CBRE: Black Week launches peak retail trading period as Czech market enters pre-Christmas surge

Czech retail has entered its strongest trading period of the year with the start of Black Week, culminating in Black Friday on 28 November. According to CBRE, which manages a large portfolio of shopping and retail centres across the Czech Republic and tracks performance through its Shopping Centre Index, November promotions together with the Advent period form a critical phase for both offline and online retail.

CBRE notes that Singles’ Day, a fast-growing event in the Czech market, is increasingly extending the pre-Christmas demand cycle. The combination of earlier discounting, longer promotional campaigns and strengthening omnichannel behaviour is contributing to higher overall market activity. Retailers expect stronger turnover year-on-year, supported by wider product ranges and more coordinated campaigns.

The autumn trading calendar has now evolved into a clear sequence. Singles’ Day serves as the first demand trigger, affecting mainly fashion, beauty and small electronics, and is still driven primarily by online channels. This is followed by Black Week and Black Friday, which deliver the broadest discounts and the highest weekly traffic across both online and brick-and-mortar retail. The subsequent Advent weekends shift consumer attention from heavy discounting to gift shopping, winter assortments and experiential offerings in shopping centres.

Performance expectations vary by segment. Fashion retailers continue to see Black Friday gaining influence, while Advent remains stronger for Christmas and party collections. Footwear sales typically peak during Black Friday rather than Advent. Electronics retailers rely heavily on Black Friday to drive sales, but December often delivers greater turnover due to a shift in product mix. Beauty retailers report their strongest sales in December, with volumes significantly above standard months. Nutrition and supplements benefit from extended Black Friday and Advent campaigns, while the online share of Black Friday continues to expand across most categories.

Shopping centre footfall reflects this phased dynamic. Singles’ Day acts as the first signal of increased activity, though still more visible online. Visitor numbers rise markedly from the start of Black Week, peaking on Black Friday when major centres typically record double-digit increases compared with average Fridays. Footfall growth then continues into December, with the last Advent week remaining the high point of the season.

CBRE expects this year’s Christmas traffic to be broadly in line with 2024. The company notes a slight improvement in customer sentiment in the second half of the year, supported by rising real household incomes. December traditionally accounts for around 9–11% of total annual shopping centre traffic, with the final days before Christmas now representing the most intense period—a shift from pre-pandemic patterns, when the third Advent week usually dominated.

European retail real estate maintains steady momentum in Q3 2025 as investor confidence improves

The European retail real estate sector continued to show steady improvement in Q3 2025, supported by stronger consumer fundamentals, easing inflation and increased market stability, according to the Focus Estate Fund Quarterly Litmus Paper, Q3 2025 .

Leasing activity remained strong across most EU markets, with demand led by occupiers in sporting goods, athleisure, DIY, home-related categories and fashion. Retail parks again outperformed other formats, maintaining very low vacancy rates due to persistent occupier demand and limited availability. Both high street and retail park rents continued to edge upward as expansion plans accelerated.

On the investment side, overall Q3 transaction volumes were moderate, but market sentiment improved as stabilised ECB rates helped restore liquidity. Several countries recorded a continued alignment of prime yields for retail parks and shopping centres, signalling a narrowing gap in pricing expectations. Convenience-driven assets remained particularly attractive to investors in Spain, Germany and the UK, where yields for these formats continued to outperform traditional gallery-style retail.

Charts included in the report show varied performance across Europe. Poland, Italy, Portugal and the Czech Republic experienced noticeable swings in retail investment volumes over recent quarters, while Spain, France, Germany and the UK showed more mixed patterns, including several sharp movements in both directions. Yield levels across markets mostly remained within the 5–7 percent range, depending on asset type and location.

Macroeconomic data in the report indicates that the broader environment remained supportive in Q3. Spain, Poland and the Czech Republic recorded the strongest GDP growth, while inflation continued to ease across most markets. Unemployment rates differed significantly—ranging from 2.8 percent in Poland to 10.5 percent in Spain—but labour market conditions overall continued to support retail spending and occupier demand.

The outlook in the report suggests that stable interest rates, improving sentiment and a gradual return of liquidity are likely to contribute to further yield compression and increased investment activity going into 2026. Retail parks are expected to remain one of the most competitive segments due to their resilience, cost efficiency and consistently high tenant demand.

Source: Focus Estate Fund

Palác Dunaj on Národní street awarded prestigious well gold certificate and welcomes new tenants

fletcher@cijeurope.com
24 November 2025
Company News, Deals, Environmental, Office, Retail

The iconic Dunaj Palace building in the historic center of Prague, sensitively renovated by Zeitgeist Asset Management, has achieved another success: it has received the prestigious international WELL Core & Shell Gold certification, which confirms the highest standards of indoor environment quality and care for the health and well-being of tenants and visitors. At the same time, it has achieved full occupancy of its office space thanks to the arrival of the technology company Usercentrics and has welcomed a new Asian bakery, Patê, on the ground floor. Currently, the last vacant commercial space in the building is available for rent.

“Obtaining WELL Gold certification is a huge success for us and confirms our long-term commitment to creating spaces that not only respect historical heritage but also offer the best of modern standards for a healthy working environment,” says Peter Noack, CEO of Zeitgeist Asset Management, adding: “Following the LEED Gold certification in April this year, this is further proof that Palác Dunaj is at the forefront of office buildings in Prague.”

WELL is an internationally recognized certification system that focuses on the health and well-being of people in buildings. Unlike environmental certifications such as LEED or BREEAM, which assess the sustainability of buildings, WELL focuses primarily on how a building affects the physical and mental health of its users. The certification evaluates factors such as indoor air quality, access to daylight, acoustic comfort, water quality, support for exercise and healthy eating, and design that contributes to mental well-being. A WELL-certified building brings specific benefits to tenants, including higher employee productivity, lower sick leave, better recruitment and retention of talent, and overall higher satisfaction with the working environment.

These advantages were also appreciated by the new tenant, European technology company Usercentrics, which occupied the last vacant office floor in the building. This global leader in personal data protection solutions helps companies comply with data protection regulations. The company’s software automatically manages user privacy preferences and ensures that user consent is obtained legally in accordance with GDPR and other regulations. Usercentrics operates in 195 countries on more than 2.3 million websites and applications, processes over 7 billion consents per month, and counts Daimler, ING, and Konica Minolta among its clients.

A new Asian bakery, Patê, has also opened on the ground floor of the building. It is run by brothers Giang and Khanh Ta, who already successfully operate the popular restaurants Taro (also in the Dunaj Palace), Dian Gao Den, and the soup restaurant Pho100 in Prague. Patê offers a unique combination of European and Asian baking styles: from danishes with mango or yuzu fillings to fluffy Japanese shokupan milk breads and traditional Vietnamese specialties such as savory rice porridge or Banh mi baguettes. The bakery will significantly enrich the local gastronomic scene and contribute to the revitalization of Národní třída.

“Usercentrics and Patê Bakery are exactly the type of tenants that belong in Palác Dunaj – they combine innovation with quality and respect for tradition with a modern approach,” says Michal Nečas, CEO of Zeitgeist Asset Management, adding: “The full occupancy of the office space proves that our vision is working: we offer a unique combination of historic architecture, cutting-edge technology, and now a certified healthy working environment.”

Global fund industry on track to surpass $200tn by 2030 as private markets reshape revenues

Global fund managers could oversee close to $200tn in assets by the end of the decade, according to new industry forecasts, pointing to a period of steady expansion driven by rising household wealth, pension inflows and renewed interest in long-term investment strategies.

The outlook, based on a large international survey of asset managers and institutional investors, suggests that private market strategies — including private equity, private credit, infrastructure and real assets — are set to play a more influential role in shaping how firms earn their income. Although these strategies represent a smaller share of overall assets, their fee structures mean they already deliver a significant portion of managers’ revenue. Respondents expect this contribution to continue increasing over the next five years, potentially overtaking revenues from traditional public-market products.

The predicted rise in global assets reflects both expected market growth and continued expansion in retirement savings across North America, Europe and Asia. Fast-growing economies in the Asia-Pacific region are seen as particularly important, with local reforms and a growing middle class driving demand for professionally managed investment products.

The revenue picture is more complex. While overall assets are projected to rise, margins have been under pressure for several years due to competition, higher operating costs and the need for substantial investment in technology. Many executives surveyed expect profitability per unit of assets to continue declining, even as top-line assets grow. This is pushing managers to look for ways to streamline operations, adopt new digital tools and pursue partnerships with fintech firms.

Private markets remain a central focus. Investors in the survey indicated plans to increase allocations to non-listed assets, attracted by the potential for diversification and inflation protection. Regulatory changes in several regions are also widening access to these strategies for wealth clients, creating new distribution channels for alternative investment products.

The rapid rise of data-driven tools — from AI-enhanced research to tokenised fund structures — is expected to reshape how managers operate and how investors access private assets. Survey participants noted that firms that fail to build strong technological capabilities risk losing relevance, regardless of size.

Despite the positive long-term outlook, industry consolidation is expected to continue. A growing number of smaller or specialised firms may struggle to keep up with the investment needed for regulatory compliance, technology and product development, leading to further mergers, acquisitions or exits.

If the projections hold, the global fund industry will enter the 2030s considerably larger and more diverse than it is today, but also more competitive. The firms that benefit most are likely to be those that combine scale with technological sophistication and a strong position in private markets — a combination increasingly seen as essential for growth in the next decade.

Source: PWC

Catella sells majority stake in French valuation unit to Newmark

Catella Group has sold its 66.1% stake in Catella Valuation Advisory SAS to Newmark Group Inc. The transaction is expected to contribute nearly SEK 50 million to Catella’s EBIT in the fourth quarter of 2025.

The divestment forms part of Catella’s strategy to streamline its service offering and focus more closely on Corporate Finance operations, while maintaining the subsidiary’s established local expertise in France. According to the company, the sale will allow Corporate Finance to strengthen its core advisory and transaction services.

“It is of course with mixed feelings we take this strategic step to divest Catella Valuation Advisory SAS, which has played an important role in establishing Catella’s local presence in France. At the same time, this move allows us to sharpen our transaction and advisory capabilities. Catella’s strong brand in France provides a solid foundation for accelerating our growth within property advisory services. I would like to extend my deepest gratitude to the Valuation team and wish them every success in their future endeavours,” said Daniel Gorosch, Head of Corporate Finance Europe.

France remains an important market for Catella, and Catella Valuation Advisory SAS has contributed significantly to building the Group’s position there. Following the divestment, Catella Corporate Finance in France will consist of Catella Property Consultants and Catella Residential Partners, with a continued focus on transaction and property advisory services.

The Corporate Finance business area plans to continue recruiting and developing key competencies to support client needs, strengthen profitability, and advance its pan-European growth strategy.

Photo: Daniel Gorosch, Head of Corporate Finance Europe, Catella Group

Slovakia’s Top Real Estate Projects and Leaders Recognised at the CIJ Awards Slovakia 2025

fletcher@cijeurope.com
21 November 2025
CIJ - Spotlight, Co-Social, Logistics, Office, Residential, Retail

The Slovak real estate community gathered on 20 November 2025 in Bratislava’s historic Moyzes Hall for the CIJ Awards Slovakia 2025, the country’s longest-running and most respected commercial property awards event. Organised by CIJ EUROPE, the gala celebrated the year’s most outstanding achievements in development, investment, advisory, brokerage and leadership. Winners were selected through a combination of jury assessment and voting by CIJ EUROPE readers.

This year’s winners also shared insights on what the awards mean to them and their teams.

Dominika Bajzáthová, Counsel at Kinstellar Slovakia, which won Best Law Firm of the Year, said the award recognises “all the hard work we put in for our clients and all our efforts to help them get their deals completed.”

Residential excellence was marked by several strong performers, including HERRYS, winner of Best Local Residential Real Estate Agency of the Year, and MINT Investments, developer of the Best Premium Residential Development, Metropolis. HERRYS Partner Filip Zoldák credited their success once again to the strength of their relationships. “It’s about the right people we work with,” he said. “We understand each other with our developers, our investors, our agents and consultants. The chemistry between everyone is what makes our projects succeed.” He added that the recognition represents “hard work and a great achievement that pushes the whole team forward.”

In the major residential development categories, Čerešne Residence by ITB Development was awarded Best Standard Residential Development. ITB COO Filip Matovič said the award is “a reward for the work we’re doing, delivering a product that makes clients happy. We’re grateful that not only our buyers, but also the jury of experts, appreciate the results.”

On the upcoming development side, Éclair Bottova by IMMOCAP was named Best Residential Upcoming Development of the Year. IMMOCAP Commercial Director Martin Marko stressed the collective nature of their achievements. “The most important factor behind these nominations and prizes is excellent teamwork,” he said. “We’re committed to bringing quality real estate into the regions, and we’re grateful for this recognition.”

Commercial development also delivered several standout projects. Best Office Development of the Year went to ZWIRN Office by YIT Slovakia, while Best Retail Shopping Development of the Year was awarded to Point Revúca by OPC Group. OPC Real Estate’s Managing Director, Miroslav Tavel, said awards like these are important for the company and its team: “It confirms that we are doing well. Our projects are performing strongly, and recognition like this motivates us even more.”

Mountpark Bratislava secured Best Warehouse/Logistics Development of the Year and played a major role in the Best Warehouse Lease Transaction of the Year for the 65,000 m² pre-lease to Alza. Representing Holland & Company, Real Estate Executive Tomáš Ostatník described Mountpark as “one of the leading industrial projects in Bratislava—very close to the city, accessible via highway and airport, attractive for tenants who need to stay close to their customers, and full of strong green features.”

In the future development categories, Penta Real Estate’s Chalupkova Offices was awarded Best Office Upcoming Development of the Year. Senior Business Development Manager Michal Hranai said receiving recognition during construction is especially meaningful. “Developing a building takes many years. Being awarded in the middle of the process provides valuable feedback and motivates the team to finish the project at the highest possible level.”

Mint Investments’ Metropolis project had a particularly strong presence this year. Co-founder Katarína Lindbergh reflected on building during highly challenging external conditions. “When we started Metropolis, we faced the Ukraine war, rising material costs and a complicated environment. But the most important thing was the team,” she said. “From our internal project management and strategic leadership to suppliers like Takenaka, MetroStab and Aheris, the professionalism was exceptional. If we were to build another project, we would not change a single decision.”

Corporate excellence was also acknowledged across advisory and management categories. ATRIOS was awarded Best Project Management Company of the Year. Managing Partner Peter Kysela highlighted their long-term role supporting major retail and commercial brands. “We are not just technical advisors,” he said. “We are partners responsible for the entire development process—land acquisition, engineering, documentation and construction management. Our partners recognise us as a reliable collaborator for many years.”

Wood & Company won Best Asset Management Company of the Year, IAD Investments received Best Performing Real Estate Property Fund of the Year, and 365.invest was awarded Best Real Estate Property Fund Management of the Year. Best Tax & Finance Advisor went to Highgate Law & Tax, while Space Brokers was named Best Local Commercial Real Estate Agency of the Year.

The evening concluded with the prestigious leadership award. Best Senior Leadership of the Year was presented to Karol Šebo, CEO of UNITED Real Estate, for his contribution to transforming the historic Cukrovar site in Trnava into a new mixed-use district. Šebo said he hopes the jury recognised “the way we work with history and how we connect history with the future in our residential project.”

Robert Fletcher, CEO and Editor-in-Chief of CIJ EUROPE, said the winners reflect “the strength, resilience and innovation of Slovakia’s real estate market,” adding that their work demonstrates the forward-looking development that reinforces Slovakia’s position as one of Central Europe’s most dynamic property environments.

All national winners now advance to compete at the HOF Awards – Best of the Best in 2026, joining leading projects and companies from 12 countries across the region.

Panattoni completes robotised distribution centre for Auchan in Wilcza Góra

Auchan has opened a new 18,000 sqm build-to-suit distribution facility in Wilcza Góra, developed by Panattoni. The site is designed for e-grocery logistics and operates with the Ocado automation system. JLL advised on the location selection and BTS process, while the design was prepared by Tacakiewicz Ferma Kresek. The investment is valued at nearly EUR 34 million.

“The solutions implemented in the new centre allow for a highly automated order-picking process, greater reliability and completeness of deliveries, and the highest service quality for our customers, while offering an exceptionally wide product range — ultimately up to 40,000 SKUs,” said Alexandre Saussard, CEO of Auchan Polska. He added that the scale of the project required experienced partners and that the cooperation was conducted “at an exceptionally high and professional level.”

The building features a multi-level technological mezzanine, dedicated refrigeration and freezing systems, and a reinforced floor for robotics. The project included extensive infrastructure work, including a 7 km power connection and 100 km of cabling.

Marek Dobrzycki, Partner at Panattoni, noted that “neither in Poland nor across the entire CEE region has the Ocado automation system been deployed on such a scale before,” describing the facility as a reference point for food logistics and online fulfilment.

The Ocado system uses robotics, AI and machine learning, enabling autonomous robots to work within a three-dimensional grid. “With the launch of the Wilcza Góra facility, we are bringing a new level of online grocery service to the Polish market,” said Gregor Ulitzka, President Europe, Ocado Solutions. He highlighted that the project incorporates the company’s latest automation technologies, including AI-supported robotic picking.

JLL supported Auchan throughout the BTS process. Tomasz Mika, Head of Industrial Agency Poland, said the development reflects the increasing automation of the Polish e-commerce logistics sector and required coordination between multidisciplinary teams to meet “stringent technological requirements.”

The facility was developed with a focus on energy efficiency and has achieved BREEAM Excellent certification. Measures include a roof prepared for photovoltaic panels, LED lighting with sensors, a BMS system and a CO₂-based refrigeration system. According to the developers, primary energy use is around 30% lower than a standard reference building. The site also includes EV charging points, bicycle infrastructure and extensive landscaping with more than 200 native trees.

Adrian Lipowski, Senior Architect at Tacakiewicz Ferma Kresek, said the team realised early in construction that the project’s technological and architectural elements were aligning as planned and that completion ahead of schedule appeared achievable.

Futureal Investment Partners leases full building at Lipowy Park to National Police Headquarters

Futureal Investment Partners has leased an entire building within the Lipowy Park complex in Warsaw to the National Police Headquarters. The agreement covers approximately 10,000 sqm of office space and represents the largest relocation transaction recorded on the Warsaw office market so far in 2025.

According to the landlord, the tenant selected the property based on its technical specification, building quality, location, and its ability to meet required security standards.

Lipowy Park is currently undergoing a wider repositioning programme aimed at transforming the site into a mixed-use, green campus. The complex is targeting a BREEAM Excellent In-Use certification. Of the four buildings within the development, two have already been converted for residential use. These assets were acquired by 1AM and are now operated as rental housing under the “SHED Co-living” brand.

The transaction involved teams from Futureal Investment Partners, including Jacek Hasiec, Katarzyna Socha, Paulina Błędowska and Piotr Puchalski, with legal support from Andrzej Szmigiel and Karolina Samul of DECISIVE Szmigiel Papros Gregorczyk, and technical advisory from MJL, represented by Artur Hoppe.

HIH Invest Buys 16,000 sqm Office Property in Hamburg

HIH Invest Real Estate has purchased an office and administrative building located at Hammer Straße 30–34 in Hamburg’s Wandsbek district. The acquisition was completed on behalf of an institutional investor under an individual mandate.

The property offers approximately 16,000 sqm of rental space, including about 15,170 sqm of offices and 830 sqm of storage, along with 213 underground parking spaces and seven outdoor spaces. It has been fully leased to the City of Hamburg since 2016. Public agencies using the building include the Office for Migration, the Central Immigration Authority, the Central Residents’ Registration Office and the State Police. The current lease runs for 20 years and includes extension options of roughly 10 years.

Built in 2006, the six-storey reinforced concrete building has modern technical systems, flexible floor layouts and DGNB Platinum certification. Standard floors of around 2,450 sqm can be subdivided into up to three units of approximately 660 sqm each.

“Due to its central location, good accessibility and flexible floor plan structure, the property in Hamburg-Wandsbek is ideally suited as a location for public authorities and administration with high footfall,” said Daniel Asmus, Head of Transaction Management Office Germany at HIH Invest.

David Sanders, Head of Fund Management/Multi Manager Business, noted that the acquisition provides long-term income security. “With the acquisition of this office property, we are securing a long-term stable investment for our investor, which generates reliable cash flow thanks to the public tenant,” he said.

Wandsbek, Hamburg’s most populous district, hosts numerous administrative offices and benefits from strong public transport links, including a nearby underground station and several bus routes. Retail and dining options are located in the immediate area.

HIH Invest plans further sustainability measures as part of its manage-to-green approach. “The switch to green electricity has been completed and the retrofitting of a photovoltaic system is being examined,” Asmus added.

Hogan Lovells International LLP handled legal and tax due diligence. Technical and ESG due diligence was performed by Drees & Sommer SE, and BNP Paribas Real Estate acted as broker.

Peakside Capital Advisors Appoints Łukasz Meisner as Head of Project Management

Peakside Capital Advisors has expanded its Polish team with the appointment of Łukasz Meisner as Head of Project Management. He will oversee the company’s investment projects in Poland, including developments within the City Point, Urban Parks and Peakside Industrial logistics platforms.

In his new position, Meisner will lead the project team responsible for all stages of the investment cycle — from planning and concept preparation to construction and final handover to tenants. His responsibilities will include coordinating project execution, supervising general contractors, managing budgets and timelines, and implementing measures supporting ESG strategies and operational efficiency.

Meisner has extensive experience in project management and regulatory processes in the real estate sector. He has previously worked on warehouse, logistics and industrial developments, coordinating construction, budget oversight and technical optimisation.

“We are delighted that Łukasz is joining our team. His experience in investment project implementation and excellent knowledge of the real estate market in Poland are an important reinforcement of our operational capabilities,” said Roman Skowroński, Managing Director at Peakside Capital Advisors. “As Peakside’s investment portfolio grows, maintaining the highest standards of quality and efficiency is crucial. We believe that his expertise will support our strategic objectives and deliver value to investors and partners.”

Before joining Peakside, Meisner worked at 7R, where he coordinated investment preparation and supervised contracts with general contractors, as well as cooperation with local authorities and compliance with project and lease documentation. Earlier roles include positions at Panattoni Development Europe, Trebbi Polska, Waimea Holding, Strabag and Polimex Energetyka.

He graduated from the Faculty of Civil Engineering, Technology and Construction Organisation at the Krakow University of Technology.

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