Czech Housing Fund acquires residential properties in Brno and Ostrava

Fond Českého Bydlení SICAV (The Czech Housing Fund), which focuses on investments in residential rental housing, has acquired three additional apartment buildings as part of its ongoing portfolio expansion. The purchases include a building on Pekařská Street in Brno and two buildings on Adamusova and Cihelní Streets in Ostrava, acquired from Czech Home Capital. Collectively, these properties comprise 342 residential units with a total leasable area exceeding 14,000 square meters. The transactions are valued in the high hundreds of millions of Czech crowns. Legal services were provided by Glatzová & Co., and technical due diligence was conducted by Bytecheck, s.r.o.

Jakub Kořínek, co-founder of Fond Českého Bydlení, commented that the acquisitions fit within the fund’s strategy and contribute to increasing the value of its property holdings. He noted that investors who joined at the fund’s start have seen a return of 64.07%.

Over the past eight months, the fund has expanded its presence in the residential rental market. Following several acquisitions, the portfolio value has grown to CZK 1.824 billion (€74 million) and now includes 895 residential and non-residential units totaling 48,283 square meters of leasable space.

Details of Acquired Properties

In Brno, the building on Pekařská Street is located in the city’s historic center near public amenities such as markets, hospitals, and schools. The property has previously operated with below-market rents, which the fund sees as an opportunity for improvement. Kořínek noted that a phased renovation of the building is planned.

In Ostrava, the property on Cihelní Street is near the city center and consists of modern, fully equipped apartments. It is situated in a gated complex in an area with further development potential.

The building on Adamusova Street in Ostrava is located in the Hrabůvka housing estate, an area with good public services and transport links. It primarily consists of smaller residential units averaging 36 square meters, where demand remains steady. Renovation work is planned for approximately twenty units in this building.

These acquisitions reflect the fund’s continued activity in the Czech residential property market, with a focus on maintaining and upgrading its properties to meet market demand.

Pavla Frindtová Appointed HR Director at Schneider Electric Czech Republic

Schneider Electric has announced the appointment of Pavla Frindtová as its new Human Resources Director for the Czech Republic, effective June 2025. In her new position, she will oversee strategic HR management, employee development, and efforts to foster a corporate culture centred on diversity, inclusion, and sustainability.

Her responsibilities will also include implementing the objectives of Schneider Electric’s Global Pay Equity programme, which focuses on addressing and eliminating gender pay gaps over the long term. The company joined this global initiative in 2014, launching it in the Czech Republic in 2017.

“I am very pleased to welcome Pavla Frindtová to our management team. Her expertise and enthusiasm will support our efforts to build an environment where employees feel valued and motivated to grow both personally and professionally. We strive to be a leader not only in technology and sustainability but also in our approach to people,” said Pavel Bezucký, CEO of Schneider Electric for the Czech Republic and Slovakia.

Commenting on her new role, Pavla Frindtová said: “At Schneider Electric, I particularly appreciate the commitment to equal opportunities for all employees, regardless of gender or age. I have long admired the company’s focus on sustainability in its products and solutions. I look forward to working with colleagues in a company whose values I share, and I believe I can contribute to further developing an inclusive work environment.”

In addition to her core HR responsibilities, Pavla Frindtová will focus on engaging senior talent, recognising the growing significance of experienced professionals in the workforce. Addressing the challenges posed by an ageing workforce will involve developing managerial skills, creating support programmes, and actively integrating experienced employees into key business processes. Schneider Electric aims to serve as an example of an employer that values and leverages experience in its workforce strategies.

Pavla Frindtová brings substantial HR experience from leading telecommunications and technology companies. Before joining Schneider Electric, she worked as a Senior HR Business Partner at T-Mobile, focusing on IT and technology teams. She has also held HR management roles at ABB, a technology firm, and Altran, a key Czech provider of development services for the automotive industry.

Outside of her professional life, Pavla Frindtová enjoys sports and travelling, often spending her leisure time in the Krkonoše Mountains with her ten-year-old son.

PSN revitalises historic buildings in Braník with Žít Braník project

PSN has announced the launch of Žít Braník, a residential project that will breathe new life into a historic apartment complex from the 1930s in Prague’s Braník district. The development involves extensive renovations of three neighbouring buildings on Ke Krči Street, aiming to restore their original architectural elegance while upgrading them to meet modern living standards. Completion of the renovation is planned for the first quarter of 2028.

Žít Braník will offer apartments ranging from 1+kk to 4+1 layouts, complete with lifts, cellars, and a redesigned shared courtyard. The project focuses on preserving the character of the First Republic-era brick buildings, with careful restoration of features such as façades, entryways, and selected interiors.

“Braník has a unique atmosphere, and the Žít Braník project seeks to enhance it. Our aim is not to create a new neighbourhood but to continue the story of a place that has maintained its strong identity and sense of community,” said Jaroslav Macháč, director of residential projects at PSN.

Originally developed as cooperative housing during the interwar period, the buildings once included ground-floor shops, a cinema, and a garden restaurant. The renovation is designed to respect this history while providing a suitable environment for modern families, couples, and individuals.

ONN architects, overseeing the project, describe their approach as a balance between preserving historical elements and integrating contemporary design. In addition to revitalising the facades, the renovation will improve communal spaces by introducing more natural light. A green courtyard featuring seating areas, sports facilities, and a children’s playground will also be created exclusively for residents.

The Braník location offers a blend of urban convenience and natural surroundings, with good transport connections, nearby cycling routes, cultural venues, and traditional cafés, all set against the backdrop of First Republic architecture and close proximity to the Vltava River.

“It’s not just about the buildings themselves but also the broader context. I believe Braník is one of those Prague neighbourhoods where people can enjoy a high quality of life — vibrant yet without unnecessary stress,” Macháč added.

Hauck & Aufhäuser restructures eNova fund on new ICAV platform

HAL Fund Services Ireland Limited (HALFI), part of the Hauck & Aufhäuser Fund Services Group (HAFS Group), has partnered with J.P. Morgan to establish an ICAV investment platform tailored for asset managers in the German-speaking DACH region.

As part of this initiative, the eNova Active Core EUR Ultra Short Term fund, ISIN IE000AKHLQ11, has been restructured and incorporated into the ICAV platform. This move follows a management buy-out and places the fund under the liability umbrella of FIDUS Finanz AG.

Active Core Asset Management GmbH manages the fund, offering a money market-related investment focused on short-term bonds issued by governments or highly rated institutions. Portfolio manager Wilhelm Wildschütz and his team will continue overseeing the fund under the new structure.

“With the ICAV platform, we are providing asset managers from the DACH region with a modern structure that enables efficient implementation of ETF strategies, supported by solid regulatory frameworks and robust operational infrastructure,” said Lisa Backes, Deputy CEO of Hauck & Aufhäuser Fund Services S.A. She added that the investment funds of Active Core Asset Management GmbH are a strong example of how experienced teams can execute innovative concepts within a scalable platform.

The ICAV platform is open to asset managers seeking to launch innovative ETF strategies and looking for an experienced partner to support these initiatives.

Develia sells 1,699 units in first half of 2025

In the first half of 2025, Develia sold 1,699 apartments through development and preliminary agreements, marking a 13% decrease compared to 1,949 units sold during the same period last year. This total includes 12 units from joint venture projects.

During the same period, the company handed over 1,193 units to buyers, representing a 13% increase from 1,057 units a year earlier. Of these, 184 units were part of joint venture developments. As of the end of June, Develia held 72 reservation agreements, most of which are expected to convert into development agreements in the near future.

“In the first half of the year, we slightly exceeded our targets for this period and are steadily implementing our plan, maintaining our annual target of 3,100 to 3,300 units, which does not yet include the acquisition of Bouygues Immobilier Polska,” said Andrzej Oślizło, President of Develia. He noted that recent interest rate cuts have been a positive signal for the residential market, as lower financing costs and improved mortgage availability could help revive demand in the coming quarters. However, he cautioned that credit costs in Poland remain relatively high compared to other European markets and that further reductions are likely to take time.

Oślizło also confirmed that Develia is awaiting the decision of the Office of Competition and Consumer Protection (UOKiK) regarding the planned acquisition of Bouygues Immobilier Polska. “The transaction will have a significant impact on sales volume next year and in subsequent years, supporting further growth of our market share,” he said.

In the second quarter of 2025 alone, Develia sold 748 units, compared to 911 units in the same quarter of 2024. The company handed over 670 units in the second quarter, up from 459 units during the same period last year.

Notable projects contributing to sales include Przemyska Vita and Południe Vita in Gdańsk; Ceglana Park in Katowice; Centralna Vita and City Vibe in Kraków; Unii Lubelskiej Vita in Poznań; Bemowo Vita and Oliwska Vita in Warsaw; and Orawska Vita and WUWA Vita in Wrocław.

Image: Wroclaw, Traugutta Vita – Develia

Catella APAM secures new letting to HGF at One City Square, Leeds

Catella APAM, a UK real estate asset and investment manager, has completed a 10-year lease agreement with HGF, a leading European intellectual property firm, for space at One City Square in Leeds. The letting involves the entire fourth floor of the building and was carried out on behalf of Danish pension fund Britannia Invest.

This transaction highlights the continued strength of Leeds’ prime office market and Catella APAM’s focus on delivering quality office space in key regional cities. Chalwe Silwizya, Senior Asset Manager at Catella APAM, said the firm was pleased to welcome HGF to One City Square after completing a Cat A refurbishment on the fourth floor. He noted that the building’s appeal to international occupiers demonstrates the ongoing demand for high-quality Grade A office space in the market.

Located directly opposite Leeds Station, One City Square offers modern office facilities, strong transport links, and a community of diverse professional, legal, and advisory tenants, which have contributed to its reputation as one of the city’s prominent business addresses.

Fox Lloyd Jones advised Catella APAM in the transaction, while Newmark represented HGF. Nick Salkeld, Director at Fox Lloyd Jones, commented that One City Square continues to attract significant corporate tenants, maintaining its position as a market leader amid changes in workplace trends since the pandemic.

The letting to HGF reinforces Catella APAM’s reputation as a reliable partner for international investors, combining local market expertise with proactive asset management to create value across various real estate sectors and regions.

Strong start but possible slowdown for Romania’s construction cector in 2025

Romania’s construction sector saw significant growth in the first four months of 2025, with activity increasing by 8.5% compared to the same period in 2024, according to analysis by Colliers. Infrastructure projects were the main driver of this growth, recording a 15.5% rise, while residential construction posted a moderate recovery of around 4%. However, non-residential construction, which includes office, industrial, and commercial projects, declined by nearly 2%, reflecting weaker demand and growing caution among private investors.

Confidence levels among construction firms, as measured by Eurostat surveys, have fallen to a three-year low. Nonetheless, Colliers notes that while optimism has declined, sentiment is still well above the levels recorded during the initial phase of the pandemic or previous economic downturns. This suggests that industry participants currently anticipate only a mild slowdown rather than a severe downturn.

The sector’s early momentum in 2025 was also reflected in employment figures, which reached a record high in April with nearly 460,000 people working in construction. This growth highlights sustained demand for skilled workers, especially in regions hosting major infrastructure projects. Despite strong employment, companies continue to face challenges linked to labour shortages and rising costs for wages and construction materials, which are putting pressure on operational stability and profit margins.

“2025 started on a strong note for the construction sector, with activity running high and momentum building rapidly. However, in recent weeks, we’ve noticed signs of a potential slowdown ahead, which lines up with what we are seeing coming from other sources, like Eurostat surveys. The decline in new orders, combined with increasing caution among industry players, suggests that the early-year enthusiasm may not be sustainable in the long run,” said Alexandru Atanasiu, Board Member and Head of Construction Services at Colliers.

Colliers’ analysis highlights the potential impact of fiscal consolidation measures currently being discussed by the government, which could lead to a reduction in public spending, particularly on infrastructure projects. As infrastructure has been a key growth driver for the construction sector in recent years, any significant cutbacks could affect the sector’s overall momentum.

In this context, Colliers emphasizes the importance of maintaining investment flows, particularly those linked to the National Recovery and Resilience Plan (NRRP) and other European funding sources, as a means to sustain construction activity and provide stability for companies operating in the sector.

“The construction sector has a unique dynamic: it can brake suddenly, like a small car, but it accelerates slowly, like a truck. That’s why predictability and consistent public investment are essential to maintain momentum and support the entire industry. Without a clear timetable and stable funding, the companies in the sector are likely to scale back their development plans, leading to knock-on effects on employment, production of materials, and other adjacent sectors,” Atanasiu added.

While the first months of 2025 reflected strong performance, Colliers warns that developments in the second half of the year could be influenced by several factors, including fiscal stability, the absorption and effective use of European funds, and the continuity of public infrastructure investment. Without a predictable investment framework and steady financing, the construction sector faces the risk of stagnation, which could impact employment, related industries, and the broader economy.

David Zimmermann appointed Co-Managing Director at LIP Invest as firm prepares new logistics fund

LIP Invest, a leading German investment firm specializing in logistics real estate, has appointed David Zimmermann as its second Managing Director. Zimmermann, who has been with the company for two years, will work alongside Managing Partner Sebastian Betz to lead the owner-managed business.

Zimmermann will continue to oversee capital investment and serve as the primary contact for LIP’s more than 60 existing investors. He will also be responsible for marketing new fund products and attracting additional investors to the firm.

“David brings valuable investment expertise to our team and is an excellent complement to our specialists in real estate, logistics, and investments,” said Sebastian Betz. He noted that Zimmermann transitioned from the investor side of the business to asset management two years ago, following a 20-year career at Sparkasse Miltenberg-Obernburg, where he served as Head of Investments and Deputy Head of Trading.

Earlier this year, Zimmermann became an authorized signatory at LIP Invest and has played a significant role in securing commitments for the firm’s newest logistics fund. Betz highlighted the close collaboration between the two managing directors during investor meetings across Germany.

“Sebastian and I work seamlessly together, sharing the same objectives but bringing different perspectives to our discussions, which strengthens our decision-making,” said Zimmermann. He added that LIP Invest is nearing the first closing of its new logistics fund and has assembled an initial portfolio that already exceeds the fund’s target yield of five percent.

The upcoming logistics fund, LIP Logistics Fund 5, is on track for its first closing and initial property acquisitions. Five institutional investors have already committed to the fund, with additional investors in the final stages of review. The fund has a target volume of €350 million and remains open to institutional investors, including insurance companies, pension funds, banks, savings banks, church institutions, and foundations.

Public transport in Prague served 1.1 billion passengers in 2024, recording year-on-year growth

Public transport in Prague carried approximately 1.1 billion passengers in 2024, an increase of 17.6 million compared to the previous year, according to the annual transport report from the Technical Administration of Communications (TSK).

Public transport vehicles covered a total distance of 210.6 million kilometres across the city, 4.4 million kilometres more than in 2023. Buses accounted for the largest share of this mileage, followed closely by trams and the metro.

The cost of operating Prague’s public transport system reached CZK 26.8 billion last year, reflecting a year-on-year increase of CZK 700 million. Of this total, 81.4 percent was subsidized by the city, approximately one percent came from state funding, and 17.5 percent was covered by fare revenues.

In 2024, Prague Integrated Transport (PID) operated 404 public transport routes, including 230 within the city and 174 suburban lines. The city’s network comprised three metro lines, 36 tram lines, and 183 bus and trolleybus routes. Additional services included 40 train lines, six ferries, and the Petřín funicular, which was closed in September for reconstruction.

Buses in Prague travelled 85.5 million kilometres, an increase of 1.7 million kilometres year-on-year. Metro services recorded 60.2 million kilometres, growing by 1.4 million kilometres compared to 2023. Trams covered 59.6 million kilometres, 1.5 million more than the previous year. Rail services accounted for the lowest mileage in the city, covering 5.3 million kilometres, which represented a decrease of 200,000 kilometres year-on-year.

Despite buses logging the highest mileage, the metro remained the most heavily used mode of transport, carrying around 378.8 million passengers, which was 17.8 million more than the previous year and accounted for 34.3 percent of all public transport journeys in Prague. Trams carried 344.9 million passengers, 2.2 million more than in 2023. The number of passengers using buses and trolleybuses held steady at approximately 275.1 million. Ferries were the least used form of transport, serving 579,520 passengers, slightly fewer than the previous year.

Outside the city, PID services expanded their reach, increasing the number of municipalities served from 1,363 to 1,383. The network also included 591 railway stops and 494 suburban and regional bus lines.

Source: CTK

Poland to temporarily reinstate border checks with Germany and Lithuania from July 7

The Polish government has announced plans to temporarily reintroduce border controls with Germany and Lithuania starting on July 7, citing changes in migration patterns and Germany’s continued restrictive border measures towards migrants. The decision follows a high-level security briefing attended by Prime Minister Donald Tusk, Deputy Prime Minister Władysław Kosiniak-Kamysz, and Minister Tomasz Siemoniak, alongside officials from the Border Guard, the Polish Army, and the police.

Prime Minister Tusk stated that the move aims to protect national security while minimizing disruption for citizens. He explained that preparations are underway to ensure the logistical readiness of the operation, coordinated by the Ministry of the Interior and Administration in cooperation with the Border Guard.

Germany reintroduced controls at several of its borders on 16 October 2023, including its border with Poland, citing concerns over migration routes passing through Belarus and Poland into the European Union. Despite Poland’s efforts to secure its eastern border, Germany has extended its controls until at least 15 September 2025.

Tusk noted that, over the past month, Germany has intensified measures along the Polish-German border, increasingly refusing entry to migrants attempting to cross into Germany. Poland had warned Germany that it might adopt reciprocal measures if the situation persisted.

While emphasizing Poland’s support for the principles of the Schengen Area and free movement within Europe, Tusk said that cooperation between neighboring states must be symmetrical and based on mutual commitment. He described the temporary border controls as a necessary step under the current circumstances, while instructing the Border Guard to minimize any negative effects for travelers and businesses.

Alongside controls on the German border, Poland will also reinstate checks at the border with Lithuania. Tusk highlighted the effectiveness of Poland’s measures along the Belarusian border, noting a 98% success rate in preventing illegal crossings. However, he pointed out that migrants are now attempting to enter Poland via Lithuania, prompting the need for increased controls. Migrants intercepted by Polish authorities will be redirected to Lithuania in accordance with existing regulations.

Tusk emphasized that Poland has invested significant resources into securing its borders, including financial expenditure and personnel deployment, and will continue to push for stronger cooperation with Lithuania, Latvia, and other European countries to combat illegal migration and human smuggling.

The Prime Minister also praised the work of Poland’s border services, acknowledging the challenges faced by officers on the country’s eastern and western borders. He criticized political figures who, he said, undermine public trust in the Border Guard and lend support to activist groups that disrupt operations at the border. Tusk called for unified support across political lines for the services responsible for national security, emphasizing the risks faced daily by border officers working to safeguard Poland’s territory and citizens.

Photo: Prime Minister Donald Tusk (gov.pl)

« Previous 1 … 157 158 159 160 161 … 381 Next »

Latest news

All posts by fletcher@cijeurope.com.