Generali Adriatic Value Fund sells two office properties in Ljubljana

Generali Adriatic Value Fund, Slovenia’s first regulated alternative investment fund (AIF) focused on real estate, has completed the sale of two office properties in Ljubljana. The fund, managed by Generali Investments and advised by Peakside Capital, sold the southern section of the Stekleni Dvor complex on Dunajska cesta and the Tivoli Center on Bleiweisova cesta.

The Stekleni Dvor property comprises 8,700 square metres of rentable space across eight upper floors, mezzanine levels, a ground floor, and a three-level underground parking structure. It is one of two office buildings in the complex, which share a connected underground garage and are located near the Ljubljana ring road.

The Tivoli Center is located in central Ljubljana and consists of two interconnected office buildings, offering a total gross leasable area of approximately 7,700 square metres.

Both properties were acquired by Agromarket logistic d.o.o., a company based in Kragujevac, Serbia.

These transactions mark the second and third sales from the Generali Adriatic Value Fund. The fund aims to generate returns through a combination of rental income and capital appreciation from commercial real estate investments. It is currently in its final phase, focused on the divestment of assets and the distribution of returns to investors in line with its original investment strategy.

Trei sells Fischerhof residential project in Mainz to family office managed by Berenberg

Trei Real Estate GmbH has completed the sale of its Fischerhof residential development in Mainz to a family office managed by Berenberg Real Estate Management GmbH. The transaction involves a fully occupied property comprising 88 rental apartments with a total residential area of approximately 6,500 square metres. The development was completed in July 2024. The sale price has not been disclosed.

The Fischerhof project is located at the Zollhafen site, a new urban quarter being developed at the former customs port in Mainz. It is Trei’s second completed project at this location, following the adjacent Lotsenhof development, which includes 95 apartments and was sold to Competo Capital Partners GmbH in 2022.

Trei has increasingly pursued the sale of completed residential projects, including three developments in Berlin sold to MEAG in 2024. While the company has historically retained its residential assets in its own portfolio, it is now considering further sales based on market conditions.

The company currently has around 1,150 apartments under development in cities including Berlin, Hamburg, Munich, Düsseldorf, and Wiesbaden.

CBRE acted as advisor to Trei during the transaction, with legal support provided by the law firm Dentons.

Fortis Work leases logistics property in Hamburg port with support from Logivest

Logistics real estate consultancy Logivest has facilitated a long-term lease agreement for Fortis Work GmbH for a logistics property located at Am Genter Ufer 6 in the Hamburg port area. The site comprises approximately 7,500 square metres of total space, including 3,000 square metres of open-air yard. The property is owned by Prologis.

Fortis Work, already operating in Hamburg’s Billbrook district, was seeking additional space closer to the port. Key requirements included a large outdoor area with sufficient load-bearing capacity to accommodate container handling with reach stackers.

Logivest identified a suitable site in the Waltershof area. The property includes approximately 130 square metres of office space, multiple access points via ramps and ground-level gates, and sufficient manoeuvring and parking space for containers.

According to Marvin Hesse, Head of Industrial and Logistics Letting at Logivest and responsible for the Hamburg and Bremen regions, securing suitable space in the port area can be difficult due to high demand and limited availability. The lease agreement reflects continued interest in well-located logistics space in Hamburg.

Fortis Work officially took occupancy of the property on 1 April 2025.

STRABAG PFS to manage facility operations at PRISMA building in Frankfurt Niederrad

STRABAG Property and Facility Services (STRABAG PFS) has been appointed to manage the technical and infrastructural facility services for the PRISMA office building in Frankfurt’s Niederrad district. The contract includes the sustainable operation of the property in line with ESG criteria, in cooperation with the asset manager, Sonar Real Estate GmbH.

The PRISMA building, which is undergoing revitalisation, will meet the Efficiency House Standard EG 55, requiring less than 45% of the energy consumption of a conventional new building. The building comprises 44,000 m² across 12 floors and is primarily designed for office use with flexible layouts. Publicly accessible areas such as a fitness studio and a restaurant are also planned.

The refurbishment targets certification under DGNB Platinum and BREEAM Excellent standards. Planned features include photovoltaic systems for energy supply and a rainwater management system for non-potable water use, such as toilet flushing. The building will also be equipped with an energy-efficient ventilation system to ensure indoor air quality with reduced energy use.

STRABAG PFS will be responsible for ongoing building operations, including inspection and maintenance of technical systems, facility management, 24/7 on-call service, and optimisation of infrastructure services. The aim is to continuously improve building performance in line with sustainability goals.

As part of its service approach, STRABAG PFS will use its eco2solutions platform to monitor and manage energy consumption in real time, enabling adjustments based on occupancy and usage. These efficiency measures are expected to reduce the building’s primary energy demand by 55% and lower lifecycle CO₂ emissions by 42%, equivalent to saving approximately 50,486 tonnes of CO₂ or the absorption capacity of nearly 19,644 trees.

The measures are intended to support both the environmental performance of the building and long-term cost reductions for tenants and users.

BEOS secures 15,200 sq m lease with logistics provider in Langen

BEOS AG has signed a long-term lease agreement with an international logistics company for a 15,200 m² property in Langen, southern Hesse, near Frankfurt Airport. The lease, which began on 1 November 2024, is set for a ten-year term, with the tenant scheduled to move in by April 2025. The deal was brokered by BNP Paribas.

The leased space includes approximately 9,500 m² of warehouse facilities and 5,700 m² allocated to office and technical areas. BEOS acquired the property in late 2023, at the time fully vacant, and has since successfully re-let the entire space ahead of schedule.

Preparations are underway to enhance the site on Paul-Ehrlich-Straße through a redevelopment plan. Planned upgrades include the installation of renewable energy systems, such as a photovoltaic array and a heat pump.

The property is located in the Offenbach district town of Langen, around 15 minutes by car from Frankfurt Airport. It is also accessible by public transport, with Langen-Flugsicherung S-Bahn station a 10-minute walk away and direct connections to Frankfurt Central Station in about 25 minutes.

The asset is part of a closed-end special property AIF managed by BEOS, which focuses on the active repositioning of commercial real estate.

How will the introduction of REITs impact Poland’s private rented sector?

To what extent could Real Estate Investment Trusts (REITs) stimulate growth in Poland’s Private Rented Sector (PRS)? Will this investment model prove effective in the local market? And how quickly might the supply of rental housing increase as a result?

Tomasz Kaleta, Managing Director of Sales and Marketing at Develia
REITs are a solution that has been successfully operating in many countries for years, enabling individual investors to benefit from financing projects that were previously only available to large players due to their scale. In the context of Poland, if the new law creates favourable conditions for residential REITs, we can expect increased investor activity, which will translate into an increase in the number of rental apartments being built in the PRS sector.

In 2025, in addition to expanding the company’s portfolio of projects in Poland’s largest cities, both in the popular, upscale and premium segments, we plan to implement at least two investments in the living sector (PRS and private dormitories). In January this year, we purchased a plot of land in the centre of Wrocław for the construction of a dormitory with approximately 600 rooms.

Witold Kikolski, board member of MS Waryński Development S.A.
The introduction of REITs in Poland will certainly affect the housing sector, increasing the availability of capital and activity in the PRS segment. Thanks to this form of investment, an increase in the number of flats for rent can be expected, especially in large cities, which will not only improve the availability of premises, but also their quality. REITs also favour the development of new housing investments.

Considering the growing potential of the institutional rental market, our company does not rule out increasing its involvement in this segment in the future, seeing it as an interesting opportunity for long-term growth.

Andrzej Biedronka-Tetla, Member of the Management Board of Atal, CFO
Considering the popularity of the housing sector among investors, REITs could be an interesting alternative for generating stable income in the long term. This is an investment formula that is not currently available in Poland. Legislative changes could popularise it, although it seems that it will continue to have a marginal significance in the savings portfolios of Poles for a long time. We are more willing to invest in ownership as such than in units of participation in it. Certainly, examples of unsuccessful investments, e.g. in condo hotels or other private real estate ventures, have worsened the perception of this and similar forms of capital investment.
The PRS sector plays a negligible role in our company’s operations. We have never been optimistic about its future in Poland due to the market environment and the habits of Poles. The mere introduction of REITs will not immediately cause a major investment boom in the housing sector. Nevertheless, the market share of this business model has growth potential. Much depends on the specific regulations that may be implemented. This is not the first legislative initiative in this area. Unfortunately, it may not be the last if it is not successful or if the solutions adopted are unattractive to investors.

Mariusz Gajżewski, Head of Sales, Marketing and Communication BPI Real Estate Poland
The introduction of REITs could have a significant impact on the housing market, especially on the development of institutional letting. If the regulations are favourable, the availability of capital for investment in rental housing will increase, which in turn could translate into a greater supply of housing. This could also increase market liquidity and attract new investors. We have been closely monitoring the PRS sector for a long time and were looking for a partner to realise such a project. In the end, after analysing all the options, we sold a plot of land with an approved project on Obrzeżna Street in Warsaw to Speedwell last year.

Zuzanna Należyta, Commercial Director at Eco Classic
With the current rates of return, we do not expect the introduction of REITs to have a significant impact on the market in the near future. Such a tool will allow more capital to be attracted to the market, but this will not change the fact that the main problem with housing in Poland is the lack of a housing policy and the availability of land for housing construction.

Renata McCabe Kudła, Country Manager, Grupo Lar Polska
We very much hope that the REIT project will come to fruition in 2025. In Spain, Grupo Lar is the manager of a REIT called Lar España, which has been involved in shopping centres for over 10 years. As for the possibility of creating REITs that would invest in residential properties for rent, we believe that this could increase the activity of Polish investors in the domestic market. It would be an opportunity for individual investors to invest in the rental market in a more structured and diverse way than is currently possible.

As for Grupo Lar’s share in the PRS segment in Poland, it is a market that we are observing and planning to be present in. We are waiting for interest rate cuts, which are currently holding us back in this area.

Andrzej Gutowski, Sales Director, Ronson Development
The introduction of REITs in the housing sector will have a stabilising effect on the market, especially in the initial period. Although the effect may be small at first, it should intensify within a year or two, especially in the rental market.

We believe that REITs will be an investment vehicle that can attract customers and provide an attractive savings alternative. The fact that people will be accumulating their savings in this way should increase the available capital, which will contribute to greater market investment. This will create an opportunity for more projects to be developed, which in turn may affect the level of prices and sales in the development market. A strong rental market will counterbalance the aggressive development market. Our company is currently opening up to the PRS market.

Damian Tomasik, CEO of Alter Investment
The introduction of REITs to the Polish market may be one of the key impulses for the development of the rental housing sector and lay the foundation for further changes in the structure of the real estate market. In developed countries such as the USA and Germany, these types of funds are an important stabilising element of the housing market, enabling a wide range of investors to invest in real estate, and at the same time increasing the availability of long-term rental housing.

Currently, the PRS (Private Rented Sector) in Poland is developing dynamically, but it is still in the growth phase and represents a small percentage of the entire housing market. The popularisation of REITs can significantly increase the scale of this segment, attracting institutional capital and encouraging the construction of new flats intended exclusively for rent. This is a response to the changing needs of the market. More and more people, especially among the younger generation, consider renting as a more convenient and flexible alternative to buying property on credit, especially in a climate of high interest rates and limited creditworthiness.
REITs can therefore not only increase the supply of housing, but also improve the quality of the rental offer by introducing professionally managed buildings with a long-term approach to property maintenance to the market. Currently, in Gdańsk alone, we have three projects in the pipeline and several completed investments in various parts of the country. The introduction of REITs to the Polish market will certainly increase our involvement in this segment.

Marcin Michalec, Managing Director, Okam Capital
REITs allow for raising capital from individual and institutional investors, making this market accessible to smaller investors who do not need to have a large amount of capital to purchase real estate. They enable and significantly increase the attractiveness of investing in the housing market.

The acquisition of previously unavailable capital by developers can support the financing of the construction of new housing projects and, in practice, increase the supply of flats for rent, especially in the institutional rental segment. Especially in large cities, this can be a response to the growing demand in the market.
Increased capital liquidity in the PRS sector may also attract new players to the Polish market, including foreign funds. REITs may therefore be an important element of the development strategy of real estate companies that operate or plan to operate in the PRS segment. But their ultimate success in Poland will depend on legislative details such as taxation, profit distribution regulations and asset management issues.

Eyal Keltsh, CEO of Robyg and Vantage
The introduction of REITs (Real Estate Investment Trusts) in Poland, if implemented properly, may have a significant impact on the housing sector, including the availability of housing and activity in the PRS (Private Rental Sector) segment.

REITs have the potential to increase the availability of financing in the housing sector, as they enable individual and institutional investors to invest in real estate. The introduction of REITs, especially in the context of the PRS sector, may encourage greater investment in the construction of new housing, particularly in large cities where rental demand is high.

If developers are able to raise capital from the market through REITs, this could increase the number of investments in housing construction, enabling smaller (individual) investors to participate in the real estate market, even with relatively low initial capital. Shifting activity to renting rather than selling may also be a response to changing social preferences, with more and more people choosing to rent rather than buy property.

Source: dompress.pl

Poland faces economic risks as U.S. tariffs increase

The recent announcement by Donald Trump to raise tariffs on a broad range of imported goods—potentially up to 60% depending on the country—has caused significant disruption in global markets. Stock exchanges across Europe and Asia fell sharply following the news, as investors reacted to concerns about rising inflation and a potential slowdown in international trade.

Poland is likely to be among the countries affected by these measures. Key export sectors such as automotive, machinery, electronics, and steel could face indirect consequences, especially through their integration into German supply chains. Much of Poland’s industrial output is exported to Germany, where it is then re-exported to markets including the United States. A slowdown in German exports could therefore have a knock-on effect on Polish businesses.

Prime Minister Donald Tusk has estimated that the economic impact on Poland could reach 0.4% of GDP. This would represent a loss of over PLN 10 billion across companies, employees, and public finances. While this reflects the immediate consequences of the tariff changes, further risks include higher prices for imported goods, reduced investment, and slower overall economic growth.

The European Union is considering possible retaliatory measures, which could escalate tensions and lead to a broader trade conflict. Economic history shows that protectionist policies often produce negative outcomes, raising costs and limiting innovation without delivering long-term benefits. For an open, export-driven economy like Poland’s, engaging in a trade war may be counterproductive.

Instead, experts suggest that Poland focus on strengthening its economic fundamentals. Steps such as simplifying business regulations, lowering the tax burden, and supporting private investment and innovation could help build resilience. Maintaining economic openness, which has been central to Poland’s growth over recent decades, may be a more sustainable response to growing protectionism on the global stage.

Source: WEI

Real estate industry responds to potential impact of U.S. tariffs

The announcement of new U.S. tariffs has raised concerns across global markets, with executives from leading European real estate firms warning of increased uncertainty and potential negative effects on investment and economic growth.

Tim Schomberg, CEO of KINGSTONE Real Estate, notes that the initial effect of the U.S. tariffs is widespread uncertainty, which has already triggered volatility in the stock markets. This uncertainty, he says, could delay investment decisions by both institutional and private investors, leading to caution in the real estate market. Schomberg highlights that commercial sectors such as office and logistics are more exposed to the effects of a slowdown in international trade, while residential real estate may benefit from its relative resilience and inflation-hedging characteristics. He also anticipates that interest rate cuts by central banks will likely continue, though the full impact on the property market may only become visible with a delay.

Gerhard Lehner, Head of Germany at Savills Investment Management, points out that the future direction of tariffs and their broader consequences are still uncertain, leaving open the possibility of either a global trade conflict or negotiated adjustments. He expects central banks to face increasing pressure as they attempt to balance inflation control with economic support. In the long run, the prospect of declining interest rates may diminish. Lehner warns that higher financing costs could particularly affect segments such as project development and value-add investments, while properties with stable, long-term leases in defensive sectors like logistics or food retail may continue to attract institutional capital. He stresses the need for diversified strategies across property types, geographies, and risk profiles in the current environment.

Francesco Fedele, CEO of BF.direkt AG, underlines the broader impact on export-driven economies like Germany. While the direct effects on the real estate market may take time to materialise, the potential for inflation—especially if Europe responds with similar trade measures—could affect construction costs. He highlights the risk of rising building material prices, such as steel, if import quotas are reduced. Fedele believes that a broader economic slowdown or recession could hit commercial real estate markets first, especially offices and logistics.

Felix Schindler, Head of Research & Strategy at HIH Invest, describes the tariffs as a shift in international trade policy, resulting in increased market volatility and raising the risk of recession in the U.S. He argues that the eventual effects in Europe will depend on how the European Union responds and on the outcome of ongoing trade negotiations. With reliable predictions becoming more difficult, he expects scenario-based planning to become more prominent. In this context, he sees real estate as a stabilising element within investment portfolios, particularly when guided by long-term strategies and a focus on fundamental value drivers.

As discussions around tariffs continue, real estate professionals agree that uncertainty and economic risk will remain key factors influencing investor behaviour and market performance in the months ahead.

Green Caffè Nero to open new location in Warsaw’s Kamionek district

Green Caffè Nero will open a new café in the NEFRYT residential building, currently under construction as part of the SOHO by Yareal development in Warsaw’s Praga-Południe district. The nearly 190-square-metre space is located on the first floor of the building, with an opening planned for May 2026.

The NEFRYT building is part of the final residential phase of the SOHO by Yareal project, which is being developed on a post-industrial site in the Kamionek area. The new café will include an outdoor seating area and will be situated next to a linear park. The site is close to a children’s playground and the Warszawa Wschodnia restaurant.

Green Caffè Nero has been present in Poland since 2012 and currently operates close to 90 locations across Warsaw, Kraków and Wrocław. The company sources its coffee directly from growers and operates its own coffee roastery and bakery.

The café’s interior design will follow the chain’s typical approach of adapting to the local setting, with input from Polish designers and artisans. In Warsaw, most existing locations are situated on the left bank of the Vistula, making the Kamionek café one of the few on the right bank.

The lease agreement for the café was negotiated by Homest, with Patrycja Włodarczyk coordinating the process on behalf of Yareal Polska.

SOHO by Yareal is designed as a mixed-use development in line with the “15-minute city” concept. The project combines residential, commercial and service functions with access to green areas and renovated historic structures. Once completed, the development will include over 11,300 square metres of retail and service space.

In addition to the Green Caffè Nero café, the complex currently includes a nursery, a children’s playroom, and a compact Carrefour store. Future openings include a florist, bakery, bistro, café, architectural studio, and a food hub in the historic building B.56, featuring brands such as Bułkę przez Bibułkę, Pollypizza Neapolitan, and Baken.

Construction of the NEFRYT building and the final residential phase is expected to conclude by the end of 2025.

Luxent Group launches real estate investment fund for development projects

Luxent Group has established a qualified investor fund, Luxent Fund SICAV, to support its future real estate development activities. The fund, which includes a real estate sub-fund, is registered with the Czech National Bank and was formed in February 2025 in accordance with Act No. 240/2013 Coll. on Investment Companies and Investment Funds.

The fund is intended for qualified investors, with a minimum initial investment requirement of CZK 1 million (or equivalent in another currency). It is managed by Versute Investment Company, a.s. and targets an annual return of 10–15%. The recommended investment horizon is four years.

Luxent Fund SICAV will primarily invest in real estate assets, including residential and commercial units, land, buildings, and related premises. It may also invest in real estate-focused investment vehicles and equity interests in related companies. At least 90% of the fund’s capital will be directed into real estate holdings.

According to Emil Kasarda, owner of Luxent Group and one of four partners in the fund, the decision to launch the fund aligns with the company’s long-term development goals. Plans for the fund had been postponed due to the COVID-19 pandemic and the war in Ukraine, but Kasarda stated that current market conditions are more favourable.

Luxent – Exclusive Properties, the real estate agency affiliated with the fund and serving as its advisor, has operated in the Czech market since 2008. The agency has completed over 3,000 transactions and offers services in property brokerage, legal and investment advisory, project consulting, and marketing. It has also cooperated on development projects such as Garden Lofts, Lofty Anděl, family houses in Velké Popovice, and mountain apartments in Harrachov Peaks.

The fund is structured to take advantage of the favourable tax regime for qualified investor funds in the Czech Republic. It is subject to a 5% tax rate, and individual investors may qualify for tax exemptions if they remain in the fund for at least three years.

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