Cordia introduces residential project as part of Corvin Promenade development

Cordia has begun the conversion of an office building into a residential project adjacent to Corvin Promenade, adding more than 200 apartments to its Budapest portfolio. This initiative is part of the company’s broader response to growing demand in the city’s new-build housing market.

In 2025, sales of newly built homes in Budapest have significantly increased, with nearly 4,000 units sold in the first four months—double the number from the same period last year. This has been accompanied by a 6% rise in average prices compared to December 2024. The average price per square metre now stands at HUF 1.777 million (EUR 4,425), with values approaching HUF 2 million on the Buda side and HUF 1.7 million in Pest.

Cordia has already launched five new residential developments this year, offering over 1,000 units, and expects to release several hundred more apartments during the second half of 2025. The new Corvin Campus project is being developed within the existing structure of the Corvin Innovation Campus. Originally planned as an office building, it will now provide residential units, including a high proportion of studio and one-bedroom apartments designed to appeal to investors.

The development is located close to Semmelweis University, Metro Line 3, and the Corvin Promenade, areas known for high rental demand. The building will include eight storeys above ground, three levels of underground parking, 400 square metres of shared space, and a rooftop terrace. Cordia is offering buyers a 10/90 payment scheme, allowing a 10% reservation payment with the balance due at completion.

The architectural redesign is being managed by Radius B+S, the original designers of the building. Cordia notes that reusing the existing structure reduces environmental impact and shortens the construction timeline. Some units will have ceiling heights above three metres, reflecting the flexibility of the existing framework.

According to Cordia, this project is the first functional conversion of its kind in the central part of Budapest and is part of the Futureal Group’s broader strategy to adapt to shifting dynamics in both the office and residential markets.

Cordia expects demand to remain strong through the rest of 2025, supported by maturing government bonds and a stabilising economic outlook. The company projects total new home sales in Budapest to surpass the 7,400 units sold in 2024.

REICO LONG LEASE fund acquires logistics park Rokycany in Czech Republic

REICO LONG LEASE fund has acquired Logistics Park Rokycany in the Czech Republic, marking its second acquisition in a week and the seventh property in its portfolio. The open-ended fund, managed by REICO investiční společnost Erste Asset Management, continues to expand its presence across Central Europe with long-term leased assets.

The recently acquired logistics facility, located in the Pilsen region near the D5 motorway, offers close to 30,000 square metres of warehouse and office space. Completed in December 2023, the property includes extensive parking and handling areas. It is leased to Duvenbeck on a nearly 15-year lease term and serves as the company’s largest transhipment centre in Europe.

The project has achieved BREEAM Very Good certification, reflecting adherence to established ESG standards. Its location along the D5 motorway provides access to both domestic and international transport routes, placing it in one of the Czech Republic’s key logistics zones. The region is second only to Prague in terms of industrial market size and has a current vacancy rate of 2.4%.

Thomas Duvenbeck Immobilien, the tenant, has operated in the Czech market for over 25 years and has an 80-year global track record. The company provides freight transport services, logistics, and forwarding solutions across the EU.

The transaction follows recent acquisitions in Slovakia and Poland and aligns with the fund’s strategy of securing properties with long-term lease agreements and stable tenants. According to Dušan Sýkora, Chairman of the Board of Directors at REICO, this acquisition contributes to the fund’s long-term return objectives and places available capital under favourable conditions.

The property was acquired from ARETE, with legal, financial, and technical support provided by Wilsons, ASB, Savills, and iO Partners. With this acquisition, real estate assets now represent 81% of the fund’s portfolio, which has an estimated market value of approximately CZK 6.1 billion. By the end of May 2025, nearly 56,000 shareholders were invested in the fund.

REICO LONG LEASE fund was launched in May 2021 and is designed for conservative to moderately dynamic investors seeking stable returns from real estate-backed investments. Its current portfolio includes properties in the Czech Republic, Poland, and Slovakia, with a target annual return of 4 to 6%.

Trial assembly completed for main building of Henryk Arctowski Polish Antarctic Station

Dekpol Budownictwo and Andrewex Construction have completed the trial assembly of the new main building for the Henryk Arctowski Polish Antarctic Station. The project, commissioned by the Institute of Biochemistry and Biophysics of the Polish Academy of Sciences on behalf of the Ministry of Science and Higher Education, marks the final stage in the station’s redevelopment.

The trial assembly was carried out in May 2025 at Andrewex Construction’s production facility in Cierpice near Toruń. It involved the temporary erection of roughly one-third of the structure. This process allowed the construction team to verify the structural design, confirm compliance with technical specifications, and identify potential issues that could affect installation in the Antarctic environment. The structure will now be dismantled, packed, and prepared for shipment by sea.

According to Dekpol’s Technical Director Michał Jakubczyk, pre-assembly is essential for projects in remote and challenging locations. Given the 14,000-kilometre distance and limited infrastructure in Antarctica, preparation in Poland is critical to reduce risks and ensure continuity once work begins on-site.

Work began in March 2025 with the installation of prefabricated foundations and the steel base structure. In subsequent weeks, the wooden structural components, ceiling elements, and façade panels were added. Many components were produced using semi-automated prefabrication lines to ensure quality and efficiency. Dekpol handled the foundations and steel elements, while Andrewex was responsible for the timber structure, ceilings, and façade panels.

Andrewex’s Serafin Jerzy Szyszka emphasized that prefabrication was essential for meeting the construction timeline, noting that around 95% of housing elements will be preassembled. This will reduce the amount of on-site work required under harsh Antarctic conditions.

Equipment and staffing used in the trial closely mirrored what will be deployed in Antarctica, including cranes and telescopic handlers. Members of the team that will carry out the final assembly also participated in the trial to gain practical experience and ensure operational readiness. Approximately 50 personnel were involved in the pre-assembly process.

The structure and technical equipment will be shipped from the Port of Gdynia to Antarctica, with final construction work scheduled to begin at the end of 2025. Tasks will include sealing the building against energy loss and air leakage, followed by interior finishing in April 2026.

The main building will stand over 10 metres tall and rest on an 80-tonne steel support structure. It features more than 220 cubic metres of glued spruce timber, nearly 400 ceiling panels, and over 600 prefabricated façade panels covered with weather-resistant sheet metal. Installation will involve 76,000 screws, 130 high-resistance glass windows, 49 dome skylights, and over 1,300 metres of ventilation ductwork.

Dekpol Budownictwo has been involved in the redevelopment of the Arctowski Station since 2020, having already constructed the station’s foundation, a garage hall, and a floating equipment hall. Andrewex previously provided laminated timber for Polish Antarctic facilities as far back as the 1970s. In 2024, the consortium signed a contract for the final stage of the redevelopment, including the construction of the new main station building.

Enel-med expands lease at Signum Work Station in Warsaw

TriGranit announced a new lease agreement with medical provider enel-med for expanded service space at the Signum Work Station in Warsaw. The agreement includes both a renewal of the existing lease and a substantial expansion, bringing enel-med’s total leased area on the ground floor to over 2,200 square metres. The facility is located at ul. Domaniewska 49 in the Mokotów business district. The property was acquired by DRFG in December 2024, with TriGranit providing strategic support.

Founded in 1993, the ENEL-MED Group is one of the largest private healthcare providers in Poland, operating under several brand names and offering a broad range of services, from dentistry and rehabilitation to hospital procedures and senior care. The group runs 35 branches across the country, including dental clinics, aesthetic medicine centres, orthopedic and rehabilitation clinics, and a hospital in Warsaw. It also collaborates with over 1,600 medical partners nationwide through a corporate healthcare subscription model. ENEL-MED has been listed on the Warsaw Stock Exchange since 2011.

According to Bartosz Rozwadowski, Director of Investment and Procurement and a member of the ENEL-MED management board, the lease extension reflects the company’s long-term strategy to expand its presence in high-demand urban areas. The new space will house a diagnostic and treatment centre that aims to offer an integrated range of services, including advanced diagnostics, specialist consultations, and rehabilitation—all in one location.

Under the new 11-year agreement, enel-med will expand its presence at Signum Work Station by an additional 1,500 square metres. CBRE advised the tenant during the lease negotiations. The expanded medical centre will include facilities such as a 24-hour care program area, oncology services, mammography, MRI and X-ray suites, and a dental clinic with multiple treatment rooms. Other facilities will include an endoscopy unit, rehabilitation area, and specialist consultation rooms covering cardiology, gynecology, and imaging services.

Marta Zawadzka, Head of Leasing and Asset Management at TriGranit, noted that the expansion demonstrates the continued appeal of Signum Work Station as a high-quality commercial property. She highlighted that enel-med’s decision to enlarge its space underscores the value the building brings to both its tenants and the surrounding community.

Located in Warsaw’s Mokotów district, Signum Work Station comprises seven aboveground and three underground floors with more than 32,400 square metres of leasable space and 870 parking spaces. In addition to office space, it offers retail, service, and storage units. The building features flexible floor layouts with a typical floorplate of 4,650 square metres and holds a BREEAM “Excellent” certification for sustainability. Its location allows easy access to central Warsaw and Warsaw Chopin Airport by car or public transport.

Current tenants at Signum Work Station include a mix of Polish and international companies such as Ringier Axel Springer, Mondelēz International, Columbia, and PPD. The expanded enel-med facility is expected to open in December 2025.

Value-add real estate investments gain relevance amid market volatility

In a period of ongoing uncertainty in the real estate market, value-add investments are drawing increased attention from investors seeking to reposition assets and unlock long-term returns. At a press conference organised by RUECKERCONSULT, industry representatives Michael R. Baumann of Colliers, Lars Bothe of HIH Invest Real Estate, Dominik Barton of the Barton Group, and Patrick Brinker of Hauck Aufhäuser Lampe discussed how evolving market conditions are shaping investment strategies.

Michael R. Baumann, Head of Capital Markets Germany at Colliers, explained that the shift in interest rates in 2023 prompted a growing interest in value-add strategies. Compared to core and core-plus segments, value-add investments have gained a larger share of the transaction landscape. While their proportion of total transaction volume increased from 24 percent in 2022 to 36 percent in 2023, that figure slightly declined to 32 percent in early 2025. However, the number of individual deals has steadily risen, with value-add accounting for 58 percent of transactions in the first quarter of 2025—indicating a rise in smaller-volume transactions.

Baumann also highlighted a shift in regional focus. Since 2023, investor activity has moved away from major “A” cities and toward smaller towns and regional centres. Around half of all value-add transactions between 2023 and early 2025 took place in small towns. Offices have become the most traded asset type within this category, accounting for over 30 percent of volume, followed by logistics at 18 percent and retail at 8 percent. While residential property is not yet reflected in the transaction data to the same extent, it is widely viewed as having strong growth potential.

Dominik Barton, CEO of the Barton Group, emphasised that residential assets offer significant long-term opportunity due to persistent demand and insufficient supply across Germany. His company is actively acquiring residential properties in well-connected B and C cities and managing them internally through its asset, property, and facility management divisions. He acknowledged that the value-add approach requires upfront investment and involves higher risk, but noted that careful repositioning can ultimately result in increased returns. Barton also pointed out that investor sentiment remains cautious in light of geopolitical and economic conditions, though he expects stabilisation and improved planning visibility in the coming months. He observed a clear trend away from passive investment strategies, stating that property values can only grow if the underlying assets are actively improved.

Lars Bothe, Head of Value Add Investments at HIH Invest Real Estate, said the firm formally launched its value-add division in 2024 to address the evolving market landscape. HIH is focusing its value-add strategy on logistics and residential sectors, including redevelopment and energy-efficiency upgrades. Bothe described projects such as CityHub Leipzig, a joint venture with Partners Group that involves the repositioning of a former distribution facility into a flexible logistics hub. The company is also exploring opportunities in project development and has recently acquired a development site in the Ruhr region. HIH’s residential strategy is twofold: acquiring stalled developments and investing in older housing stock requiring refurbishment. Bothe sees these efforts as part of a broader countercyclical strategy with a medium to long-term perspective, based on detailed market analysis.

Patrick Brinker of Hauck Aufhäuser Lampe Real Estate Investment Management (HAL REIM) presented the bank’s approach to value-add within a regulated environment. HAL REIM has implemented a “managed-to-core” strategy, particularly in the retail sector. The firm has repurposed former large-scale retail sites—such as former Real stores—into modern neighbourhood shopping centres. These redevelopments include regulatory optimisation, new leases, and targeted renovations, all managed in-house. In addition to generating stable cash flow, this repositioning adds long-term value to the properties.

HAL REIM is also applying value-add strategies within its social infrastructure fund, allocating up to 20 percent of capital to repositioning projects. A key example is the transformation of a former Krupp administration building in Duisburg into a healthcare centre. Brinker noted that this project illustrates how value-add investment can be aligned with social objectives, creating both financial and community value. The fund targets cash-on-cash returns above 4.75 percent, combining predictable income streams with selective value-add enhancements.

As market volatility persists, the speakers agreed that value-add investment strategies are becoming increasingly relevant. Success in this segment requires an active management approach, flexibility, and a long-term outlook. Despite the higher risk profile, these investments are viewed as essential for unlocking underused potential, improving property performance, and contributing to broader economic and social objectives.

Photo (left to right): Lars Bothe, Head of Value Add Investments-HIH Invest Real Estate, Patrick Brinker, Head of Real Estate Investment Management-Hauck Aufhäuser Lampe, Dominik Barton, CEO-Barton Group and Michael R. Baumann, Head of Capital Markets Germany-Colliers

Catella appoints Alexandre Boucly as Head of Retail in France

Boucly joins the firm with more than two decades of experience in the commercial real estate sector, specialising in retail investment and leasing across high street assets, shopping centres, and retail parks. He began his career at Savills, where he held senior leadership roles, including Co-Head of the Retail department and membership in the French Executive Committee. In 2005, he played a key role in establishing Savills’ retail investment operations in France. More recently, he co-founded the French business of Avison Young in 2022 and served as Managing Director until mid-2024.

In his new role at Catella, Boucly will collaborate with Capital Markets teams and regional offices in Nantes, Lille, Lyon, and Aix/Marseille to support the development of the firm’s retail platform across the country.

Commenting on his new role, Boucly said, “I’m pleased to join Catella at a time of renewed focus on the retail sector. By combining strong fundamentals with focused asset strategies, we are well positioned to deliver value for our clients.”

His appointment reflects Catella Property’s strategy to expand its presence in the medium to large retail asset segment. CEO Raphaël Amouretti noted that the hire is in line with the company’s plan to build specialised teams around key asset classes. He added that Boucly’s extensive retail experience and entrepreneurial approach will support Catella’s growth and enhance its ability to deliver tailored investment solutions.

Maciej Sobolewski appointed Director of the Polish Economic Institute

Dr. Maciej Sobolewski has officially assumed the role of Director of the Polish Economic Institute (PIE), following a decision by the Minister of Finance and approval from the PIE Council. His appointment took effect on 16 June 2025.

Commenting on the appointment, Minister of Finance Andrzej Domański stated that sound analysis is essential for developing effective public policy and economic decision-making. He expressed confidence that under Dr. Sobolewski’s leadership, the Institute will continue to strengthen its role as a leading analytical centre serving the public sector.

Dr. Sobolewski holds degrees from the University of Warsaw, having completed studies in sociology as well as a doctorate in economics. From 2006 to 2017, he served as an assistant professor in the Department of Microeconomics at the university’s Faculty of Economic Sciences. His professional background includes work as an operational research expert at Orange Labs (2007–2011), Vice-President of the CASE Scientific Foundation (2011–2014), and coordinator of economic research at the University of Warsaw’s Digital Economy Laboratory (DELab) from 2015 to 2017. He also served on the Council for Digitization.

Between 2017 and 2023, he worked as an economist focusing on digital transformation at the European Commission’s Joint Research Centre (DG JRC), and later briefly at the OECD in the field of digital policy.

In his remarks, Dr. Sobolewski emphasized the importance of the Polish Economic Institute in supporting both policymakers and the public with evidence-based analysis. He noted that he hopes to use his experience to guide the Institute in producing research and recommendations that address current economic challenges and support structural modernization.

The Polish Economic Institute operates as a public think-tank under legislation passed in 2018. Andrzej Kubisiak and Paweł Śliwowski will continue in their roles as Deputy Directors under the new leadership.

REWE Group reports strong 2024 results and appoints new Supervisory Board Chairman

At its Annual General Meeting on 14 June 2025, REWE ZENTRALFINANZ eG approved the 2024 financial statements, confirming another year of solid performance for the REWE Group. The meeting also marked a leadership transition on the Supervisory Board, with Stefan Lenk succeeding Erich Stockhausen as Chairman.

REWE Group’s 2024 online annual report, published under the theme “Clear Course – Strong Future”, highlights continued business stability and growth across the cooperative’s operations.

After ten years as Chairman of the Supervisory Board, Erich Stockhausen stepped down from his role. Reflecting on his tenure, he noted that his priority had always been to guide the company’s development in a way that would benefit future generations. He expressed confidence in the organisation’s direction and leadership.

His successor, Stefan Lenk, brings decades of experience as a REWE merchant. He launched his first store in 1983 and now operates a family-run retail business with nine locations, over 500 employees, and annual turnover exceeding €100 million. Lenk has served on the Supervisory Board of REWE Dortmund since 2014, acting as its chairman since 2016. He joined the REWE Group Supervisory Board in the same year and has chaired its Audit Committee since 2018.

In his remarks, Lenk acknowledged his predecessor’s contribution and expressed confidence in the organisation’s continued path. He emphasised collaboration with the Executive Board and REWE employees as key to the cooperative’s future success.

The General Meeting also confirmed Helmut Göttmann, Deputy Chairman of the Supervisory Board and long-time Chairman of the General Works Council at REWE and PENNY. His role as Deputy Chair of the Supervisory Board will now be filled by Franziska Blumenthal, current Chair of the General Works Council.

P3 acquires logistics property in Schwarzenbruck, Bavaria

P3, a European logistics real estate developer and long-term investor, has acquired a logistics facility in Schwarzenbruck, Bavaria, from VIB Vermögen AG.

The property covers a plot of 67,475 square metres, with a gross lettable area of 30,858 square metres. Located near the greater Nuremberg area, the site offers direct access to major transport routes, with the A9, A3, and A6 motorways all within a short driving distance. This region is considered one of Germany’s top ten real estate markets and serves as an economic hub in northern Bavaria.

Built in 2018, the logistics facility includes sustainability elements such as a photovoltaic system and is fully leased to a single tenant. The building’s location in a high-demand area with limited availability of permitted logistics space adds to its strategic value.

According to Sönke Kewitz, Managing Director of P3 Germany, the acquisition supports the company’s ongoing strategy to strengthen its presence in Bavaria and expand its portfolio of sustainable logistics properties.

Legal advisory for the transaction was provided by DLA Piper, with TA Europe conducting the technical due diligence. P3 intends to retain the asset long-term and continue improving its sustainability performance.

ZPP opposes extension of retail sales tax to e-commerce sector

The Union of Entrepreneurs and Employers (ZPP) has expressed firm opposition to the Ministry of Finance’s proposal to extend the retail sales tax to Poland’s e-commerce sector. The organization argues that such a move would be harmful to the development and competitiveness of Polish and European businesses, particularly small and medium-sized enterprises (SMEs), which form a significant portion of the online retail market.

The retail sales tax, introduced in 2021, was originally intended to increase budget revenues and curb tax optimisation practices by large international retail chains. A tax-free threshold of PLN 17 million in monthly revenue was introduced to protect smaller Polish retailers. However, ZPP notes that the measure has not met its goals. Despite the tax, the number of small shops in Poland has continued to decline, with an estimated 10% drop between 2015 and 2021. In 2022 alone, approximately 4,000 small outlets closed, followed by another 2% market contraction in 2023.

According to ZPP, extending this tax to e-commerce risks further weakening domestic businesses at a time when they are already under pressure from rising operating costs, logistics expenses, and digital advertising rates. The organization is particularly concerned about unfair competition from non-EU platforms—mainly from Asia—which often avoid customs and tax obligations by underreporting order values or splitting shipments.

While Poland’s e-commerce market was valued at approximately PLN 100 billion in 2024 and is forecasted by PwC to grow to PLN 192 billion by 2028, ZPP warns that such growth is not guaranteed. Factors including economic uncertainty, rising costs, and increased foreign competition could slow or reverse these projections.

The organization also emphasizes that nearly half of Poland’s e-commerce sector is made up of SMEs, which would be disproportionately affected by any new tax burdens. It argues that a national-level policy like this could exacerbate existing imbalances and harm law-abiding businesses.

ZPP is calling on the government to suspend any work on the proposed amendment and instead focus on addressing e-commerce taxation at the European Union level. The group believes that a coordinated EU-wide approach would be more effective in ensuring fair competition between European companies and international platforms. It also points out that no other EU member state has implemented a similar tax on e-commerce, and that unilateral national action could disrupt the single market.

In conclusion, ZPP urges Polish authorities to prioritise regulatory cooperation at the EU level over domestic tax extensions, in order to support fair competition and the continued development of the local digital economy.

Source: ZPP

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