Rafał Mazurczak appointed President of the Management Board at CitySpace

CitySpace, part of the Echo Group, has announced a leadership change with Rafał Mazurczak taking over as President of the Management Board. Mazurczak, who is also a member of the Management Board and Chief Operating Officer at Echo Investment, succeeds Lisa Zettlin, who led CitySpace for nearly seven years. Zettlin will now head the Archicom Fit-Out Centre.

Mazurczak has been with the Echo Group since 2000 and joined the Management Board of Echo Investment eight years ago, where he has been responsible for commercial projects. Commenting on his new role, he stated that CitySpace’s strong market position is built on initiatives focused on tenant comfort and that the company will continue to prioritize delivering high-quality office spaces.

The management transition aligns with the broader strategic objectives of the Echo Group, which aims to maximise the expertise of experienced leaders across its businesses while maintaining the distinct identity of each brand.

Under Lisa Zettlin’s leadership, CitySpace developed a unique brand identity, incorporating the work of Polish artists into its office spaces and introducing new interior design trends. Zettlin’s next role will be to oversee the Fit-Out Center Archicom, a new company in the group’s portfolio, as Archicom expands its offerings in interior finishing and design services.

CitySpace operates 12 locations across Poland’s five largest cities, catering to both growing businesses and established corporations that require flexibility and modern facilities. The company’s offices are situated in contemporary, BREEAM-certified A-class buildings and feature high-speed internet, advanced IT infrastructure, and access to shared spaces such as meeting rooms and kitchens. The facilities are available to tenants around the clock, providing professional work environments tailored to the current needs of employees.

Trade tensions push up Medicine prices, German pharmaceutical sector faces uncertainty

Threatened tariffs and proposed price caps on medicines in the United States are creating mounting challenges for Germany’s pharmaceutical industry, which relies heavily on exports to the US, its most significant single market. The American market currently accounts for around 23 percent of all German pharmaceutical exports. Nicole Bludau, Risk Services Manager at international credit insurer Atradius, warns that exports could decline by as much as 35 percent if the trade dispute escalates. Such developments could drive up medicine costs, hinder research efforts, and cause drug shortages.

While the pharmaceutical industry has traditionally been one of Germany’s more resilient economic sectors, new US tariff policies threaten to disrupt this stability. If negotiations fail and tariffs on medicines and pharmaceutical products take effect as planned on 1 August, significant price increases are expected in Germany. The extent of the price hikes will depend on the level of the imposed tariffs. According to Nicole Bludau, companies will be forced to implement substantial cost-cutting measures to offset rising costs. In a more optimistic scenario, drug prices could increase by around 10 percent if US tariffs reach 20 percent and pharmaceutical firms manage to reduce their costs by half. However, in a worst-case scenario involving 50 percent tariffs, medicine prices could rise by as much as 30 percent.

Bludau also noted that higher prices could further strain supply chains, particularly if health insurers are unwilling or unable to cover increased costs. She emphasized that the situation goes beyond a simple trade conflict between nations and instead exacerbates existing challenges faced by health insurance providers, ultimately impacting patients.

A steep drop in US exports of up to 35 percent would significantly affect revenues for German pharmaceutical companies, especially those focused on research and development. Lower profits would limit resources available for investment in innovation, potentially weakening Germany’s position as a key pharmaceutical hub and jeopardizing long-term supply security. Bludau pointed out that some pharmaceutical manufacturers are exploring options to relocate operations abroad to mitigate rising costs, but this approach carries risks, as much of their research funding remains tied to Germany. A shift away from the domestic market could therefore deepen research deficits.

Although major pharmaceutical distributors currently feel resilient, medium-sized companies with strong exposure to the US market are facing growing pressure. Atradius has placed a substantial proportion of firms in the sector under heightened monitoring. Nicole Bludau indicated that, while the industry does not yet show signs of widespread imbalance, certain companies may need to brace for significant revenue losses if the proposed US trade measures come into effect. She added that reports of payment defaults remain limited for now, though this could change rapidly if trade tensions intensify.

Author: Atradius

Develia acquires Bouygues Immobilier Polska for EUR 65.9 million

Develia has completed the acquisition of 100 percent of the shares in Bouygues Immobilier Polska, the Polish branch of the French property developer Bouygues Immobilier, for EUR 65.9 million, equivalent to approximately PLN 279.4 million. The transaction expands Develia’s portfolio of residential projects and strengthens its land bank in Warsaw, Poznań, and Wrocław, further supporting the company’s growth strategy in Poland’s residential real estate market.

The acquisition follows Develia’s purchase of Nexity’s Polish subsidiaries over the past two years and contributes to the company’s goal of exceeding annual sales of 4,500 residential units by 2028. Andrzej Oślizło, CEO of Develia, stated that the acquisition of Bouygues Immobilier Polska is a significant step in implementing the firm’s strategic plans, particularly in Warsaw, which remains Poland’s largest and most stable residential market with considerable potential for future growth. Oślizło noted that the transaction coincides with the completion of the sale of Arkady Wrocławskie, enabling Develia to reinvest the proceeds into its residential development segment, which offers attractive returns.

Bouygues Immobilier Polska has been active in the Polish market since 2001, employing approximately 80 staff and completing over 9,500 residential units and commercial spaces across 70 projects. By the end of 2024, the company had around 1,300 units under development or in planning, with a further 2,800 units secured through preliminary agreements. The majority of these projects are located in Warsaw, accounting for about 71 percent of the total planned residential area, with Poznań representing 13 percent and Wrocław 16 percent. Current projects include Viva Cité, Lumea Estate, and Neo Praga in Warsaw, Vilda Arte in Poznań, and Vivre in Wrocław.

Karol Dzięcioł, a member of Develia’s management board, commented that the acquisition significantly increases the scale of Develia’s operations and diversifies its project portfolio in districts with strong investment potential, such as Bemowo, Ursus, and Włochy in Warsaw, as well as in Poznań and Wrocław. He added that Develia would focus on the integration of Bouygues Immobilier Polska in the coming months, leveraging experience gained during the successful integration of Nexity’s Polish operations in 2023.

The transaction was financed through Develia’s own funds, with an option for future refinancing via a bank loan. Approval for the acquisition was granted by Poland’s Office of Competition and Consumer Protection (UOKiK) prior to its completion.

Develia acquires Bouygues Immobilier Polska for EUR 65.9 million

Prague 10 secures future of Mountain Hotel Ten on Černá hora

The City District of Prague 10 has taken steps to resolve the future of the Mountain Hotel Ten on Černá hora near Jánské Lázně, a facility that has long faced financial challenges and operational difficulties. Through its joint-stock company PRAHA 10 – Májetková, a. s., the district has arranged for the hotel to be leased to the sports club SK Slavia Praha, aiming to ensure continued use of the property while alleviating its economic burden.

The new lease agreement will run from 1 September 2025 to 31 May 2027, with SK Slavia Praha paying an annual rent of CZK 2 million excluding VAT. This arrangement marks a financial turnaround for the city district, which previously incurred significant losses from the hotel’s operation each year due to high running costs and declining technical conditions.

Earlier efforts to lease the property included a tender launched in August 2024, offering a minimum annual rent of CZK 1.99 million excluding VAT, which attracted no bids. Subsequent discussions led to an agreement with SK Slavia Praha, which committed to operating the hotel under commercially viable conditions.

Martin Valovič, Mayor of Prague 10, described the Mountain Hotel as a legacy property with historical value but noted its longstanding status as an economic burden. He expressed satisfaction with the new agreement, emphasizing that the facility remains accessible to local children and senior residents, who will continue to benefit from stays under the same financial and organisational terms as before.

The hotel, situated at a considerable distance from Prague, requires specialized operational expertise and significant upkeep. Under the new lease, SK Slavia Praha intends to invest around CZK 1 million into upgrading the building’s equipment and facilities to improve visitor comfort.

Jiří Vrba, Chairman of the Board of SK Slavia Praha, said that managing the Mountain Hotel offers an opportunity to expand the club’s activities for both members and the broader public. He highlighted existing collaborations with Prague 10 in areas such as senior sports and children’s camps and welcomed the chance to build on these partnerships through the new project.

Both Prague 10 and SK Slavia Praha indicated that further discussions are planned to explore the hotel’s long-term future. Their shared objective is to maintain public access to the Mountain Hotel for sports events, school trips, and recreational stays for seniors, while securing investments necessary for essential repairs and upgrades to the property.

Source: Prague 10

Garpa signs lease for logistics property in Lüneburg under construction

Garden furniture manufacturer Garpa will relocate its operations to a new logistics property being developed by Garbe Industrial in Lüneburg, Lower Saxony. The lease agreement was finalised while the facility is still under construction, just weeks after the topping-out ceremony.

Garpa, based in Escheburg near Hamburg, has leased the entire property, which offers approximately 20,200 square metres of space. The company plans to use the facility for storage, assembly, and repair of garden furniture. The lease is set to commence on 1 October 2025.

Maik Zeranski, Member of the Executive Board at Garbe Industrial, noted that securing a full lease during the construction phase reflects the quality of the project and the suitability of the chosen location. The investment volume for the property is around EUR 27 million.

The new logistics building is situated on a 33,000 square metre site in the Gewerbepark Ost, close to Lüneburg harbour and the Elbe canal. Garpa’s lease includes nearly 17,400 square metres of hall space, approximately 2,200 square metres of warehouse space, and about 600 square metres designated for offices. The facility will feature a narrow-aisle racking system, 17 dock levellers, and two ground-level sectional doors to support loading and unloading operations. Additionally, the site will provide parking for 55 cars and five trucks.

Maik Zeranski expressed confidence in Garpa as a tenant, noting that the company’s high-quality garden furniture aligns well with the nature of the property. Garpa, which has been in business for over 45 years, specialises in manufacturing and selling premium chairs, tables, loungers, and other outdoor furniture, produced in selected factories. The products will be stored and assembled at the Lüneburg site before being distributed to customers in Germany and neighbouring countries.

The location offers good transport connectivity via the B216 and B209 roads, linking Lüneburg to the A39 motorway and further connecting to Hamburg and other key routes along the A1 and A7 motorways. Garpa Managing Director Hauke Petersen stated that the company was attracted by both the strategic location and the high quality of the new facility, which meets the requirements for the firm’s anticipated growth. The move will see Garpa transferring its warehouse operations from Geesthacht to Lüneburg.

Sustainability features prominently in the design of the new logistics property. Plans include installing a rooftop photovoltaic system with a peak output of around 1.7 megawatts to generate renewable energy. Heating will be provided by air-source heat pumps instead of fossil fuels. Garbe Industrial aims to achieve certification for the building under the Gold Standard of the German Sustainable Building Council.

Panattoni expands into data centre development with senior appointments

Panattoni has announced the establishment of a new data centre development initiative spanning Europe, the UK, India, and the Middle East. The move includes the formation of a dedicated data centres team and the appointment of four experienced professionals to senior roles.

The new team will be led by Richard Wellbrock, who has been named Managing Director, Data Centres. Wellbrock has more than 25 years of real estate experience, including nearly two decades focused on data centre development. Previously, he served as Chief Commercial Officer at Colt Data Centre Services (DCS), where he was involved in delivering large-scale data centre campuses across Europe and Asia and contributed to the company’s growth from 100 megawatts to 1 gigawatt of capacity. His tenure included participation in a $1.5 billion joint venture with Mitsui.

Joining Wellbrock are Nick Parker as Head of Capital Deployment, John Belton as Head of Development, and Paul Terry as Infrastructure Director for the data centres business.

Nick Parker was formerly Global Senior Director of Asset Management at Colt DCS, overseeing more than €5 billion in capital deployment strategies and supporting transactions involving approximately 250 megawatts of capacity. He was also involved in structuring joint ventures and investment strategies in regions including India, Japan, and Europe.

John Belton, who brings around 40 years of experience in engineering and data centre development, previously served as Global Senior Director of Development at Colt DCS, managing a global development portfolio with a pipeline capable of delivering over 1 gigawatt of IT load.

Paul Terry, who held the role of Global Director of Development Infrastructure at Colt DCS, was responsible for overseeing infrastructure design and delivery, including utility and technology programs, from land acquisition through to project completion.

All four executives will be based in London and report to Robert Dobrzycki, CEO and co-owner of Panattoni Europe, UK, Middle East, and India.

Robert Dobrzycki commented that the company’s move into data centres represents an important step, noting the role of data centres as critical infrastructure for modern economies. He highlighted the extensive experience that the new team brings to Panattoni’s operations.

Richard Wellbrock said that Panattoni’s experience in large-scale development provides a strong foundation for the new data centre initiative. He expressed plans to expand the business across Europe, the UK, India, and the Middle East, with a focus on serving hyperscale operators, cloud providers, and enterprise customers.

Panattoni’s entry into the data centre sector builds on its experience in delivering over 23 million square metres of industrial and logistics space across Europe.

Sonar Real Estate takes over management of Düsseldorf office portfolio

Sonar Real Estate has taken over commercial property management responsibilities for three office buildings in Düsseldorf’s Medienhafen district. The properties, known as ALTO, LARGO, and FLOAT, collectively offer more than 88,000 square metres of rental space and are part of CPI Europe AG’s portfolio. These buildings were completed between 2018 and 2021.

ALTO, located at Kesselstrasse 3, comprises approximately 36,050 square metres of space, while LARGO at Kesselstrasse 5-7 provides around 21,700 square metres. FLOAT, situated at Kesselstrasse 1, offers about 30,350 square metres.

Sonar has managed lease operations for these properties since October 2022. The new mandate expands Sonar’s role to include commercial property management, covering lease administration, financial reporting, budget planning, and coordination of external service providers. Diemer GmbH Baumanagement continues to handle the technical property management aspects for the three buildings.

All three properties have achieved LEED Gold certification and feature modern technology, high ESG standards, and amenities such as fitness facilities, dining options, a welcome desk, and 24/7 security services.

Nick Puschkasch, Managing Partner at Sonar Real Estate, stated that the expanded mandate reflects the company’s approach to integrated management services and strengthens its presence in large institutional property mandates. He noted that Düsseldorf’s Medienhafen provides a favourable setting for premium office properties due to its urban environment, infrastructure, and a tenant base focused on sustainable industries.

Julian Kaup, Managing Director at Sonar, added that the company offers a range of asset management, property management, and development services, enabling clients to tailor solutions for their properties. He expressed satisfaction that the original lease management contract has grown into a broader property management engagement.

The ALTO and LARGO buildings, designed by slapa oberholz pszczulny | architekten, include a 16-storey tower and a six-storey structure, both located along the Rhine and built with flexible layouts accommodating various office concepts and event spaces. FLOAT, designed by architect Renzo Piano, consists of six interconnected building sections and adds a significant architectural element to the area.

Catella acquires two residential properties in Hanover for over EUR 50 million

Catella Investment Management GmbH (CIM), based in Berlin, has announced the acquisition of two newly completed residential buildings in Hanover, Germany. The transaction was conducted on behalf of an individual mandate and in cooperation with Catella Real Estate AG (CREAG), acting as the KVG platform for the Catella European Residential (CER) fund. CER, advised by CIM, currently holds real estate assets valued at approximately EUR 1.385 billion. The properties were acquired from PHI Kronsrode Grundstücks GmbH for a total price exceeding EUR 50 million.

The two buildings, situated in the Kronsrode development area of Hanover, comprise 154 residential units, including 102 privately financed apartments and 52 subsidised apartments. Additionally, the development features six commercial units and a daycare centre, with a total lettable area of around 12,060 square metres. The buildings, constructed to meet the KfW-55 energy efficiency standard, were completed by the end of 2024 and in the first quarter of 2025.

The project incorporates a comprehensive mobility concept, providing numerous bicycle parking spaces with e-bike charging facilities, 148 on-site car parking spaces, and convenient access to public transportation and car-sharing services.

Michael Keune, Managing Director of CIM, stated that the funds are investing in buildings offering efficient layouts within a green, family-friendly district that contributes to a high quality of life in the Hanover growth region.

Benjamin Rüther, Head of Fund Management Residential at CIM, highlighted the advantages of the Kronsrode project, citing its strong transport connections to the city centre and well-developed public infrastructure, which includes daycare centres, schools, restaurants, and local amenities. He added that the inclusion of social housing within the project supports social diversity and cohesion in the neighbourhood.

Kronsrode is located on the south-eastern edge of Hanover, with connections to major highways such as the A37 and A7, as well as the B6 and B65 federal roads. The development benefits from nearby subway stations, Stockholmer Allee and Krügerskamp, which provide residents with direct access to the city centre in approximately 20 minutes via subway line 6. Several supermarkets are also located within easy reach of the properties.

The development aligns closely with CER’s ESG strategy. Features such as double-shell masonry with cavity insulation and a district heating system contribute to reduced energy consumption. Additionally, sustainable and socially oriented mobility options, including car sharing and cycling infrastructure with e-bike charging stations, reflect the fund’s environmental and social commitments. Governance principles are also addressed through efforts to promote cultural diversity and inclusivity in both the management and use of the buildings.

Leadership change at Globalworth Poland as Artur Apostoł departs

Artur Apostoł, Managing Director – Real Estate Operations Poland at Globalworth, has announced his resignation after nearly nine years with the company. His departure will take effect at the beginning of August 2025, prompting organizational changes within Globalworth’s Polish operations.

Apostoł has been with Globalworth since the company began building its real estate portfolio in Poland, initially overseeing real estate operations and acquisitions. Over his tenure, he contributed to expanding the portfolio, which at its peak comprised 22 office and mixed-use investments totaling 620,000 sqm of gross leasable area and valued at EUR 1.65 billion. He was involved in significant acquisitions such as Skylight & Lumen and Spektrum Tower and helped develop Globalworth’s in-house management capabilities in Poland. Apostoł has nearly 20 years of experience in managing real estate investments across Central and Eastern Europe.

Dennis Selinas, CEO of Globalworth, thanked Apostoł for his contributions, highlighting his role in the company’s growth in Poland and wishing him success in his future endeavors.

Since 2020, Apostoł’s teams have overseen the leasing of more than 580,000 sqm of space and currently manage relationships with over 500 tenants. He also led modernization projects for properties including Lubicz Park and Warsaw Trade Tower, introduced the Ace of Space serviced office brand, and oversaw the launch of the Globalworth App for building users.

Reflecting on his time at Globalworth, Apostoł described his tenure as demanding yet rewarding, noting the development of a stable portfolio and the growth of the local team from a few individuals to over 150 employees. He confirmed he would remain available to the management team during a transition period after stepping down.

From 1 August 2025, Apostoł’s responsibilities will be assumed by Rafał Pomorski and Łukasz Duczkowski, both part of Globalworth’s Polish management team.

Pomorski, Managing Director – Finance & Operations Poland, has been with Globalworth since 2017, initially as CFO, and was appointed to his current role in 2021. His previous experience includes positions at Griffin Real Estate, MGPA, and PwC. He holds a master’s degree in economics from Maria Curie-Skłodowska University and is a member of the Association of Chartered Certified Accountants.

Duczkowski, who will become Managing Director – Real Estate Operations Poland, has been with Globalworth since 2018, leading investments and special projects. His background includes roles at Griffin Capital Partners, HSBC, and Colliers International. He is a graduate of the University of Gdańsk, Bydgoszcz University of Technology, and Warsaw University of Technology.

Pomorski commented that while Apostoł’s departure is significant for the team personally, the transition of responsibilities has been managed smoothly to maintain operational continuity.

Photo: Artur Apostoł

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Latest news

All posts by fletcher@cijeurope.com.

Rafał Mazurczak appointed President of the Management Board at CitySpace

Trade tensions push up Medicine prices, German pharmaceutical sector faces uncertainty

Develia acquires Bouygues Immobilier Polska for EUR 65.9 million

Develia acquires Bouygues Immobilier Polska for EUR 65.9 million

Prague 10 secures future of Mountain Hotel Ten on Černá hora

Garpa signs lease for logistics property in Lüneburg under construction

Panattoni expands into data centre development with senior appointments

Sonar Real Estate takes over management of Düsseldorf office portfolio

Catella acquires two residential properties in Hanover for over EUR 50 million

Leadership change at Globalworth Poland as Artur Apostoł departs