Catella Investment Management acquires two residential developments in Göttingen

Catella Investment Management GmbH (CIM) has purchased two residential development projects within the Liesel Quartier in Göttingen for an individual mandate. The seller is WERTGRUND Wohnpartner GmbH, a joint venture between Wertgrund Immobilien AG and Bautra GmbH, which is also developing the wider neighbourhood.

The Liesel Quartier is located on the former Gothaer Versicherung site in southern Göttingen at Wörthstraße / Breslauer Straße. The masterplan provides for around 570 apartments across approximately 44,000 sqm of living space, with around 40% of units subsidised or rent-controlled. Construction is scheduled to begin in December 2025, with completion expected in 2027.

CIM’s acquisition covers buildings H40 and H50, comprising 118 privately financed apartments ranging from 41 to 86 sqm and totalling 7,810 sqm of rental space. Most units include a terrace or loggia and are planned with parquet flooring, underfloor heating and higher-spec interior finishes. A daycare centre of around 1,100 sqm is planned within building H40. Architecture is by Max Dudler.

Michael Keune, Managing Director of CIM, said: “With the acquisition in the Liesel Quartier, we are expanding our presence in the German residential segment as part of an individual mandate, specifically adding a location in a strong mid-sized city. The two new buildings in Göttingen are an excellent addition to the existing portfolio and strengthen its regional and structural diversification. At the same time, we are investing in a project that successfully combines ecological responsibility, social diversity, and architectural quality.”

The five-storey buildings are planned to meet the German Efficiency House 40 Standard and will be connected to the Stadtwerke Göttingen district heating network. An underground garage will include 49 parking spaces, supplemented by nine outdoor spaces—five of which are designated for car sharing. Bike parking, e-bike charging stations and largely car-free courtyard areas form part of the mobility concept.

Benjamin Rüther, Head of Fund Management Residential at CIM, commented: “Göttingen is increasingly developing into a dynamic residential and science hub with a high quality of life. As a result, the growing demand for high-quality but also affordable homes needs to be addressed. The Liesel Quartier shows how this can be achieved. It combines energy-efficient construction with social diversity and a modern mobility concept.”

Thomas Meyer, CEO and co-founder of Wertgrund Immobilien AG, added: “At Wertgrund, we are committed to realising our properties in accordance with high quality standards and creating genuine added value for society, the environment and investors alike. We are therefore delighted with the sale of two further sections of our project development in Göttingen and would like to thank Catella for the collegial and smooth execution of the transaction.”

The site is located between the districts of Geismar, Südstadt and Lohberg, with quick access to the city centre, Göttingen’s main station and Georg August University. Local services include shops, restaurants, schools, daycare centres and medical facilities. Enclosed block structures and internal green courtyards are planned to support quieter residential areas despite the central location.

Aeven relocates Czech headquarters to Port7; Colliers manages full project delivery

Danish technology company Aeven has completed the relocation of its Czech branch to new offices in the Port7 complex in Prague’s Holešovice district. The move, supported by Colliers, covered the full scope of the relocation process, including site search, lease negotiation, workplace analysis, design, fit-out, and change management. The project received an ABSL Diamonds award.

Aeven employs around 400 specialists in the Czech Republic and sought new premises to support its expansion and improve workplace conditions. Colliers delivered the 15-month project in August, serving as a single advisor for all stages.

The company has leased 1,575 sqm in Port7, a campus designed with a focus on sustainability and employee wellbeing. “The Port7 project, located on the banks of the Vltava River in Prague’s Holešovice district, perfectly matches Aeven’s corporate culture. It stands out for its sustainable solutions, connection to nature and application of smart, innovative features,” said Jana Vlková, Director of Workplace Advisory and Office Agency at Colliers. She noted that transport accessibility was another key factor, with employees able to reach the site by several modes, including public transport, cycling and, for some, even by boat.

Workplace analysis and design

Colliers began the assignment with a detailed workplace analysis to understand Aeven’s operational needs. Findings informed the layout and design, which aimed to support productivity, collaboration and employee comfort while reflecting Scandinavian design principles. Flexibility was a central element, allowing the space to adapt to hybrid work patterns and future headcount growth.

“Instead of the traditional static office model, we created a dynamic environment with flexible seating, modular meeting rooms and digital tools that allow employees to combine seamlessly remote and office work,” said Lasse Schmidt, Managing Director for Aeven Czech Republic & Hungary. The offices also feature a central community area for informal meetings, meals and discussions.

Change management and project outcomes

Change management formed a significant part of the relocation, with Colliers supporting Aeven throughout the transition. Employee feedback and utilisation data were used to assess the new environment, indicating improvements in satisfaction, collaboration and work–life balance.

“The Aeven project is a prime example of how Colliers can support clients through all stages of such complex processes. Thanks to our integrated approach, which covered everything from property search and design to project management, we were able to minimize risks and ensure the smooth running of this challenging project,” said Jana Vlková.

Panattoni completes freehold sale of Poyle 80 to Davies Turner

Panattoni has finalised the freehold sale of Poyle 80, a newly developed Grade A logistics facility in West London, to Davies Turner. The logistics and freight forwarding company already operates in the Heathrow area and has acquired the site as a long-term strategic asset, with the intention of consolidating and improving its operations in a modern, high-specification building.

Poyle 80 is a mid-box warehouse located close to Heathrow Airport, approximately 1 km from the Heathrow Cargo Terminal entrance. The property provides 79,216 sq ft of industrial space with a 12.5-metre clear height, five dock-level loading doors, two ground-level loading doors, a 50-metre secure yard, Cat A office space, 37 parking spaces, and an 800 KVA power supply. The building has been delivered to BREEAM Excellent and EPC A+ standards, with 24/7 unrestricted access.

Panattoni acquired the site in May 2023, secured planning consent in December 2023, and completed speculative construction during 2024 and 2025. The sale in December 2025 concludes a development and disposal process lasting just over two and a half years.

The transaction supports Panattoni’s ongoing focus on West London, following its acquisition of the former Symmonds and Hawker site at North Feltham Industrial Estate, now known as Panattoni Park Heathrow. The developer continues to target logistics land in supply-constrained areas, aiming to deliver well-located facilities with modern specifications and sustainability credentials.

Tony Watkins, Head of Development South East and London at Panattoni, said: “It was great to work with Davies Turner on such a complex transaction. Their commitment to the deal and the proactive way in which they approached every stage made the process a pleasure. I wish them every success as they expand their operations at Poyle 80.”

This is an excellent new facility that will support more sustainable operations. Panattoni remains committed to the West London market and will continue to source high quality sites like Poyle 80 that offer customers the flexibility they need to grow.”*

REALOGIS brokers 12,800 sqm of warehouse space in eastern Leipzig for Salcar

REALOGIS Immobilien Deutschland GmbH has arranged the lease of roughly 12,730 sqm within a recently completed commercial complex located around 12 kilometres east of Leipzig. The property, delivered in 2025, is owned by Hillwood Group.

The new tenant, Salcar GmbH, an e-commerce company operating internationally, has taken the space on a long-term basis. The agreement includes approximately 10,570 sqm of warehouse space, 550 sqm of offices and 1,250 sqm of mezzanine area. Salcar plans to consolidate several existing sites in the Leipzig region into a single facility to streamline operations.

The building offers a total rental area of about 26,200 sqm, with around 9,200 sqm of warehouse space still available. The site has direct access to transport infrastructure and is visible from the A14 motorway, situated roughly three kilometres away.

REALOGIS continues to operate as a major consultancy for industrial and logistics real estate in Germany, with offices across the country and a service offering that includes leasing, acquisition support, project development advisory and strategic real estate guidance for occupiers and investors.

Hercesa starts fourth Stellaris block as pipeline exceeds 600 apartments

Hercesa Romania has started construction of the fourth building in the first phase of Stellaris Residencias, located next to the Steaua stadium in Bucharest. The new building will include 114 apartments and follows the start of construction on the third building six months ago, which has 112 units. With this addition, the company now has more than 600 apartments under development, including 124 units in Stellaris building 2, 105 units in the Vivenda Prime project and 167 apartments in block D of Vivenda Residencias.

“We are at the end of a year marked by economic volatility and significant tax changes, such as the removal in August of the reduced 9% VAT rate, with inflation at 9.8%, the highest in the European Union, and the key interest rate kept at 6.5%,” said Alejandro Solano, General Manager of Hercesa Internacional. “The residential market in Bucharest, the second most important in our portfolio, has nevertheless proved resilient, and this is why we have decided to accelerate our development plans, launching new phases in the two projects, Stellaris and Vivenda, and targeting the premium segment through Vivenda Prime.”

The first Stellaris building was completed in 2024 and is fully sold. In the second building, five units remain available; the third building is at structural works stage and is 40% sold. Sales at Vivenda Prime have passed 30%, while units in block D of Vivenda are almost fully sold.

“Our strategy of developing residential projects in phases, which are in turn divided into stages, has allowed us to adapt to tax developments and changes in demand,” said Romeo Ghica, Operations Manager at Hercesa Romania. “We have created a diversified range of residential products, targeting market segments from medium to premium, with facilities introduced for the first time in our portfolio, in the context of a maturing market that has shifted buyers’ attention from purchase price to product quality, sustainability and integrated amenities.”

Hercesa has incorporated several updates in its medium and upper-medium segment projects (Stellaris, Vivenda), including centralised building heating systems instead of individual units, combinations of heat pumps and hybrid boilers, air-conditioning, smart-home features and heat-recovery units. Retail and educational spaces are also planned: Stellaris includes a 1,300 sqm retail area intended to be leased to a single operator, and the completion of the fourth building will add an educational facility for residents’ children.

Vivenda Prime, positioned in the premium segment, includes features aimed at improving residential comfort, such as an outdoor swimming pool for residents, energy-efficiency systems including heat pumps, and secure access. The development will include green areas, parking spaces for deliveries, a commercial unit open to the public and a multifunctional area reserved for residents for meetings or events. The project also offers a high degree of apartment customisation.

ELI launches next phase of Warsaw Airport Kinetyczna project

European Logistics Investment (ELI) has started the second phase of its Warsaw Airport Kinetyczna development, with Panattoni continuing as the project’s developer. The new stage will add nearly 12,000 sqm of GLA and is scheduled for completion in the first quarter of 2026. The first lease has been signed by a supplier of electric and combustion warehouse forklifts and other material-handling equipment, which plans to occupy around 3,000 sqm.

The first phase of the scheme, totalling more than 11,000 sqm, was delivered in October 2024 and is fully leased to a major e-commerce delivery platform.

The site is located near Warsaw Chopin Airport and key transport routes, including the Southern Warsaw Bypass and expressways S2, S7, S79 and S8. According to the developer, the location is positioned for city-logistics operations and regional distribution.

The building holds a BREEAM Excellent certification and includes energy- and water-saving systems as well as workplace-oriented features. The scheme also provides office areas suitable for company headquarters.

“Recent data for the Polish market show a steady increase in demand for industrial and logistics space. As of the end of Q2 2025, the vacancy rate for Warsaw’s inner city and suburbs stood at a blended 6.6%, down by 1.6 pp over the last 12 months (compared to the national average of 8.1%). In the first half of 2025, total gross take-up in Poland amounted to more than 2.9 million sqm, an increase of 12% year-on-year. At the same time, the Warsaw area generated 20% of total leasing volume – making the capital city the most active leasing market in Poland. We are taking advantage of these positive market conditions and are initiating the next stage of the investment. The first tenant is scheduled to take occupancy in Q1 2026,” says Flora Bertano, Director at European Logistics Investment B.V.

“The launch of the new phase of our Warsaw Airport Kinetyczna project marks another milestone in our commitment to delivering high-quality, efficient and sustainable logistics solutions. Strategically located to ensure seamless transportation, the facility enhances supply chain reliability while supporting the evolving needs of businesses. As we continue to expand, we remain focused on operational excellence and environmental responsibility, reinforcing our position as a key player in Poland’s logistics and industrial sector,” says Łukasz Toczek, Director at Griffin Capital Partners.

Santander Bank Polska S.A. is financing the investment with an investment and development loan of more than EUR 22 million. Harden Construction is acting as general contractor on the second phase.

Poland’s healthcare financing faces growing pressure as NFZ deficits widen

Poland’s public healthcare system is experiencing increasing financial strain, with the National Health Fund (NFZ) reporting significant shortfalls in its projected budget for the coming years. According to official documents, the NFZ’s 2025 financial plan shows a funding gap of approximately PLN 14 billion, alongside health-insurance contribution revenues that are PLN 3.5 billion lower than expected. Current estimates indicate that the deficit could expand to around PLN 23 billion in 2026 if no additional corrective measures are taken.

Analysts note that rising medical costs, higher prices for pharmaceuticals and technologies, and wage increases in the healthcare sector are contributing to the pressure on the public payer. Data also confirm the presence of “medical inflation,” where the cost of healthcare grows faster than general inflation, reducing the real purchasing power of NFZ funding.

Hospitals and outpatient providers have warned that NFZ reimbursement levels often do not cover the actual cost of services, increasing the risk of longer waiting times and postponed procedures. Several healthcare associations report that facilities are already limiting service volumes because of underfunded contracts.

Public debate has included claims that the financial strain is caused by increased use of the system by foreigners, particularly Ukrainian refugees. However, according to NFZ expenditure and contribution data, healthcare spending on individuals with PESEL-UKR is fully offset by the insurance contributions they pay, representing a small share—around 0.4 percent—of total NFZ expenditure.

Experts point out that Poland is facing the same challenges affecting healthcare systems across Europe, including an ageing population, growing demand for services, and rising pharmaceutical costs. However, Poland’s centralized funding structure means that fluctuations in NFZ revenue are felt quickly across the system.

Official strategies for long-term reform have not yet been published, though discussions include expanding state-budget transfers, revising reimbursement models, and updating the benefits package to match available funding.

Source: WEI

Poland: Demand for housing loans rises sharply in November

Demand for housing loans increased markedly in November 2025, according to the latest BIK Index of Demand for Housing Loans. The value of loan inquiries submitted to BIK by banks and SKOKs was 50.3 percent higher than in November 2024, measured on a working-day basis.

A total of 37.06 thousand people applied for a mortgage during the month, up from 26.93 thousand a year earlier, representing a 37.6 percent year-on-year increase. Compared with October 2025, however, the number of applicants declined by 13.6 percent.

The average requested loan amount reached PLN 476,500, which is 9.2 percent higher than in November 2024 and slightly (0.3 percent) above the level recorded in October.

According to Sławomir Nosal, Head of BIK’s Analysis Team, recent monetary policy decisions are influencing borrower behaviour. “Already half the number of people than a year ago applied for a home loan in November this year. With further interest rate cuts by the Monetary Policy Council, there is a growing interest in financing the purchase of real estate with a bank loan. Also, the average value of the applied loans is higher and higher – in November it amounted only to a minimum of less than the record amount from June this year (477 thousand PLN). Due to the continuing high demand for home loans, it should be expected that the annual growth rate of the value of loans granted will remain high,” he said.

The BIK Index of Demand for Housing Loans tracks the value of mortgage applications submitted by individual customers and compares it with the same period of the previous year. The index is used by analysts and financial institutions to monitor trends in the mortgage market and assess the likely direction of lending activity in the coming months.

Newport by Panattoni raises €100 million at first close of pan-European Logistics Fund III

Newport Logistics Fund III, part of the Panattoni group, has completed a first close of €100 million toward its targeted €300 million capital raise. The fund, launched in May 2025, is seeking commitments for a programme of logistics developments across Europe. The initial close is among the larger logistics fundraising events reported in Europe this year.

According to the company, investor commitments were secured despite a subdued real estate investment environment, influenced by higher interest rates and lower transaction volumes. Investor jurisdictions have not been disclosed.

The fund aims to support the development, leasing, and eventual sale of 10 to 12 Class A logistics facilities in several European markets. The earlier two Newport funds hold a combined portfolio valued at approximately €350 million and have delivered projects in multiple countries.

Three assets have already been secured for Fund III in France, Germany and the UK, with further projects under due diligence in Italy, Austria and Germany. Across these sites and the broader pipeline, the fund expects to deliver more than 500,000 sq m of logistics space in at least nine countries, with individual assets ranging from 10,000 sq m to over 50,000 sq m.

In Germany, the Mainz-South scheme in Erbes-Büdesheim is fully permitted and under construction. The location provides access to the A63, A61 and A6 motorways and sits between the Rhine-Main and Rhine-Neckar regions. The project is positioned to attract occupiers in pharmaceuticals, chemicals and retail logistics, including companies operating near Eli Lilly’s planned €2.3 billion campus.

In the UK, the fund has secured Panattoni Milton Keynes, a 94,000 sq ft development in the country’s “Golden Triangle.” The building will include dock and level access doors, EV charging, and a 12.5-metre internal clear height, with potential occupiers expected to come from e-commerce, distribution and manufacturing sectors.

A third project has been secured in France, with details due to be announced later.

Reflecting on the first close, Daniel Raemy, CEO of Newport by Panattoni, said: “Our strong first closing reflects the confidence investors place in our strategy, our team, and the depth of our development pipeline. Raising €100 million in such a short period, and in challenging market conditions, demonstrates clear belief in the resilience of European logistics and in our ability to originate and deliver high-quality, sustainable assets across multiple jurisdictions.”

He added: “With secured assets in France, Germany and the UK, and further projects progressing in Italy, Austria, and Germany, we are well positioned to deploy capital efficiently. Our focus remains on disciplined, diversified development that delivers both long-term value and best-in-class ESG performance.”

The fundraising period for the fund continues until August 2026.

Art-Invest Real Estate acquires 25hours Hotel MuseumsQuartier in central Vienna

Art-Invest Real Estate has purchased the 25hours Hotel at MuseumsQuartier in Vienna from a joint venture of JP Immobilien Group and WertInvest. The acquisition, carried out for one of the firm’s institutional fund vehicles, expands Art-Invest’s hotel holdings in the Austrian capital. The property is leased long-term to KNSA Hospitality, which operates it under the 25hours brand via Ennismore.

The hotel comprises 216 rooms, including 34 suites, and features a circus-inspired interior design. Amenities include the Ribelli restaurant, the rooftop bar Der Dachboden, meeting rooms, and a wellness area with sauna, steam bath and fitness facilities. The property was originally built in 1971 and converted into a hotel in 2013 after serving as a student residence.

Located beside the MuseumsQuartier in Vienna’s seventh district, the hotel benefits from a central setting near cultural institutions, Mariahilfer Strasse, and the historic first district. Art-Invest stated that the acquisition aligns with its strategy of investing in hotels in major European cities and destinations with strong tourism demand.

Dr. Peter Ebertz, Managing Director and Head of Hotels at Art-Invest Real Estate, said: “With the acquisition of the 25hours Hotel at MuseumsQuartier in Vienna, we continue our strategy of investing in hotels in European metropolitan areas and sought-after leisure destinations. Thanks to its broad target group the 25hours Hotel has proven its resilience and offers attractive upside potential in the future. Our goal is to further expand our investments in lifestyle hotels in European cities with strong leisure demand.”

Mark Leiter, Managing Director and Head of Vienna at Art-Invest Real Estate, commented: “This acquisition highlights the importance of the Vienna hotel market for our growth strategy. The location in the cultural center of the city and the hotel’s unique concept make this investment a valuable addition to our portfolio.”

Daniel Jelitzka, Owner and Managing Partner at JP Real Estate, noted the significance of the asset for the company: “The 25hours Hotel at the MuseumsQuartier is particularly meaningful to us – it was our first hotel investment in 2003 and marked an important step in establishing our hospitality division. This property has shown us the strength that lies in bold concepts, strong partners and exceptional locations, and it has helped shape our position as hotel developers.”

Michael Tojner, Owner and Managing Partner of WertInvest, added: “We are pleased to have found a solid buyer for our property in Art-Invest Real Estate. This unique asset, together with its innovative operator and operating concept, demonstrates that real estate transactions remain possible even in a challenging market environment.”

The transaction was completed as an asset deal; the purchase price was not disclosed. Art-Invest Real Estate intends to hold the property long-term. Legal, tax, technical and commercial advisors for both sides included Barnert Egermann Illigasch Rechtsanwälte, TPA, Delta Managing & Consulting Engineers, MRP Consult, Wolf Theiss, Oterea and JP Hospitality Advisory. Eastdil Secured acted as broker.

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