Increase in active enterprises in Poland in the fourth quarter of 2024

The number of active enterprises in Poland reached 2,788,814 in the fourth quarter of 2024, reflecting a 3.7% increase compared to the same period in 2023. The largest share of these businesses operated in the trade and motor vehicle repair sector, accounting for 18% of all enterprises. The highest concentration of active businesses was in the Mazowieckie voivodeship, where 20.1% of all registered enterprises were based.

Micro-enterprises, employing up to nine people, continued to dominate the market, making up 95.7% of all active businesses. Their number increased by 3.8% compared to the fourth quarter of 2023. Small enterprises, with 10 to 49 employees, accounted for 3.5% of the total and saw a modest growth of 1.6%, while large enterprises, employing 250 or more people, increased by 1.1%. In contrast, medium-sized businesses, with 50 to 249 employees, experienced a decline of 1.1%.

The most significant growth in business activity was seen in the energy generation and supply sector, which recorded a 20.9% increase. Administrative and support service activities rose by 7.7%, while the information and communication sector grew by 7.1%. Conversely, the lowest number of active enterprises was recorded in the mining and quarrying sector, which accounted for only 0.1% of the total, followed by energy generation and supply at 0.3%.

Regionally, Mazowieckie, Wielkopolskie (10.3%), and Małopolskie (9.9%) had the highest number of active enterprises. In contrast, Opolskie recorded the lowest share at 1.9%, with Lubuskie, Podlaskie, Świętokrzyskie, and Warmińsko-Mazurskie also accounting for less than 3% each. The fastest-growing regions were Mazowieckie and Małopolskie, with increases of 6.1% and 4.7%, respectively.

Among large enterprises, the manufacturing sector had the highest representation, comprising 42.5% of businesses in this category. Micro-enterprises were most prevalent in trade and motor vehicle repair (17.8%), construction (15.3%), and professional, scientific, and technical activities (14%).

The data reflects an overall positive trend in Poland’s business activity, with growth in key industries and a steady increase in the number of enterprises across various regions.

Sweden’s inflation rate rises to 1.3 percent in February 2025

The preliminary Consumer Price Index (CPI) inflation rate for February 2025 reached 1.3 percent, marking an increase from 0.9 percent in January, according to Statistics Sweden. The monthly CPI change from January to February was 0.6 percent. The final inflation data for February will be published on March 13.

Statistician Frida Stark from Statistics Sweden noted that the preliminary figures indicate a continued rise in the inflation rate. The CPIF (Consumer Price Index with fixed interest rate) showed an increase from 2.2 percent in January to 2.9 percent in February, with a monthly change of 0.9 percent. The CPIF-XE, which excludes energy prices, recorded an inflation rate of 3.0 percent in February, up from 2.7 percent in January. The monthly change for CPIF-XE was also 0.9 percent.

Flash estimates are released five working days before the official inflation report and provide preliminary figures for CPI, CPIF, and CPIF-XE at an aggregated level. Detailed statistics and final figures will be available in the full report on March 13.

Source: Statistics Sweden

YIT doubles sales and expands beyond Prague in 2024

YIT recorded its highest sales to date in 2024, selling 416 residential units, more than double the 198 sold in the previous year. The company reported a turnover of CZK 3 billion, an increase from CZK 2 billion in 2023, reflecting a steady recovery in the property market.

Last year marked YIT’s first expansion beyond Prague, with its entry into Kladno and plans for a new residential project in Brno. In the capital, the company launched four new developments: Sija Kamýk, Toivo Roztyly, the third phase of Ranta Barrandov, and the tenth phase of Tampere within the Suomi Hloubětín complex. Additional projects are in progress in Prague 4, 5, 9, 11, and 12, alongside plans for a larger residential development in Kladno.

As part of its regional expansion, YIT launched the Portti Kladno project, transforming a former freezing plant site into a residential area with 200 apartments featuring ecological elements and options for personal or cooperative ownership. In Brno’s Židenice district, the developer is working with investment group RSJ to develop Kalevala, a project set to include more than 750 residential units and commercial spaces. Construction is expected to begin this year. In the coming years, a larger development, Virta Kladno, is planned to add approximately 800 more apartments.

In Prague, YIT continued its development activity with the construction of Sija Kamýk in Prague 12, a project offering 122 units. The tenth phase of the Suomi Hloubětín district, Tampere, was launched in autumn, featuring 68 apartments and five commercial spaces. The company also initiated the first phase of the Toivo Roztyly project with 88 units and expanded Ranta Barrandov with a third phase, adding 56 apartments. Completion of Toivo Roztyly I, Sija Kamýk, and Tampere is scheduled for this year, with new residents expected to move in by mid-2025.

YIT has also continued its focus on prefabrication technology. The company completed the Rivi Bachova project in Prague’s Chodov district, which utilized cooperative housing financing, and the Happi Milánská building in Prague 15, which featured prefabricated elements for structural components. This method will be further implemented in new regional projects in Brno and Kladno.

Future developments include the final stage of Rosala within Suomi Hloubětín, followed by the multifunctional Osto phase in the neighboring Lappi Hloubětín complex, which will include additional amenities such as a supermarket. Plans are also in place to expand Ranta Barrandov with a fourth phase, initiate the second phase of Toivo Roztyly, and introduce a new residential project in Prague’s Modřany district.

Sustainability remains a priority in all YIT projects. The company continues to integrate eco-friendly technologies, including photovoltaic panels, heat pumps, green roofs, underfloor heating, air recuperation systems, LED lighting, rainwater retention tanks, and Smart Home solutions. These initiatives aim to reduce the environmental footprint of buildings while lowering costs for residents.

YIT is also committed to reducing greenhouse gas emissions through the Science Based Targets initiative (SBTi), with a goal of cutting operational emissions by 90% by 2030 and supply chain emissions by 30% compared to 2019 levels. The company is actively promoting the use of wood in multi-story construction as a member of the Platform for Sustainable Wood Construction. By combining prefabrication with cross-laminated timber (CLT) panels, YIT aims to support the development of sustainable and modern housing.

Slate Asset Management acquires 45 grocery properties in Germany for €420 million

Slate Asset Management has completed the acquisition of 45 grocery properties in Germany, valued at over €420 million. The transactions were conducted through four separate portfolio deals, with closures expected in the first quarter of 2025, pending standard approvals. The properties are located near major population centers across Germany and are fully leased under long-term agreements to leading grocery and essential goods distributors, including REWE Group, Schwarz Group, Edeka Group, and ALDI.

Sven Vollenbruch, Managing Director of Slate’s European Investments, highlighted the firm’s continued expansion in the essential real estate sector. He noted that despite a subdued market environment, the firm has successfully executed nearly half a billion euros in transactions during the first three months of the year. The acquisitions add to Slate’s growing portfolio of stabilized grocery properties in Germany, reinforcing its presence in the market.

Since entering the European real estate sector in 2016, Slate has focused on acquiring and managing essential real estate assets, including grocery stores, warehouses, and logistics properties. The firm has completed transactions on more than 1,000 commercial properties across seven countries and currently operates a portfolio of over 500 essential real estate assets in Europe.

Advisors involved in these transactions included Goodwin Procter, KPMG, Gleeds, and REDEFINE Group.

Nowogrodzka 45: A Landmark of Poland’s Telecommunications History

The building at 45 Nowogrodzka Street in Warsaw has played a pivotal role in the history of Polish telecommunications. Originally constructed as the headquarters of the Telecommunications Office, it marked a significant step in the modernization of communication in the country. The development of this building signaled the widespread adoption of the telegraph, an invention that drastically reduced the time required to transmit messages, making near-instantaneous communication possible.

During the interwar period, the Telecommunications Office was one of the most prominent public buildings in the capital. Designed to consolidate previously scattered telephone and telegraph offices, it became the central hub for national and international telecommunication. The facility was equipped with state-of-the-art technology that connected Poland more efficiently, facilitating rapid communication across borders.

The foundation of Poland’s telecommunication system dates back to 1852, when the first Morse telegraph line was established along the Warsaw-Vienna Railway. By the late 19th century, telegraph and postal services were integrated into a single institution. After Poland regained independence in 1918, efforts were made to rebuild the damaged telecommunication infrastructure and create a cohesive national network. At the time, Poland’s telecommunication system was underdeveloped compared to other European countries, prompting the Ministry of Post and Telegraphs to prioritize modernization. As a major communication hub, Warsaw became the focal point of this transformation, necessitating the construction of new post and telecommunication offices, with the Nowogrodzka 45 building as the flagship project.

The competition for the design of the Telecommunications Office began in 1921, though the final decision was not made until 1928, when architect Julian Puterman-Sadłowski was commissioned for the project. Completed in 1932, the building housed the telegraph headquarters, a technical school, and the Post and Telecommunications Museum. It featured telegraph and radiotelegraph rooms, city and intercity telephone exchanges, technical service areas, and public service stations. At the time, it was considered one of the largest and most modern buildings in Poland. The facility also included amenities for staff, such as a canteen, changing rooms, terraces, and a gym.

The telegraph system at Nowogrodzka 45 was a major technological achievement, serving as the primary hub for wired communications in Poland and a key link in international networks. Messages were transmitted rapidly using Poland’s first belt-driven transporters, allowing telegrams to be processed and delivered efficiently without delays caused by intermediate stations. The facility handled communications with locations worldwide, including North America, Japan, Syria, and several European countries. By 1933, the office was equipped with a range of telegraph machines, including Morse, Hughes, Baudot, and Siemens systems.

The Telecommunications Office continued its operations until World War II, when it was taken over by Deutsche Post Osten under German occupation. Despite minor damage, it remained functional and was quickly restored after the war. However, later renovations, particularly those carried out in the 1980s, altered the building’s original aesthetic. Despite these changes, many modernist architectural elements remain, preserving the building’s historical significance.

The telegraph was a transformative technology that connected distant parts of the world long before the digital age. While modern telecommunications and the internet have revolutionized communication, it was the innovations of the 19th century that laid the foundation for the digital revolution of the 20th and 21st centuries. The ability to transfer information rapidly, whether through email, file sharing, or online communication, can be traced back to the technological advancements made possible by early telegraph systems.

The building at 45 Nowogrodzka Street is now undergoing revitalization under the management of ZEITGEIST Asset Management. Its restoration aims to preserve its historical significance while adapting it for contemporary use, ensuring that this landmark remains a symbol of Poland’s telecommunications heritage.

Source: ZEITGEIST Asset Management
Photos: Fotopolska and ZEITGEIST Asset Management

Czech hotel tech company Mews secures CZK 1.8 billion investment

Czech hotel reservation management provider Mews has secured a $75 million investment (approximately CZK 1.8 billion) from US investment firm Tiger Global. The company plans to use the funding to expand its presence in the United States as well as in Germany, Austria, and Switzerland.

Mews, which became a startup unicorn last year with a valuation exceeding $1 billion, aims to accelerate innovation and pursue strategic acquisitions. Founder Richard Valtr highlighted Tiger Global’s experience with high-growth technology companies in the US, such as Toast, Procore, and ServiceTitan, as a key factor in selecting the firm as a partner for Mews’ next phase of growth.

Last year, Mews’ revenue grew by approximately 50% to around $200 million (CZK 4.6 billion), with processed payments reaching $10 billion. The company’s customer base in North America doubled, while its market share in Germany, Austria, and Switzerland increased to 20%.

According to Tiger Global’s Sara Eadie, the partnership will support Mews’ expansion in North America and reinforce its position in the global hospitality technology sector.

In recent months, Mews has made strategic acquisitions, including Swedish revenue management software developer Atomize and French event technology firm Quotelo. Last March, Mews raised $110 million, bringing its valuation to $1.2 billion, making it one of the Czech Republic’s unicorn startups, alongside Rohlík and Productboard.

Founded in 2012 by former hotelier Richard Valtr, Mews provides cloud-based hospitality management solutions used by hotels in more than 85 countries. The company has offices in Europe, the United States, and Australia.

Source: CTK
Photo: Richard Valtr – Mews

Czech Republic fined by EU court over whistleblower protection directive

The Court of Justice of the European Union has imposed a €2.3 million fine on the Czech Republic for failing to implement the Whistleblower Protection Directive within the required timeframe. The European Commission filed a lawsuit against the country in March 2023, citing non-compliance with the directive, which was adopted in October 2019 and required integration into national legislation by December 2021.

At the time of the lawsuit, the Czech Republic had not yet incorporated the directive into its legal framework, as lawmakers were still debating its provisions. The Chamber of Deputies ultimately approved the bill in April 2023, and the Senate allowed its passage in June. The Whistleblower Protection Act took effect on August 1, 2023, initially applying to large companies. Its scope was later expanded to cover businesses with more than 50 employees from December 15, 2023.

The law provides legal protection for whistleblowers against employer retaliation and applies to reports of crimes and serious offenses with a penalty threshold of at least CZK 100,000. However, it does not cover anonymous notifications within state administration. Protection under the law extends not only to whistleblowers but also to individuals assisting in the preparation of reports and those closely associated with the whistleblower.

Other EU countries also faced penalties for delayed implementation. Germany was fined €34 million, while Luxembourg, Hungary, and Estonia received fines of €375,000, €1.75 million, and €500,000, respectively. Estonia was additionally ordered to pay a daily fine of €1,500 until it fully complies with the directive.

Czech Police conclude investigation into large-scale economic and tax crime

Criminologists from the Economic Crime Department of the Criminal Police Service, in cooperation with investigators from the Regional Directorate of Police in the Vysočina Region, have completed an extensive investigation into economic and tax fraud. The case, which involved an organized criminal group, resulted in an estimated financial loss of CZK 50 million. On February 25, the investigator submitted a proposal for indictment to the Public Prosecutor’s Office in Jihlava, citing charges of participating in an organized criminal group, tax evasion, money laundering, and unauthorized business activities. The investigation produced extensive documentation, amounting to 12,500 pages.

The case involves nine individuals, aged between 24 and 41, from the Czech Republic and Slovakia. Each played a specific role within the group, which included organizers, coordinators, administrative staff, and so-called “white horses” who acted as frontmen for the fraudulent operations. All suspects are being prosecuted while at large.

The fraudulent activities were carried out through a series of companies that operated in succession, with each being dissolved or placed into insolvency before a new company was established. Between 2017 and 2018, the group conducted its activities through Company “A,” which was subsequently closed. This pattern continued with Company “B” from 2018 to 2019, Company “C” from 2020 to 2022, and Company “D” in 2023, all of which are now in liquidation.

The companies operated under the guise of employment agencies without the necessary permits, supplying hundreds of foreign workers—primarily in manual labor roles—to at least forty businesses. These companies circumvented legal requirements by structuring employment contracts to avoid paying mandatory contributions, including social security, health insurance, and income tax. As a result, legal obligations for both employees and employers were consistently evaded.

Authorities found that when state agencies, including tax and labor offices, initiated investigations, the companies were transferred to “white horses,” typically Ukrainian nationals, in an effort to obstruct audits and prevent authorities from accurately assessing tax liabilities. The fraudulent operations would then resume under a newly established company.

According to Chief Commissioner Ing. Tomáš Mecera of the Economic Crime Department, the group’s deliberate restructuring aimed to complicate investigations and avoid legal consequences. He noted that the accused systematically repeated their activities under different corporate entities to maintain their scheme.

The total financial damage from unpaid taxes and mandatory contributions is estimated at CZK 50 million. If convicted, the accused individuals face prison sentences of up to twelve years.

Source: Police of the Czech Republic

Decarbonizing existing buildings: Challenges and progress in the real estate industry

The real estate industry faces increasing pressure to make existing buildings emission-free by 2050, requiring annual renovations of up to 1.2 million properties. Currently, only about 280,000 buildings are renovated each year, raising concerns about meeting climate targets.

At an online press conference organized by Rueckerconsult, industry experts discussed the challenges of aligning ambitious decarbonization goals with economic realities. A survey by aedifion and Rueckerconsult, involving project developers, portfolio holders, and financiers, provided insight into current industry trends. More than half of respondents do not have a decarbonization strategy for their real estate portfolios, and 60 percent lack a budget for such initiatives. Among those with a strategy, a quarter are unaware of their properties’ carbon emissions.

Despite these challenges, regulatory pressure and market shifts are prompting companies to act. According to the survey, 73 percent of respondents worry that failing to implement decarbonization measures could reduce property values. Concerns also include the risk of stranded assets (29 percent) and lower rental income (17 percent), while 23 percent believe inaction will have no impact.

Alexander Roth, ESG & Operations Director at Savills Investment Management, noted that buildings with high carbon footprints are becoming harder to sell. Some companies set decarbonization targets aligned with the Paris climate agreement, but economic conditions complicate large-scale investments.

One key challenge in improving energy efficiency is understanding consumption data. Experts agree that measuring energy use is the first step in assessing necessary improvements. Iris Hagdorn, Head of Sustainability at HIH Invest, emphasized the need for long-term sustainability strategies rather than short-term ESG initiatives. She stressed that detailed energy data collection is essential for identifying areas where improvements are possible.

Energy sources and building systems play a more significant role in reducing carbon emissions than insulation upgrades. While better insulation can offer some efficiency gains, Roth explained that measures such as switching energy sources or optimizing heating and cooling systems have a greater impact.

Among the most common measures implemented or planned for reducing CO2 emissions are heating system upgrades, operational efficiency improvements, and switching to green electricity. Heat pumps, although less frequently mentioned, are gaining attention as a transitional technology. Johannes Fütterer, Managing Director of aedifion, highlighted their potential to integrate with flexible energy pricing, allowing buildings to optimize energy costs by adjusting consumption patterns.

Artificial intelligence (AI) is another emerging tool, though its application in real estate remains limited. Survey results show that 47 percent of respondents are open to using AI for decarbonization, while a third remain skeptical. Fütterer explained that AI can help analyze building operation data to optimize energy use. However, industry-wide adoption is slow due to the lack of interconnected systems capable of exchanging data.

Roth pointed out that digitalization is crucial for AI implementation. Many buildings lack smart control systems that allow for room-specific heating and cooling, requiring retrofits before AI-driven solutions can be effective.

The discussion concluded that while the real estate industry recognizes the importance of decarbonization, economic challenges and technical limitations slow progress. Improving data collection, optimizing energy sources, and integrating smart technologies will be key to meeting long-term climate goals.

Photos: Iris Hagdorn-HIH Invest, Dr.-Ing. Johannes Fütterer, Alexander Roth-Savills IM and Prof. Dr. Henric Hahr-Real Blue

Andrej Zverzhanovski Appointed CFO of Crestyl in the Czech Republic

Crestyl, a property development and investment group, has appointed Andrej Zverzhanovski as its Chief Financial Officer for the Czech Republic. In this role, he will oversee the financial management of the company’s Czech operations. The position was previously handled by Jozef Ďurík, CFO of the Crestyl Group, who will now focus on the company’s international financial strategy.

Zverzhanovski has over 18 years of experience in investments, transactions, and corporate development across Europe and Asia. His responsibilities at Crestyl will include financial planning, capital allocation, risk management, and compliance.

Before joining Crestyl, he served as Chief Investment Officer at SOLEK, leading M&A activities across seven European countries. He was also CFO and COO at foodtech startup Manifesto Market, where he contributed to its expansion into new markets. His experience includes senior roles at Axes Capital and Swisslake Capital AG, focusing on investor relations and transactions in real estate, energy, and healthcare.

A graduate of the University of Strasbourg with a degree in economics, Zverzhanovski speaks five languages, including Czech, English, French, and German, in addition to his native Serbian. Outside of work, he is an active sports enthusiast, with interests in tennis, squash, and skiing. He also enjoys cultural events, frequently visiting Prague’s theatres.

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