Nrep invests in Swedish care home developer Sehlhall, setting €700 million portfolio goal

Nrep, through its NSF V fund, has formed a partnership with Swedish care home developer Sehlhall Fastigheter. The collaboration aims to develop and manage a portfolio of care homes in Sweden, targeting a total value of approximately €700 million.

The initiative is a response to rising demand for elderly care facilities in Sweden, where the aging population is creating a need for around 3,000 new care home units per year, or roughly 50 new facilities annually. There is also an identified need to modernize much of the country’s existing care property stock.

With this investment, Sehlhall will shift from being solely a developer to a long-term owner and manager of its properties. Nrep brings experience in owning and managing social infrastructure across the Nordic region, while Sehlhall contributes sector expertise and an established project pipeline.

The partnership plans to deliver at least 40 new care home projects over the next five years, focusing on municipalities with the highest demand.

Nrep, which currently has €1.6 billion invested in the Nordic care home sector, will continue to operate its existing “Altura” platform separately. Altura manages around 60 care assets and will pursue further acquisitions independently of Sehlhall.

As part of the agreement, Nrep will become Sehlhall’s majority owner over time. Sehlhall’s board, chaired by former Swedish Finance Minister Anders Borg, will include new representatives from Nrep to support the company’s growth plans. Other co-owners include Sehlhall founders Dan T. Sehlberg and Petter Hallenberg, along with Stena Fastigheter, Carl-Henric Svanberg, Ulf Adelsohn, Thord Wilkne, and Johan Andersson.

Legal advice for Nrep was provided by Real Advokatbyrå.

Office demand in Poland rises 22% year-on-year in Q1 2025

Tenant activity in Poland’s office market rose by an average of 22% year-on-year in the first quarter of 2025, according to a new report from Cushman & Wakefield. Demand increased by 16% in Warsaw and by 27% in regional cities, even as new office supply remains limited, with a market recovery in construction expected only after 2027.

In total, tenant activity across Poland’s largest office markets reached approximately 338,000 m² during the first quarter. In Warsaw, leasing deals covered over 160,000 m², marking a 16% rise compared to the same period last year. Meanwhile, demand in the regional cities exceeded that of the capital, with nearly 177,000 m² leased — a 27% increase year-on-year. According to Michał Galimski, Partner and Head of Regional Markets at Cushman & Wakefield, the IT, services, and manufacturing sectors played a key role in sustaining demand. Renegotiations accounted for 48% of transactions in regional markets, while new leases made up 43%.

The report notes that over the past three years, the volume of new office space under construction in Poland has steadily declined. Despite the launch of some new projects, the total scale of ongoing development remains modest: currently, Warsaw has about 180,000 m² under construction, compared to nearly 750,000 m² at the start of 2020. In regional cities, the pipeline stands at roughly 200,000 m², well below the 850,000 m² recorded before the pandemic.

By the end of Q1 2025, Poland’s total stock of modern office space exceeded 13 million m². Completions during the quarter reached just 8,000 m² — the lowest quarterly figure since 2005. Cushman & Wakefield estimates that roughly 175,000 m² will be delivered in total this year, followed by 100,000 m² in 2026, with a larger supply wave anticipated only from 2027 onward.

The average vacancy rate in Poland at the end of March stood at 14.1%, a slight decline of 0.2 percentage points from the previous quarter and 0.4 points year-on-year. In Warsaw, vacancies dipped marginally to 10.5%. Regional cities showed mixed results: availability fell in Katowice and Kraków, while vacancies rose by over one percentage point in Poznań and Wrocław. Across all tracked markets, the total volume of available space was 1.84 million m², representing a 2% decrease compared to the first quarter of last year.

As of March 2025, prime office rents in Warsaw averaged €24–27/m²/month in central zones and €15–18.5/m²/month in non-central locations. Rent increases were most visible in newly delivered central buildings, while existing buildings saw rent adjustments roughly in line with inflation.

In regional cities, prime central offices were offered at €13–17/m²/month, with higher rates observed for new or well-located properties. According to Jan Szulborski, Business Development & Insight Manager at Cushman & Wakefield, rising construction, fit-out, and financing costs continue to shape rental strategies in new developments, while rents in existing buildings depend largely on location appeal and local market conditions.

Source: Cushman & Wakefield

Ukraine’s economy shows resilience, but further reforms needed for sustainable recovery

A new OECD Economic Survey finds that Ukraine’s economy has remained resilient despite the ongoing challenges caused by Russia’s invasion, with continued reform efforts seen as critical for long-term recovery and growth.

The report projects GDP growth of 2.5% in 2025 and 2.0% in 2026, following an estimated 2.9% expansion in 2024. However, further improvements could depend on investment levels and the return of displaced Ukrainians if the security situation stabilizes. Inflation is expected to stay high at 13.2% this year before falling to 7.1% in 2026. The OECD recommends that Ukraine’s monetary policy remain focused on anchoring inflation expectations and guiding inflation back to the National Bank’s 5% target.

To cover wartime defense spending, currently around 25% of GDP, Ukraine’s budget deficit is projected to approach 20% of GDP, with public debt rising to an estimated 116% of GDP by 2026, up from 49% in 2021. The OECD highlights the need to improve spending efficiency, strengthen tax collection, and modernize tax administration, particularly through digital tools, to create space for public investment in reconstruction.

Labour shortages caused by mobilization, displacement, and long-term demographic trends are a major challenge. The OECD suggests steps to reintegrate demobilized military personnel and displaced persons into the workforce, support returning emigrants, and increase women’s labor market participation by removing restrictions such as bans on shift work for mothers with young children.

To improve productivity and attract investment, Ukraine is encouraged to simplify regulations, promote competition, modernize corporate governance and insolvency frameworks, and ease tax compliance burdens.

Alongside the economic survey, the OECD released its Integrity and Anti-Corruption Review, which acknowledges Ukraine’s progress in building an anti-corruption framework comparable in many areas to OECD standards. Notable improvements include measures on conflicts of interest, political financing, and corruption risk management in public institutions.

However, the review notes gaps in areas such as the tracking and implementation of audit recommendations, the practical registration of private political donations, and whistleblower protections. It also highlights the need to finalize a draft lobbying law to increase transparency and prevent undue political influence.

The OECD concludes that while Ukraine has made significant strides, especially under wartime conditions, maintaining momentum on reform will be essential for rebuilding the economy, boosting public trust, and supporting post-war recovery.

Source: OECD

Modernization of SILLPARK Innsbruck underway

The modernization of SILLPARK Innsbruck, the city’s first central shopping mall, has officially begun following the approval of planning permissions. The renovation, led by SES Spar European Shopping Centers, involves an investment of over EUR 30 million and is expected to be completed by fall 2026.

The project, called “SILLPARK 3.0,” includes architectural updates and the addition of a new 3,000 m² health park on the mall’s second floor, developed in cooperation with Vinzenz Gruppe Service. The health park will house general practitioners, medical specialists, therapists, and other healthcare providers.

Despite the scale of the works, the mall will remain open throughout the construction period. According to the operator, shop opening times will not be affected, and efforts are being made to minimize disruption to visitors.

SILLPARK, which opened in 1990, has been a long-standing commercial hub in Innsbruck. The renovation focuses on improving natural lighting, expanding open spaces, and introducing updated interior architecture.

The center has also added new tenants, including a recently opened Starbucks, described as its most modern location in Innsbruck.

Sustainability is a stated focus of the modernization, with energy-efficient lighting, sustainable materials, and resource-saving construction methods being incorporated. Notably, SILLPARK is the only shopping center in Austria with its own hydropower plant, which supplies about half of its general energy needs.

Six out of ten Poles ready to disclose salaries, but companies see both opportunities and risks

The question of wage transparency is stirring debate among both employees and employers in Poland. According to the latest “Barometer of the Polish Labour Market” by Personnel Service, six out of ten Polish workers say they are ready to disclose their salaries as part of internal company policies. Meanwhile, 43% of employers support wage transparency in some form, though many apply it only partially.

Both employees and employers recognize potential advantages, such as building greater trust and improving equality, but they also share concerns about the risks, particularly regarding workplace tensions and conflicts.

“The issue of wages reflects not just employee expectations for transparency but also upcoming regulatory requirements,” said Krzysztof Inglot, labour market expert and founder of Personnel Service. “EU Directive 2023/970 introduces obligations for employers, including publishing salary ranges during recruitment and reporting on gender pay gaps. These measures will shift certain aspects of wage transparency from voluntary choices to standard practice, and Polish companies would be wise to approach this proactively, using it as a way to strengthen trust within organizations.”

According to the survey, 61% of Polish employees are open to disclosing their pay under a formal internal transparency policy. While 42% fully support wage disclosure, another 28% would prefer the publication of salary ranges for specific roles. However, 21% believe financial matters should remain private and not be openly discussed within companies.

Among those in favor of transparency, 37% believe it would increase trust within organizations, and 45% think it could help reduce the gender pay gap. Women were more likely than men to see transparency as a way to address pay inequality, with 52% of women holding this view compared to 38% of men. Still, 41% of respondents worry that greater wage transparency could lead to tensions and conflicts, especially in workplaces where differences in pay are perceived as unfair.

Employer views are similarly divided. While 43% of companies already apply official salary ranges, another 43% support the idea of wage disclosure, though often not fully. About 21% favor publishing salary ranges only, and 24% oppose any form of pay disclosure.

Employers’ attitudes often depend on their prior experiences and concerns about how transparency might affect team dynamics. While 44% believe it could improve the company atmosphere and build trust, a third are concerned about potential conflicts. Nearly a quarter (23%) of employers remain undecided on the issue.

“There is a clear shift toward greater salary transparency, but it remains a topic that divides both employees and employers,” Inglot said. “The risk of tensions is real, which is why organizations must carefully prepare for implementing transparency policies. Education, dialogue, and tailoring the approach to each company’s specific context will be essential to make wage transparency not just a legal requirement, but also a meaningful asset.”

The findings are based on a survey conducted via the national Ariadna research panel using the CAWI (Computer-Assisted Web Interview) method. The employer sample included 329 companies across small (up to 10 employees), medium (10–49 employees), and large (50–249 employees) enterprises. The survey was carried out between January 20 and 28, 2025.

BIK: Housing loan inquiry value rises 16.7% year-on-year in April 2025

The value of housing loan inquiries in April 2025 increased by 16.7% compared to the same month last year, according to the BIK Housing Loan Population Index. This means that on each working day in April, banks and credit unions sent BIK higher-value housing loan inquiries than they did in April 2024.

The BIK Index tracks changes in the value of housing loan applications submitted by individual borrowers, offering analysts and financial institutions insight into trends in the Polish mortgage market and helping to forecast upcoming credit activity.

In April 2025, a total of 35,640 people applied for housing loans, up 10.2% from 32,340 applicants a year earlier. However, compared to March 2025, the number of applicants decreased by 3.5%. The average loan amount requested in April was PLN 458,100 — 5.9% higher than in April 2024, but 0.4% lower than in March this year.

According to Dr. Waldemar Rogowski, chief analyst at BIK Group, the slight month-on-month decline in applications can be partly attributed to the later timing of Easter this year, which coincided with the May holiday weekend and may have dampened interest in housing loans. Still, the April 2025 figures represent the second-highest monthly result since January 2024.

Rogowski noted that demand for housing loans appears to be influenced by expectations of falling interest rates and declining property prices, particularly on the secondary market. “The real gamechanger for demand will be a drop in interest rates,” he said.

Rogowski added that the average requested loan amount — PLN 458,200 in April — reflects steady confidence among borrowers and that further growth in housing loan demand is expected in the coming months.

Source: BIK

Foreign Workers in Poland: November 2024 Overview

As of the end of November 2024, there were 1.069 million foreigners performing work in Poland, accounting for 6.9% of the country’s total workforce. This marks an increase of 1.7 percentage points compared to January 2022.

Among these foreign workers, 418,000 were employed solely under contracts of mandate and related agreements. Men made up the majority of foreign workers, although their share has declined over time — from 64.7% in January 2022 to 59.5% by November 2024.

Foreigners working in Poland came from over 150 countries, with Ukrainian citizens forming the largest group. As of November, 717,800 Ukrainians were employed in Poland, representing 67.1% of the total foreign workforce. This share, however, has decreased by 6.2 percentage points since January 2022.

Regional distribution data shows that nearly one in five foreign workers (19.6%) resided in the Warsaw metropolitan area. In contrast, the Świętokrzyskie region had the smallest share, with fewer than 1% of the total foreign worker population.

Source: GUS

Douglas signs lease for office and logistics space at CTPark Budapest Office Campus

International perfumery and cosmetics retailer Douglas has signed a long-term lease for 964 square meters of combined office and warehouse space at CTPark Budapest Office Campus.

The Germany-based company, which operates over 2,400 stores globally and holds a leading market position in Europe, has been active in Hungary for more than two decades. Its local presence includes locations in shopping centers and high streets across Budapest and regional cities, offering a wide selection of products from numerous international beauty and fragrance brands.

Under the lease agreement, Douglas will occupy 165 square meters of office space and 797 square meters of warehouse space, consolidating its storage and office functions at a single, centrally located site.

CTPark Budapest Office Campus, situated in the city’s 9th district, offers a mixed-use development with both office and urban logistics space. Unlike most logistics parks serving Budapest, which are typically located outside the M0 ring road, this site offers the advantage of an urban location with the services of a traditional logistics facility.

The property leased by Douglas holds a BREEAM In-Use Excellent certification, reflecting CTP’s sustainability commitments across its portfolio. Planned upgrades for the building include the installation of rooftop solar panels and improvements to the heating, cooling, and building management systems.

Ferenc Gondi, Managing Director of CTP in Hungary, noted that Douglas’s decision to lease space at CTPark Budapest Office Campus, rather than in one of CTP’s larger logistics parks on the outskirts of the city, underscores the growing relevance of city logistics within the company’s portfolio.

Fifth attempt to sell Prague’s Veleslavín Chateau begins today

The Office for Representation of the State in Property Matters (ÚZSVM) will today launch its fifth attempt to sell the Veleslavín chateau in Prague. The electronic auction opens at 10:00, with a minimum starting price set at CZK 303.45 million. To secure the sale, at least one bid must be placed within the 24-hour auction window.

Despite multiple attempts, the property has yet to attract a buyer. Neither the City of Prague nor the Prague 6 municipal district has accepted prior offers to purchase the historic site at the listed price, and both will again have the right to match the highest bid in this auction round if they choose.

Previous efforts to include the chateau in a broader property exchange between Prague and the state were unsuccessful, and the city’s request for a free transfer was rejected. Although the starting price has been gradually lowered from its original CZK 580 million, no bids have been submitted in earlier auctions.

The ÚZSVM is currently offering around sixty properties in ongoing auctions, with the Veleslavín chateau among the most prominent. Another high-profile property on the block is the Štiřín chateau, listed for CZK 884.34 million. However, auctions for high-value real estate have faced challenges recently, with the Štiřín chateau and the Prague Broadway Palace also struggling to find buyers.

Notably, the sale of Prague’s U Hybernů building for CZK 447 million in March marked a rare recent success, becoming the second most profitable sale in the property office’s history.

Source: CTK
Photo: WIKIDATA

HIH Invest expands use of photovoltaic systems across real estate funds

HIH Invest Real Estate is expanding the rollout of rooftop photovoltaic (PV) systems across properties held in its managed funds. Recent projects with a combined capacity of nearly 28 MWp are currently underway, covering office, logistics, and retail assets across four real estate funds. The company is working with technical advisors and contractors, including key partner TCO Solar, to deliver the installations. Additional projects totaling up to 6.5 MWp are planned for 2025, and new funds are being assessed for PV potential.

“We take a holistic approach to our properties, installing PV systems where it is economically viable,” said Fynn Rotzoll, Transaction Manager Infrastructure at HIH Invest. “This not only generates stable additional income for our investors but also supports the energy transition. Investors benefit from cash flows generated by feeding electricity into the grid, potential increases in property values, and enhanced tenant appeal through access to affordable green electricity.”

HIH Invest is mindful of the tax framework governing investment funds. Specifically, it monitors the “dirty limit,” which ensures that commercial income, such as electricity sales, does not exceed 5% of the fund’s total income — a threshold that protects the fund’s tax status.

“Our investors have responded very positively to the PV rollout,” Rotzoll added. “We take precautions to maintain sufficient buffers and ensure that we stay within the regulatory limits, avoiding any tax disadvantages. We actively monitor this to safeguard fund compliance.”

« Previous 1 … 205 206 207 208 209 … 381 Next »

Latest news

All posts by fletcher@cijeurope.com.