Nrep expands residential portfolio in Poland with two acquisitions in Gdańsk

Nrep, a Scandinavian real estate investor, has expanded its residential operations in Poland with the acquisition of two co-living properties in Gdańsk. The investments, made through the NSF V fund, mark the company’s first residential activity outside of Warsaw. The move is part of Nrep’s broader strategy to grow its housing segment in Poland by developing functional and community-oriented residential spaces.

The acquired buildings are located on ul. Nad Stawem in Wrzeszcz and ul. Siennicka in Śródmieście. Both properties will operate under the Noli Studios brand, which offers furnished private apartments with access to shared amenities such as coworking areas, communal kitchens, wellness spaces, and lounges designed to encourage social interaction among residents and guests.

According to Maciej Piotrowicz, Head of Nrep Poland, entering the Tri-City market aligns with the company’s long-term growth plans. He noted that Gdańsk, with its steady development and demand for contemporary residential formats, presents a suitable environment for expansion.

The property on ul. Nad Stawem, Noli Gdańsk Wrzeszcz, includes 190 studio apartments and approximately 450 square meters of communal space. Located near the Gdańsk Wrzeszcz station and Galeria Metropolia, it features a gym, sauna, shared kitchen, and a cinema room. Noli Gdańsk Riverside, situated on ul. Siennicka, offers 233 apartments and 300 square meters of shared areas. It overlooks the Martwa Wisła River and is within walking distance of the Old Town and Granary Island.

Both buildings incorporate energy-efficient systems and sustainable features. The Wrzeszcz property has received LEED Gold certification, and certification for the Riverside building is in progress. Each development includes technologies such as heat pumps and photovoltaic panels to reduce environmental impact.

Magdalena Terefenko, Vice President at Nrep Poland, stated that sustainability and resident comfort were central considerations in these developments. She noted that the projects are intended to meet rising demand for environmentally conscious housing.

Nrep currently operates two residential platforms in Poland: Well, which includes rental apartments in Warsaw’s Praga Północ, Mokotów, and Bemowo districts; and Noli Studios, with a site already operating in Mokotów and additional locations in Finland.

The Gdańsk properties were acquired from Nowa Przystań and City Camp. Michał Rułka, President of the Management Board of the seller, described the transaction as professional and collaborative.

Legal advisory for the deal was provided by CMS. Technical consulting was managed by Avison Young and Gleeds, and tax advisory was provided by Koda.

Kamco Invest advises OSN Group on Warner Bros Discovery’s acquisition of Stake in OSN Streaming

Kamco Invest has advised OSN Group on the sale of a 30% stake in its subsidiary, OSN Streaming Ltd., to Warner Bros Discovery for USD 57 million.

Kamco Invest acted as the sell-side advisor on the transaction, which involves a cross-border investment by Warner Bros Discovery into the Middle East-based streaming platform.

Abdullah M. AlSharekh, Managing Director of Markets and Investment Banking at Kamco Invest, stated that the transaction aligns with OSN Group’s strategic objectives and reflects increased interest in the region’s digital media sector.

Joe Kawkabani, CEO of OSN Group, noted that the agreement supports the company’s future plans for OSN Streaming Ltd. and acknowledged Kamco Invest’s role in facilitating the process.

The deal represents Warner Bros Discovery’s continued expansion in the Middle East and North Africa (MENA) region. For OSN Group, it reflects an effort to enhance its digital streaming offering through strategic partnerships.

Kamco Invest has recently been active in the investment banking sector, having completed 11 transactions in the previous year totaling USD 4.9 billion. These included bond and sukuk issuances, a mandatory tender offer in Kuwait’s insurance sector, and the IPO of a state-owned oil company in Oman.

Natland partners with Wood & Company on VIVO! and myhive in Bratislava

The Czech investment group Natland has become a co-investor and strategic partner of Wood & Company in a major real estate deal involving the VIVO! shopping center and the myhive office complex in Bratislava. This joint venture marks a significant step in Natland’s expansion into the Slovak market.

The transaction covers a total rentable area of 70,000 square meters and includes a 3,200-square-meter plot with potential for future residential development. The acquisition has already received approval from the Slovak Antimonopoly Office, clearing the way for the first phase of the deal. The second phase is scheduled to be finalized by the end of 2026.

Tomas Balvin, Investment Manager for the Real Estate Group at Natland, confirmed that the Bratislava project is just the beginning. “We see other interesting projects in Slovakia, especially in Bratislava, and it is not just about development or revenue-generating real estate,” he said, signaling broader investment ambitions in the region.

The VIVO! and myhive properties are set to undergo revitalization, including a tenant mix optimization with a focus on local services and community-oriented amenities. In addition, the project plans to introduce a new residential tower featuring approximately 250 rental apartments—an important development in a market where affordable rental housing remains in critically short supply.

With this move, Natland and Wood & Company are not only strengthening their foothold in Slovakia’s capital but also contributing to the evolving landscape of mixed-use urban redevelopment.

Prague 1 seeks capital-wide ban on e-scooters in city centre

The City Council of Prague 1 has approved a proposal urging the capital to introduce designated zones in which the use and parking of electric scooters would be banned. The move is aimed at addressing long-standing concerns over safety, public order, and the overuse of public space in the historic city centre.

The proposal, developed on the basis of a resolution from the Prague 1 Traffic Commission and put forward by Transport Councillor Vojtěch Ryvola and Councillor Josef Ludvíček, outlines a legislative process to be led by the capital city. Under the plan, specific zones would be created where riding or leaving electric scooters—whether shared or privately owned—would be prohibited. These areas would be marked with appropriate traffic signs.

Exemptions to the ban would be issued only under individual permits, such as for residents or specific justified needs. The proposal also calls for enhanced enforcement by both municipal and state police to ensure compliance.

Prague 1 has repeatedly voiced concerns about the presence of e-scooters in its district, citing problems such as scooters being left haphazardly on sidewalks, reckless riding in pedestrian zones, and overall disruption to public order. In 2023, the district council officially opposed the operation of shared scooters and requested action from the Prague city administration. However, officials say there has been little substantive response.

In response, Prague 1 has now taken the additional step of drafting a municipal ordinance that outlines both the legal and technical framework needed to implement the ban. The City Council approved the draft this week and authorised Transport Councillor Ryvola to begin formal discussions with city officials on adopting the ordinance at the capital level.

“Every day, we witness the chaotic and unsafe use of electric scooters—illegal sidewalk riding, random parking, and threats to pedestrians,” said Ryvola. “This situation is no longer sustainable. We must prioritise public safety and the integrity of shared urban space.”

Councillor Josef Ludvíček, chair of the local safety commission, noted that the proposal draws on lessons from the successful 2016 ban on Segways in the city centre, which was also initiated by Prague 1. “The feedback from residents has been clear and consistent. This step reflects their concerns and our responsibility to act.”

The city of Prague is now expected to consider the proposal and begin reviewing the ordinance for possible adoption.

Prague 1 wins another court case over Žofín Palace as lawsuit by Municipal House dismissed

rague 1 Wins Another Court Case Over Žofín Palace as Lawsuit by Municipal House Dismissed

Prague, 10 April 2025 – The long-standing legal dispute over the iconic Žofín Palace has tilted further in favour of the Prague 1 Municipal District. In the latest development, the Municipal Court rejected a lawsuit filed by Obecní dům (Municipal House), which had challenged the legitimacy of the selection process for the building’s new tenant.

The court dismissed the case in full and ordered Obecní dům to cover the legal costs associated with the proceedings. According to Prague 1 representatives, the ruling affirms the district’s position that the process was both legal and transparent.

“The municipal district welcomes the court’s decision and sees it as a confirmation of the transparency and legality of its procedure. This decision represents the fourth victory of the Prague 1 Municipal District in court cases concerning the Žofín Palace,” said Tomáš Heres, Deputy Mayor for Finance.

Obecní dům had argued that the public tender process lacked proper oversight and transparency, claiming procedural irregularities. However, the court found no evidence of misconduct or violation of public procurement rules. The ruling reinforces previous legal outcomes in favour of the district, which has been working to ensure a new operator is selected for the historically significant building.

The Žofín Palace, located on Slovanský Island in the centre of Prague, has long been a venue for cultural events, conferences, and social functions. Its future operations have attracted widespread public interest and multiple legal challenges since Prague 1 announced plans to lease it under new terms.

Prague 1 officials reiterated that the selection process was conducted according to applicable regulations and included an open call for bids. The district says it is now in the final stages of preparing the transition to a new tenant and hopes to restore full operations at Žofín in the near future.

Deputy Mayor Heres emphasized that the court’s decision should help dispel doubts about the process. “We have always acted in line with the law, and we appreciate the court’s acknowledgment of that. We can now continue with our plans to revitalize the use of the palace for cultural and civic life in the city.”

The identity of the new tenant has not yet been formally announced, pending final contractual agreements.

Blackstone closes largest-ever European real estate drawdown fund at €9.8 billion

Blackstone has announced the final close of its latest European real estate drawdown fund, raising €9.8 billion, making it the largest fund of its kind ever focused on the European property market.

The fund, known as Blackstone Real Estate Partners Europe VII (BREP Europe VII), significantly exceeds the €9.5 billion raised for its predecessor in 2020. The capital will be deployed across a range of asset classes, with a focus on logistics, residential, hospitality, and data centres. Blackstone said the strategy will target value-add opportunities, where it can improve operations or reposition properties to meet evolving demand across Europe.

According to the firm, investor interest remained strong despite broader macroeconomic uncertainty, underlining continued confidence in European real estate fundamentals and Blackstone’s performance track record. Investors in the fund include a global mix of sovereign wealth funds, public pension funds, insurance companies, and other institutional investors.

James Seppala, Head of Real Estate Europe at Blackstone, stated, “The successful closing of BREP Europe VII reflects the long-term support from our global investor base and their confidence in our ability to source, execute, and manage large-scale and complex real estate transactions across Europe.”

Seppala added that the firm sees continued opportunities in sectors driven by long-term demand trends such as e-commerce, urbanisation, digital infrastructure, and tourism recovery. Blackstone intends to focus on assets that benefit from strong demand drivers and limited new supply.

Blackstone Real Estate has over $330 billion in investor capital under management globally. In Europe, the platform has grown significantly over the past decade, with major investments across the UK, Germany, France, Spain, the Nordics, and Central and Eastern Europe.

With the close of BREP Europe VII, Blackstone strengthens its position as a dominant player in the European private equity real estate market, at a time when many investors are seeking resilience and long-term value creation in real assets.

Industrial and logistics leasing activity reaches record high in Łódź region

The Łódź Voivodeship recorded historically high leasing activity in the industrial and logistics property sector in 2024, with total take-up reaching 1 million square metres, according to AXI IMMO’s latest publication, Central Poland Industrial Snapshot. This represents a 61% increase year-on-year, despite a decline in new supply and a slowdown in construction activity.

Net take-up in the region reached 495,000 square metres, a 56% increase compared to 2023. Over half of all transactions were lease renewals, indicating long-term commitments by tenants and reflecting the market’s maturity. Retail companies led leasing activity, surpassing logistics providers (3PLs), and accounted for 37% of gross take-up and 58% of net take-up. The shift is attributed to retail chains increasingly internalising logistics operations to improve control and responsiveness.

Significant transactions included a 105,700 sqm renewal and expansion by an e-commerce company at Hillwood Stryków II, a 72,000 sqm renewal by a retail client at the Central European Logistics Hub, and a new 62,000 sqm lease at Hillwood Łódź II in Chocianowice.

Hubert Wojtera, Director of Industrial & Logistics at AXI IMMO, highlighted the large scale of transactions in the region. Of the 75 lease agreements signed last year, 75% were for spaces larger than 10,000 sqm. Leasing activity extended beyond Stryków into areas such as Zgierz, Tuszyn, and Nowosolna.

New supply in 2024 totalled 343,000 sqm, down 17% year-on-year. Projects under construction fell to 232,000 sqm, a 42% decline. Despite this, the region remains one of Poland’s most active markets. Major completions included Hillwood Park Zgierz II (77,000 sqm) and MDC2 Park Łódź South (52,000 sqm). By year-end, the region’s modern industrial and logistics space reached 4.9 million sqm.

About 51% of the space under construction was speculative, above the national average. The vacancy rate stood at 9.7%, the highest among Poland’s five largest industrial regions. Approximately 475,000 sqm of space was available for lease, mostly in large units over 10,000 sqm.

Rental rates in the Łódź Voivodeship remained stable in 2024, ranging from EUR 3.60 to EUR 4.60 per sqm per month. The lowest rates were seen in Piotrków Trybunalski, and the highest in Łódź.

Wojtera expects 2025 to bring stabilisation in the market, with continued renegotiation of leases and potentially more expansion activity if economic conditions improve. He added that while developers may be more selective with locations and projects, speculative construction in strategic areas is likely to continue.

Average mortgage rate in Czech Republic drops slightly to 5.01% in April

The average mortgage rate in the Czech Republic decreased slightly at the beginning of April to 5.01%, down 0.04 percentage points from the previous month. This is the lowest level recorded since the spring of 2022, according to the Swiss Life Hypoindex, which tracks the average offer rates on mortgage loans covering 80% of a property’s value.

While discussions have emerged about the potential start of a mortgage rate increase, most banks have not yet taken such steps. Some institutions have slightly reduced their rates. Three-year fixed-rate mortgages are currently the most competitively priced, with rates ranging between 3.99% and 4.99%. According to Jiří Sýkora, an analyst at Swiss Life Select, the current developments support expectations of a gradual and modest decline in rates.

The market is seeing greater variation in offers across banks. The spread between the lowest and highest offers can reach up to one percentage point, leading to differences of several thousand crowns in monthly repayments. The number and total value of mortgages issued so far this year is almost double that of the same period last year. Sýkora expects this positive trend to continue, helped by the slow but ongoing decrease in interest rates.

However, not all types of mortgage fixations are seeing rate cuts. While some banks have raised rates for one-year fixations, others have held or increased rates for five-year or longer fixations. Most institutions continue to favour two- to three-year fixed-rate options.

Daniel Horňák, an analyst from Bidli, expressed skepticism about the idea of rising mortgage rates, pointing to the current competition among banks. He noted that market conditions are more likely to support rate reductions and described warnings of rising rates as unfounded and disruptive.

Tom Kadeřábek, head of product at Swiss Life Select, noted that recent developments in the global economy, including uncertainty related to U.S. policy under President Donald Trump, may encourage banks to keep rates stable in the short term. Until the direction of inflation and broader economic trends becomes clearer, major changes are unlikely.

Tomáš Jelínek, director of the real estate agency Century 21, also does not expect a significant decline in rates. He cited ongoing uncertainty in global markets, particularly due to instability in U.S. governance and the war in Ukraine. According to him, the recent market growth is largely due to previously postponed demand, although he believes the full potential of the market is still untapped. He added that despite the high cost of living, relatively low incomes continue to place pressure on affordability in the Czech housing market.

Source: CTK

Prices of older apartments in Czech cities rise by 14% year-on-year

The average price of older apartments in the Czech Republic rose by 14% in the first quarter of this year compared to the same period in 2024, reaching CZK 72,575 per square metre. On a quarterly basis, prices were up by 6%. While the most significant price increases in absolute terms occurred in Prague and Brno, the highest percentage growth was seen in Ústí nad Labem and Ostrava, where prices rose by around 25% year-on-year.

According to an analysis by real estate platform FérMaklér.cz, price increases across the cities surveyed ranged from 13% in Olomouc to 25% in Ústí nad Labem. In Prague, older apartments saw a 13% rise, while Brno recorded a 16% increase. In terms of price per square metre, Prague saw an increase of CZK 16,600, and Ústí nad Labem recorded a rise of CZK 8,500.

In the capital, the average price for an older apartment in good condition reached CZK 142,000 per square metre. For an 80-square-metre apartment, this represents an annual increase of approximately CZK 1.32 million, with the total price averaging CZK 11.4 million. In Brno, the cost for a similar unit is about CZK 8.97 million, or CZK 112,000 per square metre. In Ostrava, the average price per square metre was over CZK 58,000, while in Ústí nad Labem it reached nearly CZK 42,000.

Previous data had suggested a potential slowdown in price growth, but recent developments do not indicate a shift towards lower prices. “In cities such as Ostrava and Ústí nad Labem, quarterly price growth has even outpaced year-on-year increases. There are currently no signs that the market for older apartments will see price reductions. The supply of new housing remains limited, and mortgage rates are more favourable compared to previous years. Buyers looking to secure property are not delaying their decisions,” said Lumír Kunz, Managing Director at FérMaklér.cz.

Source: CTK

EU to introduce retaliatory tariffs on U.S. goods starting April 15

The European Union will begin applying retaliatory tariffs on selected U.S. goods from April 15, following the decision by EU member states to support the European Commission’s proposal. The move comes in response to U.S. tariffs on steel and aluminium introduced last month.

In a statement, the Commission said the U.S. measures are viewed as unjustified and economically damaging, not only to both parties but also to the global economy. While the Commission did not specify which products will be affected or the tariff rates in its announcement, previous media reports suggest the EU will impose a 25% tariff on a broad range of U.S. exports. These include agricultural products such as soybeans, corn, rice, almonds, orange juice, cranberries, and tobacco, as well as iron, steel, aluminium, selected ships and vehicles, textiles, clothing, and cosmetic products.

Bourbon and whisky were reportedly excluded from the list, reflecting the preferences of certain member states, particularly France and Italy.

U.S. President Donald Trump announced the tariffs on steel and aluminium in March. In its initial reaction, the European Commission indicated it was preparing countermeasures potentially worth €26 billion. However, EU Trade Commissioner Maroš Šefčovič later clarified that the final scope would be lower—about €22.1 billion—after considering feedback from member states.

The Commission reiterated its preference for a negotiated settlement, describing such an outcome as both balanced and mutually beneficial. It also noted that the approved countermeasures could be suspended if the U.S. agrees to a fair compromise.

The vote took place in the Commission’s Advisory Committee, which handles trade measures and includes representatives from each member state. According to sources from the Czech News Agency (CTK), only one country opposed the proposal—reportedly Hungary.

Further EU measures in response to other planned U.S. tariffs, including those targeting vehicles, are still under review. Analyses of the potential economic impact are ongoing.

« Previous 1 … 223 224 225 226 227 … 381 Next »

Latest news

All posts by fletcher@cijeurope.com.