Sejneński—recorded fewer than 1,000 active firms. In 77 non-city powiats, enterprise growth surpassed the national average of 4.9 percent, with rises above 7 percent in locations such as Legionowski, Pruszkowski, Wrocławski, Grodziski, Średzki and Zwoleński. A decline in enterprise numbers occurred in the powiats of Węgrowski, Krasnostawski and Pyrzycki.

When measured per capita, the highest concentration of enterprises was found in Mazowieckie, which recorded 104.9 entities per 1,000 residents. Pomorskie, Wielkopolskie, Małopolskie and Dolnośląskie also reported high ratios. The lowest figure was observed in Podkarpackie, where there were 57.1 enterprises per 1,000 inhabitants.

Prague allocates 600 million CZK to Congress Center for new hall construction

Prague will provide 600 million CZK to Kongresové centrum Praha (KCP), the municipal company that operates the city’s main congress venue. The funding, approved by city councillors, will support the construction of a new exhibition hall next to the existing building and cover several related investments.

The city, which became the sole owner of KCP earlier this year after purchasing the state’s 54.35% share, will transfer the money as a voluntary contribution outside of basic capital. According to the explanatory report, this method enables the company to access the funds quickly.

“We will be starting an already approved investment in the hall, which will be built next to the congress center. We will send the company 600 million crowns in this form. The company will have funds released so that it can significantly advance in the construction of that hall next year,” said Prague’s finance councillor Zdeněk Kovářík (ODS). He added that the hall is a key reason the city chose to take full ownership of KCP.

In addition to supporting the new hall, the funding will go toward repairs of the garage areas, upgrades to reduce the building’s energy consumption, improvements to stage technology and renovations to the surrounding terraces.

The city’s acquisition from the state, approved in June, included the transfer of several municipal properties—Faust House at Karlovo náměstí, a plot at Homolka Hospital and a parking site near the Ministry of Foreign Affairs—along with 2.21 billion CZK, representing the state’s past investment into the venue ahead of the 2000 IMF meeting.

Kongresové centrum Praha, founded in 1995, operates 70 halls and rooms for conferences and events, and includes the Business Centre Vyšehrad and the Holiday Inn Prague Congress Centre hotel. The main building was constructed between 1976 and 1981 and underwent major reconstruction around the turn of the millennium.

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