Passenger Transport in Slovakia Continues to Grow, While Freight Declines in Q3 2025

The Statistical Office of the Slovak Republic has released new quarterly data showing contrasting developments in the country’s transport sector during the third quarter of 2025. Passenger transport continued its upward trend across most modes, while freight transport recorded another significant decline.

According to the report, passenger transport increased by 7.7% year-on-year, reaching 179.3 million people. Public transport providers — including urban, suburban and long-distance bus services — carried more than 121 million passengers, almost 10% more than in the same period last year. Suburban and long-distance buses transported nearly 35 million people, a rise of 5.2% compared with 2024. Rail transport, however, saw a slight decrease, falling by 0.5% to 18.7 million passengers.

Transport performance, measured in passenger-kilometres, also strengthened. Travellers covered a total of 3.5 billion kilometres in the quarter, representing a 12.9% increase. This was driven in particular by higher demand for longer-distance bus transport, which grew by 16.3%. For the first nine months of 2025 as a whole, the total number of transported passengers rose by 5.2%, while overall transport performance increased by 12.6%.

In contrast, freight transport continued to weaken. Slovakia moved 51.3 million tons of goods in the third quarter, a year-on-year decline of 6.4% and the sixth consecutive quarterly decrease. Freight performance fell to 8.6 billion ton-kilometres, down 6.8% from 2024. Rail freight registered the sharpest drop, with ton-kilometres falling by 16.1%. Road freight also declined by 4.4%, while other modes — including water, air and pipeline transport, as well as warehousing and support services — collectively dropped by more than 45%.

For the January–September period, freight volume declined by 7.1% and freight performance by 8.6% compared with last year. The figures suggest that while mobility among the population continues to recover and expand, the freight sector remains under pressure amid weaker industrial and trade activity. The Statistical Office will continue to monitor these trends in upcoming quarterly releases.

Urban Partners and HIH Invest acquire logistics development in Garbsen

Urban Partners and HIH Invest have purchased a logistics development site in Garbsen, Lower Saxony, through their existing joint venture focused on German logistics assets. The acquisition is the third transaction completed by the partnership. Most of the project financing comes from Urban Partners’ NSF V Fund, described by the company as the largest value-add real estate fund in Europe.

The project involves the development of a logistics hall on a roughly 25,000 m² site. Construction is scheduled to begin in the first quarter of 2026, with completion planned for the end of 2026. The planned building will have around 15,000 m² of rental space, which has already been fully pre-let on a long-term basis.

“With this transaction, Urban Partners and HIH Invest are strengthening their successful partnership in a strategically important market with high demand for high-quality and sustainable logistics properties. The development in Garbsen is already our third joint project and will generate stable cash flow thanks to a high pre-letting rate from resilient key industries. By prioritizing flexibility and high ESG standards, we are creating future-proof logistics solutions with this project that offer long-term value for investors and users alike,” said Wolfgang Ködel, Managing Director at Urban Partners.

This marks Urban Partners’ tenth logistics-sector investment in Germany. The company now manages over 210,000 m² of logistics projects in the country. The acquisition in Garbsen follows joint purchases in Herten earlier in the year and in Bensheim during summer 2025.

“With this third purchase within a few months, the joint venture’s investment volume has risen to a three-digit million figure. We continue to look for attractive deals and already have several projects in the pipeline. HIH Invest scores highly with its experience from logistics transactions worth over €1.5 billion. This makes us one of the leading investment managers for logistics in Germany,” said Lars Bothe, Head of Value Add at HIH Invest.

Maximilian Tappert, Head of Transaction Logistics at HIH Invest, added: “With the project development in Garbsen, we have found an excellent addition to our portfolio. The logistics hall offers a space layout that can be used for third-party purposes and can be divided into two rental units. The completed property meets current sustainability requirements and is being built in accordance with taxonomy standards. A DGNB Gold certificate is being sought. The property will be heated by a heat pump and a photovoltaic system will be installed on the roof.”

The development is located within an established commercial and industrial area in Garbsen. The site has direct access to the B6 federal highway, offering connections to the A2, A352 and A7 motorways. Hanover Airport is about 20 minutes away, and the Hanover-Lehrte freight terminal can be reached in approximately 30 minutes. Ashurst provided legal due diligence, and Drees & Sommer advised on technical aspects.

CA Immo sells Kavčí Hory Office Park in Prague

CA Immo has completed the sale of the Kavčí Hory Office Park office building in Prague’s Pankrác district. The property, which has approximately 42,300 m² of leasable space and 700 parking spaces, was sold to the Conseq Group. The asset generates annual gross rental income of about €7.7 million, is 96% leased, and has an average weighted lease term of nearly four years. The sale was executed at around book value, the company said.

“Having achieved almost full occupancy, our business plan for Kavčí Hory has been fulfilled. With this sale, we are taking advantage of market liquidity to free up capital for alternative allocation options while monetizing expected future profits in a situation where we no longer see significant scope for further value creation within our business model,” said Keegan Viscius, CEO of CA Immo.

The transaction forms part of CA Immo’s ongoing capital rotation strategy, which focuses on concentrating its portfolio on large, modern Class A office buildings in central locations. As part of this approach, the company sells assets that no longer fit its core profile in relation to location, building quality, age or value-creation potential. Proceeds are directed toward new development projects, debt reduction, corporate purposes, distributions to shareholders, or acquisitions where appropriate opportunities are identified.

CBRE acted as transaction advisor, while CA Immo received legal counsel from Dentons.

As of 30 September 2025, CA Immo’s Prague portfolio comprised six office buildings with a total leasable area of around 110,000 m² and a book value of approximately €400 million. All buildings hold LEED Platinum, LEED Gold or DGNB Platinum sustainability certification.

Delta Hagibor rental residence receives BREEAM certification

Delta Hagibor Residence, a rental housing project located between Vinohrady, Strašnice and Žižkov, has been awarded the BREEAM sustainability certificate with a “Very Good” rating. The certification confirms that the 145-apartment and 19-studio complex meets defined standards for energy efficiency, environmental performance and indoor comfort. The building is managed by Zeitgeist Asset Management on behalf of Invesco Real Estate.

The certification process was supported by consultant Grinity. According to the assessment, the project performed particularly well in transport accessibility (89%), materials used (75%) and building maintenance and management (71%).

“The Delta Hagibor Residence proves that modern rental housing can be comfortable, economical, and environmentally friendly at the same time. The certification audit confirmed that the building meets strict international standards in terms of energy efficiency, indoor environmental quality, and environmental friendliness,” said Peter Noack, CEO of Zeitgeist Asset Management.

Jan Dalík, Investment Management Director at Invesco Real Estate, said: “BREEAM certification is an important milestone for us, confirming the quality of our investments in sustainable real estate. The Delta Hagibor residence represents a modern standard of rental housing, combining comfort for residents with a responsible approach to the environment. We are proud to offer our tenants housing in a certified building that not only saves them energy but also provides a healthy and pleasant environment for everyday life.”

BREEAM evaluates buildings across their full life cycle. In the case of Delta Hagibor, key factors included access to public transport, the use of certified long-life materials such as low-carbon cement mixes and steel from electric arc furnaces, and operational efficiency supported by professional building management. The residence also incorporates LED lighting, energy-efficient lifts, modern heating systems, and water-saving fixtures designed to reduce consumption.

Indoor environmental quality was assessed through ventilation systems with high-grade filtration, daylighting, and the use of materials compliant with health standards. Waste sorting facilities, including a room equipped for mixed, sorted and organic waste, form part of the building’s operations.

“For our tenants, the BREEAM certificate is tangible proof of the quality of their home. In practice, they will feel the difference in the form of lower monthly costs, a higher-quality indoor environment that promotes health and well-being, and, last but not least, modern technologies that make their everyday lives easier. Mobile apps for apartment management, smart home systems, and charging stations for electric cars—all of this is standard at the Delta Hagibor Residence,” said Michal Nečas, Managing Director of Zeitgeist Asset Management.

Delta Hagibor comprises three connected buildings with a staffed reception, 150 parking spaces including five EV charging points, and six ground-floor commercial units. Approximately two-thirds of the apartments are offered fully furnished. The residence forms part of the Hagibor district development, which includes a park, retail boulevard and nearby services such as the Atrium Flora shopping centre within walking distance.

LEG Immobilien joins ATechX as new partner

Startup accelerator ATechX, the innovation and venture platform of Aroundtown, has added LEG Immobilien to its network of partners. Existing partners include Vonovia, Round Hill Capital, Fifth Wall and noa. The expanded network will allow participating startups to test solutions across a combined portfolio valued at approximately €130 billion.

ATechX works with early-stage companies developing technological, digital or sustainability-focused solutions for different phases of the real estate lifecycle, from planning and financing to management and operations. Its four-month accelerator programme provides access to a network of major industry players and real-world testing environments within the European portfolios of Aroundtown and its partners. The current third cohort will be the first to gain access to the LEG portfolio.

LEG, which owns around 172,000 rental apartments, is one of Germany’s largest listed residential landlords. Its focus on affordable housing, emissions reduction and climate protection aligns with the themes targeted by ATechX. The company has been developing its own innovation initiatives, including intelligent heating control (termios), high-efficiency heat pump deployment (dekarbo) and digital, serial renovation solutions (RENOWATE).

“ATechX’s mission is to rethink the real estate industry by giving unique proptech ideas the opportunity to accelerate into market-ready solutions. With LEG, the accelerator is gaining a strong partner that will empower startups to transform the industry,” said Barak Bar-Hen, CEO of Aroundtown.

LEG’s CEO Lars von Lackum commented: “The collaboration between LEG and ATechX gives us early insights into innovative technologies and enables us to support startups in developing market-ready solutions for the housing industry. Together, we want to shape the living spaces of tomorrow.”

Poland’s largest independent logistics operator expands lease with MLP Group

Poland’s largest independent logistics operator has leased 8,100 sqm of warehouse space at the MLP Gorzów Wielkopolski logistics park, bringing its total occupied space within MLP Group’s portfolio to more than 34,000 sqm. The newly delivered facility was developed speculatively and was ready for immediate use.

This marks the fourth MLP location used by the tenant, complementing its existing operations at MLP Poznań West, MLP Gliwice and MLP Wrocław West.

“The decision by Poland’s largest independent logistics operator to expand our cooperation is the best confirmation that we provide warehouse and logistics space of the highest, world-class standard. It also demonstrates the quality, functionality, and strategic location of our centres. The readiness of the new building at MLP Gorzów Wielkopolski for the tenant’s immediate move-in highlights the effectiveness of our investment model and our flexibility in responding to market needs. We are proud to support the growth of such an innovative company and to contribute to enhancing the efficiency of its supply chain network,” said Tomasz Pietrzak, Leasing Director Poland at MLP Group.

MLP Gorzów Wielkopolski is a newly developed logistics park located on an 11.7-hectare site. Once completed, it will provide 56,700 sqm of warehouse, light production and Big Box space. The project has been designed to meet BREEAM standards and includes a range of sustainability features intended to reduce operational costs and improve energy efficiency. Target occupiers include companies in e-commerce, logistics, distribution and light manufacturing.

The park is located on the western side of Gorzów Wielkopolski, approximately 9 km from the city centre and near the S3 expressway junction. It is also accessible via public transport. MLP Group retains completed parks under its “build & hold” strategy and manages them directly, with a focus on well-connected locations and ongoing support for tenants throughout the lease term.

Poland’s Warehouse Market Remains Stable After Three Quarters of 2025

Poland’s warehouse market maintained overall stability in the first three quarters of 2025, with supply, take-up and vacancy levels remaining broadly balanced, according to AXI IMMO’s latest report summarising the period January–September 2025.

Gross take-up reached 4.54 million sqm, up 20% year-on-year, with renegotiations accounting for 52% of total leasing activity. The structure of demand reflects occupiers’ ongoing focus on cost control and operational optimisation. The most active regions included Mazowieckie (1.036 million sqm), Dolnośląskie (709,000 sqm), Śląskie (699,000 sqm) and Łódzkie (625,000 sqm).

New completions amounted to 1.55 million sqm, marking a slowdown compared with high delivery volumes in earlier years. Despite the reduced pace of development, the national vacancy rate remained stable at 8.2% at the end of Q3 2025, a level similar to that recorded in previous quarters.

Investment activity also strengthened. Industrial and logistics assets accounted for 35% of all commercial real estate transactions concluded in Poland between January and September, totalling more than €870 million. The largest transaction was a record-breaking sale & leaseback deal in which Realty Income Corporation acquired two properties from manufacturer Eko-Okna for €253.5 million. Other significant deals included Reico IS’s purchase of the LPP distribution centre near Bydgoszcz and Adventum’s acquisition of Tenneco’s portfolio in Upper Silesia.

“After a period of limited activity and pricing uncertainty between buyers and sellers, 2025 has brought long-awaited stabilization and a return of liquidity. Industrial & logistics remain a haven for investors due to their resilience in times of macroeconomic volatility,” says Grzegorz Chmielak, Head of Capital Markets at AXI IMMO. “This year’s surge was largely driven by sale & leaseback transactions, which helped corporates free up capital while securing long-term income for buyers.”

Several notable leasing deals shaped the market in the first three quarters, including Agata Meble’s renewal and expansion at Mapletree Piotrków II for 128,200 sqm, a lease renewal of 78,100 sqm at P3 Wrocław II, and a 67,800 sqm new lease at 7R Park Gdańsk III.

“Poland’s industrial & logistics sector remains resilient to broader macroeconomic challenges,” says Anna Głowacz, Head of Industrial & Logistics at AXI IMMO. “Take-up is being driven primarily by consumer-facing industries such as e-commerce, retail, and logistics. Manufacturing expansions are more selective and largely dependent on sector-specific demand.”

Total modern warehouse stock reached 36.45 million sqm at the end of September 2025, an increase of around 7% year-on-year. At that time, 1.56 million sqm was under construction, with most activity concentrated in Mazowieckie, Pomorskie and Śląskie. Developers continue to apply cautious strategies, reducing speculative development compared to previous years.

Headline rents remained stable across core logistics locations. Big-box facilities continued to command between €3.60 and €6.00 per sqm per month, with modest upward pressure in select new schemes.

According to Renata Osiecka, Managing Partner at AXI IMMO, “The past several months have shown that the warehouse sector in Poland has reached maturity. Emotions have given way to strategic planning and long-term thinking. Take-up remains solid, and the limited new supply is helping stabilize vacancy and rental levels.”

AXI IMMO expects renegotiations linked to leases signed in 2021–2022 and ongoing space optimisation to continue influencing market activity into the end of the year.

The Kingdom of the Netherlands opens an honorary consulate in Brno as CTP highlights the city’s technology potential

CTP hosted a business meeting in Brno to coincide with the opening of the new Honorary Consulate of the Kingdom of the Netherlands. The event, organised in cooperation with the Netherlands-Czech Chamber of Commerce, aimed to draw attention to Brno’s position as a European technology and innovation centre and to support further development of Dutch-Czech business relations. CTP, founded by Dutch entrepreneur Remon Vos, has longstanding ties to the Netherlands.

The establishment of the honorary consulate reflects the growing significance of the South Moravian region for bilateral cooperation. Brno has become one of Central and Eastern Europe’s most active technology locations, supported by universities, research institutions and modern infrastructure. CTP has operated in Brno and the wider region since 2001, where it owns and manages several technology and industrial parks. CTPark Brno hosts companies including Garrett Motion, Inventec, Honeywell, Hitachi, and Thermo Fisher Scientific.

“Each year, Brno confirms its position as a technology centre. The opening of the new Honorary Consulate of the Kingdom of the Netherlands is a clear signal of the business potential in the South Moravian region and the growing interest of international companies in the local innovation environment. We believe that the new consulate will further strengthen mutual ties and support further investment projects that will benefit the entire region,” says Bert Hesselink, Group Client Relationship Director at CTP.

The event programme aimed to provide participants with an overview of Brno’s technological ecosystem and to facilitate an exchange of experience among companies. The morning session at Vlněna included presentations from CTP, the City of Brno’s Department of Strategic Development and Cooperation, and NTS, followed by discussions on technological trends and investment prospects. The afternoon continued at Villa Stiassni and concluded with a tour of the Starobrno brewery.

“Our chamber has long supported an environment where new business relationships can be formed. Brno is extremely promising in this regard and today offers more business opportunities than ever before. It is home to a number of innovative companies, including CTP, which have long contributed to the development of the ecosystem and attracted experts from abroad to the city. We greatly appreciate such partners,” says Wiegert Smallegange, Director of the Netherlands-Czech Chamber of Commerce.

The new Honorary Consul, Pavel Ivanyi, who also serves as Chairman of the Netherlands-Czech Chamber of Commerce, commented on the decision to open the consulate: “I have been living in Brno for many years, and I can see how quickly the city is changing and how significantly its importance is growing internationally. The opening of the honorary consulate is therefore another logical step that will enable the Kingdom of the Netherlands to be closer to the people, companies, institutions, and talents operating in this dynamic region.”

Cain secures £350m refinancing from KKR for UK logistics portfolio

Cain has obtained a £350 million refinancing facility from funds and accounts managed by KKR for its UK industrial and logistics portfolio. The financing is structured as a whole loan with a five-year term.

The new facility repays the existing development loan and offers Cain additional flexibility to continue its leasing strategy and manage the portfolio in line with its business plan.

The portfolio consists of 24 units totalling approximately 3.2 million sq ft, located in established logistics markets across the UK. Developed from 2022 onward, the units were built to Grade A specifications, including high clear heights, large service yards and layouts designed for modern industrial occupiers. All assets were delivered on a net-zero carbon basis and include BREEAM Excellent certifications, enhanced energy-performance features and building systems designed to meet future regulatory and operational requirements.

Over the last 12 months, Cain has completed around 1 million sq ft of leasing across the portfolio, reflecting continued demand for high-quality logistics space.

“This refinancing with KKR reflects the strength and quality of our logistics portfolio and the positive shift we are seeing across occupational markets,” said Tim Brazier, Senior Vice President at Cain. “The transaction comes at a time when enquiry levels are increasing meaningfully in our key regions, particularly for highly specified and energy-efficient industrial space, which this portfolio delivers. We were able to agree the financing directly with KKR without running a broader market process given the strength of our relationship as well as our confidence in their execution capabilities.”

Ali Imraan, Head of European Real Estate Credit at KKR, added: “We are pleased to support Cain on the refinancing of this prime portfolio of well-located, high-quality industrial real estate assets. This significant transaction reflects our confidence in the long-term fundamentals of the sector and our commitment to providing tailored financing solutions to leading sponsors.”

Premium residential prices in Bucharest have doubled as supply remains highly constrained

Prices in Bucharest’s premium residential market have risen sharply in recent years, reaching record levels in established central areas such as Primăverii, Kiseleff, Aviatorilor and Dorobanți. The increase reflects a combination of limited supply, strict planning restrictions and sustained demand for high-quality properties.

Prices for premium units completed after 2018 have largely doubled over the past two to three years, now ranging between €6,000 and €8,000 per sq m in prime locations, with some exceptional properties priced significantly higher. In several cases, investments amounting to millions of euros have been made solely in finishes or amenities, making standard price-per-square-metre calculations difficult.

Properties completed within the past eight years—including apartments and villas—have also seen substantial value appreciation. High specifications such as restoration works, smart home systems, automated parking, landscaped gardens, swimming pools and enhanced security systems have contributed to this trend.

“One of the main drivers of this price growth relates to the extremely limited supply. In the past 5 or 6 years, no new developments received the necessary permits required in order to commence construction in these premium locations, and vacant land plots are virtually non-existent. The current legislation imposes strict restrictions on the demolition and conversion of older buildings in these protected areas, thus making the existing properties increasingly exclusive and difficult to replicate,” said Raluca Plavita, Head of Residential Agency at Cushman & Wakefield Echinox.

Premium buyers generally take longer to complete transactions, often already owning several properties in Romania or abroad. They typically seek specific attributes such as large plots, generous layouts, privacy, and high-quality amenities. Private investors looking for rare opportunities or rental potential for embassies or multinational tenants form only a small segment of overall demand, resulting in transaction timelines of 6 to 12 months.

Price variations remain notable even within traditionally premium areas. For example, although Floreasca is located near a major office district, its prices usually do not reach those of Primăverii or Dorobanți except in isolated cases. Micro-locations, building age and construction quality continue to strongly influence values.

According to Cushman & Wakefield Echinox, the upward price trend is expected to continue for high-quality properties in key locations, particularly given the absence of new development opportunities. These homes are increasingly regarded as long-term “portfolio properties” rather than typical residential purchases.

The shortage of supply is reflected in the agency’s portfolio, where some properties are now being marketed for the second time, and certain buildings have shifted from residential to other permitted uses. Changes of use have become more complicated due to legal restrictions and long permitting procedures, especially in protected areas or where buildings have historical monument status.

Defining a premium residence involves several criteria. Location is central—particularly Primăverii, Kiseleff, Aviatorilor and Dorobanți—followed by interior and exterior space, configuration, ceiling height, en-suite bathrooms, terraces, swimming pools, high-quality finishes, and advanced security systems.

“The premium residential market continues to set new records, both in terms of prices and exclusivity levels. The extremely limited supply of villas and penthouses in established destinations such as Primăverii, Dorobanți, Aviatorilor, and Kiseleff fuels this dynamic, making each transaction a complex and personalized process. Our clients are searching for more than a home; they seek a secure investment and a distinctive lifestyle, where details make all the difference – from top-quality finishes to smart amenities and generous outdoor spaces. In this context, our role is to identify those unique properties which meet both functional and aesthetic requirements, and to provide a truly tailor-made consultancy,” said Raluca Plavita.

Cushman & Wakefield Echinox’s residential department manages a significant portfolio of high-end properties, including villas and penthouses valued at over €200 million, and has been involved in several high-value transactions.

Among the most expensive listings is a property priced above €13 million, featuring over 200 metres of lake frontage, an 8,000 sq m landscaped garden and a 3,000 sq m building, notable for its scale and customised finishes.

Another property, offered at more than €12 million, is located near the Ministry of Foreign Affairs. The building was converted into office space, fully renovated while retaining its 1940s façade, and includes two underground levels for 25 cars, glass lifts, open-plan floors and a top level with 360° glazing.

The portfolio also includes a listed property with dual frontage on Aviatorilor Boulevard, designed by architect Duiliu Marcu, known for works such as Palatul Victoria, Palatul CFR and Palatul Elisabeta. The villa underwent a five-year consolidation and renovation, preserving key façade elements.

Source: Cushman & Wakefield Echinox

Photo: Raluca Plavita, Head of Residential Agency at Cushman & Wakefield Echinox.

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