HIH Invest sells Canalejas office building in Madrid to private investors

HIH Invest Real Estate has sold the “Canalejas” office building in central Madrid to a buyer backed by Spanish private capital. The asset, located at Calle de Alcalá 6, comprises 1,013 sq m of lettable space and is fully leased on a long-term basis to Banco Santander, which operates a flagship branch at the property.

The historic building, originally constructed in 1902, underwent extensive refurbishment completed in 2020. HIH Invest acquired the asset as part of a forward deal linked to the broader Canalejas regeneration project for one of its institutional funds.

Matthias Brodesser, Head of Transaction Office International at HIH Invest, said: “We originally acquired the property as part of the wider regeneration project in Canalejas, which has contributed significantly to the revitalisation of the surrounding area. As the fund approaches the end of its term, this sale enables our investors to achieve an excellent return through a well-timed and strategically executed exit. At the same time, the new owner benefits from the property’s high appeal, its prime location and the security of a long-term lease with a first-class tenant.”

Sebastian Pende, transaction manager at HIH Invest, added: “The transaction underscores the continued strong demand for high-quality retail and office properties in central locations in Madrid. The Spanish property market remains robust, particularly in the prime segment, driven by solid demand from tenants and investors coupled with limited supply.”

The property is located near Puerta del Sol, one of Madrid’s main commercial and transport hubs, known for its high footfall, strong retail presence and historic architecture.

CBRE acted as exclusive sales agent and carried out technical and environmental due diligence. Andersen provided legal advice, while KPMG advised on tax matters.

Older apartments post strongest annual price growth in Pardubice and Ústí regions

Older apartments in the Pardubice and Ústí regions recorded the fastest year-on-year price growth in the Czech Republic during the first quarter of 2026, with increases of around 20 percent in both markets, according to data from Sreality.cz.

The trend continues momentum seen in the previous quarter and is being driven in part by heightened investor interest in both regions. In the Ústí Region in particular, the gap in price growth between older apartments and new-build units was the most pronounced nationwide.

Across the Czech Republic, the average asking price for apartments reached CZK 89,612 per square metre in Q1 2026, representing an annual increase of just under 16 percent. In the Pardubice Region, average prices stood at CZK 70,666 per square metre, up 21 percent year-on-year. In the Ústí nad Labem Region, older apartments were priced at approximately CZK 46,333 per square metre, reflecting a 20 percent increase. Despite this growth, the region remains the most affordable housing market in the country.

Other regions also reported solid price increases for older housing stock, including Olomouc, South Bohemia, Moravian-Silesia and Pilsen. However, average prices in these areas remained below the national level, with the exception of Prague and the South Moravian Region. The capital continues to exert a strong influence on national averages, with older apartments reaching CZK 153,640 per square metre in the first quarter.

According to Hana Kontriš of Sreality.cz, investor activity in the Ústí Region has been supported by relatively low acquisition costs combined with comparatively strong rental yields and ongoing price growth. In the Pardubice Region, infrastructure development, particularly transport projects, is contributing to improved accessibility and increasing the attractiveness of well-located older properties.

In most regions, older apartments saw stronger price growth than new developments during the quarter. This divergence was most evident in the Ústí Region, where prices of new-build units rose by just 3 percent year-on-year. Notable differences were also observed in the South Bohemian and Zlín regions. By contrast, new housing outperformed older stock in the Liberec and Pardubice regions, while growth rates were broadly aligned in Hradec Králové, South Moravia and Central Bohemia.

The data highlights a continued shift in investor focus towards regional markets offering lower entry prices and stronger yield potential, particularly in segments of older residential stock.

Source: CTK

China introduces first comprehensive rules to protect industrial and supply chains

China has adopted its first dedicated legal framework aimed at safeguarding industrial and supply chain security, as geopolitical tensions and trade disruptions continue to shape global markets.

The new Provisions on Industrial and Supply Chain Security, issued by the State Council of the People’s Republic of China on 31 March 2026, took immediate effect. They establish a broad legal structure designed to strengthen resilience, manage risks and enable countermeasures against external pressures affecting China’s economic and industrial systems.

The regulation applies across both “industrial chains” and “supply chains”, treating them as complementary concepts. While the industrial chain covers the full lifecycle of a product, from research and raw materials through to manufacturing and sales, the supply chain focuses more narrowly on sourcing, logistics and inputs. In practice, the rules aim to protect the entire ecosystem rather than individual segments.

A key element of the framework is its focus on so-called “critical sectors”. Government authorities are expected to publish and regularly update a list of industries considered strategically important, although this has not yet been released. The scope of that list will determine how widely the rules apply in practice.

The provisions also extend beyond China’s borders. They allow authorities to take action against foreign governments, companies or individuals whose activities are deemed to harm China’s supply chain security, signalling an increasingly assertive regulatory stance.

Before this legislation, China relied on a range of separate laws to address external economic pressures, including the Foreign Relations Law of the People’s Republic of China, the Anti-Foreign Sanctions Law of the People’s Republic of China and export control rules. However, these were largely reactive or targeted at specific issues. The new provisions introduce a more coordinated, system-wide approach.

On the preventive side, the framework sets out mechanisms to improve supply chain resilience. These include the creation of information-sharing platforms, a national risk monitoring and early-warning system, and requirements for authorities to build strategic reserves in key sectors. Companies and industry groups are encouraged to report risks, while both central and local governments are empowered to introduce tailored mitigation measures.

The rules also emphasise technological self-sufficiency, encouraging investment in research and development while requiring companies and institutions to maintain control over critical technologies, data and systems.

Alongside these measures, the provisions introduce a set of investigative and enforcement tools. Authorities may intervene in cases where supply disruptions threaten national or economic security, including through direct involvement in production, logistics or distribution if approved at state level.

The regulation also outlines potential countermeasures against foreign actors. These range from trade restrictions and additional fees imposed at state level, to targeted actions against individual companies or persons. In more severe cases, entities could face limits on market access, investment, operations or even entry into China.

Notably, the rules allow enforcement to extend beyond directly affected entities to affiliated companies, regardless of ownership thresholds. This “look-through” approach increases potential exposure for multinational groups operating in or with China.

At the same time, the provisions create possible conflicts for international businesses. Companies complying with foreign sanctions or export controls may find those same actions interpreted as discriminatory or harmful under Chinese law, potentially triggering penalties.

Entities operating within China, including foreign-invested firms, are also required to comply with any countermeasures imposed. Failure to do so could result in restrictions on trade, data transfers, public procurement participation or even residency rights.

Overall, the new framework marks a shift towards a more proactive and centralised approach to managing supply chain risks. For companies with exposure to China, it introduces additional compliance considerations and highlights the need for closer monitoring of regulatory developments, particularly once the list of critical sectors is published.

Source: CMS

Romania’s logistics market slows after strong 2025, long-term outlook remains positive

Economic confidence among logistics sector companies in Romania declined in the first quarter of 2026, according to Eurostat data cited by Colliers, placing the country among the weaker performers in the European Union. Only Slovakia, Germany, Belgium and Hungary recorded larger drops compared with their historical averages.

The softer sentiment is reflected in the property market, where leasing demand for logistics and industrial space fell by 56 percent year on year to around 80,000 sqm in Q1 2026. Colliers notes that this figure is based on publicly available transactions, with additional activity taking place through direct agreements between landlords and tenants.

“The decline in industrial and logistics leasing follows a record year in 2025 and points rather to a temporary cooling of activity than to a structural shift in the market. The local logistics and industrial property market is in a balancing act between short-term pressures and long-term potential. At present, the environment is shaped by numerous uncertainties, both domestic – such as political tensions and weakening consumption at the start of the year – and external, where conflicts and global instability complicate development plans,” said Victor Coșconel, Partner | Head of Leasing | Office & Industrial Agencies at Colliers.

Market activity in the first quarter was influenced by a more cautious approach from occupiers, with many companies delaying expansion decisions and focusing on renegotiations or optimising existing space. Despite this, nearly three-quarters of recorded transactions represented new demand, contributing positively to occupancy levels.

Colliers also highlights a shift in demand structure, with more than half of leased space linked to manufacturing activities, significantly above historical averages in Romania.

“We do not believe that the real estate market can be assessed based on a single weaker quarter, particularly given that the fundamentals supporting Romania in the long term remain solid. This is also supported by favourable elements in the demand structure, such as the high share of new demand in the first quarter, as well as the strong weighting of manufacturing spaces. Furthermore, the progress of infrastructure projects, with nearly 900 kilometres of motorways currently under construction and many more planned, could significantly accelerate the development of the logistics and manufacturing sectors, provided that internal factors are better managed. At the same time, the growing interest of developers in industrial and logistics projects confirms that the outlook remains positive,” added Victor Coșconel.

Romania continues to face a relative shortage of modern industrial and logistics space compared with other Central and Eastern European markets. Total stock has surpassed 8 million sqm and could exceed 9 million sqm by the end of 2027, depending on demand conditions.

Over the longer term, supported by infrastructure investment, competitive costs and labour productivity, the market could expand to around 15 million sqm by the end of the next decade, assuming stable external conditions.

Manta leases space at City Point Targówek in Warsaw

Peakside Capital Advisors has signed a new lease agreement with Manta at City Point Targówek, as the developer continues the commercialisation of its urban logistics scheme in Warsaw.

Manta, a manufacturer and distributor of consumer electronics, will occupy more than 3,000 sqm in the project. The space includes approximately 2,500 sqm dedicated to warehouse and service functions, alongside around 600 sqm of office and staff areas. The unit is located in the newly developed C1 hall.

The lease marks a return for Manta to the Targówek district, where it previously operated, underlining the area’s role within Warsaw’s logistics network.

Hall C1 will deliver approximately 17,000 sqm of space, a significant share of which has already been leased. The building is being developed with a focus on environmental performance, including photovoltaic installations, rainwater reuse systems and design features aimed at reducing the urban heat island effect.

The scheme will provide access via loading docks and ground-level gates, and will be connected to the district heating network. Additional features include natural daylight through roof skylights, employee-focused amenities such as recreational areas and social spaces, as well as electric vehicle charging points and bicycle facilities.

“We are developing City Point Targówek as a next-generation urban logistics project. In addition to warehousing functions, it also encompasses manufacturing activities and innovative technological solutions. In such a central location, this is a unique approach. We are responding to the growing demand from companies operating in the last-mile model by offering urban warehouse modules. Such spaces are currently among the scarcest on the market, particularly in locations with good transport links to the centre of Warsaw. The interest in Hall C1 confirms that tenants are looking for more than just warehouse space. Environmental standards, working comfort and the ability to adapt the facility to the nature of the business are also becoming increasingly important. Our aim is to create parks that combine operational efficiency with a quality previously associated mainly with modern office projects,” said Olga Wałkiewicz, Leasing Director at Peakside Capital Advisors.

Once completed, City Point Targówek is expected to offer around 100,000 sqm of warehouse and production space. The project is being developed as a brownfield scheme and is targeting high environmental certifications, including BREEAM “Outstanding”, LEED “Platinum” and WELL HSR.

The development is part of a joint venture between Partners Group and Peakside Capital Advisors, focused on delivering urban logistics assets in key city locations.

SCF acquires shopping centre in Słupsk, expanding Polish portfolio

Czech investment group SCF Group has completed the acquisition of the Jantar shopping centre in Słupsk, Poland, from CBRE Investment Management, marking its seventh retail asset in the country.

The scheme, located in northern Poland, provides approximately 44,000 sqm of leasable space, making it the largest shopping centre in the Central Pomerania region. The transaction further expands SCF’s presence in Poland, alongside its existing retail assets in the Czech Republic and Slovakia.

“We believe that Poland is one of the most attractive real estate markets in Central Europe, which is why we want to expand our activities here. The newly acquired shopping center meets exactly the criteria we look for in real estate—a strong location, a stable tenant mix, and real potential for value growth. It will thus complement our existing portfolio of Polish shopping centers located in prime locations,” said Josef Malíř, CEO and owner of SCF. “I am grateful to the entire team and our partners, without whose expertise and trust the transaction would not have been possible.”

“We greatly appreciate the quality of the entire transaction process. Given the limited number of transactions involving large shopping centers in Poland in recent years, it was a real pleasure for us to work with SCF,” said Karel Zeman, Country Lead CEE at CBRE Investment Management. “Over the nearly ten years that we owned this shopping center, we significantly transformed it, thereby strengthening its position and long-term performance. We are proud that SCF has recognized the results of our work and appreciates the quality of this investment,” added Justyna Pączkowska, who led the transaction on behalf of the seller.

Jantar shopping centre comprises more than 125 stores across two floors and includes a multiplex cinema, food court and leisure facilities. The scheme offers approximately 1,100 parking spaces and is located بالقرب main transport routes connecting Słupsk with Szczecin.

SCF entered the Polish market in 2024 through the acquisition of a six-asset retail portfolio from Cromwell Property Group, in a transaction valued at over CZK 7 billion. The newly acquired asset will be integrated into the SCF Eagle sub-fund, part of SCF Investment Partners SICAV.

Financing for the transaction was provided by Aareal Bank and J&T Banka. Legal advisory was handled by Dentons, while the seller was advised by Cushman & Wakefield and CMS Cameron McKenna Nabarro Olswang.

Mondelēz extends lease at Signum Work Station in Warsaw

A company from the Mondelēz International group has extended its lease at Signum Work Station in Warsaw, confirming its continued presence in the Mokotów office district.

Under the new agreement, Mondelez Europe Services GmbH will remain in the building until the end of 2032, occupying nearly 4,000 sqm of office space. The company has been based in the building since 2019.

Mondelēz International operates in more than 150 countries and manages a portfolio of global snack brands, including Oreo, Milka and Cadbury. In Poland, the group is active through several entities, including Mondelez Polska and Mondelez Europe Services GmbH, which supports marketing and service functions for the region.

The lease extension was agreed following a renegotiation process in which the tenant was represented by CBRE.

“Mondelez’s decision to extend its lease confirms that Signum Work Station remains an attractive choice for international organizations seeking a stable and modern working environment,” said Marta Zawadzka, Head of Leasing and Asset Management at TriGranit. “Our objective is not only to maintain a high standard of office space, but also to continuously develop the building in response to evolving tenant needs. Since the acquisition of the asset by DRFG Investment Group at the end of 2024, we have been implementing a range of solutions to enhance user comfort and support the building’s sustainable operations. In addition to modernization works in common areas and elevator lobbies, we are also working on further technological improvements, including implementation of a building application to facilitate daily use of the space, as well as a digital waste monitoring system. We are pleased that these initiatives are appreciated by our tenants, who choose to tie their business future to Signum Work Station.”

Karolina Dobrowolska, Director, Leasing Office at CBRE, added: “The new owner and asset manager of Signum Work Station is implementing numerous solutions and continuously enhancing the building’s attractiveness, while offering a level of flexibility that is highly valued by our client.”

Located on Domaniewska Street in Warsaw’s Mokotów district, Signum Work Station provides more than 32,400 sqm of office space, alongside retail and service areas, and 870 parking spaces. The building holds a BREEAM “Excellent” certification and has recently introduced upgrades, including dual power supply and the use of renewable energy under a long-term power purchase agreement.

The property is owned by Efekta Real Estate Fund and managed by TriGranit, part of DRFG Investment Group.

MLP Group reports record leasing in Q1 2026

MLP Group reported its highest quarterly leasing performance to date in the first quarter of 2026, supported by increased tenant demand across its core European markets.

Between January and March 2026, the company signed lease agreements covering 56,000 sqm, up 144 percent year on year compared with 23,000 sqm in Q1 2025. The value of annualised rental income reached EUR 3.8 million, a 186 percent increase from EUR 1.3 million in the same period last year.

These results reflect continued demand for modern logistics space, particularly from tenants in light manufacturing, e-commerce and distribution sectors, as well as a focus on well-connected locations and higher technical standards.

“In the first quarter of this year, we nearly tripled our contracted rent year on year. This is an outstanding result and one of the best quarters in our history. It demonstrates the strength of our organisation, the effectiveness of our strategy and the high level of trust our tenants place in us. Importantly, we entered the year with a very strong foundation. Taking into account the agreements signed already in 2025, we had secured a 21% revenue increase at the very start of the year. We have now further strengthened this with record leasing performance in the first quarter. This gives us confidence that 2026 will be another period of outstanding success for MLP Group,” said Agnieszka Góźdź, Member of the Management Board & CDO at MLP Group S.A.

“The results achieved are the effect of our highly consistent leasing strategy, based on tenant diversification, a focus on key European markets, and offering flexible, scalable solutions for businesses. We continue to see strong demand, particularly from companies in light manufacturing, e-commerce and logistics, which are seeking modern space in well-connected locations. Importantly, the importance of asset quality is also increasing, as tenants are paying more attention to technical standards, energy efficiency and ESG compliance. Our portfolio is well aligned with these expectations, which translates into strong leasing activity and very good prospects for the coming quarters,” added Tomasz Pietrzak, Leasing Director Poland at MLP Group S.A.

Alongside leasing activity, MLP Group completed approximately 100,000 sqm of warehouse space in Poland and Germany during the first quarter, reflecting ongoing development across its portfolio.

At the end of March 2026, the Group’s total portfolio exceeded 1.7 million sqm of warehouse space across Europe. Its land bank allows for further expansion, with potential to increase total space to approximately 2.3 million sqm.

The portfolio remains relatively young, with around 85 percent of buildings delivered within the past 10 years and more than 60 percent completed in the last five years. The average age of assets is approximately 6.6 years, aligning with tenant demand for modern logistics facilities.

The first-quarter performance indicates continued leasing activity supported by development completions and available land for future growth.

Poland’s Market and the Question of Corporate Taxation

From time to time, public debate in Poland returns to the issue of how much tax large companies actually pay relative to the scale of their operations. The discussion is often driven by cases in which companies report substantial revenues, maintain a strong market presence, and serve large customer bases, yet record relatively low taxable profits and, consequently, limited corporate income tax (CIT) payments.

This perception is particularly visible in the retail sector. Data published by Ministry of Finance Poland has highlighted significant differences in effective tax contributions among companies with broadly comparable market positions. Some firms report sizeable tax payments, while others, often during expansion phases or operating on thinner margins, report limited taxable income. While such outcomes are consistent with the design of CIT, which applies to profit rather than turnover, they continue to fuel questions around competitive balance.

A similar pattern can be observed in the courier sector. According to figures cited by Infor, InPost reported revenues of approximately PLN 9.85 billion and paid around PLN 375 million in corporate income tax in 2024, reflecting its relatively strong profitability. By comparison, DPD, FedEx and DHL eCommerce reported lower tax payments alongside lower reported profits, despite generating significant revenues in the Polish market. Such differences are typically linked to variations in business models, cost structures, and investment cycles, rather than revenue levels alone.

In the case of global technology companies, the structure is different again. Firms such as Alphabet, Meta Platforms, Netflix and TikTok generally operate in Poland through subsidiaries that provide marketing, research, or support services. Revenue from advertising or subscriptions is often recognised in other jurisdictions, reflecting group-wide operating models. As a result, while economic activity takes place locally, a significant portion of taxable profit may be recorded elsewhere.

Several structural factors explain these outcomes. Corporate income tax is levied on profit, meaning that companies with high operating costs, significant depreciation, or accumulated losses may report limited taxable income. In addition, multinational groups have the ability to allocate functions, risks, and assets across jurisdictions. Transfer pricing plays a central role in this process, with intra-group payments for intellectual property, financing, or services influencing where profits are ultimately recorded. Polish tax authorities have increased their focus on this area in recent years, reflecting broader international trends.

At the same time, these dynamics are not limited to foreign-owned companies. Domestic firms may also benefit from elements of the tax system, particularly where scale and organisational complexity allow for more sophisticated financial structuring. The issue, therefore, is less about ownership and more about how modern tax frameworks interact with globalised business models.

Poland continues to rely on foreign investment, competition, and innovation as key drivers of economic growth. At the same time, ensuring a level playing field remains an ongoing policy consideration. Recent international initiatives, including the OECD-led minimum global tax framework, aim to address some of these challenges by setting a baseline level of taxation for large multinational groups.

Within this evolving context, the debate is likely to continue, balancing the need to maintain an attractive investment environment with the objective of ensuring that taxation reflects, as closely as possible, where economic activity takes place.

Source: WEI

Cordia Romania launches sales for Centropolitan in central Bucharest

Cordia Romania, part of the Futureal Group, has officially opened sales for Centropolitan, a new residential scheme located close to Bucharest Mall and Alba Iulia Square.

The launch follows strong pre-launch interest, with several hundred registrations recorded in recent weeks. The project has now entered a pre-sales phase running from 20 April to 20 May 2026, offering early buyers preferential pricing.

According to Mauricio Mesa Gomez, Chairman of the Board for Cordia Romania and Spain, the scheme is being brought to market amid continued underlying demand and a tightening pipeline of centrally located new-build residential projects. He noted that Bucharest is increasingly characterised by more selective buyers and limited availability of high-quality developments in prime locations.

Centropolitan represents an estimated investment of around €65 million and will deliver 274 apartments, ranging from studios to four-bedroom units. The scheme will also include approximately 3,345 sqm of ground-floor retail space with dedicated parking, alongside around 350 sqm of resident amenities.

During the pre-sales period, pricing is expected to start at approximately €170,000 plus VAT for studio units, rising to around €337,000 plus VAT for four-room apartments.

The development is located on an 8,179 sqm plot acquired in September 2025 and is designed around a “10-minute city” concept, providing access to key amenities within a short walking distance. Piața Unirii can be reached in around ten minutes, supported by strong public transport connections.

Apartments will range in size from 42 sqm to 156 sqm and include terraces. Planned amenities include a gastro bar, children’s play areas, a games room for teenagers, coworking facilities, and dedicated fitness and yoga spaces. The retail component will operate independently, with separate parking access for visitors.

Construction is currently at the excavation stage, with works progressing to a depth of four metres below ground. Diaphragm walls are largely complete, while crown beam works are underway.

« Previous 1 … 126 127 128 129 130 … 578 Next »

Latest news

All posts by fletcher@cijeurope.com.