Przystanek Karkonosze expands regional retail offer in Lower Silesia

Przystanek Karkonosze, a retail park developed by Redkom Development, opened in August 2025 and has since become an established part of the retail landscape in the Karkonosze region, an area traditionally dominated by local retail formats.

The scheme is located in Miłków, directly on a provincial road and at the junction of routes connecting Karpacz, Szklarska Poręba, Kowary and Jelenia Góra. This positioning provides convenient access for both local residents and visitors, supporting steady footfall throughout the year.

Przystanek Karkonosze offers approximately 15,400 sqm of gross leasable area. While the project’s architecture reflects its mountain surroundings, from a commercial perspective its wider catchment is of particular importance. The retail park attracts not only local customers but also international visitors, especially from the Czech Republic and Germany, who form a significant customer group in the region.

Key traffic generators at the site include Lidl Polska and a stand-alone McDonald’s restaurant with a drive-thru, both contributing to consistent daily customer flows.

The tenant mix has continued to evolve, with MR.DIY among the most recent openings. Other tenants include Lidl, Half Price, 4F, Martes Sport, Wojas, Sinsay, Ochnik, CCC, Rossmann, Pepco, Worldbox, Diverse, Action, New Yorker, Media Expert, TEDi and Douglas, alongside smaller service units such as a travel agency and a press shop.

Leasing at Przystanek Karkonosze is managed by Redkom Development in cooperation with Mallson Polska, with a focus on securing well-known retail brands across multiple categories.

Between 2023 and 2025, Redkom Development delivered more than 60,000 sqm of retail park GLA in Poland. Completed projects include Park Glinianka (now BIG Łubna) near Warsaw, Ozimska Park in Opole, Comfy Park Bielik in Bielsko-Biała and Przystanek Karkonosze near Karpacz. The developer is currently working on further schemes scheduled to open in 2026, totalling approximately 90,000 sqm of GLA, including projects in Bydgoszcz, Dzierżoniów, Lublin, Otwock and Białystok.

Logivest advises DSV on lease of approx. 9,000 sqm logistics space in northern Munich

Integrated logistics real estate advisor Logivest has advised Danish transport and logistics group DSV on the long-term lease of an existing property comprising close to 9,000 sqm of warehouse and office space in Garching, north of Munich.

DSV had been seeking a suitable location in the northern Munich area for one of its clients. Logivest identified an appropriate property in the Garching-Hochbrück industrial estate. The building benefits from direct proximity to federal roads B471 and B13, providing efficient access to the A9 and A92 motorways as well as the A99 Munich orbital motorway.

“Overall, we are seeing continued growth in demand for existing logistics properties,” said Alexander Dempfle, Consultant Industrial and Logistics Letting at Logivest in Munich. “Garching-Hochbrück offers high-quality space and benefits from its strategic position in the Munich metropolitan area, with strong links to the city centre, surrounding municipalities and Munich Airport.”

The property provides more than ten loading docks equipped with dock levellers, alongside ample external manoeuvring space to support efficient logistics operations.

DSV is scheduled to take possession of the facility in January 2026.

Electrolux Extends Lease at MLP Pruszków I

Electrolux Poland has extended its lease at MLP Pruszków I, continuing its long-term cooperation with MLP Group and maintaining its operations at the logistics park near Warsaw.

Under the new agreement, Electrolux Poland will retain 26,678 sqm of warehouse space and 310 sqm of office space. The facility has supported the company’s logistics operations for several years, serving as a distribution base for domestic and international markets.

Electrolux has been present at MLP Pruszków I since 2013. The lease extension reflects the ongoing relationship between the two parties and Electrolux’s decision to continue operating from the same location.

Tomasz Pietrzak, Leasing Director Poland at MLP Group, said the extension demonstrates the role of the park in supporting the operational needs of large international occupiers and highlighted its proximity to Warsaw.

MLP Pruszków I comprises nearly 170,000 sqm of warehouse and light industrial space and is occupied by close to 40 tenants. The park has been operating for over 20 years and includes internal infrastructure supporting tenant operations.

The site is fully fenced and monitored on a 24-hour basis. It also offers electric and hybrid vehicle charging points supplied by photovoltaic energy, as well as a city bike rental station. The park provides a high number of parking spaces and offers potential for future expansion to accommodate tenant requirements.

GARBE Industrial and Fortress to Develop 61,000 sqm Logistics Centre in Bucharest

GARBE Industrial has entered into a joint venture with Fortress Real Estate Investments to develop a logistics centre with a gross leasable area of 61,000 sqm in Bucharest.

The partners completed their first land acquisition for the project in December 2025, securing an 11-hectare site in the north-western part of Bucharest, close to the A0 ring road, near the Buftea / DN7 exit. The location provides direct access to the city and links to the main transport corridors serving the capital. Construction is expected to start towards the end of summer 2026, with the first tenant anticipated to occupy the building in early 2027.

For GARBE Industrial, the project represents its first development in Romania, in line with its strategy of expanding in core logistics markets with strong infrastructure connections. For Fortress, the joint venture marks its second project in the country, following the 2021 acquisition of Fortress Logistics Park Bucharest I, a 50,000 sqm scheme in Buftea.

“Romania stands out as one of the most attractive long-term markets globally for logistics and warehousing investment, underpinned by strong industrial and consumer growth potential and its close links to Central and Western Europe,” said Bartosz Klimek, Leasing and Asset Director Europe at Fortress Real Estate Investments. “As the sector continues to mature, there remains room for institutional-grade development and investment. We will remain selective, focusing on expanding our warehouse portfolio across Central and Eastern Europe.”

Andrei Jerca, Country Head for GARBE Industrial Real Estate Romania, said the company plans to apply the same development standards used across the CEE region. “This is our first project in Romania and it will be developed together with Fortress, which has an established presence in the region. Our aim is to deliver a modern logistics park that can support both logistics operators and manufacturing companies.”

The project, to be known as GARBE Park Bucharest, will be located between the A1 and A3 motorways, with direct access to the A0 ring road. The area offers good transport connectivity and access to labour in the wider Bucharest region.

The development will comprise a Class A logistics building with a clear height of 12 metres, suitable for medium and large-scale logistics and industrial occupiers. The specification allows for automation, mezzanine levels and fully integrated warehouse operations within a single facility.

CentrumRowerowe.pl to open store at M1 Zabrze in 2026

CentrumRowerowe.pl operates as an omnichannel retailer, combining online sales with a network of physical stores. Its offer includes more than 6,500 products, ranging from bicycles and components to accessories and sportswear for adults and children. The new store at M1 Zabrze will be one of seven stationary locations nationwide and will follow the brand’s standard format, featuring extensive product displays and in-store advisory services.

The opening will add to the centre’s sports retail segment, which has recently been expanded with the arrival of Alpine Pro, specialising in outdoor and sports apparel. These brands complement existing tenants such as 4F, Sports Direct and Martes Sport.

In parallel, M1 Zabrze has also broadened its offer beyond sports and leisure. Recent additions include Świat Książki, one of Poland’s largest bookstore chains, and Wakacje.pl, which operates a nationwide network of travel agencies.

DIW Berlin proposal suggests inheritance tax reform could reduce taxpayer numbers and rebalance the burden

A reform of Germany’s inheritance and gift tax system that removes existing tax privileges, introduces lifetime allowances and simplifies tax rates could significantly reduce the number of taxpayers while generating additional revenue, according to new scenarios developed by German Institute for Economic Research (DIW Berlin).

The analysis, prepared by DIW tax expert Stefan Bach and his team, builds on earlier work conducted for the parliamentary group of Bündnis 90/Die Grünen and goes beyond the current reform proposal put forward by the Social Democratic Party of Germany (SPD). The researchers examined more than 20 reform scenarios and now present an additional approach aimed at improving fairness and administrative efficiency.

Inheritance and gift tax rules are currently under constitutional review. It is widely expected that the Federal Constitutional Court of Germany will rule existing tax privileges unlawful, as they conflict with the principle of equal treatment. According to DIW estimates, abolishing these privileges could increase tax revenue by around €7.8 billion, equivalent to approximately 65% of current inheritance tax receipts, with the additional burden primarily affecting the wealthiest households.

Bach argues that this additional revenue should be partially redistributed. In his proposal, lifetime allowances would be introduced alongside a simplification of the tax structure. While supporting the SPD’s call for lifetime allowances of €1 million for close relatives, he notes that the proposal does not address the complexity of the current rate system. DIW’s alternative would reduce the number of tax brackets from seven to four and simplify rates, while retaining a progressive structure. Combined with lifetime allowances, this approach would still generate an estimated €2.3 billion in additional revenue and reduce the number of inheritance tax cases from around 200,000 to fewer than 100,000, easing the administrative burden on both taxpayers and tax authorities.

Bach contrasts this with proposals for a uniform flat tax rate. “A flat tax would have to be at least 15 per cent if the current revenue is to be achieved, and that would be without increasing the allowances,” he said. He added that such a system would place a greater burden on smaller inheritances among close relatives, while reducing the tax load on large estates and transfers to non-relatives.

The DIW proposal also addresses business transfers, where Bach recommends transitional arrangements to avoid putting smaller and medium-sized enterprises at risk. “When abolishing tax privileges, a sense of proportion must be exercised so as not to jeopardise the continuation of small and medium-sized enterprises and their investments, especially in the current economic crisis,” he said. He suggests allowing inheritance tax liabilities to be paid over 15 to 20 years from operating income and considering additional measures, such as subordinating tax claims or linking them to company performance. While an additional allowance or lower rates for business transfers could be justified, Bach argues that such relief should no longer apply to inheritances worth hundreds of millions of euros.

Source: DIW

Romania extends mandatory use of RO e-Factura to individuals identified by CNP

New fiscal rules that entered into force in January 2026 require individuals who carry out ongoing economic activities and are identified for tax purposes by their personal identification number (CNP) to use Romania’s RO e-Factura electronic invoicing system.

Under the changes introduced by Government Emergency Ordinance No. 89/2025, such individuals must apply for registration in the mandatory RO e-Factura register before starting their economic activity. Although the obligation became effective on 15 January 2026, the procedural framework for registration was published a few days later, on 20 January 2026, through an order issued by the National Agency for Fiscal Administration.

As a result, individuals conducting continuous economic activities must submit Form 082 in order to be enrolled in the system. Once registered, they are required to issue and transmit invoices to their customers—whether taxable or non-taxable legal entities—exclusively through the RO e-Factura platform. The tax authorities are expected to complete the registration process within three days of receiving the application.

Failure to comply with the new requirements may trigger financial sanctions. If invoices are not issued through the electronic system, suppliers may face penalties amounting to 15% of the invoice value in business-to-business transactions, or fines ranging from RON 1,000 to RON 2,500 in business-to-consumer cases.

The changes also have implications for companies working with individual suppliers identified by CNP. Businesses are required to ensure that invoices received from such suppliers are transmitted via RO e-Factura. Recording expenses based on invoices issued outside the system, such as PDF documents, may expose companies to penalties equal to 15% of the value of the respective invoices.

Given the scope of the new rules, both individual suppliers and their corporate clients may need to review existing commercial relationships and update internal procedures. Companies are advised to check their supplier lists and, where necessary, inform partners about the obligation to use electronic invoicing.

For further clarification on the application of these rules, Deloitte Romania has indicated that its tax advisory team is available to provide guidance.

Source: Deloitte Romania

Deloitte România expands advisory support for environmental and social transformation

fletcher@cijeurope.com
22 January 2026
Energy, Environmental, Indicators, Market Report

Deloitte România has outlined a broad range of advisory activities designed to help companies and public institutions adapt to growing expectations around environmental responsibility, social impact and long-term resilience, according to a recently published overview of its services.

The publication places Romania’s transition efforts within a wider international and European context, noting that both businesses and public authorities are facing increasing pressure to rethink how they operate, invest and plan for the future. Against this backdrop, Deloitte România positions itself as a partner for organisations seeking practical guidance as they respond to regulatory changes, investor expectations and public scrutiny.

A significant part of the firm’s work focuses on helping organisations define clear long-term directions that balance financial performance with environmental and social considerations. This includes supporting management teams in setting priorities, identifying key risks and opportunities, and communicating progress to stakeholders through structured disclosures. Deloitte also assists clients in reviewing internal rules and procedures, as well as delivering training programmes to build awareness and internal capabilities.

Another major area of activity involves helping organisations better understand and reduce their environmental footprint. Deloitte România works with clients to analyse energy use, emissions and operational impacts, and to develop step-by-step plans for reducing pressure on natural resources. These efforts are supported by analytical tools that allow companies to monitor progress and assess the financial implications of different transition options.

The firm also advises on access to funding linked to environmental and social objectives. This includes helping companies and financial institutions understand how sustainability-linked financing works, assess exposure to climate-related risks and align investment decisions with emerging regulatory frameworks. Support is also provided in relation to European funding programmes and other incentive schemes.

In addition, Deloitte România is active in projects aimed at reducing waste and improving resource efficiency. These assignments range from analysing packaging and procurement practices to helping organisations redesign supply chains and work more closely with suppliers. In the public sector, the firm supports local and central authorities in developing plans for greener cities, improved mobility and adaptation to climate risks .

The overview also highlights Deloitte România’s involvement in national and international working groups, as well as a portfolio of completed projects across sectors such as energy, real estate, retail and public administration. According to the firm, demand for this type of integrated advisory support is growing as Romanian organisations look for clear, practical solutions to navigate economic, environmental and social change.

Source: Deloitte România

Foreign investment flows across Gulf stock markets shift in late 2025

Equity markets across the Gulf region experienced a change in foreign investor behaviour during the final quarter of 2025, with overseas investors reducing their exposure after a period of strong inflows earlier in the year. Market data compiled by regional analysts indicates that net foreign transactions moved into negative territory during the quarter, reflecting more cautious positioning amid softer market conditions and lower energy prices .

The pullback was visible across most Gulf exchanges, although not uniformly. Markets in Saudi Arabia and Oman continued to attract net inflows from abroad, partially offsetting broader regional outflows. In contrast, exchanges in Abu Dhabi, Kuwait, Bahrain and Qatar recorded net selling by foreign participants, with Abu Dhabi accounting for the largest share of withdrawals during the quarter .

Despite the weaker fourth quarter, the overall picture for 2025 remained constructive. Over the full year, international investors still added to their positions across Gulf markets, although at a slower pace than in previous years. Saudi Arabia remained the main destination for foreign capital, followed by Abu Dhabi and Kuwait, while Dubai and Qatar also ended the year with modest net inflows. Oman and Bahrain were the only markets to record net foreign reductions on an annual basis .

Short-term trends within the quarter highlighted differing dynamics between markets. Saudi Arabia and Oman saw consistent foreign interest throughout the final three months of the year. Dubai, meanwhile, shifted from selling pressure earlier in the quarter to renewed inflows toward year-end. Other markets displayed more mixed patterns, while some, including Kuwait and parts of the UAE, experienced steady foreign outflows over the same period .

Trading activity across the region continued to evolve alongside these capital flows. The number of shares changing hands increased year on year, indicating sustained participation, although the overall value of transactions declined, reflecting weaker price performance in some of the largest markets. Sector-level data suggests that financial institutions and property-related companies remained among the most actively traded, while industries such as materials and telecommunications saw reduced turnover toward the end of the year .

Taken together, the data points to a year in which foreign investors remained engaged with Gulf equity markets but adopted a more selective and cautious approach as 2025 progressed, with outcomes varying significantly by country and sector.

Skanska awarded €50m contract for second phase of hospital project in Turku

Skanska has signed an agreement with the wellbeing services county of Southwest Finland to deliver the second phase of a hospital development in Turku. The contract is valued at EUR 50 million, equivalent to approximately SEK 540 million, and will be included in Skanska’s Nordic order bookings for the first quarter of 2026.

The second phase of the project includes the construction of two hospital wings with six and nine floors respectively, providing a combined gross floor area of around 24,000 sq m. The scope of works also covers the construction of connections between the new buildings and the hospital facility completed in the first phase, as well as internal modifications at the points where the structures link to the existing hospital complex.

The development forms part of the expansion of the Turku University Hospital main hospital area and is intended to support psychiatric care services. The first phase of the hospital project was completed by Skanska in 2024.

Construction of the second phase is scheduled to begin in the first quarter of 2026, with completion expected in 2028.

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