Catella leases logistics and production facility in Redwitz to easy2cool

Catella Investment Management (CIM) and Catella Real Estate AG have signed a long-term lease agreement with the company easy2cool for a logistics and production property in Redwitz an der Rodach, Bavaria. The property, part of the CLD+ fund portfolio, offers approximately 17,400 square metres of rental space and will be fully occupied by the tenant.

Located in the Redwitz-Ost industrial park, the site includes around 13,700 square metres of logistics space, 2,900 square metres of mezzanine levels, and 700 square metres of office and technical areas. The property sits on a 36,000-square-metre plot and will serve as the new production and logistics hub for easy2cool, which is relocating from its current site in Lichtenfels.

easy2cool, which provides passive cooling solutions and temperature-controlled e-commerce fulfilment, will use half of the space for production and the other half for warehousing. The company expects to employ around 250 people at the new facility.

The site, originally built in two phases in the 1990s, will undergo substantial upgrades in line with Catella’s “Manage-to-Green” strategy. Planned improvements include LED lighting, modernisation of office and social spaces, floor and roof renovations, and installation of a photovoltaic system. The oil heating system will be replaced with a CO₂-neutral alternative that utilises waste heat, and the site’s electricity capacity will be increased from 570 kilowatts to 2.5 megawatts.

easy2cool highlighted the location’s energy efficiency and layout as key factors in the decision to move operations. The company will benefit from a green lease agreement, and the building’s planned updates support its sustainability goals.

The transaction supports the objectives of the CLD+ fund, which invests in logistics properties in Germany and neighbouring countries with a focus on environmental standards under Article 8 of the EU Disclosure Regulation.

The site benefits from its location near major road and rail infrastructure, with access to the A73 and A9 motorways and the Nuremberg–Erfurt railway line. The Bamberg inland port provides an additional logistics link via the River Main.

Legal advice for the transaction was provided by Norton Rose Fulbright, with Logivest serving as property consultant.

Poland shifts economic policy focus to domestic investment and strategic industries

Prime Minister Donald Tusk outlined a new direction for Poland’s economic policy during the opening of the European Forum of New Ideas, marking a shift toward stronger state involvement in national development and increased support for domestic companies.

The Prime Minister described 2025 as a turning point for the Polish economy, signalling an end to what he referred to as the “era of naive globalization.” The government’s strategy will now prioritise reinforcing Polish capital, strengthening national enterprises, and taking a more active role in managing key sectors of the economy.

This revised approach is a response to current global challenges, including geopolitical tensions, commodity price instability, and international competition. According to the Prime Minister, relying on foreign investment and openness to global trends without sufficient safeguards has exposed Poland to unnecessary risks. The new focus aims to address those risks by building economic resilience through national entrepreneurship and local investment.

A core element of the new policy includes greater oversight of State Treasury companies. Their performance will be evaluated not only in terms of profitability but also on their contributions to broader public goals and Poland’s long-term economic security.

The Prime Minister also stated that public institutions will be encouraged to favour domestic suppliers when conditions are comparable. New oversight mechanisms will be introduced to monitor the spending and procurement activities of companies with State Treasury involvement to ensure they support Polish industry.

A key part of the government’s strategy is large-scale infrastructure and energy projects that prioritise local involvement. One example highlighted was the planned construction of Poland’s first nuclear power plant, where a significant portion of the investment—approximately PLN 53 billion—is expected to go to Polish subcontractors.

The Prime Minister also discussed revitalising strategic domestic industries. He referred to the state’s recent support for companies such as Rafako and Huta Częstochowa as examples of successful interventions that have helped preserve key industrial capacities and strengthen national defence production.

Another important initiative mentioned was the expansion of the transhipment terminal in Sławków, located at the end of the broad-gauge railway from the east. The Prime Minister stated that full control of the terminal’s development would remain in Polish hands, with the project supporting both national interests and the reconstruction of Ukraine.

In addition to investment, the government plans regulatory reforms aimed at easing burdens on businesses. Poland is working with Denmark on proposals for regulatory simplification at the EU level. At home, the administration is focused on removing administrative barriers and ensuring fair access to public procurement and the labour market, with an emphasis on transparency, competence, and equal opportunity.

The government views this shift in economic policy not only as a response to changing international dynamics, but also as a long-term strategy to build a resilient, inclusive, and competitive national economy. According to the Prime Minister, these actions are expected to strengthen Poland’s position both within Europe and on the global stage.

In closing, the Prime Minister expressed confidence in the country’s direction, stating that the new policy approach is designed to deliver practical benefits for Polish citizens and businesses alike.

Dom Development launches sales for new phase of Osiedle Bokserska 71 in Warsaw

Dom Development S.A. has officially launched sales for a new stage of its Osiedle Bokserska 71 residential project in Warsaw’s Służewiec district. The latest phase marks the beginning of Stage 2 of the development.

The new phase will include a single residential building offering 79 apartments and one ground-floor commercial unit. The project is located in the Służewiec neighbourhood, a former industrial area that has seen significant residential and commercial development in recent years.

The apartments in this phase will offer a range of layouts and sizes, suited to both individuals and families. The development is designed with modern urban living in mind, with access to public transport, retail services, and green areas in the vicinity.

Osiedle Bokserska 71 is one of several ongoing projects by Dom Development, a leading residential developer in Poland. The company continues to expand its presence in the capital, focusing on functional, well-connected housing solutions in growing urban districts.

Photo: Osiedle Bokserska 71, Warsaw

AVICO launches new residential project with green urban space in Angyalföld

AVICO Group has begun development of a new residential complex, Spring Garden, located in one of the greener areas of Angyalföld in Budapest’s 13th District. The project includes 218 residential units and incorporates a large urban park that will connect the buildings to the nearby Rákos Stream.

The development site is on Szent László Street, in a suburban-style neighbourhood with access to green spaces and within reach of the city centre. The U-shaped building will open toward the landscaped streamside area, creating direct access for residents to the newly rehabilitated green zone.

Spring Garden is designed to include modern one- to five-room apartments, most with balconies or terraces. Ground-floor homes will feature private gardens. The architectural plan incorporates light-coloured facades, glass surfaces, and metal railings to maximise light and maintain privacy. Sustainability features, such as green roofs and a heat pump-based cooling system, are part of the project.

AVICO’s design places emphasis on the connection between built and natural environments. Landscape elements will include a large inner courtyard with walking paths, seating areas, and communal spaces. A fitness room will also be located within the complex. The development will include 259 parking spaces, 206 storage rooms, and electric vehicle charging points, along with bicycle storage.

The project follows AVICO’s recent developments in Budapest, including Univery in Józsefváros and GreenTop and BlueSide in Angyalföld. The company has been active in the residential market in Hungary for over two decades and has delivered more than 1,700 apartments to date. Ongoing and upcoming projects include the construction of an additional 620 flats in the capital.

“With Spring Garden, we are creating a residential park that offers not only homes but a genuine green urban park for its residents. From the beginning, we focused on achieving harmony between the built and natural environments, so that people can enjoy both the benefits of modern technology and a peaceful, landscaped green setting,” emphasized Ákos Rónai, Sales Director of AVICO Group.

Spring Garden is designed with future adaptability in mind. The flats will be prepared for the integration of smart home technologies, such as remote-controlled systems for heating, cooling, and lighting.

AVICO’s current developments reflect a continued focus on mixed-use, resident-friendly environments that integrate residential buildings with outdoor green spaces and modern infrastructure.

Jana Gerhátová joins P3 Logistic Parks as Marketing Manager for Czech Republic and Slovakia

P3 Logistic Parks has appointed Jana Gerhátová as Marketing Manager for the Czech Republic and Slovakia. In this role, she will oversee marketing efforts aimed at strengthening the company’s position as a long-term investor in sustainable industrial real estate with a focus on customer service.

Gerhátová brings six years of experience in the property development sector. At Crestyl, a residential developer, she was responsible for communications and community engagement in the DOCK and Hagibor projects. Before that, she worked at Skanska, where she contributed to launching office branches under the Business Link brand.

Brendan Donnellan, Group Marketing Director at P3 Logistic Parks, noted that Gerhátová’s experience and results-oriented mindset will support the company’s activities in its key markets.

P3 currently owns and manages 96 industrial buildings across 16 parks in the Czech Republic and operates six additional parks in Slovakia.

Commenting on her appointment, Gerhátová said she welcomes the opportunity to apply her previous experience to the industrial development sector and looks forward to new projects and collaboration with her colleagues.

In addition to her professional background in communications and event implementation at international firms, Gerhátová has spent time working abroad. Outside of work, she enjoys travelling, running, and reading.

Polish business sentiment improves slightly in April as optimism holds

Business sentiment among Polish entrepreneurs improved slightly in April, according to the latest Monthly Economic Index (MIK) published by the Polish Economic Institute. The index rose to 102.9 points, up 1.2 points from March, matching February’s figure and continuing a five-month streak above the neutral 100-point threshold. Compared to April 2024, the index is 2.6 points higher.

The April reading reflects a broadly optimistic outlook, with four of the seven measured components—sales value, employment, wages, and financial liquidity—remaining above the neutral level. The data also shows increases in the indicators for sales value, new orders, and investment activity.

Gains in Sales and Investment, Despite Mixed Sector Results

April’s increase was driven by positive movements in key areas such as sales and investment. The sales value indicator climbed by 7.3 points month-on-month to reach 101.8, its highest since November 2023. New orders rose by 4.9 points to 96.7, while the investment index reached 90.6—its strongest result since November 2023—marking a 5.9-point monthly gain and a year-on-year improvement of over 21 points.

Although several indicators remain above the neutral level, others showed declines. The wage index fell by 6.5 points to 110.6, its lowest level so far in 2025. Employment also decreased, dropping 2.4 points month-on-month to 100.8. Financial liquidity dipped slightly, down 2.3 points from March to 121.1.

Sectoral Breakdown and Economic Context

According to Dr. Katarzyna Zybertowicz from the Polish Economic Institute’s foresight team, current MIK readings suggest economic stability. She points to a steady unemployment rate (5.4% in February), and real wage growth outpacing inflation (4.9% in March) as signs of resilience. The industrial sector’s PMI of 50.7 also indicates moderate improvement.

Sector-wise, companies in manufacturing, construction, and transport-logistics (TSL) reported more positive sentiment. However, service and trade sectors recorded MIK readings below the neutral threshold, reflecting lower activity and weaker demand in early 2025.

Operating Costs Remain Primary Challenge

Rising employee costs continue to be the most commonly reported challenge for businesses, cited by 69% of respondents—unchanged from March. Other concerns saw slight increases: economic uncertainty was mentioned by 60% of firms, unavailability of staff by 45%, payment delays by 44%, and financing costs by 34%.

Energy prices were less of a concern in April, with the share of firms flagging it as a barrier falling by 4 percentage points to 51%. Similarly, complaints about product unavailability dropped slightly to 17%.

Industry-specific responses revealed differences: TSL companies more frequently cited high employee costs, uncertainty, payment delays, and financing costs. Service firms expressed particular concern over energy prices (64%), while construction firms were more affected by staff shortages (60%). Manufacturing (24%) and retail (21%) were least concerned about personnel availability.

Source: PIE

Businesses brace for trade war fallout as tariff uncertainty rises

Growing global trade tensions are prompting businesses to reassess their risk strategies, with rising tariffs and geopolitical uncertainty leading to a sharp increase in demand for credit insurance. Recent trade measures announced by the United States are reshaping global supply chains and heightening concerns about payment defaults and business insolvencies.

President Trump’s 2025 tariff policies—including a universal minimum tariff and increased rates for selected countries—have pushed the average US tariff rate to levels not seen in over a century. While a temporary halt in tariffs was granted to several trade partners, others, including China, face significant increases, with some duties rising to 125%. The lack of clarity on future measures is adding to market uncertainty.

Industries with complex international supply chains—such as machinery, motor vehicles, and electronics—are expected to be the most affected. Global growth projections for these sectors have already been revised down, with machinery forecast to lose 5 percentage points of growth in 2025–2026. Domestically focused sectors like food and beverage are less directly exposed but are likely to feel the impact of broader economic consequences, including rising prices and declining consumer demand.

The narrowing gap between the announcement and implementation of tariffs has left businesses with limited time to prepare. As a result, many are turning to credit insurance as a protective measure. Insurers anticipate increased demand for short-term policies, though the longer-term implications remain uncertain due to policy volatility and the potential for a broader economic slowdown.

According to Atradius, global trade growth forecasts have been adjusted downward to 2.5% for both 2025 and 2026, compared to previous estimates of 3.3% and 3.0%. Tariffs are expected to weigh on demand and deter investment, especially in capital-intensive industries. The resulting inflationary pressures could also lead to tighter monetary policy, further raising costs for businesses.

Credit insurers report a growing expectation of claims, particularly in sectors such as automotive, construction, and commodities. The Berne Union’s latest survey shows an anticipated rise in payment defaults, reflecting the increased strain on businesses already facing sluggish growth and existing financial pressures.

Despite the challenging environment, some trade activity is expected to continue in the short term, albeit along rerouted supply chains. Credit insurance is seen as a vital safeguard, offering businesses greater confidence as they navigate uncertain conditions. However, the broader picture remains cautious, with many companies adopting a “wait and see” approach, delaying investment and avoiding major new commitments.

As trade dynamics shift, the role of credit insurance in managing commercial risk is likely to become increasingly central. The ongoing tension between major economies, combined with rising protectionism, is creating a fragile trade environment that demands careful planning and financial protection.

Source Author: Silvia Ungaro, Senior Advisor, Atradius N.V.

GCC corporate earnings show mixed performance in Q4 and full year 2024

GCC Corporate Earnings Show Mixed Performance in Q4 and Full Year 2024

The fourth quarter of 2024 saw a slowdown in corporate earnings across the Gulf Cooperation Council (GCC), as a decline in energy and utilities sector profits weighed on overall results. According to Kamco Invest’s Q4 2024 report, aggregate net profits for GCC-listed companies dropped 5.0% quarter-on-quarter to USD 57.3 billion—marking a three-quarter low. However, compared to the same period in 2023, profits were up by a marginal 2.0%.

Country-Level Breakdown

Oman led the region in year-on-year Q4 profit growth at 83.4%, followed by Bahrain (43.2%) and Kuwait (37.1%). Saudi Arabia, the region’s largest market, posted modest growth of 3.1%, while Dubai and Qatar saw earnings rise around 20%.

For the full year 2024, total net profits across the GCC declined 1.4% to USD 241.1 billion. This marks the second consecutive annual drop, driven mainly by declines in Saudi Arabia and Abu Dhabi, which offset gains in Dubai, Qatar, and Kuwait.

Sector Performance
• Energy: The energy sector experienced the steepest decline in Q4, with profits falling 16.6% year-on-year to USD 25.7 billion. For the full year, Saudi Aramco’s profit alone declined 13.0% to USD 105 billion due to lower crude oil prices and refining margins.
• Utilities: The sector posted a net loss of USD 1.3 billion in Q4, largely due to increased losses at Saudi Electricity Co., which reported a Q4 loss of USD 2.0 billion.
• Telecoms: This sector recorded the strongest year-on-year growth in Q4, up 171.0% to USD 5.3 billion, mainly due to gains from Saudi Telecom Co. Annual profits in the telecom sector rose 78% across the GCC.
• Banking: Banks in the region saw a 16.2% increase in Q4 earnings to USD 14.4 billion. Full-year banking sector profits reached USD 60.1 billion, a 10.3% increase year-on-year, with gains spread across all markets except Bahrain.

Country Highlights
• Kuwait: Full-year profits grew 7.1% to USD 9.1 billion. The banking sector contributed the most, led by National Bank of Kuwait and Commercial Bank of Kuwait. Real estate and diversified financials also showed strong performance.
• Saudi Arabia: FY 2024 profits dropped 3.2% to USD 150.9 billion. The energy sector was the main drag, while banks and telecoms (particularly STC and Mobily) posted robust growth.
• Dubai: Companies listed in Dubai recorded a 16.0% profit increase to USD 25.4 billion in 2024, driven by the banking, real estate, and utilities sectors. Emaar and Dubai Islamic Bank were among the top performers.
• Abu Dhabi: Profits fell 7.1% year-on-year to USD 36.2 billion. The drop was mainly due to a sharp decline in the Food, Beverage & Tobacco sector. Banks in Abu Dhabi, however, posted strong growth.
• Qatar: FY 2024 earnings rose 8.5% to USD 14.1 billion, thanks to solid performances from the banking and energy sectors. QNB and Qatar Islamic Bank led the gains.
• Bahrain: Annual profits declined by 12.5% to USD 2.0 billion due to lower banking sector earnings. However, the materials sector, led by Aluminum Bahrain, posted strong growth.
• Oman: Oman’s listed companies saw a 13.7% drop in full-year earnings to USD 3.4 billion, mainly due to a 43.8% decline in energy sector profits. However, banking and utilities showed notable growth.

Outlook

While banking and telecom sectors helped stabilise regional earnings in 2024, volatility in energy prices and cost pressures in utilities affected overall performance. The report suggests that sector-specific developments and macroeconomic conditions will continue to shape earnings in 2025.

Source: GCC Corporate Earnings Report – Q4 2024, Kamco Invest.

HelloParks begins construction on two new logistics halls near Budapest

HelloParks has launched construction on two new logistics facilities in Fót and Páty, located north and west of Budapest, respectively. Together, the new developments will add approximately 88,000 square metres of industrial space to the company’s national portfolio. Upon completion, HelloParks will operate 11 buildings across its megapark network by the end of 2025.

The new buildings are being constructed in response to sustained demand, with existing warehouses at both sites nearing full occupancy. The facilities are being developed to comply with the highest sustainability standards, including BREEAM’s “Outstanding” certification and the requirements of the EU Taxonomy for sustainable activities.

At the Páty site, located in the western agglomeration of Budapest, construction of the fourth building (PT5) is progressing, with structural work completed and concrete flooring next in line. The 42,000 sqm BigBox facility is scheduled for delivery in Q3 2025. Once finished, it will increase the total industrial space in HelloParks’ Páty megapark to 184,000 sqm. The park currently has an 84% occupancy rate and is home to companies such as dm-Drogerie Markt, DHL, Gebrüder Weiss, and Transdanubia. The 87-hectare park is situated near key motorway connections including the M1, M0, and M7.

In Fót, to the north of Budapest, groundwork has begun on the FT3 warehouse, a 46,000 sqm BigBox unit expected to be completed by the end of 2025. Once operational, the Fót megapark will comprise four buildings with a combined total of 164,000 sqm of leasable space. The location, adjacent to the M0 and M3 motorways, currently hosts tenants such as BYD and Samsung. The park has capacity for up to 254,000 sqm of industrial space, and all completed buildings have achieved EU Taxonomy compliance.

HelloParks’ broader development strategy includes megaparks in Fót, Páty, Alsónémedi, and Maglód, with all new properties built according to BREEAM and EU Taxonomy standards. Five buildings in the company’s portfolio have received BREEAM’s highest “Outstanding” rating, and two others are rated “Excellent.”

Both FT3 and PT5 will incorporate features such as heat pump-based heating and cooling, rooftop solar panels, and advanced building management systems to improve energy efficiency and monitor building operations. The facilities will also include water and energy infrastructure capable of detecting leaks and tracking utility usage.

Tenants will have access to HelloParks’ mobile application, which connects with the building management systems and enables remote control of HVAC, lighting, and other operational settings.

According to the company, development activity is aligned with demand, and the focus remains on providing modern, energy-efficient industrial spaces that support long-term operational needs.

Construction progresses on L33 office building in Ljubljana, completion expected in early 2026

Construction is underway on the L33 office building located on Letališka cesta 33 in Ljubljana, with completion and handover expected between the fourth quarter of 2025 and the first quarter of 2026. The project, managed by Alfi RE and marketed by Colliers, has received its building permit and is progressing according to the planned timeline.

The development will offer 9,731.9 square metres of leasable office space across two underground levels, a ground floor, and five upper floors. A total of 151 parking spaces will be available, including underground and outdoor options. The building is targeting a DGNB Gold certification for sustainability, aimed at reducing operating costs for tenants.

The site is located near major transport routes and amenities. It is approximately 500 metres from Ljubljana’s ring road and just over a kilometre from BTC City, a major shopping and business hub. Public transport connections, restaurants, and parking facilities are all within close proximity.

The L33 office building is designed with flexible floor plans to accommodate various tenant needs. Features include a low add-on factor, economically competitive terms, and the possibility of early access in late 2025.

The project is backed by Alfi RE, Slovenia’s largest alternative real estate fund, with a portfolio valued at EUR 155 million and 16 properties across the country. The fund will retain responsibility for property management following project completion.

Colliers is currently accepting expressions of interest from prospective tenants. Interested parties are asked to indicate their preferred rental area, number of parking spaces, desired move-in date, and company details to receive a tailored offer.

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