Catella APAM Announces Senior Promotions Across Leadership and Asset Management Teams

Catella APAM has announced three senior promotions within its UK real estate investment and asset management business, with Victoria Morgan appointed Director and Rhys Williams and William Grenfell promoted to Senior Principal.

Morgan joins the company’s senior leadership team alongside founder and Executive Director Simon Cooke and Managing Director Melissa Baldwin. She will continue overseeing the firm’s £1.6 billion portfolio while maintaining responsibility for client relationships and contributing to the strategic direction of the business.

Having joined the company in 2023, Morgan initially led asset management for the southern region before taking responsibility for the firm’s UK-wide asset management operations. Her experience includes roles at CapitaLand and M7 Real Estate, where she managed large-scale commercial portfolios across multiple asset classes including industrial, logistics and offices.

Since joining Catella APAM, Morgan has overseen the integration of the company’s asset and portfolio management teams. The combined platform now manages approximately 5.4 million sq ft across residential, retail, office and industrial assets.

William Grenfell, who joined the firm in 2015, oversees the asset management mandate for Danish pension fund Britannia Invest A/S, including the redevelopment of the One Friary office scheme in Bristol. Rhys Williams, with the company since 2014, leads the mandate for the Greater Manchester Pension Fund, managing a mixed-use portfolio that includes retail, industrial and heritage assets across the UK.

In their new roles, both Grenfell and Williams will take on expanded responsibilities across client management, business development and team leadership within the asset management division.

Commenting on the promotions, Simon Cooke said the appointments reflected the company’s focus on developing talent internally and recognised the contribution each individual had made to the business and its clients.

Victoria Morgan said she looked forward to helping shape the next phase of growth for the company and highlighted the progress made in building an integrated asset management platform.

Left to right: Rhys Williams, William Grenfell, Victoria Morgan

Rising energy costs push U.S. inflation to highest level since 2023

Consumer prices in the United States accelerated further in April, with annual inflation reaching 3.8 percent, according to newly released government data. The increase marks the strongest pace of price growth in almost three years and adds fresh pressure on households already facing elevated living costs.

The latest figures from the U.S. Department of Labor showed inflation rising from 3.3 percent in March, driven largely by higher energy and transport costs. Fuel prices recorded one of the sharpest increases, reflecting disruptions in global oil markets linked to escalating tensions in the Middle East.

Concerns over shipping routes through the Strait of Hormuz have contributed to volatility in energy markets in recent months. The passage remains one of the world’s most important oil transit corridors, and fears over supply interruptions have pushed fuel prices higher internationally.

In the United States, average gasoline prices climbed above USD 4.50 per gallon last week for the first time in several years, according to data from AAA. Rising fuel costs are now feeding into broader inflation pressures across transport, logistics and consumer goods.

The renewed acceleration in inflation presents an economic and political challenge for President Donald Trump ahead of the November congressional elections. Containing inflation was a central theme of Trump’s 2024 election campaign, but higher fuel and household costs are becoming an increasingly sensitive issue for consumers.

Financial markets are also closely watching the inflation trend as it could influence the future direction of U.S. interest rates. Persistent price pressures may complicate expectations for monetary easing by the Federal Reserve later this year.

Despite continued strength in parts of the U.S. economy, rising living expenses remain a concern for households and businesses alike, particularly if energy market instability continues over the coming months.

Crestpoint Capital Partners acquires Pasaż Łódzki retail centre in Poland

Crestpoint Capital Partners has acquired the Pasaż Łódzki shopping centre in Łódź on behalf of a Czech private equity account from UK-based Stage Capital.

The transaction reflects continuing Czech investor activity in the Polish retail real estate market.

Located along Łódź’s ring road, the retail property comprises approximately 36,400 sqm of space and serves as a convenience-focused shopping destination in Poland’s third-largest city. The scheme is anchored by Auchan and Decathlon, alongside around 60 international and local brands including TK Maxx, HalfPrice and CCC.

According to the parties, the centre records annual footfall of approximately 3.5 million visitors and serves a catchment area of more than 470,000 residents within a 15-minute drive.

Tomáš Jandík, founder of Crestpoint Capital Partners, said the acquisition aligns with the firm’s strategy of investing in income-generating retail assets with asset management potential.

Crestpoint Capital Partners focuses on real estate advisory, investment management and joint venture mandates across the office, retail and logistics sectors in the Czech Republic and Poland.

The buyer was advised by act legal, SSW, Koda, CBRE and Gleeds. The seller was represented by Cushman & Wakefield and Greenberg Traurig.

Pinsent Masons opens Warsaw office with team of more than 40 lawyers and advisers

Pinsent Masons has launched operations in Poland with the opening of a Warsaw office, establishing a team of more than 40 lawyers and advisers focused on transactions, real estate, infrastructure, finance and cross-border advisory work across Central and Eastern Europe.

The office will be jointly managed by Bartłomiej Kordeczka and Jakub Marcinkowski, supported by founding partners Maciej Jodkowski, Piotr Staniszewski, Bartosz Nojek and Błażej Zagórski. The team includes lawyers previously associated with firms including Dentons, DLA Piper, CMS and Greenberg Traurig.

The Warsaw office will advise clients on mergers and acquisitions, real estate transactions, joint ventures, financing and refinancing, infrastructure and construction projects, as well as broader corporate and investment matters.

The firm said the launch reflects the growing importance of Poland and the wider Central and Eastern European region as investment destinations and transaction markets.

Jakub Marcinkowski said Warsaw has become a regional hub for transactions and investment projects requiring both local market expertise and international investor standards.

Pinsent Masons also stated that the Polish operation will be integrated into its wider international platform, with a focus on cross-border collaboration and coordinated client service across jurisdictions.

The firm plans to further expand the Warsaw office in areas including infrastructure, construction, finance and investment-related advisory work.

As part of the launch, Mark Harris, a long-standing partner at Pinsent Masons in the UK specialising in construction law, litigation and arbitration, will relocate to Warsaw to strengthen the office’s infrastructure and construction capabilities.

Pinsent Masons said it intends to apply experience gained on international infrastructure and capital projects, including transport, energy and large-scale urban developments, to support clients operating in Poland and the wider CEE region.

Supreme Court of Cassation of Bulgaria clarifies employment compensation rules in two landmark rulings

The General Assembly of the Civil Division of the Supreme Court of Cassation of Bulgaria has issued two interpretative rulings clarifying key aspects of employment compensation law, resolving inconsistencies in previous case law relating to unlawful dismissal claims and compensation for occupational accidents and diseases.

The rulings, adopted earlier this year, are binding on Bulgarian courts and public authorities.

In Interpretative Ruling No. 3/2024, issued on 23 February 2026, the court clarified when the limitation period begins for compensation claims linked to unlawful dismissal under the Labour Code.

The court ruled that the three-year limitation period starts from the date the employment relationship is terminated, rather than from the date a court judgment declaring the dismissal unlawful becomes final.

According to the ruling, a claim seeking recognition of unlawful dismissal has retroactive effect, meaning the dismissal is considered unlawful from the moment it took effect. The court also stated that compensation claims linked to unlawful dismissal constitute a single claim covering up to six months rather than a series of periodic payments.

The decision may strengthen employers’ ability to rely on limitation defences in cases where former employees delay filing compensation claims.

In a separate decision, Interpretative Ruling No. 1/2023, issued on 5 March 2026, the court addressed whether social insurance benefits or pensions should be deducted from compensation awarded for non-pecuniary damages in cases involving occupational accidents or occupational diseases.

The court held that social insurance payments should not be deducted from compensation for non-pecuniary damages, such as pain and suffering.

The ruling distinguished between pecuniary and non-pecuniary harm, stating that social insurance benefits compensate for loss of earning capacity rather than emotional or physical suffering. The court concluded that deductions are only applicable where compensation overlaps with the same category of damage.

The decision could increase employers’ financial exposure in occupational accident and occupational disease cases, particularly where claims include compensation for non-pecuniary damages.

The rulings are expected to have practical implications for employment litigation, employer risk management and insurance arrangements in Bulgaria.

Long-vacant Sportforum Berlin site to be transformed into residential and mixed-use district

LABORGH Investment GmbH has acquired a development site in Berlin-Lichtenberg from a company advised by Periskop Development GmbH, with plans to create a mixed-use urban quarter focused on affordable housing.

The approximately 31,100 sqm property is located at Weißenseer Weg 51, at the corner of Konrad-Wolf-Straße, adjacent to the Sportforum Berlin complex. The parties agreed not to disclose the transaction value.

Periskop Development has been involved in advancing the planning framework for the site in recent years and will continue overseeing the zoning process through a joint development partnership with LABORGH.

The project is expected to include around 700 residential units, which are planned to be transferred to a state-owned housing company upon completion. The scheme also предусматриes approximately 15,000 sqm of commercial gross floor area, including retail space, daycare facilities, medical services and other community-oriented uses.

Subject to planning approvals, construction is expected to begin in 2027.

The site was formerly occupied by the Sporthotel and Congress Center Hohenschönhausen, originally developed in the 1960s as accommodation for East German elite athletes and later expanded into a sports and congress complex during the 1980s. Following German reunification, the property fell vacant and became one of the best-known derelict sites in eastern Berlin.

Florian Lanz, Managing Director of LABORGH Investment, said the company intends to transform the long-unused property into a sustainable urban development focused on long-term use and affordability.

Dr. Simon Kempf, Managing Director of Periskop Development, said the project would help address Berlin’s housing demand by bringing a dormant site back into active use and delivering predominantly residential floor space.

The location benefits from proximity to Sportforum Berlin as well as tram connections via the M5, M6 and M13 lines and nearby S-Bahn access at Landsberger Allee.

LEG Immobilien SE reports stable first-quarter performance and confirms 2026 guidance

LEG Immobilien SE has confirmed its full-year 2026 outlook after reporting stable operating performance in the first quarter, supported by continued demand for affordable housing across its core German markets.

Like-for-like rental growth reached 3.7 percent year-on-year in the first quarter, while the EPRA vacancy rate remained low at 2.4 percent. Average in-place rent increased to EUR 7.15 per square metre, compared with EUR 6.90 a year earlier.

The company said the average monthly net rent for a typical LEG apartment remains around EUR 450, reflecting its focus on affordable housing for lower and middle-income households.

Adjusted EBITDA rose by 5.9 percent year-on-year to EUR 183.6 million, with the adjusted EBITDA margin improving to 77.4 percent from 75.6 percent in the same period last year. Net cold rent increased by 3.3 percent to EUR 237.1 million.

AFFO, which LEG uses as a key earnings indicator, totalled EUR 58.6 million in the quarter, down from EUR 62.3 million a year earlier. The company attributed the decline to a decision to bring forward more maintenance and modernisation investments into the first quarter in order to smooth project workloads over the year. Operating cash flow increased by 14.5 percent to EUR 126.3 million.

FFO I remained broadly stable at EUR 114.7 million.

LEG also reported further progress in strengthening its balance sheet. Loan-to-value decreased to 46.2 percent at the end of March 2026, compared with 46.8 percent at the end of 2025, while total financing liabilities fell by 4 percent. The company said all financing maturities for 2026 have already been addressed.

Cash and cash equivalents stood at EUR 508 million at the end of the quarter, alongside undrawn credit lines of EUR 750 million. Average financing costs remained low at 1.8 percent, with an average debt maturity of 5.8 years.

The company continued its disposal programme during the quarter, completing or agreeing the sale of around 1,000 residential units. LEG stated that disposals are focused on non-core assets and are generally targeted at or above book value.

In parallel, LEG continued expanding its sustainability and refurbishment initiatives. Its serial refurbishment joint venture RENOWATE secured its first contracts outside Germany through projects in Vienna, while termios.Pro expanded deployment of its AI-supported thermostat technology.

Looking ahead, LEG reaffirmed its full-year guidance for 2026. The company expects like-for-like rental growth of between 3.8 percent and 4.0 percent, an adjusted EBITDA margin of around 78 percent, and AFFO in the range of EUR 220 million to EUR 240 million.

Lars von Lackum, CEO of LEG Immobilien, said the company remained resilient despite ongoing geopolitical and economic uncertainty, supported by a disciplined cash-focused management approach and stable demand for affordable housing.

India’s Demographic Dividend: Growth Engine or Structural Risk?

India’s young and expanding workforce is often described as one of its greatest economic advantages. With a large share of the population in working age and a median age below most major economies, the country has a clear demographic edge. The question is whether this advantage can be translated into sustained economic growth—or whether it risks becoming a structural pressure point.

A Window of Opportunity

India’s working-age population accounts for roughly two-thirds of its total population, according to UNFPA, providing a strong foundation for labour supply, consumption and savings growth.

This demographic profile contrasts sharply with ageing economies across Europe and East Asia, where shrinking workforces are beginning to constrain growth. For India, the current period represents a time-limited opportunity to leverage its population structure to accelerate development.

Growth Potential Depends on Jobs

A young workforce alone does not guarantee economic gains. The impact of the demographic dividend depends on the ability of the economy to generate sufficient, productive employment.

Institutions such as the World Bank have highlighted that demographic advantages translate into growth only when supported by job creation, education and labour market participation.

India’s services sector, digital economy and expanding manufacturing base provide avenues for employment, but job creation has not consistently matched the scale of workforce expansion.

Skills and Employability Gaps Persist

A key constraint remains the mismatch between education and employability. While access to education has improved, industry often reports gaps in technical and soft skills.

According to assessments referenced by the International Labour Organization, improving workforce skills will be critical to enhancing productivity and ensuring that labour supply translates into economic output.

Without this alignment, the risk of underemployment and low-productivity work remains high.

Informality and Participation Challenges

India’s labour market continues to be characterised by a high degree of informality, limiting productivity gains and income growth. A large share of workers remains outside formal employment structures, with limited access to social protection.

Labour force participation is also uneven. Female participation, although improving, remains below global averages, representing a significant untapped economic resource.

Regional Imbalances Add Complexity

The demographic dividend is not uniform across the country. Southern states are beginning to age, while northern regions continue to see population growth and labour force expansion.

This divergence creates challenges in aligning labour supply with economic opportunity, particularly in the absence of sufficient geographic mobility and infrastructure.

A Conditional Advantage

India’s demographic profile offers a clear potential advantage, but it is not self-fulfilling. The economic outcome will depend on the country’s ability to expand employment, improve skills and increase participation across all segments of the population.

The window for capturing this dividend is finite. As fertility rates decline and the population gradually ages, the opportunity to leverage a young workforce will narrow.

Execution Will Define the Outcome

India’s workforce can become a powerful growth engine, supporting consumption, innovation and industrial expansion. However, without sustained policy focus and execution, it could also amplify existing structural challenges.

The demographic dividend, therefore, is neither inherently a boon nor a burden—it is a test of how effectively India can convert potential into productivity.

Source: CIJ.World India Research & Analysis Team

Walter Herz Expands Services with New Project Management Division

Walter Herz has expanded its range of services by establishing a Project Management division focused on the fit-out and modernisation of commercial spaces.

The new department will be led by Helena Kudrewicz-Czarniecka, who joins the company as Associate Director / Project Manager. In her role, she will oversee the development of the division, coordinate cooperation with investors and manage fit-out projects from planning through to delivery.

According to the company, the addition of project management services is intended to provide clients with broader support during leasing and workspace delivery processes, while improving coordination over schedules, budgets and project execution. Walter Herz stated that integrating advisory and project delivery services within one structure is also expected to simplify communication and reduce operational risks for tenants and investors.

The company said the new business line forms part of its strategy to strengthen its position as a real estate advisory firm offering support throughout the entire process, from location selection to the handover of completed office space.

Kudrewicz-Czarniecka has more than 20 years of experience as an architect and project manager in the commercial fit-out sector. During her career, she has worked on office, retail, hospitality and exhibition projects across several hundred thousand square metres of space.

Her previous experience includes projects delivered for companies and organisations such as DIL Polska Baumanagement, BNM Poland, Telewizja Polsat, Globalworth, The Tides Property Group, Netia, Business Link and Lotte Wedel.

Commenting on her appointment, Helena Kudrewicz-Czarniecka said that companies seeking support in workspace design and fit-out can benefit from improved cost control, delivery timelines and project quality, while reducing investment-related risks. She added that the role of a project manager extends beyond coordination and includes protecting the client’s interests throughout the implementation process.

Magdalena Zagrodnik, Partner and Board Member at Walter Herz, said the launch of fit-out services supports the company’s strategy of expanding internal competencies and providing clients with broader long-term support in the real estate market.

India’s Expanding Geopolitical Role Is Redefining Alliances in a Multipolar World

India’s geopolitical influence has grown steadily over the past two decades, reflecting its economic expansion, strategic positioning and evolving foreign policy approach. While the country historically adhered to a doctrine of non-alignment, it has increasingly adopted a more flexible and pragmatic strategy, often described as “multi-alignment,” allowing it to engage simultaneously with competing global powers.

This shift is contributing to a gradual reconfiguration of alliances, particularly as global power dynamics become more fragmented.

From Non-Alignment to Strategic Flexibility

India’s foreign policy has moved beyond its traditional Cold War-era positioning, maintaining engagement with a broad spectrum of partners. Relations with the United States have deepened across trade, technology and defence, while long-standing ties with Russia—particularly in energy and defence—remain intact.

At the same time, India continues to engage with multilateral groupings such as BRICS and regional partnerships across Asia. Negotiations with the European Union on a free trade agreement are ongoing, rather than concluded, reflecting a gradual expansion of economic diplomacy.

This approach enables India to preserve strategic autonomy while navigating increasing competition between major powers.

Positioning Within the Global South

India has also sought to strengthen its role among developing economies, positioning itself as a representative voice for the Global South. This was particularly visible during its presidency of the G20, where the African Union was admitted as a permanent member.

Through forums such as the G20 and BRICS, India has advocated for greater representation of emerging economies in global governance institutions, including reform of the United Nations system.

Engagement with resource-rich countries in Africa and Latin America has also increased, driven in part by the need to secure critical minerals for energy transition and industrial development. State-backed initiatives such as KABIL (Khanij Bidesh India Ltd.) have been established to support overseas resource partnerships, although their scale and impact are still developing.

Strategic Role in the Indo-Pacific

In the Indo-Pacific region, India has expanded its strategic footprint, particularly within the Indian Ocean. Initiatives such as SAGAR (Security and Growth for All in the Region) emphasise maritime cooperation, security and regional stability.

India has increased its participation in naval exercises, anti-piracy operations and humanitarian assistance efforts, reinforcing its role as a regional security contributor. Infrastructure projects such as the development of Iran’s Chabahar Port also reflect efforts to strengthen connectivity and trade routes.

Limits and Constraints

Despite its growing influence, India’s geopolitical role remains constrained by several factors. Regional tensions, particularly with China, continue to shape strategic priorities. At the same time, global conflicts—including the war in Ukraine—have complicated India’s balancing strategy, especially in maintaining relations with both Western economies and Russia.

India’s ability to act as a mediator in international conflicts is also limited. While it maintains dialogue with a wide range of actors, it is not yet widely seen as a central broker in major geopolitical disputes.

Institutional challenges at the global level, including gridlock within multilateral organisations, further limit the effectiveness of emerging powers in reshaping governance structures.

A Gradual Shift Toward Multipolarity

India’s rise is contributing to the emergence of a more multipolar global order, rather than a fundamental realignment of alliances in the near term. Its strategy of multi-alignment allows it to engage flexibly, but also reflects the complexity of navigating competing geopolitical interests.

While India is unlikely to replace existing major powers, its growing economic and strategic weight ensures that it will play an increasingly important role in shaping regional dynamics and global governance over the coming decades.