GARBE starts construction of industrial park in Pohořelice with Dachser as first tenant

GARBE has started construction of an industrial park in Pohořelice, near Brno. International logistics provider Dachser Czech Republic a.s. has agreed to lease 9,000 sqm of space in the first phase and will become the initial tenant.

The development, known as GARBE Park Brno South, will deliver 20,000 sqm in its first stage. Around 11,000 sqm will be built speculatively and made available for lease within six months.

At the site, Dachser will provide logistics services for a range of industrial sectors. The long-term lease, secured by Savills, is expected to commence in early 2027.

Jan Pihar, Managing Director of Dachser Czech Republic a.s., said: “We plan to use the new, technologically advanced premises as a multi-user warehouse. This will allow us to expand our logistics services in Moravia and offer our customers comprehensive contract logistics solutions combining transport, warehousing and value-added services under one roof.”

Martin Stratov, Country Head Czech Republic & Slovakia at GARBE, said: “We are pleased to commence construction of the new park. Once completed, the first building will offer up to 60,000 sq m, with the current phase delivering 20,000 sq m. Approximately 11,000 sq m will be available on a speculative basis for additional tenants.”

The wider scheme includes three additional buildings with a combined leasable area of 51,000 sqm, for which building permits have already been obtained. The buildings are designed to meet modern technical standards and are intended to accommodate logistics, supply chain and light manufacturing occupiers. Delivery is expected within eight months from the start of construction.

Ondřej Míček, Head of Industrial Agency at Savills, said: “For tenants such as Dachser, the park’s strategic location – approximately 25 km south of Brno towards Vienna – and its excellent access to major transport routes are key advantages. The location offers an ideal base for companies seeking to operate logistics in a modern and well-connected environment. Pohořelice also benefit from its proximity to the Austrian border and strong links to international transport corridors, making it an attractive logistics gateway for distribution across Central Europe.”

Martin Stratov added: “In Pohořelice, we are able to deliver buildings with a clear height of up to 14 metres, which exceeds the standard parameters of modern logistics facilities. This enables a high degree of flexibility, allowing the space to accommodate even the most demanding technological requirements, including automated operations, multi-level mezzanines and high-bay automated warehouses.”

The project will also include a retail zone intended to serve employees and local residents, with opening planned for early 2027.

Union Investment sells Munich office asset to CONREN Land

Union Investment has agreed to sell an office property at Prinzregentenplatz 7–9 in Munich to a company managed by CONREN Land. The transfer of ownership is expected to be completed by the end of June. The purchase price was not disclosed but is reported to be above the latest valuation.

The asset, located in Munich’s Bogenhausen district, provides approximately 21,300 sqm of lettable space. It is DGNB Silver certified and was fully refurbished in 2011–2012. The property has been held in the UniImmo: Deutschland portfolio since its acquisition in 2011.

According to Alejandro Obermeyer, the sale follows active asset management measures, including repositioning the building from single-tenant occupancy after GSK reduced its space. The property was subsequently converted into a multi-tenant scheme, with tenants including FINN GmbH and Immobilien Freistaat Bayern. Full occupancy was achieved in April 2026.

The disposal forms part of a broader strategy to rebalance the fund’s portfolio and reduce its exposure to the Munich market. At the same time, Union Investment is preparing for new acquisitions as market conditions evolve, targeting office assets in major European cities including Paris and London, alongside opportunities in Germany. The fund’s liquidity ratio currently stands at around 20 percent.

Advisory services on the transaction were provided by Newmark, Hogan Lovells and Pöllath + Partners.

Westbahn extends partnership with STRABAG Property and Facility Services Austria

Westbahn has extended its long-standing contract with STRABAG Property and Facility Services Austria on a long-term basis, while expanding the scope of services to include its southern route between Vienna and Villach.

The agreement continues a partnership in place since 2011, under which STRABAG PFS has acted as Westbahn’s exclusive integrated facility management provider. Its services cover cleaning of trains as well as retail and office spaces across key locations including Vienna, Linz, Salzburg, Innsbruck, Bregenz, Munich and Stuttgart.

The latest extension follows Westbahn’s network expansion, with new services operating from Vienna via Graz to Villach since March. STRABAG PFS will now support this route, including the cleaning of 22 trainsets across the expanded network throughout the year.

The scope includes nightly interior cleaning of carriages, windscreen cleaning and operational cleaning at stations, alongside specialist services such as graffiti removal. The company said it will deploy modern cleaning technologies to improve efficiency and resource use.

“We have had the privilege of accompanying Westbahn on its journey for many years and we are proud that this trust has now been reaffirmed,” said Matthias Plattner. “For us, this is not only an honour but also an incentive to continue delivering the highest quality across national borders.”

Periskop Partners and Kensho Investment Group form strategic partnership

Periskop Partners has entered into a strategic partnership with Kensho Investment Group to provide Japanese institutional investors with access to sector-specific, ESG-compliant real estate strategies in Germany.

Under the agreement, Kensho will offer selected investors exposure to Periskop Partners’ strategies across senior living, logistics, light industrial and land development. The collaboration is structured through Kensho’s fund manager-focused cooperation model.

The partners aim to respond to increasing interest from Japanese capital in the eurozone, with Germany positioned as a key target market due to its scale and liquidity within continental Europe.

“We are seeing growing interest in the eurozone, particularly in Germany,” said Lars Meisinger. “Our joint ambition is to provide Japanese investors with a structured and sustainable path to selected real estate strategies.”

Leonard Meyer zu Brickwedde said the partnership aligns with the firm’s approach of working with specialist managers to deliver targeted investment opportunities and support long-term allocation decisions in the German market.

The cooperation builds on Kensho’s existing activities in residential, office and renewable energy sectors, while expanding its exposure to additional real estate segments.

Both firms said the partnership reflects continued international investor interest in Germany’s real estate market.

HIH Invest partners with Loanboox to digitise financing management

HIH Invest Real Estate has entered into a partnership with Loanboox to implement its Fincetra software solution for financing tenders and loan management.

The platform will be used to support the full debt capital process, including tendering, comparing financing offers and administering existing loans. It enables centralised data management and integrates financing partners within a structured system, allowing tenders to be handled digitally and decisions to be supported by data analysis.

The move reflects efforts by HIH Invest Real Estate to standardise and digitise financing processes in response to increasing requirements for transparency, efficiency and data availability across the institutional real estate sector.

“With the introduction of Fincetra, we are creating a uniform, digital structure for our financing tenders and the management of our loans. This increases transparency and supports us in making well-informed decisions,” said Peter Müffelmann.

According to Urs Meier, digital financing tools can improve collaboration between borrowers and lenders while enabling more consistent comparison of offers.

Implementation and technical support are being provided by INTREAL Solutions, part of the HIH Group. “The introduction of digital tools in financing management requires clear processes and interfaces. We are supporting HIH Invest in integrating the application efficiently and seamlessly into existing structures,” said Christian Schmidt.

Loanboox reports that more than €35 billion in financing has been arranged via its platform, with around €50 billion in loans currently under management. The system is used across 18 countries by institutional investors, asset managers and other professional borrowers. It includes data-driven tools such as automated extraction of information from term sheets and contracts, as well as search functions within data rooms.

Rising fit-out costs shift expectations in Poland’s office market

Increasing office fit-out costs and a declining supply of ready-to-occupy space are influencing how both tenants and landlords approach leasing decisions in Poland. Budgets that previously covered standard office arrangements are no longer sufficient, while tenants are facing higher upfront contributions or longer lease commitments.

One of the most visible changes in recent years concerns the cost and availability of fully fitted office space.

Karolina Słysz, Head of Regional Markets, Office Agency at AXI IMMO, said: “Before the pandemic, it was still possible to secure an office fully prepared for occupation

One of the most visible changes in recent years concerns the cost and availability of fully fitted office space.

Słysz said: “Before the pandemic, it was still possible to secure an office fully prepared for occupation, financed by the developer, within a budget of around EUR 550-600 per sqm. Pricing was calculated from the shell and core condition, meaning space delivered in a raw, developer-standard state requiring full fit-out. At that time, such a budget allowed for an average standard of finish. Today, comparable offers are increasingly rare. Tenants wishing to move into ready-made space must expect to pay a premium for this convenience. Alternatively, they may be required to sign a longer lease, often seven or even ten years instead of the standard five”.

Market practice has shifted towards three broad fit-out standards, each with distinct cost levels and specifications.

At the lower end, cost-focused tenants typically opt for basic finishes, including standard flooring, suspended ceilings, simple layouts and minimal partitioning. These projects are now estimated at roughly EUR 700-900 per sqm.

Mid-range offices, previously considered standard, now incorporate higher-quality materials, branded design elements, LED lighting and more developed common areas. Costs for this segment are currently in the range of EUR 1,000-1,200 per sqm.

Premium offices, based on bespoke designs and higher-end materials such as stone or advanced acoustic solutions, can reach between EUR 1,300 and EUR 2,000 per sqm or more, depending on complexity.

Słysz noted that cost increases are not only linked to construction and material prices but also to changing tenant expectations: “It is worth noting that rising fit-out costs are driven not only by higher prices of materials and construction services, but also by tenants’ growing expectations regarding office space quality. Increasingly, offices must meet additional criteria, ranging from acoustics and ergonomics to ESG compliance and environmental certifications such as LEED or BREEAM. As a result, what is perceived as a mid-standard fit-out today may include solutions that just a few years ago were reserved exclusively for the premium segment.”

At the same time, companies seeking faster relocations are increasingly considering second-generation office space. However, adapting existing layouts often involves more extensive work than initially expected, particularly when technical systems or layouts need to be altered.

Under typical five-year lease agreements, landlord contributions for fit-outs currently range between EUR 500-650 per sqm for shell and core space, leaving tenants to bridge the gap for mid or higher-standard offices. For already fitted space, available budgets are usually lower, often between EUR 150-350 per sqm, which can still fall short of requirements.

Słysz concluded: “The current market situation is forcing companies to adopt a more conscious approach to relocation planning and fit-out budgeting. Differences between fit-out standards are becoming increasingly pronounced, while available budgets are ever more disproportionate to actual costs. As a result, decisions regarding space selection, lease length and the scope of arrangement works are becoming one of the key elements of every organisation’s office strategy”.

Source: AXI IMMO

Ownership of Prague 3 brownfield site transfers to Logport and J&T Real Estate joint venture

A land transaction involving a brownfield site on the edge of central Prague has been completed, with advisory firm Colliers supporting the process.

The deal concerned the transfer of a full ownership stake in LUSIMA AD Property s.r.o., which controls a plot on Spojovací Street in Prague 3. The vendors included JSK Investments, Notino and associated partners. The buyer is a joint venture formed by Logport and J&T Real Estate.

The site covers approximately 37,000 square metres and has historically been used for industrial purposes, dating back to the 1970s when it housed Autodružstvo Praha. The existing buildings remain occupied by tenants, although the area is expected to attract redevelopment interest due to its location near the wider city centre.

Tomáš Szilágyi, Associate Director at Colliers, said: “I am very pleased to have been able to contribute to the completion of such an interesting and complex transaction. We thank the sellers for their trust in our services and wish the new owners every success in realizing this ambitious project.”

Legal support was provided on both sides of the transaction. The sellers were advised by Tauber Špačková, Axialis Legal and HLADKY.LEGAL, while the buyers were represented by WHITE & CASE and OHBS.

Manova Partners and Mapfre acquire Dublin office asset for SIEREF 2 fund

Manova Partners and Mapfre have acquired the One Haddington Buildings office property in Dublin for their joint vehicle, the Stable Income European Real Estate Fund 2 (SIEREF 2).

The four-storey building, located on Haddington Road in the city’s central business district, provides approximately 3,800 sqm of office space along with 23 parking spaces. Originally completed in 1995, the property was refurbished in 2022 and holds a BER A3 rating as well as Nearly Zero Energy Building (NZEB) status.

The asset is fully leased to four tenants on long-term agreements across a mix of sectors, offering what the investors describe as stable income characteristics. Its location benefits from access to public transport, including tram, rail and bus connections, and is within walking distance of a range of amenities.

Christian Göbel, Co-CEO at Manova Partners, said: “With One Haddington Buildings, we are acquiring a future-proofed and ESG-compliant office property in one of Dublin’s most established office locations. The property impresses with its high-quality tenancy and attractive yield. With this acquisition we continue our current anticyclical investment strategy to expand our office portfolio in prime locations.”

Laetitia Treves, Head of Transactions Europe at Manova Partners, added: “We believe now is an opportune moment in the cycle to invest in the Dublin office market, which has significantly re-priced with growing momentum in the leasing market. One Haddington Buildings is a quality Grade A office in a vibrant location in Dublin providing attractive yield profile compared to other European cities.”

Carlos Díaz Gridilla, Managing Director at Mapfre Inmuebles, said: “An acquisition like One Haddington Buildings fits perfectly into Mapfre’s real estate strategy, which prioritizes investment in high-quality office buildings in prime locations that can provide a stable source of income over the long term. Our investment strategy in alternative assets has proven successful in recent years, and we will continue to explore this avenue in partnership with our top-tier partners.”

The transaction marks the fourth acquisition for SIEREF 2, a fund targeting core office assets across Europe on behalf of Spanish institutional capital. The strategy follows an earlier vehicle launched in 2018 and focuses on markets outside Spain.

With this acquisition, Dublin becomes the third city represented in the current portfolio after Berlin and London. The fund managers indicated that remaining capital will be deployed over the next 12 to 18 months to further diversify both geographic exposure and lease maturity profiles.

VIA Outlets completes expansion of Landquart Fashion Outlet in Switzerland

VIA Outlets has completed an extension of its Landquart Fashion Outlet in eastern Switzerland, increasing the scheme’s total leasable area to approximately 27,000 sqm. The project adds just under 5,000 sqm of space, representing an increase of more than 20%.

Located in the Graubünden region, near the borders with Austria and Liechtenstein, the outlet serves both local visitors and tourists travelling դեպի alpine destinations such as St. Moritz, Davos and Klosters.

The extension introduces 15 additional retail and food and beverage units and reconfigures part of the centre’s layout, including improvements to the southern entrance. Following the works, the scheme comprises around 100 stores and more than 170 brands across fashion, lifestyle and sports categories.

Otto Ambagtsheer, CEO of VIA Outlets, said: “Our investment in the new extension of Landquart Fashion Outlet reflects our focused market repositioning of the centre in the past 12 years. Through our 3R strategy of Remodelling, Remerchandising and Remarketing, it has attracted many new premium brands and driven strong growth in brand sales and footfall. Landquart Fashion Outlets’ success is further evidence of the broader trend in pan-European retail markets, with premium brands increasingly drawn to the fashion outlet centre format.”

New tenants include international brands such as Coach, Carhartt WIP, American Vintage, Eleventy, L’Oréal, Läderach and Birkenstock. Existing tenants including Nike, Calvin Klein and PME Legend have expanded or relocated within the scheme. The development also includes what the company describes as the largest Nike factory store in Switzerland.

In parallel with the retail extension, a new multi-storey car park has been delivered, increasing total capacity to approximately 1,550 spaces. The site also includes an electric vehicle charging facility with a mix of fast and standard charging points.

Marianne Wesselo, Regional Business Director at VIA Outlets, commented: “This expansion marks the next step in a journey that began in 2014 when VIA Outlets acquired Landquart Fashion Outlet. Following continuous upgrades in recent years, this new extension enables us to further strengthen the destination as a place where brands can grow and guests enjoy an experience defined by quality, contemporary design, and attention to detail all while advancing the sustainability initiatives that underpin our ambition to reach our Net Zero emissions target by 2050 across the portfolio.”

Special Notarial Bonds remain key tool for asset-backed lending in South Africa

Special Notarial Bonds (SNBs) continue to play an important role in South Africa’s secured lending framework, allowing creditors to take security over specified movable assets without requiring physical possession. The mechanism is governed by the Security by Means of Movable Property Act 57 of 1993, which sets out the legal basis for registering such rights.

An SNB enables a creditor to secure obligations against clearly identified movable property, including tangible assets such as machinery, vehicles and equipment, as well as certain intangible rights like shares or lease interests. The defining feature is that the debtor retains use of the asset, while the creditor benefits from a registered security interest.

For the bond to be valid, the assets must be described with sufficient precision to ensure they can be easily identified. The instrument must be executed before a notary public and registered with the Deeds Registry. Once completed, the bond creates a real right that is enforceable against third parties, strengthening the creditor’s position in the event of default.

In an enforcement scenario, SNB holders benefit from a preferential claim over the secured assets. Under the Insolvency Act 24 of 1936, proceeds from the sale of the encumbered assets, after costs, may be applied toward settling the creditor’s claim. This feature has made SNBs a widely used instrument in asset-based financing structures.

However, the scope of assets that can be secured under an SNB is not unlimited. Certain categories of movable property fall outside the regime due to separate regulatory frameworks. These include ships and aircraft, which are subject to dedicated registration systems. For example, security over vessels is governed by the Ship Registration Act 58 of 1998, while aircraft-related interests are addressed through international conventions incorporated into domestic law, including the Convention on International Interests in Mobile Equipment Act 4 of 2007.

These parallel systems are designed to ensure consistency with international standards and avoid duplication with the Deeds Registry. As a result, assets such as aircraft, drones or ships must be secured through their respective registries rather than through an SNB.

For businesses and lenders, the distinction is material when structuring secured transactions. Ensuring that assets fall within the scope of the applicable legislation, are properly identified, and are correctly registered is essential to maintaining enforceability.

SNBs remain a practical and effective financing tool in the South African market, but their reliability ultimately depends on strict adherence to statutory requirements and a clear understanding of the assets that qualify for this form of security.

Source: CMS

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