Foundation works completed at new Musical Theatre project in Poznań

Construction works on the new headquarters of the Musical Theatre in Poznań have reached another milestone, with the completion of foundation works less than a year after the contract was signed with Dekpol Budownictwo, part of the Dekpol Group.

According to the project update, earthworks at the site have now been completed and the excavation area has been secured using a palisade system and diaphragm walls supported by steel structures.

The development team said that approximately 4,000 cubic metres of concrete and 412 tonnes of steel were used in the construction of the foundation slab, which covers more than 4,000 sqm. More than 35,000 cubic metres of soil were removed from the site during the excavation phase. Installation of the underfloor drainage and sewer systems has also been completed.

Construction is currently continuing on the underground sections of the building, including walls, columns and ceilings on level minus two.

The latest construction stage also included the installation of the largest of the project’s planned tower cranes, standing more than 61 metres high.

Part of the underground space within the new theatre complex is planned to function as a temporary emergency shelter capable of accommodating around 300 people during crisis situations. The project forms part of Poland’s broader efforts to expand collective protection infrastructure for use during emergencies, natural disasters or military threats.

The Wielkopolska Voivodeship administration has provided funding for the initial phase of adapting the underground garage areas for this purpose under the 2025–2026 Population Protection and Civil Defence Programme. The funding covers both design and construction works related to the emergency shelter facilities.

The new Musical Theatre project is being developed as both a cultural investment and part of wider public infrastructure improvements in Poznań.

Prague Moves Forward With Housing and Planning Reforms

Two major legislative and planning initiatives that could influence the future pace of residential development in Prague are advancing through the Czech approval process, as policymakers continue searching for ways to address the city’s long-standing housing shortage.

One of the proposals involves changes to the country’s building legislation aimed at simplifying and accelerating approval procedures for new developments. The amendment, which is moving through parliament, is expected to introduce a more centralised permitting structure and reduce administrative fragmentation between authorities involved in the approval process.

The reform package is also intended to provide greater consistency for large-scale residential developments and infrastructure projects. Industry groups and developers have repeatedly argued that the current permitting framework remains one of the main reasons for delayed construction activity across the Czech Republic, particularly in Prague.

The capital has faced years of limited housing supply while demand has continued to grow. Market participants frequently point to lengthy approval procedures as a major obstacle, with larger residential schemes often requiring many years to complete the planning process before construction can begin.

At the same time, Prague is approaching a key decision regarding its new Metropolitan Plan, which would replace the city’s existing zoning framework dating back to the late 1990s. The updated plan is designed to support a broader and more flexible approach to urban development, including the regeneration of former industrial and underused sites.

According to earlier estimates linked to the planning process, the new framework could create conditions for substantial future residential development across the city over the long term, particularly on brownfield land.

The revised planning model also places greater emphasis on transport infrastructure, public space and mixed-use urban development as Prague seeks to adapt to population growth and changing housing needs.

Although both measures are viewed by many in the real estate sector as important steps toward improving housing availability, their practical impact is expected to take time. The Czech construction and permitting system is still adjusting to previous regulatory reforms, and market participants continue to monitor how quickly new rules can be implemented in practice.

NEW YORKER to open store at MARKT1 in Essen

Art-Invest Real Estate has signed fashion retailer NEW YORKER as a tenant for the MARKT1 retail property in Essen city centre.

The retailer is expected to open a new store at the scheme in summer 2026, occupying approximately 2,500 sqm of retail space at Kettwiger Straße 47.

Founded in 1971 in Flensburg and now headquartered in Braunschweig, NEW YORKER operates in more than 45 countries. The company focuses on fashion collections aimed primarily at younger consumer groups.

According to Art-Invest Real Estate, the lease agreement further strengthens the retail and food offering at MARKT1 and supports the position of Kettwiger Straße as one of Essen’s main shopping locations.

The retail mix at the property will also include the food concepts Tacolicious and Asia Delight.

Arne Hilbert, Managing Director and Head of the NRW branch at Art-Invest Real Estate, said the signing of NEW YORKER secures a financially strong retail tenant for the property and is expected to contribute to visitor activity in Essen city centre.

DXC Technology extends lease at Skyliner until 2032

DXC Technology has extended its lease agreement at the Skyliner office building in Warsaw until 2032.

The company currently occupies nearly 4,600 sqm of office space across the 25th, 26th and 27th floors of the building. DXC Technology relocated to Skyliner in 2021 together with Luxoft following the integration of the two organisations.

Patryk Falkowski, Head of RE&F Poland, Real Estate and Facilities at DXC Technology, said the extension reflects the company’s experience at the building and its focus on providing flexible and collaborative working conditions for employees.

DXC Technology provides IT services, software and technology solutions for corporate and public sector clients. The company operates in more than 70 countries and serves around 6,000 customers worldwide. Luxoft, which specialises in digital strategy and software engineering, has been part of DXC Technology since 2019.

Michał Orłowski, Head of Leasing & Asset Management at Karimpol Polska, said long-term lease renewals demonstrate the importance of office environments in supporting business operations and employee experience.

During the renegotiation process, the tenant was represented by JLL, while legal advisory services for Karimpol Polska were provided by Argon Legal.

The 195-metre Skyliner tower was completed in January 2021 as the first phase of the development at Rondo Daszyńskiego in Warsaw. The building offers 45,000 sqm of leasable office space and holds a BREEAM Excellent certification. According to the developer, the property is powered entirely by renewable energy sources.

Tenants in the building include companies such as Aon, Bolt, Booksy, Coca-Cola, Mattel and Mindspace.

Construction of the second phase of the Skyliner complex has been underway since February 2024 and is scheduled for completion by the end of 2026. The second tower will provide 24,000 sqm of leasable space across 28 floors, including around 23,000 sqm of office space and approximately 1,000 sqm allocated to retail and services.

The project is being developed by Karimpol Polska. WARBUD is serving as the main contractor, while the architectural design has been prepared by APA Wojciechowski Architekci. CBRE is supporting the commercialisation of the second phase.

Empira launches German residential investment strategy with UBS commitment

Empira Group has launched its EMPIRA German Living strategy, with UBS committing more than EUR 158 million as an anchor investor for the new residential real estate fund.

According to Empira, the capital will be invested over the coming months to establish a diversified residential portfolio across Germany.

The strategy will focus on income-generating residential assets in Germany’s major cities, alongside selected secondary locations with demographic and economic growth potential. The investment approach is based on a Core+ strategy, combining acquisitions with active asset management and operational improvements.

Empira stated that the strategy will also target the refurbishment of existing residential properties to improve energy efficiency standards. Planned capital expenditure programmes are intended to support compliance with the European Union’s Fit-for-55 objectives, with a portfolio target of achieving EPC B ratings.

The company said it will use its integrated platform covering sourcing, development, construction management, asset management and property management.

Jorge Veiga Juiz, Global Head of Client Solutions at Empira Group, said Germany’s residential sector continues to offer long-term opportunities for institutional investors due to the size and structure of the rental market.

Ralf Morisse, Head of Residential Mandates at Empira Group, said the current market environment presents acquisition opportunities linked to pricing adjustments and refurbishment requirements arising from new energy efficiency regulations.

The initial seed portfolio includes residential assets located in Germany’s seven largest cities. The strategy has a target fund size of EUR 350 million.

Jean-Luc Seidenberg, Managing Director and Head of Europe at UBS Unified Global Alternatives Real Estate, said the investment aligns with UBS’s existing focus on the European residential sector, citing current pricing conditions, operational capabilities and ESG considerations as key factors behind the commitment.

Ilias Harcha, Executive Director at UBS, said the investment reflects confidence in Empira’s operating platform and its ability to implement a manage-to-core strategy within the German residential market.

Switzerland Introduces Transparency Rules With Criminal Penalties for Reporting Failures

Switzerland is preparing to introduce a new corporate transparency framework that will require companies and certain foreign entities to disclose beneficial ownership information to a central federal register, while also introducing significant criminal penalties for non-compliance.

The new Federal Act on the Transparency of Legal Entities and the Identification of Beneficial Owners, known as the Legal Entities Transparency Act (LETA), was adopted in September 2025 and is expected to enter into force during the second half of 2026. The legislation forms part of Switzerland’s broader efforts to strengthen anti-money laundering controls and improve measures targeting organised crime and terrorist financing.

Under the new regime, companies and certain trusts will be required to identify, verify and report their beneficial owners to a public Transparency Register maintained by the Swiss Federal Office of Justice.

The law defines beneficial owners as natural persons who directly or indirectly control at least 25 percent of a company’s capital or voting rights, or who otherwise exercise effective control over the entity.

The obligations will apply to a broad range of Swiss legal structures, including public limited companies, limited liability companies, cooperatives and investment entities. Certain foreign companies with registered Swiss branches, management functions in Switzerland or Swiss real estate holdings will also fall within the scope of the legislation.

Companies will be required to collect and maintain detailed information about beneficial owners, including personal identification data and details concerning the nature and extent of control exercised. Existing internal beneficial ownership registers will no longer be considered sufficient on their own under the new framework.

The legislation also introduces reporting obligations for shareholders, partners and beneficial owners themselves in situations where ownership or control thresholds are met.

Strict deadlines will apply to notifications submitted to the Transparency Register. In most cases, information must be reported within one month of a triggering event. Transitional periods ranging from three to six months will apply to existing companies after the law enters into force.

Oversight of the new system will be handled by a dedicated Supervisory Authority operating within the Swiss Federal Department of Finance. The authority will be empowered to review the accuracy and completeness of submitted information and request additional documentation where necessary.

In cases of repeated non-compliance, the authority will have extensive enforcement powers, including the potential dissolution and liquidation of companies under bankruptcy procedures.

One of the most notable aspects of the legislation is the introduction of criminal sanctions linked to reporting failures. Individuals responsible for submitting notifications and disclosures may face fines of up to CHF 500,000 for intentional breaches of reporting obligations or for providing false or misleading information.

Responsibility for compliance will generally rest with the most senior member of a company’s executive body. In the case of public limited companies, this responsibility is expected to fall on the chairman of the board, even where reporting tasks are delegated internally or outsourced to third parties.

The legislation also allows for broader criminal liability under Swiss administrative criminal law principles, meaning department heads or other responsible personnel may also face exposure depending on the company’s internal compliance structure.

Although the offences are classified as contraventions under Swiss law, fines exceeding CHF 5,000 would be recorded in the national criminal register. For executives working within regulated financial institutions supervised by Swiss Financial Market Supervisory Authority, such records could raise questions regarding professional suitability and regulatory fitness.

The legislation is expected to create substantial new compliance obligations for businesses operating in Switzerland, particularly those within international corporate groups where reporting responsibilities are centralised across jurisdictions.

Companies are therefore being encouraged to establish clear internal reporting structures, update compliance procedures, implement monitoring systems and provide regular staff training ahead of the law’s implementation.

The introduction of the LETA marks one of the most significant shifts in Swiss corporate transparency regulation in recent years, aligning Switzerland more closely with international beneficial ownership disclosure standards while substantially increasing enforcement and compliance risks for companies and senior executives.

Source: CMS

Czech Procurement Reform Targets Faster Dispute Resolution and Fewer Delays

The Czech Republic is preparing changes to its public procurement review system that could significantly accelerate dispute resolution procedures and reduce delays in major tender processes.

The proposed amendment, introduced by the Office for the Protection of Competition, seeks to reform several aspects of the country’s procurement review framework under the Czech Public Procurement Act. The initiative is designed to improve efficiency, strengthen procedural discipline and shorten the time needed to resolve disputes linked to public tenders.

One of the central objectives of the reform is to eliminate the repeated cycle of cases being returned between different review levels, a process often described as “ping-pong” decision-making. Under the current system, first-instance rulings can be cancelled and repeatedly sent back for reconsideration, extending uncertainty around procurement procedures for months.

Under the proposed amendment, second-instance review bodies led by the Chairman of the competition authority would generally be expected to issue final decisions themselves in ongoing procurement cases rather than returning matters for further review. Authorities would instead confirm, amend or overturn the original decision directly.

The reform also aims to discourage tactical appeals that are primarily intended to delay procurement proceedings. At present, appeals are frequently submitted automatically due to the relatively limited procedural risks involved.

To address this, the amendment proposes dividing the review deposit into two stages. Parties would pay 70 percent of the deposit when filing the initial motion, while the remaining 30 percent would only become payable if an appeal is submitted. The proposal is intended to encourage more substantive and carefully prepared appeals.

The draft legislation would additionally require parties to provide detailed legal reasoning within the appeal deadline itself. General or unsupported appeals would no longer be sufficient under the proposed rules.

Another area addressed by the amendment concerns emergency procurement procedures. The proposal introduces greater flexibility for negotiated procedures without publication during crisis situations such as floods or other urgent public emergencies.

In such cases, certain procedural obligations, including standstill periods and documentation requirements, could be relaxed to allow authorities to secure essential goods and services more rapidly where immediate public action is necessary.

The changes also continue the broader digitalisation trend within public administration. The proposal supports expanded use of the competition authority’s electronic self-service portal and wider remote access to procurement case files, reducing the need for physical review of documentation.

The amendment is currently undergoing inter-ministerial consultation and may still be revised before entering the formal legislative process.

If adopted, the reform would represent one of the most significant procedural changes to Czech procurement reviews in recent years, with implications for both contracting authorities and companies participating in public tenders across the Czech market.

Source: CMS

China Unveils 2026 Intellectual Property Strategy Focused on AI, Enforcement and Commercialisation

China’s intellectual property authorities have released a new national roadmap aimed at strengthening the country’s IP system, with a particular focus on emerging technologies, enforcement mechanisms and the commercial use of intellectual property assets.

The 2026 Plan for Building an Intellectual Property Powerhouse was formally issued by the China National Intellectual Property Administration following approval by an inter-ministerial government body overseeing the country’s long-term IP strategy. The document forms part of China’s broader Outline for Building an Intellectual Property Powerhouse (2021–2035) and sets out 106 policy actions across multiple government agencies.

The plan covers a wide range of areas including legislative reform, judicial enforcement, international cooperation, commercialisation of patents and copyrights, public services and professional training.

Among the most significant legislative priorities is the proposed revision of China’s Trade Mark Law, alongside updates to regulations covering integrated circuit layout designs, copyright management and online copyright protection. Authorities also intend to introduce additional protections for traditional cultural works and traditional Chinese medicine knowledge.

A major theme throughout the strategy is the regulation of intellectual property in emerging digital sectors. China plans to expand pilot programmes related to data-related intellectual property rights while exploring new protection frameworks for artificial intelligence, blockchain technology and big data applications. The roadmap also highlights plans to refine legal rules surrounding open-source intellectual property.

The strategy places strong emphasis on enforcement. Authorities intend to strengthen coordination between administrative bodies, courts and prosecutors while continuing specialised national campaigns targeting piracy, counterfeiting and trade secret theft. Planned initiatives include expanded action against online copyright infringement, cinema piracy and customs-related IP violations.

Trade secret protection receives particular attention within the document. National authorities plan to introduce new protection standards, establish priority monitoring systems for key industries and continue pilot programmes focused on trade secret enforcement.

The plan also seeks to improve coordination between domestic and cross-border enforcement systems. Chinese authorities aim to strengthen support mechanisms for companies facing overseas IP disputes, while expanding early-warning systems for international intellectual property risks. Additional resources will also be directed toward mediation, arbitration and administrative dispute resolution systems.

Commercialisation of intellectual property forms another central pillar of the strategy. The government plans to intensify scrutiny of bad-faith patent and trade mark filings while promoting faster patent examinations and broader use of patent licensing systems. Authorities also intend to encourage the use of artificial intelligence tools to support patent commercialisation and technology transfer.

The financial value of intellectual property is also expected to play a larger role in China’s innovation economy. The plan supports the continued development of IP-backed financing, securitisation and insurance products, with the aim of improving funding access for innovation-driven businesses using intangible assets as collateral.

Internationally, China intends to expand its role in global IP governance through greater participation in organisations such as the World Intellectual Property Organization, the World Trade Organization and Asia-Pacific Economic Cooperation. The strategy also references deeper cooperation under Belt and Road initiatives and ongoing negotiations related to international copyright treaties.

The document further addresses the development of professional IP services and legal expertise. Authorities plan to tighten oversight of IP agencies while expanding training programmes for lawyers and advisers specialising in international intellectual property matters. China also intends to support the creation of new research institutions and international IP education initiatives.

For international companies and brand owners operating in China, the strategy signals a more sophisticated and enforcement-driven intellectual property environment. Businesses are expected to face closer scrutiny regarding trade mark and patent filings while also gaining access to expanded protection mechanisms and financing opportunities linked to intellectual property assets.

The roadmap also suggests that companies operating in sectors linked to artificial intelligence, data management and digital technologies should closely monitor upcoming regulatory developments, as China continues to position itself as an active participant in shaping international IP standards for emerging technologies.

Source: CMS

ARETE Industrial Sees Long-Term Opportunity in CEE Logistics Despite Market Repricing

The logistics real estate sector across Central and Eastern Europe continues to face questions around pricing, liquidity and tenant risk as investors navigate a higher interest-rate environment and slower transaction activity. According to Miroslav Barnáš, however, the region’s underlying fundamentals remain stronger than current market pricing may suggest.

In an interview with CIJ EUROPE, Miroslav Barnáš, Chief Investment Officer of ARETE Industrial, said one of the key questions for investors today is whether the widening yield spread between CEE logistics assets and Western European markets accurately reflects the actual level of risk. While prime logistics assets in Prague and Warsaw currently trade in the low-5 percent to low-6 percent range, comparable properties in Germany and the Netherlands are priced closer to the mid-to-high-4 percent level.

According to Barnáš, this spread reflects factors such as higher financing costs, geopolitical concerns linked to the war in Ukraine and reduced debt market liquidity rather than deterioration in tenant quality or occupational fundamentals. He noted that many logistics parks in CEE are leased to the same international occupiers active in Western Europe, while rents in the region remain significantly lower than in more mature Western markets.

Rather than relying on aggressive yield compression assumptions, ARETE Industrial focuses on acquisitions where pricing already reflects the wider regional spread and where income stability is supported through indexed leases and long-term occupancy.

Although headline occupancy rates across many logistics portfolios remain high, Barnáš acknowledged that effective economic occupancy often tells a different story. While physical occupancy in ARETE Industrial’s portfolio stands at 100 percent, effective occupancy after accounting for incentives and rent adjustments is typically lower across the wider market.

He said many CEE logistics portfolios currently generate effective occupancy levels in the high-80 percent to low-90 percent range once leasing incentives and headline-to-effective rent differences are taken into account. As a result, the company models cash yields conservatively and applies discounts linked to incentive amortisation.

Rather than focusing solely on occupancy metrics, ARETE Industrial closely monitors weighted average unexpired lease terms and reletting risk. Asset management efforts are concentrated on early lease renegotiations, extension strategies and pre-leasing speculative development phases before completion.

Barnáš also highlighted the challenges investors face in assessing liquidity in a market where transaction volumes remain relatively subdued and comparable sales evidence is limited. To assess market conditions, the company combines several indicators including broker pricing guidance, debt market activity, listed market performance and evidence gathered from its own acquisition pipeline.

According to Barnáš, broker pricing expectations and final transaction pricing have become more aligned over the past 18 months, suggesting market stabilisation. He added that financing margins offered by banks active in the region have also narrowed in recent months, while listed European logistics companies with CEE exposure have seen implied yields compress ahead of private market repricing.

Taken together, these indicators suggest to ARETE Industrial that logistics yields in the region may have stabilised, although Barnáš stopped short of calling a definitive market bottom.

On tenant credit risk, Barnáš argued that the market continues to differentiate insufficiently between top-tier occupiers and weaker regional tenants. In his view, logistics assets leased to large international occupiers continue to offer attractive pricing relative to the underlying covenant strength, while lower-tier tenant risk is generally being priced more accurately.

To manage this exposure, ARETE Industrial applies portfolio-level tenant concentration limits and requires additional guarantees or security structures for weaker covenants rather than pursuing additional yield at the expense of credit quality.

Barnáš also described Poland and the Czech Republic as increasingly distinct logistics markets rather than directly comparable competitors.

He characterised Poland as the primary beneficiary of European nearshoring trends, supported by its role as a manufacturing base linked to Germany, its position in e-commerce supply chains and its longer-term strategic relevance for future reconstruction activity related to Ukraine. Poland has continued to absorb large volumes of new logistics development without major rental declines, although rental growth has moderated following sharp increases in 2022.

The Czech market, by contrast, is more mature, more supply constrained and more heavily exposed to the automotive sector. Vacancy rates remain lower than in Poland and rental levels in Prague and Brno are generally higher, contributing to lower volatility and stronger pricing stability.

This distinction is also reflected in market yields, with prime Czech logistics assets currently trading inside Polish yields. Barnáš said the Czech Republic continues to play an important role in portfolio construction as a lower-volatility market even if Poland currently offers stronger growth prospects.

For ARETE Industrial, the investment strategy therefore remains diversified across the region. The company is currently overweight Poland from a growth perspective while maintaining Czech exposure for defensive income stability and selectively evaluating opportunities in Slovakia, Hungary and Southeastern Europe.

StudentSpace Secures PLN 215.8 Million Financing for Warsaw Student Housing Projects

StudentSpace has secured PLN 215.8 million in financing from PKO Bank Polski to support the development of two student housing projects in Warsaw.

The financing will be used for projects including a development on Wołoska Street, with the two schemes expected to provide around 1,100 student beds in total.

The transaction follows earlier financing obtained for StudentSpace projects in Kraków and forms part of the platform’s broader expansion in Poland’s purpose-built student accommodation (PBSA) sector.

Warsaw remains one of the country’s largest academic centres, while the supply of modern student accommodation continues to lag demand. StudentSpace said the new financing would support the further growth of its Warsaw portfolio alongside its focus on operational management and sustainability standards.

Marek Obuchowicz said the Polish PBSA market continues to develop as institutional investors increase their presence in the sector, supported by demand for modern student housing.

StudentSpace developments are designed to include private rooms and shared amenities such as study areas, gyms, kitchens, workshop spaces and communal facilities intended to support student living and social interaction.

The platform’s current pipeline includes six projects with approximately 2,800 beds across Kraków and Warsaw.

StudentSpace was launched in 2024 as a joint venture between SIGNAL Capital Partners, Griffin Capital Partners and Echo Investment.

Griffin Capital Partners acts as investment and asset manager for the platform. The financing transaction on behalf of StudentSpace was led by Artem Kovtun.

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Latest news

All posts by fletcher@cijeurope.com.

Foundation works completed at new Musical Theatre project in Poznań

Prague Moves Forward With Housing and Planning Reforms

NEW YORKER to open store at MARKT1 in Essen

DXC Technology extends lease at Skyliner until 2032

Empira launches German residential investment strategy with UBS commitment

Switzerland Introduces Transparency Rules With Criminal Penalties for Reporting Failures

Czech Procurement Reform Targets Faster Dispute Resolution and Fewer Delays

China Unveils 2026 Intellectual Property Strategy Focused on AI, Enforcement and Commercialisation

ARETE Industrial Sees Long-Term Opportunity in CEE Logistics Despite Market Repricing

StudentSpace Secures PLN 215.8 Million Financing for Warsaw Student Housing Projects