Palác Dunaj in Prague awarded LEED Gold for sustainable renovation

The recently renovated Palác Dunaj office building, located at the intersection of Národní and Voršilská streets in central Prague, has been awarded the LEED Gold certificate for sustainability. The certification, issued by the U.S. Green Building Council, is notable due to the building’s historical status and the challenges involved in upgrading older properties to modern environmental standards.

The 1920s-era building underwent a renovation managed by Zeitgeist Asset Management, in collaboration with heritage conservation authorities and sustainability consultant Grinity. The project involved adapting the original constructivist structure to meet current environmental criteria without altering its architectural character.

The LEED Gold certification required meeting multiple criteria across environmental performance, material use, and energy efficiency. Due to the building’s location in Prague’s historic core, space constraints limited the ability to stage traditional construction logistics. Materials were lifted onto the roof by crane, and waste segregation had to be managed using a single container at a time. Despite these limitations, the project achieved a 90% recycling rate of construction and demolition waste.

Material selection played a key role in meeting LEED standards. The project used 26 materials with verified environmental product declarations (EPDs), over 15% of which included recycled content. The team also adhered to stricter-than-usual requirements on chemical content disclosure, meeting REACH standards at a 100 ppm accuracy level—well beyond the typical 1,000 ppm used in most European regulations.

A green roof was also introduced, covering 31.5% of the roof area. It includes locally appropriate plantings and a drip irrigation system, eliminating the need for potable water for irrigation. This element contributed points in several LEED categories, including site sustainability and water efficiency.

The building received high marks for energy performance, achieving a 22.6% energy saving compared to the LEED baseline. Technical equipment had to be installed within the constraints of the existing structure, particularly in the lower basement levels, adding to the complexity of achieving these results.

In total, the renovation earned 64 points under the LEED system, securing the Gold level. A separate WELL certification process is ongoing, with the goal of also reaching the Gold level for interior environmental quality.

Palác Dunaj now offers 6,700 square metres of office space and 2,000 square metres of retail space. Tenants include several EU institutions, the Czech Bar Association, law firm CMS, and Taro restaurant. Architectural firm Chapman Taylor led the design work, which preserved original features such as travertine walls, a central atrium with a paternoster lift, and terrazzo floors. Some commercial and office units in the building remain available for lease.

Czech construction sector shows modest growth, faces structural challenges

Construction output in the Czech Republic increased by 0.9% year-on-year in February, according to data from the Czech Statistical Office. Civil engineering recorded a 1.3% rise, while ground construction grew by 0.7%.

Despite continued growth, the sector continues to face long-standing structural challenges. One of the most pressing issues remains the slow permitting process, which affects the timeline of new projects and delays urban development. Efforts to streamline permitting procedures have yet to yield significant improvements.

Outdated land-use plans and the slow pace of spatial planning reform are also cited as key obstacles. Adjustments to zoning plans often take several years, restricting development potential and contributing to rising housing costs. The proposed reform of spatial planning has yet to see clear progress or a definitive timeline.

Material supply is another growing concern. No new quarries have been opened in the country for years, and recycling of construction rubble is insufficient to meet current demand. Without a national raw materials strategy, the industry faces long-term risks to its material supply chain.

Labour shortages continue to limit the capacity of construction firms. A declining number of graduates in technical disciplines has reduced the availability of skilled workers, both in the private sector and within public authorities responsible for permitting. The introduction of the new Construction Act has exacerbated staffing shortages in planning offices, resulting in further delays to permit approvals.

The regulatory burden on the industry remains high. Some Czech building standards exceed those in neighbouring countries such as Germany and Austria, which adds to construction costs. There are also concerns that elements of the EU Green Deal, if not carefully adapted, could further strain the sector, echoing the challenges already seen in the automotive industry.

While the construction sector continues to grow modestly, experts warn that without coordinated policy support and systemic reforms, its long-term development may be at risk.

Source: Central Group

Multi Poland appointed as new manager of Galeria Przymorze in Gdańsk

Multi Poland, a subsidiary of Multi Corporation, has taken over the management of Galeria Przymorze shopping centre in Gdańsk. The centre, located in the Przymorze district, comprises 36,000 sqm of leasable space and nearly 70 retail units across various sectors including fashion, beauty, interior design, and entertainment.

Opened in 2009, Galeria Przymorze is currently 96% let. Key tenants include E. Leclerc—the only hypermarket of its brand in the Tri-City area—alongside Zdrofit, Decathlon, Jysk, CCC, and C&A. The centre’s location near the Falowiec, a prominent residential complex, and its accessibility by both car and public transport contribute to its annual footfall of approximately six million visitors.

Amenities at the centre include a food court, recreational zones for both adults and children, and extensive parking for cars and bicycles.

Multi Poland brings experience from managing other retail properties, including Magnolia Park in Wrocław and Forum Gdańsk. The company plans to focus on tenant relations, operational efficiency, and improving customer experience.

Immogdansk sp. z o.o., the owner of Galeria Przymorze, has expressed expectations that the new management will support the centre’s continued development and market presence.

The Shire to manage new flexible office space at Harmony Office Center in Warsaw

Savills Poland has facilitated a lease agreement between Catalyst Capital and The Shire – Beyond Coworking for approximately 1,400 sqm of office space at the Harmony Office Center in Warsaw’s Górny Mokotów district. The space will be operated under a management agreement, with Catalyst Capital retaining ownership and The Shire overseeing daily operations and service provision.

This is The Shire’s first location in this part of the city, where such serviced office solutions have not previously been available. The operator will be responsible for technical services, cleaning, reception, security, leasing and promotion of the space.

The lease was negotiated with support from Savills, with its Landlord Representation team led by Daniel Czarnecki representing the building owner. The tenant side was represented by Thomas Jodar from the Tenant Representation team, with technical support from Krzysztof Kuciński and Adam Niewiadomski of the Building and Project Consultancy team. The project is being delivered using the Open Book method to ensure cost transparency.

The Harmony Office Center is a class A office complex located near Pola Mokotowskie. The serviced office component will include 36 private offices, nearly 200 workstations, four conference rooms, two focus rooms and four telephone booths. Common areas will also be available, and the all-inclusive service will offer amenities such as breakfasts, fresh fruit, hot beverages, and social events.

The space is being designed by NURT Design and is expected to open in September 2025. Catalyst Capital and The Shire aim to provide a flexible office solution suited to both local entrepreneurs and larger companies, supporting the demand for adaptable office space in Mokotów.

ATAL expands Ogrody Andersa estate in Gliwice with 193 new apartments

ATAL has announced the expansion of its Ogrody Andersa residential development in Gliwice with the addition of 193 new apartments. These will be built in two four-storey buildings as part of the ongoing Andersa housing estate project. Construction is scheduled for completion in the fourth quarter of 2026.

The development offers a wide range of apartment sizes, from 25 to 125 square metres, including compact studios and larger five-room units. The pricing of the apartments, offered in developer standard, ranges from 8,700 to 10,600 PLN per square metre.

Upper-floor apartments will feature loggias, while those on the ground floor will have private gardens. The estate will also include common areas designed to support social interaction among residents, such as green courtyards with seating, picnic tables, hammocks, planters for herbs, and a neighbourhood book exchange.

Located near the city centre, the project benefits from proximity to local amenities, including schools, sports and recreational facilities, and a variety of restaurants and cafes. A new retail and service facility is also being developed within the estate.

The architecture of the project aims to reflect the surrounding green areas of Gliwice’s south-western district. Residents will have access to nearby parks, bicycle paths, and nature reserves, such as Las Dąbrowa. The estate is served by public transport and is close to Road No. 88, providing access to key regional routes including the A1 and A4 motorways.

Construction progresses on logistics property in Dissen

Garbe Industrial Real Estate GmbH has marked a construction milestone at its logistics development in Dissen am Teutoburger Wald, in Germany’s Osnabrück district. Just weeks after breaking ground, the first load-bearing elements have been installed at the site, which will eventually host a logistics property covering approximately 19,500 square metres. Completion is scheduled for the third quarter of 2025.

The project is taking shape on a 32,000-square-metre site in Dissen’s Westring industrial estate, where an older refrigerated logistics facility previously stood. The new structure includes around 17,200 square metres of hall space, 1,700 square metres of mezzanine storage, and 600 square metres allocated for social areas. The design incorporates elements of New Work office concepts, with attention given to creating a functional and comfortable working environment.

The facility is designed as a multi-user building intended for tenants requiring space for storing consumer goods. It features 17 dock levellers and two ground-level sectional doors to facilitate truck loading and unloading. Five truck parking spaces and 49 car parking spaces will be available, with provisions for future electric vehicle charging points.

The project is being built according to extended ESG standards, part of a voluntary sustainability commitment by Garbe. A photovoltaic system will be installed across the roof, and the building will be heated with air-source heat pumps to eliminate reliance on fossil fuels. Landscaping will be integrated to support local biodiversity, and the building’s façade will include a green strip and wooden features intended to help the structure visually blend into the surroundings. The company is targeting a Gold Standard certification from the German Sustainable Building Council.

Located close to the A33 motorway, the site offers direct access to Osnabrück to the northwest and Bielefeld to the southeast. It is reachable via the Dissen/Bad Rothenfelde and Dissen-Süd motorway junctions within minutes.

The project has already drawn interest from prospective tenants, particularly from the surrounding area. Dissen’s mayor, Eugen Görlitz, welcomed the development, citing the potential for local economic benefits and noting the strategic value of well-connected commercial space in non-urban regions.

MB Advisors appoints Robert Rosenzweig as Managing Director

MB Advisors, the Berlin-based asset and investment management firm affiliated with BlueRock Group AG, has appointed Robert Rosenzweig as its new Managing Director.

Rosenzweig brings over two decades of experience in the real estate sector. A trained banker and lawyer, he previously served as Branch Manager for Berlin and the new federal states, and as Director of Institutional Advisory at Branicks AG (formerly DIC Asset AG). His responsibilities included the strategic management of property portfolios valued at approximately EUR 1 billion. His professional background also includes senior roles at Deutsche Investment Kapitalverwaltungsgesellschaft, Colliers, and Aengevelt.

At MB Advisors, Rosenzweig will be responsible for the further development of the company’s real estate portfolio, operational optimisation, and long-term value enhancement of managed assets.

MB Advisors operates within Berlin’s residential property market and provides a broad range of services in transaction, investment, and asset management. With a team of 23 professionals, the company focuses on customised solutions for real estate projects in the capital region.

Michael Brand, Managing Partner at MB Advisors, noted that Rosenzweig’s experience in asset and investment management and his familiarity with the Berlin market are expected to support the company’s continued growth.

Celero Capital forms Atherion with support from Livingstone Partners

Livingstone Partners has advised Celero Capital AB on the formation of Atherion AB, a new corporate group bringing together six companies active in the Nordic power sector. The platform comprises AG Entreprenad, ELB Kraft, Eltec Köping, KraftTech Sweden, Selectric Sweden, and SLL Energi & Infrastructure.

Atherion will provide a broad range of services to network operators, renewable energy producers, and industrial clients, covering the full spectrum from planning and construction to installation, maintenance, and inspection. The combined group generates annual revenues exceeding SEK 800 million on a pro forma basis.

Each company involved will continue to operate under its existing brand, maintaining its workforce and customer relationships. Founding contractors have retained a financial interest in Atherion through reinvestment.

The group aims to expand its market presence both organically and through acquisitions. Celero Capital sees Atherion as a starting point for building a strong position in the Nordic energy infrastructure sector by leveraging the operational expertise of its constituent businesses.

Livingstone Partners supported Celero Capital throughout the process, including engaging with company owners and structuring the transaction. Celero Capital, founded in 2022, is a private equity firm focused on majority investments in niche businesses across the Nordic region.

Syrena Real Estate completes sale of PRS project at 171 Wolska street in Warsaw

Syrena Real Estate has completed the sale of its first private rented sector (PRS) project, located at 171 Wolska Street in Warsaw. The buyer is Belgian firm Xior Student Housing NV, a listed company specializing in student housing across Europe. The transaction was valued at EUR 12 million, making it the second recorded sale of a fully stabilised PRS asset in Poland.

The property, situated at the intersection of Goleszowska and Wolska streets, marked Syrena’s first independent venture in the PRS market. The company acquired the site from Dantex Holding in October 2022 and funded the purchase using its own capital. Finishing works and commercialisation were completed within two months, and the building remained nearly fully occupied throughout the ownership period. During that time, rental rates increased by 33%, with all leases denominated in euros.

According to Witold Zatoński, founder of Syrena Real Estate, the company achieved a 35% return on capital within two years. He noted that stabilised, income-generating PRS projects in Poland are proving to be attractive to long-term investors, particularly due to the steady performance of residential rental income compared to other commercial real estate segments.

The building contains 117 fully furnished, air-conditioned apartments and 400 square meters of ground-floor retail space, which is currently leased to the LUX MED Group for a dental clinic. The property is located 200 meters from a tram stop, offering convenient access to central Warsaw and nearby universities, including the University of Warsaw and the Medical University of Warsaw.

Artur Kaźmierczak, a partner at Syrena Real Estate, commented that the transaction reflects a broader trend of increased liquidity in Poland’s PRS sector. He added that while the firm is exiting this particular property, it remains active in the residential rental segment and is continuing to pursue projects in both PRS and purpose-built student accommodation (PBSA).

Xior Student Housing operates in eight European countries and manages over 21,000 beds across 42 cities. In Poland, the company is already active in Warsaw, Katowice, Łódź, and Kraków, and plans to enter the Wrocław market in the near future.

SES reports strong 2024 performance across shopping mall portfolio

SES Spar European Shopping Centers (SES) reported positive results for 2024, building on the previous year’s performance across its portfolio of shopping centers in six European countries. The company recorded a 6.5% increase in gross sales revenue, totaling EUR 3.54 billion, while visitor numbers rose by 4.5% to reach 117 million.

The company signed 490 new lease agreements or extensions across its centers, covering approximately 146,000 square meters—around one-sixth of its total leasable space. SES currently manages more than 855,000 square meters of retail space in 28 shopping malls, two retail parks, and one managed shopping street. It employs 435 people.

In Austria, where SES operates 16 malls and additional retail formats, total sales exceeded EUR 2 billion—an increase of 3.5% over the previous year. EUROPARK Salzburg remained the highest-performing center in terms of turnover. WEBERZEILE Ried and HUMA ELEVEN in Vienna recorded the highest percentage increases in sales, while SILLPARK Innsbruck and MARIANDL Krems led in visitor growth.

In addition to retail growth, SES expanded its portfolio in 2024 with the opening of its first hotel in Lienz, East Tyrol. The EUR 17 million project was completed in partnership with the Ultsch hotel group under the ‘Harry’s Home’ brand.

Sales performance outside Austria also improved. Slovenian malls saw a 6% rise in shop partner revenue, reaching over EUR 748 million. Northern Italy malls generated nearly EUR 300 million in sales, and SES’s two Hungarian malls grew by 11%. EUROPARK Prague in the Czech Republic posted a 27% increase in store sales.

Voucher sales grew modestly in Austria and Slovenia. SES introduced new self-service voucher machines in Austrian malls and partnered with service station operator Petrol to distribute DESETAK vouchers at 300 locations in Slovenia.

Sustainability investments remained a focus. In 2024, SES allocated EUR 52 million to maintenance and energy-efficiency projects, including upgrades to heating and cooling systems, car park renovations, and continued LED conversions. These efforts resulted in a reduction of approximately 3.88 million kWh in energy consumption compared to the previous year.

The company also expanded its photovoltaic (PV) system installations, with new systems going online in Austria and Slovenia. SES has now met its internal target for 2050—achieving 50% PV coverage of available roof space in Austrian malls—well ahead of schedule.

A new strategic direction for the company was marked by a joint venture with the Vinzenz Gruppe Service to develop healthcare parks. The first such project will be integrated into the SILLPARK center in Innsbruck, with construction set to begin in spring 2025.

In Croatia, SES began a EUR 40 million refurbishment and expansion of the KING CROSS mall in Zagreb. A separate development project in Varaždin is scheduled for completion in 2027. Plans to expand EUROPARK Salzburg are also underway.

SES continues to provide real estate and facility management services for sister companies INTERSPAR and MAXIMARKT, including support for the roll-out of deposit bottle systems and infrastructure projects. The company also manages shopping centers on behalf of external investors, such as the Korzó center in Hungary, where SES’s management contract was extended for another five years.

In 2024, SES maintained its community engagement activities by supporting local organizations and hosting educational and cultural events. Across its network, SES centers contributed more than EUR 670,000 to charitable initiatives and community partnerships.

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