Garbe Industrial holds topping-out ceremony for logistics development in Salzgitter

Garbe Industrial has celebrated the topping-out ceremony for its logistics development in Salzgitter, Lower Saxony. The project involves the redevelopment of a 51,000-square-metre industrial brownfield site and is progressing toward completion, with the building scheduled to be ready for occupancy in the fourth quarter of 2025. The total investment is approximately €40 million.

Adrian Zellner, Member of the Executive Board at Garbe Industrial, described the ceremony as an important milestone in the project. He acknowledged the efforts of all parties involved in the redevelopment of the former industrial site.

The property was previously owned by rail vehicle manufacturer Alstom. Prior to new construction, significant remediation work was required to clear hazardous materials, demolish old foundations, remove concrete slabs, and properly dispose of excavated soil. Garbe Industrial leveraged its experience with former industrial sites to prepare the area for redevelopment.

The project will deliver a logistics facility of around 31,000 square metres, divided into three units. The development includes approximately 27,700 square metres of hall space, 2,000 square metres of mezzanine space, and 1,400 square metres allocated for office and social areas.

The facility will feature 29 dock levellers and twelve ground-level sectional doors, nine of which will have covered side access, making it suitable for tenants in sectors such as the automotive industry. A sealing membrane will be installed beneath the floor slab of the hall units to allow storage of materials classified as hazardous to water. Plans for the site include six truck parking spaces and 112 car parking spaces, with some pre-fitted for electric vehicle charging infrastructure.

The site’s location south of the Hanover–Wolfsburg–Braunschweig region provides access to key transport routes, including proximity to the A39 motorway, which links Salzgitter to Wolfsburg, the A2 motorway between Dortmund and Berlin, and the A7 motorway connecting Hamburg and Ulm. Zellner indicated that leasing activity is expected to progress during the construction phase.

The project is being developed in line with environmental, social, and governance (ESG) standards. The building will use district heating, and Garbe Industrial plans to pursue Gold certification from the German Sustainable Building Council (DGNB) upon completion.

Germany: “Boomer Soli” proposed to help stabilise German pension system

A special levy on all retirement income could help stabilise Germany’s pension system without directly burdening younger generations, according to a study by the German Institute for Economic Research (DIW Berlin). The proposed “boomer solidarity levy” would target higher-income pensioners, with the goal of supporting low-income retirees and reducing poverty among the elderly.

Unlike rising pension contributions or tax subsidies, which would impact younger workers, the Boomer Soli would redistribute income exclusively within the older population. Peter Haan, head of the State Department at DIW Berlin, noted that the pension system has failed to build sufficient financial reserves in recent years, and the retirement of the baby boomer generation will place significant additional strain on pension finances. DIW tax expert Stefan Bach said it would be unfair to shift the costs of demographic change onto younger people and argued that a solidarity levy could help ensure fairness by modestly affecting well-off pensioners.

The study estimates that the poverty risk rate among the elderly could fall from around 18 percent to just under 14 percent if such a measure were implemented. Under the proposal, a ten percent levy would be applied to retirement income above an allowance of approximately €1,000 per month. This would impose a moderate burden on the top 20 percent of pensioner households, who could see their net equivalent income reduced by three to four percent, depending on whether capital income is included. Meanwhile, pensioners in the lowest fifth of the income distribution would benefit from an increase in statutory pension income, resulting in a rise in their incomes of around ten to eleven percent.

The Boomer Soli would have a broad assessment base, applying not only to statutory pensions but also to private and occupational pensions, civil servant pensions, and potentially income from assets. This approach recognises that wealthier households often rely less on statutory pensions and more on other sources of income, such as company pensions or investment returns.

DIW pension expert Maximilian Blesch explained that redistributing entitlements solely within the statutory pension system would be less effective, as pension points are not always reliable indicators of a household’s overall income. He argued that limiting redistribution to the statutory system would therefore not accurately target higher-income retirees.

However, the study’s authors also caution that implementing a Boomer Soli could have side effects. Even though current earned income would not be directly taxed, long-term effects might discourage individuals from working or saving for retirement if they anticipate higher taxes on retirement income in the future. Ultimately, the choice of how to balance financial responsibilities between older and younger generations will depend on political priorities. Nonetheless, DIW Berlin considers the Boomer Soli a preferable option compared to relying solely on redistribution within the statutory pension scheme.

Colliers to manage Ghelamco’s The Bridge office complex in Warsaw

Colliers has expanded its cooperation with Ghelamco by taking over the management of The Bridge, an office complex located in Warsaw. The development consists of a modern 174-meter-high skyscraper and the renovated Bellona building, forming one of the region’s technologically advanced and environmentally focused office projects.

Situated on Plac Europejski in Warsaw’s Wola district, The Bridge offers more than 54,000 sqm of office space, including approximately 49,000 sqm in the tower and over 5,000 sqm in the historic Bellona building. Both buildings are connected by an 18-meter-high main lobby, integrating modern architecture with historical elements.

Colliers will oversee management of both buildings. The Bellona building has undergone significant renovation, preserving its classic interiors and historical details, while the new tower features a glass design resembling a cut diamond.

Jarosław Zagórski, Managing Director of Ghelamco Poland, noted the longstanding relationship with Colliers, highlighting the company’s professionalism and expertise as key reasons for entrusting them with management of The Bridge. He expressed confidence in Colliers’ ability to maintain smooth operations and high tenant satisfaction.

The Bridge is one of several Ghelamco properties managed by Colliers, following previous collaborations on the KREO building in Krakow and the Craft project in Katowice.

Agnieszka Krzekotowska, Senior Partner, Asset Services at Colliers, described the acquisition of The Bridge as significant and emphasized Colliers’ aim to provide high-quality management services that support both owners and tenants.

The complex has achieved SmartScore and WiredScore Platinum certifications and is pursuing additional sustainability standards, including WELL, BREEAM, Green Building Standard, DGNB, and a “Barrier-Free Building” designation. The Bridge is designed to be fully energy neutral and powered entirely by renewable energy. It features a building energy management system, a waste monitoring application, and a vacuum sewerage system that reduces water consumption by up to 75%.

Tenant amenities at The Bridge include 282 parking spaces, 164 bicycle spaces, electric vehicle charging stations, changing rooms with showers, and a bicycle lift—a feature introduced from the Netherlands and implemented for the first time in Poland.

Colliers continues to expand its asset management services in the commercial real estate sector, providing clients with operational, technical, and strategic support.

INVESTIKA enters Austria with acquisition near Vienna airport

INVESTIKA Real Estate Fund, the largest non-bank open-ended mutual real estate fund for retail investors in the Czech and Slovak markets, has entered the Austrian real estate sector with the acquisition of the CAE Aviation Training Centre near Vienna International Airport. The property was purchased for over €30 million from Propel Industrial Holding, an independent real estate investment firm active in Austria, Germany, and the Netherlands. This transaction expands INVESTIKA’s geographic and sector diversification, bringing its portfolio to five European countries.

The CAE Aviation Training Centre is located in Schwechat, close to Vienna International Airport, with direct motorway connections to Vienna’s city centre via the A4. The property comprises 8,077 sqm of gross lettable area and was developed as a build-to-suit project for CAE Inc., a Canadian company specialising in aviation training.

The facility features both office and industrial areas, designed for clean operations. It serves as a training centre for professional pilots using specialised aviation equipment and provides workspace for training staff. The building’s proximity to the airport and key motorway routes makes it strategically well-positioned for its purpose.

Sustainability features are integral to the property, which incorporates a timber framework, a modern building management system, LED lighting, and plans for rooftop photovoltaic panels. Rainwater collection and reuse systems are also in place. The site includes 88 parking spaces with electric vehicle chargers. The asset is currently undergoing certification for ÖGNI Gold sustainability standards.

Jaroslav Kysela, Member of the Board of Directors at INVESTIKA, investiční společnost, a.s., which manages the fund, stated that the acquisition represents the fund’s first transaction in Austria, a market regarded as mature and stable. He noted that securing a prime asset with a long-term tenant contributes to the fund’s target annual return of 4–6 percent and sets a precedent for future investments in Austria.

Armen Gevorkian, Founder and CEO of Propel Industrial, expressed satisfaction with the sale, highlighting INVESTIKA’s strategic vision and focus on high-quality, sustainable assets as consistent with Propel’s own approach to industrial real estate investments.

INVESTIKA Real Estate Fund was advised in the transaction by EHL Investment Consulting, STC Development, TPA, PwC Legal Rechtsanwälte, and PFP-LAW Austria.

Romania H1 real estate investment 30% above 12-year average

Investment in income-generating real estate assets in Romania totaled approximately €391 million during the first half of 2025, according to data from Cushman & Wakefield Echinox. This represents a slight decrease of 6.5% compared to the same period in 2024, when the volume reached €418 million. Despite the year-on-year decline, H1 2025 ranks as the second-best performing first half of the past 12 years, standing 30% above the average for the period.

Cushman & Wakefield Echinox participated in three of the largest transactions completed so far this year, with a combined value of €160 million, accounting for more than 40% of the total market volume.

These transactions included the sale of a portfolio of seven strip malls in Slobozia, Focșani, Râmnicu Sărat, Sebeș, Făgăraș, Târgu Secuiesc, and Gheorgheni; the sale of Focșani Mall; and the disposal of a significant portion of the IRIDE Business Park in Bucharest. The IRIDE complex consists of 17 mixed-use buildings for office, storage, and light production purposes, located on a 128,000 sqm plot near the Pipera metro station.

Cristi Moga, Head of Capital Markets at Cushman & Wakefield Echinox, noted that the results from the first half of 2025 reflect growing interest from foreign investors, who accounted for over 70% of the transaction volume. “The outlook for the second half of the year remains positive, considering ongoing negotiations and the historical trend of higher activity in H2. We expect the total annual investment volume to reach between €800 million and €1 billion,” he said.

By asset class, retail properties recorded the highest investment volume in H1 2025, amounting to €163 million and representing 42% of the total. Office assets followed with €126 million (32%), while mixed-use projects accounted for €55 million (14%).

The office sector experienced a notable recovery, rising from a 5% share in H1 2024 to nearly one-third of total investments in the first half of this year. This was attributed to improved office occupancy levels and a moderate decline in vacancy rates.

Among investor groups, those based in the United Kingdom were the most active, completing transactions totaling €148 million (38% of total), followed by Romanian investors with €105 million (27%), and Hungarian investors with €52 million (13%).

Santander Bank Polska provides €22 million financing for Panattoni Park Poznań XIV expansion

Panattoni has secured additional financing from Santander Bank Polska to support further development of Panattoni Park Poznań XIV. The €22 million loan will fund the second and third phases of the project, which include the construction of a build-to-suit (BTS) facility and a 28,000 sqm speculative hall.

Emilia Taczewska-Trojańska, Head of Debt Finance Poland at Panattoni, noted that Greater Poland is a key market for the company, where it has already delivered over 1.9 million sqm of space. She stated that the new financing will help Panattoni meet tenant demand by providing modern facilities in a location with strong transport connections. Panattoni Park Poznań XIV is designed to support advanced logistics operations and meet high ESG standards.

The park is situated in Głuchowo, near Poznań, approximately 6 km from the Poznań Zachód junction, where the S5 and S11 expressways intersect with the A2 motorway. This location offers convenient access to both national and international transport routes, making the site suitable for logistics, e-commerce, and light manufacturing companies.

The second phase of the development will include a BTS logistics center, while the third phase will feature a speculative hall totaling 28,000 sqm, intended for future tenants.

Once completed, Panattoni Park Poznań XIV will comprise three buildings with a total area of 63,000 sqm. The first phase, a 14,000 sqm facility, is nearing completion and will be leased by Gasa Group and Markat Plus. The entire complex is planned to receive BREEAM certification at the Excellent level, incorporating environmental measures aimed at reducing energy and water consumption.

Companies increase refinancing and seek funds for new acquisitions, CBRE survey finds

Lending activity is expected to grow significantly this year among companies using debt to finance their real estate portfolios, according to a Europe-wide survey conducted by CBRE, a global provider of commercial real estate services.

The survey found that 40% of respondents observed an improvement in market sentiment compared to the previous year across all commercial real estate sectors. Nearly 80% of companies plan to expand their borrowing activities. The primary reason cited is refinancing existing loans (56%), followed by funding for new development projects (21%) and acquisitions (15%). The share of companies pursuing financing for these purposes has increased by nine percentage points year-on-year.

Non-bank lenders—including debt funds, insurance companies, and investment banks—are playing a larger role in financing and are generally more optimistic about credit growth than traditional banks.

Rental housing remains the leading asset class for loan financing in Europe this year, accounting for 48% of activity. Industrial and logistics properties, which shared the top position with residential assets last year, have moved to second place, while hotels have risen to third place with a 14% share.

“Similar to last year, the survey shows that over 80% of companies remain open to investing in alternative assets,” said Chris Gow, Head of Debt and Structured Finance for CBRE Europe. “This segment is currently led by various residential sub-sectors, including senior housing and co-living projects. Storage units and mini-warehouses have newly emerged among the top investment areas.”

Geopolitical uncertainty is seen as the main risk facing the European credit market, with nearly 70% of respondents expressing concerns—an increase from 37% a year earlier. Despite this, many companies plan to increase their lending activity, which could enhance liquidity and support higher loan-to-value (LTV) ratios.

From a sector perspective, interest remains strong in residential rental and industrial and logistics properties in Western Europe. There is also renewed interest in retail real estate and continued focus on data centers.

Jakub Štěpán, Head of Valuation at CBRE for the Czech Republic and Central and Eastern Europe, noted differences in the region’s market trends. “In Central Europe, including the Czech Republic, we have not yet seen widespread construction of data centers or storage units, although activity in these sectors is increasing. Debt financing in our region remains focused on traditional property types, such as shopping centers, retail parks, premium offices, and, increasingly, hotels. Following the recent sale of the Hilton Prague hotel, other significant transactions are underway.”

Across Europe, most lenders are willing to provide loans with LTV ratios of 50-60%, with only minor differences between sectors. Rental housing projects see slightly higher LTVs, ranging from 52.5% to 65%. Data centers also exhibit a broader LTV range of 50-65%, with a median slightly above 50%.

Overall, median LTVs remained stable compared to last year, fluctuating by no more than one to two percentage points. European banks and non-bank institutions reported similar figures, except in logistics and data centers. In logistics, banks reported a median LTV of 55%, compared to 60% for non-bank lenders. For data centers, banks reported a median of 60%, while non-bank lenders reported 55%.

Sustainability has become a key element in lending strategies. More than 70% of respondents indicated they would avoid financing assets lacking sustainability features or plans to achieve them. Additionally, 57% of lenders confirmed they offer improved terms or margin discounts for properties that meet higher environmental standards, Gow said.

The CBRE Lender Intentions Survey was conducted in March and April 2025, involving 143 respondents representing established companies across Europe.

Raben Romania expands operations with new warehouse at CTPark Brașov West

CTP has signed a lease agreement with Raben Romania for 1,800 sqm of space at CTPark Brașov West.

This new warehouse brings Raben’s network in Romania to 10 facilities, totaling 15,000 sqm leased within CTParks across the country.

The warehouse in Brașov will function as a logistics hub for cross-docking, contract logistics, co-packing, and last-mile deliveries to retailers in the region. It will operate as part of Raben’s daily-connected network with other facilities in Sibiu, Bucharest, Roman, and Buzău.

Raben currently leases 261,000 sqm of space across six countries in Central and Eastern Europe within the CTPark network, including Poland and the Czech Republic.

George Clipa, Domestic Road Network Manager at Raben Logistics Romania, stated that the new warehouse strengthens the company’s national logistics capabilities and supports efficient connections between Brașov and other European markets such as Poland, the Czech Republic, and Germany.

The agreement reflects Brașov’s growing significance as a logistics and production hub in central Romania and continues the partnership between Raben and CTP.

Viorela Olteanu, Business Developer at CTP Romania, noted that Brașov is attracting companies seeking to optimize supply chains and establish production operations, supported by local infrastructure and workforce availability.

CTP plans to develop two additional buildings totaling 10,000 sqm at CTPark Brașov West, tailored for logistics and light industrial activities, and built to sustainability standards.

CTPark Brașov West is situated 15 minutes from Brașov, with direct links to major transport routes including E68, E60, the future A3 motorway, and Brașov-Ghimbav International Airport. The park spans 12.6 hectares and offers Class A industrial spaces designed for flexible and energy-efficient operations.

CTP’s portfolio in Romania exceeds 3 million sqm of GLA, covering locations such as Bucharest, Arad, Sibiu, Oradea, Timișoara, Craiova, and now Brașov.

Poland: Job offer barometer shows continued decline in second quarter

The Job Offer Barometer, compiled by the Department of Economics and Finance at the University of Information Technology and Management in Rzeszów and the Office for Investment and Economic Cycles, recorded a slight decrease in June 2025. The index fell to 255.6 points from 257.8 points in May and 258.7 points in June 2024. This marks the third consecutive monthly decline, leaving the index slightly below its level at the end of last year.

Across broad occupational categories, demand remained steady for positions requiring social science education, while services saw no significant change, influenced by continued corrections in tourism and further declines in logistics. Vacancies for manual workers declined for another month, although demand remains relatively high. Meanwhile, there has been a modest and persistent increase in job offers for graduates in science fields, particularly in IT and construction. However, data suggest that growth in IT job postings stems largely from hiring by a small group of large employers, rather than broad sectoral recovery.

The registered unemployment rate, excluding seasonal workers, declined by 0.1 percentage points in May to 5.0%.

In June, more provinces recorded decreases in job advertisements than increases. Larger monthly declines were seen mostly in provinces with already low unemployment rates. Podlaskie, Lubelskie, and Opolskie provinces reported the most notable increases in job offers, while Śląskie, Pomorskie, and Małopolskie experienced the largest decreases.

Among broad occupational groups, only roles requiring science or engineering education saw an increase in vacancies compared to the previous month. This marked the seventh consecutive rise, though growth has slowed since April and remains modest. Overall, the level of job postings is still low in historical terms. Growth in job offers for these occupations was primarily driven by positions in IT and the construction industry. Other occupational groups saw a month-on-month decline in vacancies, with the most significant drop recorded among manual workers. This decline is the third in a row and the largest since December, despite sustained demand for workers in this category.

For occupations requiring education in social sciences and law, cyclical declines persisted across several job categories, though some areas showed signs of stabilization. In June, more job categories experienced declines in vacancies than increases. Notably, new job advertisements were most frequent for graphic designers, call centre employees, and marketing specialists. Demand for call centre employees, office workers, and banking professionals has remained largely stable in recent months. There are emerging signs of recovery in demand for human resources specialists and finance professionals. Marketing roles, following significant declines in previous years, have seen five consecutive months of increasing vacancies, though the overall level remains low. The real estate sector has experienced three months of rising job offers, though vacancies remain slightly below levels seen a year ago. The largest monthly decreases in job postings were observed for legal professionals and corporate procurement staff, along with continued declines in sales roles. Except for a brief pause in February, legal job vacancies have fallen consistently for a year. Customer service roles have also seen a prolonged decline since February, although the number of vacancies remains relatively high compared to historical levels.

Among job offers for graduates in science and engineering, half of the job categories recorded increases in June, while declines were generally modest. The highest number of new job postings appeared for programmers, R&D staff, and IT system administrators. Vacancies for programmers and IT administrators have gradually increased over the past eight months, except for a drop in March for administrators. However, data suggest that recent increases in IT job postings are driven mainly by recruitment efforts from a few large employers rather than a broad recovery across the sector. The number of companies seeking IT workers in the first half of 2025 was also lower than during the same period last year. Outside of IT, the construction sector continues to see a positive trend in job postings. Meanwhile, vacancies for R&D and e-commerce professionals fell in June compared to May. Engineering vacancies decreased for the fourth time this year and have been declining steadily since mid-2022.

In service professions, job vacancies rose in June only in education and media. Education has maintained a high level of job offers for several years, while media continues to follow a long-term downward trend. Other service sectors saw reductions in job postings, with the most significant declines in tourism and logistics. Tourism has entered a correction phase following record highs in the previous quarter, while logistics continues its downward trajectory, with vacancy numbers falling consistently over the past year except for a few brief periods of growth.

Scallier to commercialize five new retail parks in Poland

Scallier has obtained exclusive rights to commercialize five new retail parks planned in Toruń, Bydgoszcz, Ruda Śląska, Zabrze, and Darłowo. Construction is scheduled to start between late 2025 and early 2026, with the facilities expected to open during the first half of 2027. Altogether, the projects will offer a total gross leasable area exceeding 40,000 sqm.

According to Bartosz Nowak, Managing Partner at Scallier, the company’s approach involves analyzing local markets and tenant demand to define appropriate tenant mixes, set rental levels, and design leasing strategies that balance investor expectations with customer convenience for everyday shopping.

In Bydgoszcz, a retail park of approximately 13,000 sqm will be developed on Grunwaldzka Street, near residential areas and national road DK80. Toruń’s planned retail park will cover 10,000 sqm on Bukowa Street, adjacent to housing estates and a main ring road.

In Darłowo, the first phase of development will create over 7,000 sqm of retail space on the main access road to Darłowo and Darłówko. Despite having around 12,000 permanent residents, the town attracts about one million tourists annually, contributing to the demand for retail services.

The second phase of a retail park in Ruda Śląska will add 6,000 sqm of space near existing commercial facilities such as Castorama and Aura Park.

In Zabrze, Scallier is managing both the commercialization and the full development of a retail park on Wolności Street, which is being constructed on the site of a former supermarket. An adjacent Aldi store will supplement the retail offering.

Scallier has also recently been involved in several openings. In November 2024, it commercialized a retail park in Ruda Śląska, followed by a park in Pyrzyce in May 2025. Earlier this year, the company delivered a retail facility in Kościan through the redevelopment of a former Tesco building, now housing tenants including Worldbox, Rossmann, Sinsay, Xtreme Fitness, and grocery anchor tenant Biedronka.

Further openings are planned for later this year. A 6,700 sqm retail park on Bukowska Street in Poznań is set to open in August, anchored by Lidl. In October, Wrocław will see the launch of a retail park on Średzka Street, while December will bring the opening of a 7,200 sqm facility on Bydgoska Street in Chełmża.

Nowak noted that there is still potential for growth in the Polish retail park sector, citing lower market saturation levels and steady interest in local shopping centers. Scallier continues to expand its tenant portfolio with both new brands entering Poland and established retailers and service providers, aiming to offer a variety of services and retail categories, including fashion, sports, health, beauty, and leisure.

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