ZEITGEIST Asset Management completes mixed-use development in Krakow

ZEITGEIST Asset Management has announced that its mixed-use project, ZEITRAUM – Racławicka 58, has received an occupancy permit and BREEAM certification. The development, located in Krakow’s Krowodrza district, combines a private student residence and serviced apartments to help address the city’s housing needs.

The building, which will open this autumn, features two distinct sections. The left wing contains a private student residence with 289 beds, while the right wing offers 182 serviced apartments. The project is operated by ZEITRAUM, a subsidiary of ZEITGEIST Asset Management, which currently manages multiple student residences and apartment buildings in Poland and the Czech Republic.

Peter Noack, co-founder and CEO of ZEITGEIST Asset Management, explained that flexibility was a core design principle for the development. Both sections of the building can be adapted to changing market demands due to a modular layout.

The student residence has been designed to support both academic and recreational needs. It includes single rooms and communal facilities such as a gaming room, relaxation areas, a gym, and spaces for yoga.

The serviced apartment section consists of units designed for both short-term and long-term stays, featuring a cohesive design in neutral tones and modern furnishings. The property also includes underground parking with electric vehicle charging points, bicycle storage, and a central green courtyard.

The building’s architecture was developed to integrate well into the surrounding urban environment, with a U-shaped design and a central courtyard aimed at enhancing circulation and creating shared spaces. Tomasz Dąbrowski, Managing Director of ZEITGEIST Asset Management Polska, noted the building’s emphasis on natural light and good interior acoustics. The project was completed in collaboration with Reesco Hospitality and B2 Studio.

The new development comes amid significant demand for student housing in Krakow, which has over 130,000 students but limited accommodation options in public and private residences. The shortfall leaves a large number of students seeking private rentals or shared housing.

Zdena Noack, Managing Director of ZEITRAUM, highlighted that the Racławicka project was designed to combine privacy with communal spaces, aiming to support both academic focus and social interaction.

ZEITRAUM Racławicka is situated 10 to 20 minutes by public transport from major Krakow universities and is adjacent to the Łobzów train station, which offers a four-minute connection to Kraków Główny train station. The Krowodrza district, where the building is located, offers various amenities including restaurants, cultural venues, parks, sports facilities, and essential services.

Move-ins at Racławicka Street are planned for this autumn, with reservations already underway for spaces available from 1 September.

Tobias Lagaly appointed Center Manager of EUROPA-Galerie Saarbrücken

Sonae Sierra has announced the appointment of Tobias Lagaly as the new Center Manager of the EUROPA-Galerie Saarbrücken, an inner-city shopping center managed on behalf of owner Union Investment.

Lagaly, who is originally from Saarbrücken, has over a decade of experience in center management, where he has been involved in the development and repositioning of multiple retail locations in southern Germany. He is also recognized in the industry for his work in event planning and activation concepts.

Christine Hager, Director of Property Management at Sonae Sierra in Germany, said that Lagaly’s familiarity with the Saarbrücken area and his industry experience will contribute to both operational and strategic management of the center.

Lagaly expressed enthusiasm about his new role, noting the opportunity to further develop the EUROPA-Galerie in his hometown and enhance its position as a shopping destination in Saarbrücken.

Tobias Lagaly succeeds Dennis Bastuck, who previously held the role of Center Manager at the EUROPA-Galerie. Sonae Sierra oversees administration, marketing, leasing, and project management for the property.

Atradius survey finds businesses skeptical about Germany’s investment program

While the German government has announced plans to invest over half a trillion euros to modernize infrastructure, support digitalization, and meet climate targets, a new survey indicates significant skepticism among German businesses about the program’s implementation and impact.

The investment initiative, financed through a special credit-funded fund, includes an immediate investment program passed last week by both the Bundestag and the Bundesrat. Despite the scale of the effort, many companies remain doubtful that the measures will translate into tangible benefits for their own investment plans.

“Only a quarter of businesses believe that the federal government’s immediate program is feasible,” said Frank Liebold, Country Director Germany at credit insurer Atradius. He noted that while the program aims to stimulate growth and provide long-term planning security, many businesses question whether these goals will be achieved.

Atradius conducted a survey of over 480 companies across various sectors including automotive, construction, chemicals, services, finance, IT, and manufacturing. The survey revealed that nearly three-quarters of respondents see reducing bureaucracy in planning and approval processes as the most effective way to encourage investment. Other priorities include lowering corporate tax rates from 2028 (58 percent), reforms to reduce energy costs (52 percent), tax write-offs on equipment investments until 2027 (44 percent), and expansion of digital infrastructure (43 percent).

Fewer businesses believe that promoting electric mobility will significantly impact their investment plans, with only 15 percent citing it as a priority.

Businesses expressed a clear preference for the special fund’s resources to be allocated toward traditional infrastructure projects such as transport networks, digital expansion, housing construction, and education.

Despite the scale of planned investments, only about eight percent of companies surveyed consider the government’s measures fully sufficient to secure long-term economic growth. Nearly half remain undecided, while around one in five view the measures as inadequate.

Concerns also extend to the feasibility of implementing the program. More than 70 percent of respondents anticipate significant obstacles, citing delays in legislation and approvals as the primary challenges. Other issues include a shortage of skilled workers, unclear priorities, resistance from regional governments or civil society groups, and administrative complexity. Financial risks such as potential reallocation of funds or future budget cuts also contribute to the uncertainty felt by about a quarter of businesses.

Nevertheless, if implemented effectively, businesses see potential benefits. Two-thirds expect reduced bureaucratic hurdles, while 64 percent anticipate better investment conditions through tax reforms. Half of the companies surveyed expect improvements in the energy supply.

“Companies are willing to invest but require clear framework conditions and planning certainty,” said Liebold. “For the special fund to be effective, decision-making processes need to become significantly more efficient.” He added that the recent legislative steps, including extended depreciation options and proposed corporate tax reductions, are positive but must be accompanied by efforts to reduce bureaucracy and improve digital infrastructure to ensure timely execution of the stimulus measures.

The survey participants ranged from companies with annual turnovers of under five million euros to those exceeding one billion euros, employing anywhere from fewer than 100 to more than 1,500 people.

CTP to develop 12,000 sqm facility for E.ON subsidiary at CTPark Mülheim

CTP, a listed European developer and operator of industrial and logistics real estate, has announced plans to construct a build-to-suit logistics facility for Westenergie AG, a subsidiary of E.ON SE, at CTPark Mülheim in North Rhine-Westphalia, Germany.

The new facility will cover approximately 12,000 square meters of rental space. Westenergie AG will consolidate two metering business units from Essen-Kettwig and Mülheim into the building, which will include office areas, a logistics center for metering device technology, and a state-approved test center for metering devices. The company has signed a long-term lease for the premises.

CTPark Mülheim occupies a brownfield site previously used as an industrial rolling mill, acquired by CTP from Vallourec in 2023. The developer is transforming the 335,000 square meter site into a business park intended to offer over 160,000 square meters of space for research and development, laboratories, co-working, industrial, and logistics facilities. Target industries include life sciences and IT manufacturing.

The location of CTPark Mülheim in the Rhine-Ruhr metropolitan region provides direct access to several major highways and is in proximity to cities such as Düsseldorf, Duisburg, Dortmund, and Essen. The site is also connected to logistics networks serving Belgium and the Netherlands, including major ports like Amsterdam, Antwerp, and Rotterdam.

Bernd Böddeling, Senior Vice President Energy Networks Germany at E.ON and CEO of Westenergie AG, noted that the new building will support future growth in the region. Marc Buchholz, Mayor of Mülheim an der Ruhr, said that E.ON’s presence signals the area’s attractiveness for high-growth businesses.

Timo Hielscher, Managing Director M&A at CTP Deutschland, stated that the development reflects CTP’s focus on repurposing brownfield sites and leveraging the potential of the Rhine-Ruhr region.

CTP aims to achieve DGNB Gold certification for sustainable construction at the site, including the installation of a photovoltaic system to support a fossil-free energy supply. Completion of the project is expected in the third quarter of 2027. Brockhoff & Partner and the city of Mülheim an der Ruhr are also involved in the project.

Hillwood & LCube Wrocław East nears 80% lease occupancy

Hillwood & LCube Wrocław East, a modern A-class logistics center situated near the Eastern Bypass of Wrocław, has reached a leasing level of nearly 80%, according to the developers. The facility has continued to attract tenants amid competitive conditions in the Lower Silesian logistics market.

In recent weeks, three new lease agreements have been signed at the site, and one existing tenant has expanded its occupied space. The center’s tenant mix now includes an IT equipment distributor, a company from the sustainable fashion sector, and a supplier serving the construction industry. Additionally, a firm operating in the armaments sector has increased its leased area within the park.

Justyna Kononowicz, Business Development Director at Hillwood Polska, stated that the recent transactions reflect the project’s steady progress and the firm’s ongoing efforts to maintain flexibility and communication with tenants.

The logistics center has been constructed to high technical standards and holds a BREEAM certificate at the Excellent level, indicating its adherence to sustainability and energy efficiency benchmarks.

Karol Bandura, President of the Management Board of LCube, noted that environmental, social, and governance (ESG) factors are increasingly influencing tenant decisions alongside location and operating costs. He added that the center’s transport links—including access via the Wrocław Agglomeration Railway—enhance its attractiveness for companies seeking efficient connections to Wrocław and other regions in Poland.

Hillwood & LCube Wrocław East benefits from direct access to the Eastern Wrocław Bypass and proximity to key regional road networks, including the S8, A8 expressways, and the A4 motorway. The location offers convenient routes to Germany, the Czech Republic, and Warsaw, supporting both domestic and international logistics operations.

One Colmore Row in Birmingham fully let following new lease agreement

Catella APAM, a UK real estate asset and investment manager, has secured a lease agreement with professional services firm Crowe LLP at One Colmore Row in Birmingham. The deal brings the building to full occupancy and represents the latest addition to Catella APAM’s regional office portfolio.

The new lease covers the 8th floor of the building, totaling 4,169 square feet, and has been agreed on a 10-year term with a tenant break option after five years. The lease sets a new rental benchmark for the property at £45 per square foot.

One Colmore Row, located in Birmingham’s Colmore Business District, provides Grade A office accommodation with views over the city and strong transport links, making it an attractive location for businesses.

William Grenfell, Associate Director at Catella APAM, noted that achieving full occupancy at the property demonstrates the resilience of Birmingham’s office market and reflects the firm’s integrated management approach across asset strategy, lease negotiations, and property operations.

Catella APAM manages the property on behalf of Britannia Invest A/S, a Danish pension fund. The company continues to focus on enhancing performance across regional cities by aligning leasing activities with asset management and tenant requirements.

Construction begins on Andersa Retail Park in Gliwice

Construction has started on Andersa Retail Park, a new shopping complex situated at the intersection of Andersa and Okulickiego streets in Gliwice. The two-storey development, offering more than 4,900 square meters of retail space, has already secured lease agreements for most of its units.

The tenant mix includes brands such as Sinsay, Żabka, Rossmann, and Fabryka Formy. Kaufland has been confirmed as the grocery anchor for the project. The retail park will also feature a fitness club operated by a national chain and will provide a shared parking area with 278 spaces for visitors. The site is located near other retail outlets, including Lidl and Biedronka stores, further expanding the shopping options available in the area.

Piotr Szymoński, Director at Walter Herz, which is handling the leasing for the project, noted that the Gliwice retail market is competitive due to a high density of shopping centers and retail parks, with several developments ongoing or planned. He indicated that despite market saturation, there remains significant interest among tenants for new retail space in the city.

The development and design of Andersa Retail Park are being managed by SPEC BAU POLSKA, which is also acting as the general contractor. Construction is proceeding on schedule, with the opening of the retail park planned for the first half of 2026. Approximately 200,000 people live within a 15-minute drive of the location.

Union Investment sells Finsbury Circus House to Delancey and Aware Super joint venture

Union Investment has completed the off-market sale of Finsbury Circus House in London to DARE, a joint venture between Delancey and Australian investor Aware Super. The transaction represents one of the first significant prime office deals in the City of London in recent months, indicating renewed interest in high-quality office properties.

Union Investment initially acquired Finsbury Circus House in 1992 for its open-ended real estate fund, UniImmo: Deutschland. The property, originally leased in full to the Bank of Tokyo, underwent a redevelopment into a multi-tenant building in 2012 and 2013 following the tenant’s departure.

According to Union Investment, the sale is part of its strategy to optimize its portfolio and manage future capital expenditure risks. The company noted that the property’s location near Liverpool Street station and its quality were important factors in attracting interest from buyers. The sale proceeds will allow Union Investment to pursue new investment opportunities in London, which remains a key market for the firm.

DARE plans to incorporate Finsbury Circus House into its portfolio of prime central London offices. Delancey stated that the building’s location, close to transport links such as the Elizabeth Line and amenities, aligns with the types of assets sought by businesses looking for central London offices.

Aware Super, which has partnered with Delancey on the acquisition, sees opportunities to enhance the property’s value through sustainability-focused upgrades. The fund indicated that investments in prime central London offices, where market activity has been slower than occupational demand, remain a strategic focus for delivering returns to its members.

Following this transaction, Union Investment continues to hold eight office and hotel properties in London, valued at around €1.9 billion, alongside investments in other major UK cities and Dublin. Union Investment has operated an office in London since 2022 to support its UK and Ireland investment activities and is considering expanding into the UK residential market.

Advisers on the transaction included Travers Smith and CBRE for Delancey and Aware Super, and DLA Piper and JLL for Union Investment.

Poland unveils comprehensive plan for Ukraine’s reconstruction, eyes role for domestic companies

As Ukraine continues its daily struggle against Russian aggression, the international community is increasingly focused not only on immediate support but also on long-term plans for rebuilding the war-torn nation and integrating it with the European Union. At the recent Ukraine Recovery Conference held in Rome, Polish Prime Minister Donald Tusk presented a detailed vision for Poland’s role in this effort, positioning reconstruction as both a humanitarian duty and an economic opportunity for collaborative projects with mutual benefits. Discussions are already underway for Poland to host next year’s edition of the conference.

Since the outset of the Russian invasion, Poland has been one of Ukraine’s key allies, contributing more than 25 billion euros in humanitarian, military, and refugee aid. Building on this commitment, Prime Minister Tusk outlined a model for Poland’s engagement in Ukraine’s reconstruction, centered on the development of transport, trade, and investment. He emphasized that the reconstruction effort is not only about physical rebuilding but also about connecting Ukraine more closely with Europe, paving the way for its future EU membership.

In the area of infrastructure, Poland plans to enhance its road, rail, and communication networks. Currently, about 90 percent of military supplies headed for Ukraine transit through Polish routes. These same corridors are expected to carry the materials and goods necessary for Ukraine’s post-war reconstruction in the years ahead.

Tusk highlighted that while Poland remains firmly committed to supporting Ukraine in its conflict with Russia, it is also determined to ensure that Polish businesses can play a significant role in the reconstruction efforts and benefit from this extensive undertaking. He described ongoing discussions as promising for Polish enterprises looking to participate in rebuilding projects.

Poland already plays a crucial role in trade with Ukraine, accounting for 30 percent of the European Union’s exports to the country. As trade volumes grow, so too do opportunities for investment, underscoring the economic potential tied to the reconstruction process.

During the Rome conference, Tusk engaged in multiple bilateral and multilateral meetings. He participated in discussions with leaders from the United Kingdom, France, Italy, Germany, Denmark, and Ukraine, as well as officials from the European Commission and NATO. He also met separately with Italian Prime Minister Giorgia Meloni and Ukrainian President Volodymyr Zelensky. These conversations addressed potential facilitation for large projects involving Polish state-owned companies like Orlen and LOT, as well as banks and private enterprises that may require government support to engage in Ukraine.

Tusk explained that he and President Zelensky agreed on the need for a joint approach to certain business initiatives, allowing for simplified procedures and coordinated strategies between the two governments. He also held talks with Odile Renaud-Basso, President of the European Bank for Reconstruction and Development, to discuss financing prospects for projects in Ukraine.

Parallel discussions in Rome involved Polish ministers responsible for state assets, finance, development, and technology, who met with Ukrainian Deputy Prime Minister Yulia Svyrydenko and representatives of the Polish Development Fund (PFR Group). These talks focused on providing direct support for Polish companies planning to invest in Ukraine.

A significant outcome of the conference was the signing of a joint declaration between Poland and the United Kingdom to deepen cooperation in Ukraine’s reconstruction. The declaration outlines close collaboration in investments, reforms, and modernization efforts, and includes plans for a business forum to be held in Rzeszów, Poland.

Poland is now in discussions to host the 2026 edition of the Ukraine Recovery Conference. Tusk noted that holding the event in Poland would reflect the country’s key role in regional stability and its tangible contributions to Ukraine’s support infrastructure. He emphasized that Poland’s assistance to Ukraine goes beyond military or humanitarian aid, encompassing vital infrastructure such as roads, railways, the logistics hub in Rzeszów, and the Jasionka airport, all of which are critical to Ukraine’s current defense and future reconstruction.

The Ukraine Recovery Conference remains the leading international forum focused on Ukraine’s post-war rebuilding. It brings together representatives from governments, financial institutions, international organizations, businesses, local authorities, and NGOs to identify Ukraine’s reconstruction needs and develop practical solutions. Previous conferences have taken place in Lugano in 2022, London in 2023, Berlin in 2024, and Rome in 2025.

Source: gov.pl

Poland prepares for major changes to work seniority rules in 2026

Significant changes to Poland’s employment landscape are set to take effect in January 2026, with new regulations poised to redefine how work experience is calculated for millions of workers. The reform will extend seniority recognition to up to five million people, including those who previously worked under civil law contracts or operated as sole proprietors.

Experts from Personnel Service have analyzed the impact of the upcoming changes and highlighted several challenges facing employers and human resources departments. These include the need to review historical employment records and to update HR and payroll systems. For many workers, however, the changes offer an opportunity to reclaim years of work experience previously excluded from formal employment histories and to qualify for new employment benefits.

A report by the Ministry of Finance titled “Selected Aspects of Business Activity for 2019” indicates that sole proprietorships (JDG) remain the most popular form of business in Poland, accounting for over 80 percent of all business activities. At the end of September 2024, more than 2.4 million people in Poland were engaged under civil law contracts, with nearly half of them combining this work with other forms of professional activity.

According to Krzysztof Inglot, labour market expert and founder of Personnel Service, the reform represents a significant step toward equalizing employment rights. For many years, workers employed through civil law contracts or as sole proprietors lacked certain benefits, such as longer annual leave or severance pay. The new rules will allow them to have these years of work recognized, effectively recovering time that had previously gone uncounted.

The upcoming changes could allow many employees to surpass the critical threshold of ten years of professional experience, making them eligible for 26 days of paid annual leave. The revised rules might also affect notice periods and entitlements to benefits like severance payments during individual or group layoffs.

Beyond financial implications, the reform is expected to expand professional opportunities for individuals who have not met the experience requirements for positions in public administration or state institutions. The ability to document previous work periods outside of traditional employment contracts could grant more candidates access to recruitment processes that were once restricted to those with formally documented full-time work histories.

For employers, the new regulations signal a period of considerable organizational change. HR departments will need to begin auditing past employment records to identify workers who might now qualify for seniority recognition. Companies will also need to adapt their HR and payroll systems to accommodate the additional data and implement procedures for verifying documents submitted by employees. Training staff responsible for managing these processes and developing internal communications to inform employees will be essential.

The reform may also result in higher labour costs, not only because of potential increases in holiday entitlements or severance pay but also due to the administrative burden associated with processing claims for previously uncounted work periods. Employers will need to factor these changes into recruitment processes, particularly in cases where seniority influences eligibility for roles or determines pay scales and job levels. Many organizations will be required to adjust their existing operational standards to reflect the new legal framework.

Krzysztof Inglot emphasized that although the changes present significant challenges for employers, early preparation will be key to avoiding disruption when the regulations take effect. He suggested viewing the reforms as an opportunity for businesses to streamline processes, enhance transparency, and strengthen workplace culture, benefiting both employees and employers in the long term.

Source: Personnel Service

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