The Next Frontier of Sustainability: Measuring Biodiversity Risk

As sustainability reporting becomes more detailed and data-driven, companies and investors are beginning to confront a new challenge: how to measure and manage their impact on nature. Biodiversity risk — once seen as a distant environmental concern — is now being recognised as a financial and operational issue, influencing supply chains, regulation, and access to capital.

Unlike carbon emissions, biodiversity loss cannot be expressed through a single universal metric. It involves many interconnected factors: land use, water consumption, pollution, habitat change, and species decline. For this reason, the process of assessing exposure to biodiversity risk requires several layers of analysis — from identifying where a company’s activities intersect with natural ecosystems, to estimating how those activities could affect business performance over time.

Across Europe, companies are beginning to adopt structured methods for doing so. The most common approach starts by mapping operations or assets that depend heavily on natural resources — such as water, soil, or local ecosystems. Once those links are established, businesses evaluate the condition of the surrounding environment and measure how their activities influence it. These findings are then translated into risk assessments that connect environmental pressure with potential financial outcomes, such as higher operating costs, stricter permitting, or supply disruptions.

Financial institutions are moving in the same direction. Banks and asset managers are testing portfolio-wide screening tools that help identify sectors most exposed to biodiversity loss, including agriculture, construction, and extractive industries. These analyses help determine where investment risks may rise as environmental regulations tighten or as ecosystems become more fragile.

Regulators are also expanding their focus. The European Union’s new corporate reporting standards require large companies to disclose not only their environmental footprint but also their dependence on ecosystems and natural services. This shift means that biodiversity risk will soon have to be measured, documented, and verified in much the same way that carbon emissions are today.

Industry advisers say this change represents a major evolution in corporate sustainability. Instead of treating nature as an abstract externality, companies are being asked to account for it as a measurable component of business performance. The data may still be imperfect, but the direction is clear: biodiversity risk is emerging as the next defining metric of sustainable value creation.

For businesses, the lesson is simple. Understanding how operations depend on and affect the natural environment is no longer just a reputational concern — it’s becoming a core element of financial strategy. Those that can measure biodiversity risk effectively will not only comply with future regulations but also gain insight into long-term resilience and resource efficiency.

Source: CMS

UniCredit and Erste Bank to reshape Poland’s banking landscape

The re-entry of UniCredit and the expansion of Erste Bank into Poland’s banking market are expected to intensify competition and accelerate digital and financial innovation.

UniCredit has finalised the EUR 376 million acquisition of Aion Bank and its technology partner Vodeno, marking its return to Poland after nearly a decade. The Italian group, which formerly owned Bank Pekao, relaunched Aion under the UniCredit brand in October 2025. Meanwhile, Austria’s Erste Bank has entered the Polish retail market by investing over EUR 7 billion to acquire stakes in Santander Bank Polska and Santander TFI.

According to Dr. Jan Gąsiorowski of Wolf Theiss, the arrival of two major European banking groups—with strong capital, digital capabilities, and experience across Central and Eastern Europe—will likely challenge established domestic players. “It will influence both individual and corporate banking, increasing competition in the large financing segment,” he said.

For retail customers, the new entrants are expected to drive lower service costs and more advanced digital products, such as integrated banking and investment platforms, real-time analytics, and AI-based financial management tools.

For corporate clients, analysts foresee broader access to international capital markets and ESG-linked financing, potentially reducing borrowing costs and increasing credit availability. Similar trends were seen in neighbouring markets such as the Czech Republic, Hungary, and Romania, where large European banks’ entries led to lower corporate margins and improved financing terms.

“Competition should translate into better access to capital for Polish businesses, especially for those pursuing international or infrastructure projects,” noted Maria Markowska-Zalewska, attorney-at-law at Wolf Theiss. She added that stronger eurozone backing could expand the scope for syndicated financing of large energy and transport developments.

Erste Bank has already been active in Poland’s project finance sector. In 2025, it joined the refinancing consortium for Varso Place in Warsaw and acted as agent in a €270 million loan to Cavatina Holding S.A.

Experts agree that while the Polish banking market is now far more advanced than during the first wave of foreign entries in the early 2000s, the effects of this new phase will unfold gradually. Over the next few years, the presence of UniCredit and Erste is expected to stimulate greater innovation, improved customer experience, and increased access to international capital, marking a new stage in the sector’s evolution.

Deka Immobilien sells two logistics assets in southern Poland

Deka Immobilien has completed the sale of two logistics properties in Poland to Hillwood, a US-based industrial real estate investor and developer. The assets were part of the WestInvest InterSelect open-ended real estate fund. The transaction value was approximately €100 million.

The properties are located in Tychy and Bieruń, within the Katowice metropolitan area, offering access to key regional transport routes, including the A4 motorway linking Dresden, Wrocław, and Kraków, and National Road 1, which connects to Warsaw, Łódź, the Czech Republic, and Slovakia.

Logistics Park Tychy, developed between 2006 and 2013, comprises around 97,000 square metres of leasable space and 818 parking spaces. It is fully occupied by multiple tenants. Logistics Park Bieruń, built in 2014 and expanded in 2017 and 2019, provides about 56,000 square metres of space, including 3,500 square metres of offices and 406 parking spaces, and is fully leased to AutoPartner, a distributor of automotive parts.

Deka Immobilien stated that the sale follows around a decade of ownership and forms part of an active portfolio management strategy for the fund. In 2025, WestInvest InterSelect has also expanded its European logistics exposure with acquisitions in Switzerland and Italy.

Chalupkova Offices by Penta Real Estate nominated for Best Office Buildup Development of the Year

The Chalupkova Offices project by Penta Real Estate has been shortlisted for the Best Office Buildup Development of the Year at the CIJ Awards Slovakia 2025. The nomination recognises the project’s forward-thinking design, strong sustainability focus, and contribution to the ongoing transformation of Bratislava’s new downtown district.

Following the acquisition of the site in 2023, Penta Real Estate redefined the project in cooperation with Jakub Cigler Architekti, one of the Czech Republic’s leading architectural studios. The result is a contemporary office building designed to meet LEED Platinum standards, with ambitions to achieve LEED Zero Carbon certification for carbon-neutral operation.

The development includes generous terraces, a rooftop area for community gatherings, and green spaces integrated throughout the design. Facilities for cyclists — including secure parking, showers, and a service station — reflect the project’s emphasis on sustainable mobility. A dedicated mobile app will enable seamless access to the building and underground parking, generate visitor QR codes, and share updates about nearby amenities and events.

The project is being delivered in two phases. The first phase, currently under construction, will provide approximately 18,400 sqm of office space and 1,500 sqm of retail units. The second phase will add a further 15,250 sqm of offices and 750 sqm of retail.

Chalupkova Offices represents the first stage of the wider Chalupkova mixed-use development, which is transforming a long-abandoned brownfield site in Bratislava’s Staré Mesto district. The area, once part of an industrial zone near a former oil refinery damaged during World War II, is being revitalised through extensive soil decontamination and environmental remediation undertaken by Penta Real Estate before construction began.

With its combination of advanced technology, urban regeneration, and human-centred design, Chalupkova Offices stands out as one of the most ambitious new office developments in Slovakia.

Portland Trust secures new tenants for J8 Office Park in Bucharest

Portland Trust has signed lease agreements for a total of approximately 3,800 square metres of office space in J8 Office Park, located in the northwestern part of Bucharest. The new tenants include Teleperformance (3,100 m²), DY Nutrition (420 m²), and Samsic (300 m²).

Teleperformance, a provider of digital business services, has consolidated its operations on a single floor and plans further upgrades aligned with environmental and social standards. DY Nutrition, active in the sports nutrition sector, and Samsic, a company offering facility management services, have also established offices within the complex.

J8 Office Park is situated near Jiului metro station, offering multiple transport connections and on-site retail and service facilities. The building uses renewable energy, features modern air-filtration systems, and includes amenities such as a fitness room, medical centre, supermarket, café, and restaurants.

The office park currently reports an occupancy rate of over 90 percent. According to Florin Furdui, Country Manager of Portland Trust Romania, the latest agreements reflect stable tenant demand for modern and energy-efficient workplaces in Bucharest’s established office submarkets.

Mayflower Expands Regional Retail Portfolio as Slovakia’s Convenience Market Matures

Mayflower property development and investment continues to strengthen its position as one of the country’s most active regional retail park developers, with several new schemes completed this year and a growing pipeline ahead. In a recent Q&A with CIJ EUROPE, Partner Lukáš Šarközi said the company remains focused on meeting tenant demand, expanding in underserved areas, and preparing for a broader evolution in its development strategy.

“We delivered projects in Lučenec and Nové Zámky this year, and we will soon open the second phase in Rimavská Sobota,” said Šarközi. “Together, that will bring more than 8,000 square metres of retail space to the market. Earlier in the year, we also completed a smaller scheme in Šamorín.”

According to Šarközi, Mayflower’s success stems from a steady appetite among tenants and new brands entering Slovakia. “We just meet the requirements of tenants that want to expand,” he explained. “In the last two or three years, several newcomers have entered the market, bringing around 6,000 square metres of new space. Because of these larger-format brands, today’s projects tend to be slightly bigger.”

Šarközi said the company has a strong development pipeline planned for the coming years. “In three years, we expect to deliver about 100,000 square metres of GLA to the market,” he noted. “Within the next two years alone, we will complete around 65,000 square metres. We see a lot of potential in mid-sized cities where retail infrastructure is still limited.” He added that securing strong locations early gives developers a decisive advantage: “If you have a city of 30,000 people and you deliver a retail park of 8,000 or 10,000 square metres, you can effectively anchor the market and make it difficult for future competitors.”

Mayflower’s approach to financing has evolved as the company has grown. “We had a very good relationship with 365.invest and developed many projects together,” Šarközi said. “Now, part of the portfolio we sold to them, and part we bought back. It’s a natural life cycle of our cooperation.” Today, the company operates with a more independent structure. “Some projects we do entirely on our own, and others with senior bank financing. For future developments, we are not seeking new institutional partners. We are focusing on self-financing and maintaining flexibility with a mix of equity and bank loans.”

As the Slovak retail market matures, Mayflower is also exploring diversification. “Retail has been our foundation because we understand it well — retail is detail,” Šarközi said. “But the market is changing. We are evaluating some logistics projects, although that segment is currently slower, as is office development.” He pointed to the country’s new rental housing legislation as a promising area for future activity. “We see this as a big opportunity in the regions. We already have strong relationships with municipalities, and they face real challenges in providing accessible, quality housing. We believe rental housing supported by both government and private initiatives could be an important solution.”

Sustainability has become a core element of Mayflower’s development strategy. “This is a very important topic for modern development,” said Šarközi. “We are installing photovoltaic systems to generate energy from the sun and using VRV systems to improve energy efficiency. All our projects are developed in line with ESG standards during both construction and operation.” Community engagement is equally important to the company’s identity. “When we come to a city, we support local initiatives and sports clubs,” he said. “We often organise charity events during project openings and donate to local hockey and football teams. Giving back to the community is very important for us, especially when we can support young people through sports.”

Šarközi also recognises that changing consumer habits are reshaping the retail landscape. “Consumer spending is a little lower, and the shopping basket has changed,” he said. “People are focusing more on essentials rather than luxury or higher-end goods.” He added that new entrants are intensifying competition: “Several discounters like Woolworth and Biedronka have entered the market almost simultaneously, which means we now have more discount stores competing for the same customers. In the medium term, turnovers may decline because the wallet is not as big as the market.”

Despite this, Šarközi sees clear potential for further growth in Slovakia’s retail sector. “According to some statistics, Slovakia has one grocery store per 10,000 inhabitants, while in Poland it’s one per 5,000,” he said. “That shows we still have room to grow — but only in the right locations. We calculate each site carefully, sometimes twenty times over, to make sure the project will work long term.”

He concluded that Mayflower’s focus remains on quality, not quantity. “We have a strong pipeline of projects, but our goal isn’t just to build more — it’s to build better. We focus on large, well-anchored retail parks in cities where the retail offer is still underdeveloped. That’s how we can bring real value to both our tenants and the communities we serve.”

ÖGNI introduces new certification framework for sustainable construction sites

The Austrian Sustainable Building Council (ÖGNI) has introduced a new basic certificate for sustainable construction sites in building and civil engineering. PORR has become the first construction company in Austria to obtain this certification, which establishes a uniform standard for evaluating environmental and organisational practices across all of a company’s construction sites.

Until now, construction sites could only be certified on an individual project basis. The new system allows companies to receive an overarching basic certificate confirming compliance with key sustainability requirements in daily site operations.

The certification covers criteria such as site organisation, environmental risk assessment, noise and dust management, and the monitoring of energy and water consumption. Once the basic certificate has been issued, future projects by the company will only need to demonstrate compliance with project-specific or non-standardised elements, such as particular machinery or site communication procedures. The change is expected to simplify documentation and make the certification process more consistent and efficient.

The sustainable construction site standard was originally developed by the German Sustainable Building Council (DGNB) and is now applied in Austria through ÖGNI. The assessment includes environmental, economic, and social dimensions. Certification is completed in two phases: a preliminary certificate during construction and final approval after project completion.

To achieve the new basic certificate, PORR conducted a review and optimisation of all relevant processes using selected pilot sites. The company’s experience contributed to refining the framework used by ÖGNI for evaluating sustainability across active construction environments.

According to ÖGNI, the introduction of a basic certification system provides the Austrian construction industry with a more practical way to embed sustainability principles into everyday operations and to monitor their consistent application across multiple projects.

Poland moves to update foreign worker permit fees after nearly two decades

The Polish government is preparing to raise the cost of work permits and related documentation for foreign employees for the first time in almost twenty years. The change, now under public consultation, is intended to bring administrative charges in line with current economic conditions and to limit misuse of the system.

The draft regulation, prepared by the Ministry of Family, Labour and Social Policy in cooperation with the Ministry of Interior and Administration, outlines significantly higher fees for the issuance of permits and the registration of work statements. The adjustment follows a long period in which rates have remained largely unchanged despite rising administrative expenses and growing numbers of foreign workers.

Authorities argue that the increase should make it more difficult for unlicensed intermediaries to exploit the system by registering large volumes of fictitious job offers and selling documents to migrants. According to officials, a higher entry cost could discourage such practices and improve oversight of legal employment.

Employers, however, have raised concerns about the financial implications. Representatives of small and medium-sized firms say the new fees could add to existing cost pressures, especially in industries that rely heavily on migrant labour such as logistics, construction, manufacturing and hospitality.

Labour-market specialists suggest that while the direction of reform is reasonable, the success of the policy will depend on how it is implemented. Without stronger inspection and enforcement, the higher costs could ultimately be passed on to foreign workers themselves, rather than to companies or agencies responsible for recruitment.

Experts have also urged the government to consult with business groups and phase in the increases gradually to avoid disrupting sectors facing chronic labour shortages. The proposal is expected to be finalised and introduced in early 2026 following further review.

Construction begins on Nová Cihelna Kladno residential development

Construction has started on Nová Cihelna Kladno, a residential project in the Rozdělov district of Kladno, Central Bohemia. The development will include 104 apartments built to a high energy-efficiency standard, with completion planned for the end of 2027.

The project is being developed by Pierre Grafen in cooperation with IKONIX, which oversees project management and sales through Luxent – Exclusive Properties. According to the partners, around 60 percent of the apartments have already been sold at the start of construction.

The development will occupy the site of a former brickworks and aims to combine residential use with sustainable design. Plans include six low-rise buildings ranging in size from 1+kk to 4+kk, with floor areas between 35 m² and 119 m². Most apartments will feature a balcony, terrace, or small garden, and all will include a basement storage unit. Parking will be available, including spaces equipped for electric vehicle charging.

Energy-saving measures include air-to-water heat pumps, controlled ventilation with heat recovery, and photovoltaic panels on the roofs. An underground rainwater tank will collect water for landscape irrigation. The buildings are designed to achieve energy efficiency category A, the highest in the Czech system.

The project’s design reflects the industrial heritage of the former brickworks through the use of brick façades and modern materials. The site will also feature landscaped public areas, including a shared garden of about 1,000 m² with a children’s playground and seating areas for residents.

According to the developer, the new neighbourhood is intended to provide affordable, low-energy housing within commuting distance of Prague. The Rozdělov district offers existing schools, shops, and healthcare facilities, as well as good transport connections via the D6 motorway, regional buses, and train services.

Photo: From left: Tomáš Nedbal (Arch Construct), Pavel Mácha (Pierre Grafen), Milan Nousek (Pierre Grafen), Lucie Pecková (Pierre Grafen), and Jakub Vyčítal (IKONIX).

Skanska launches fifth and final phase of Nowy Rynek in Poznań

Skanska has announced an investment of approximately EUR 74 million (around SEK 820 million) in the fifth phase of its Nowy Rynek office development in Poznań. The new phase, referred to as Building C, will mark the completion of the mixed-use complex located in the city centre.

The six-storey building will provide around 29,000 sqm of gross leasable area. According to Skanska, it is designed to achieve net zero carbon emissions in operation, using renewable energy sources and energy-efficient technologies. The scheme will include photovoltaic panels, air and ground-source heat pumps, and will operate independently from the city’s district heating network.

The ground system for heat exchange involves approximately 10 kilometres of boreholes, while construction materials with a reduced carbon footprint are being prioritised. The building will feature advanced building-management systems and automated ventilation controls.

Nowy Rynek C has received preliminary LEED Platinum and WELL certifications and is pursuing the “Building Without Barriers” standard to ensure accessibility. It will also include a rooftop terrace designed for drone-based parcel delivery — a first for an office building in Poland.

Construction of the final phase is scheduled to begin in Q4 2025, with completion expected by Q4 2027. The complex, developed by Skanska Commercial Development Europe, will complete the Nowy Rynek masterplan, which has been under development since 2017.

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