Aachener Grundvermögen extends partnership with Sonae Sierra for Münster Arcades’ 20th anniversary

The Münster Arkaden, a premier shopping destination in the heart of Münster, is celebrating its 20th anniversary with a significant milestone: Aachener Grundvermögen, the property owner, has extended its management contract with Sonae Sierra, reaffirming a long-standing partnership. The agreement encompasses center and property management, leasing, and marketing.

Sonae Sierra, which previously owned the Münster Arkaden, has managed the mixed-use property on behalf of Aachener Grundvermögen since 2012. Under its stewardship, the center, spanning approximately 38,000 square meters, has continued to thrive in Münster’s competitive retail landscape.

In 2024, the Münster Arkaden achieved its highest sales since opening, along with increased visitor numbers and a 99% occupancy rate. The leasing market also saw success, with 14 new agreements signed, including deals with international brands and renewed contracts with key anchor tenants.

Sustainability has been a key focus of Sonae Sierra’s management, with notable achievements such as reducing electricity consumption by one-third since 2010 and district heating needs by 50% over the past decade. The recycling rate has also risen to 87% since 2014, contributing to a reduction in ancillary rental costs and strengthening the property’s long-term appeal.

Christine Hager, Director of Property Management at Sonae Sierra in Germany, emphasized the company’s expertise in retail and shopping center management, noting, “We are committed to maximizing the potential of the Münster Arkaden, creating value for investors, tenants, and the city of Münster. We greatly appreciate the trust Aachener Grundvermögen has placed in us.”

Aachener Grundvermögen also highlighted the importance of the partnership. “With Sonae Sierra, we have one of Europe’s most renowned retail property experts by our side. The Münster Arkaden is a first-class property in a prime location, offering attractive options for all generations. We value our collaboration with the Sierra Germany team and look forward to continuing this successful partnership,” said Dorothea Theis, Head of Real Estate Management at Aachener Grundvermögen.

As the Münster Arkaden marks two decades of success, the renewed partnership between Aachener Grundvermögen and Sonae Sierra ensures the property remains a cornerstone of Münster’s city center and a benchmark for sustainable retail management.

Czech renewable energy subsidies criticized as discriminatory by industry leaders

The revised subsidies under the New Green Savings Programme (NGS) for renewable energy sources have sparked controversy, with the Renewable Energy Chamber accusing the changes of being discriminatory and unbalanced. The updated rules reduce support for domestic photovoltaic systems by lowering the maximum subsidy amount and capping the capacity for eligible installations at five kilowatts, half the previous limit. The Ministry of Environment (MoE) defended the changes, arguing they aim to create a fairer and more accessible system.

The chamber has criticized the new approach, particularly the preference given to insulation and other energy-saving measures at the expense of household photovoltaics. According to the chamber’s president, Štěpán Chalupa, these changes are unjustifiable, and the ministry’s reasoning of limited funds is unfounded. He suggested reallocating funds from other projects, such as the seven billion CZK designated for large-scale battery storage facilities, which he claims have sufficient returns without state support. Chalupa argued that if the government supports large-scale solar projects, household systems should receive equivalent treatment.

The chamber proposed adjustments to the NGS programme, including removing the five-kilowatt cap, maintaining subsidies at 50% of eligible costs, and simplifying terms for heat pump subsidies. Despite the criticism, the Ministry of Environment rejected the claims of discrimination. Ministry spokesperson Vendula Krejčí stated that the changes aim to level the playing field among renewable energy technologies, simplify processes, and expand the programme’s reach. She emphasized that subsidies for households remain significantly higher than for companies and that the ministry continues to consult with industry stakeholders.

Industry representatives fear the new conditions will weaken interest in renewable energy, particularly among households. Radek Orság, a board member of the Guild of Accumulation and Photovoltaics (CAFT), estimates that 40% of applicants may fail to meet the programme’s property test under the revised rules. He predicts that the number of applications could fall by more than half compared to the 2,500 monthly average recorded last autumn.

Meanwhile, other experts, such as Jan Fousek, director of the Association for Energy Storage (AKU-BAT), stressed the importance of large-scale battery storage and solar parks for decarbonization and the modernization of the Czech economy. However, Fousek warned against reallocating funds from the Modernisation Fund to the NGS programme, cautioning that it could disrupt existing and future subsidy initiatives.

In 2024, the Czech Republic saw 44,593 new photovoltaic plants commissioned, a significant drop from the 82,699 installed in 2023. However, the total installed capacity of 967 megawatts matched the record high of the previous year. The Solar Association of the Czech Republic attributes the trend to a decline in single-family home installations, offset by a rise in larger and business installations.

The debate highlights tensions between fostering household renewables and supporting large-scale energy transition projects, with industry leaders and policymakers divided on how best to allocate resources for sustainable development.

Source: CTK

Kajima acquires third student depot site in Warsaw

Kajima Europe, the pan-European real estate investor, developer, and manager with GDP 10 billion in assets under management, has acquired its third Student Depot development site in Warsaw. The new project on Ciołka Street in the Wola district will feature 628 rooms and premium amenities, further solidifying Kajima’s position as the leading investor in student housing in Poland.

Located just a four-minute walk from the Księcia Janusza metro station on Line 2, the eight-story development will provide 10,100 square meters of Net Lettable Area (NLA), with the ground floor dedicated to concierge and shared spaces, including a co-working hub, games room, gym, lounge, entertainment space, and retail facilities.

Since acquiring Student Depot in 2019, Kajima has rapidly expanded its platform, achieving full ownership in 2023. Student Depot now accommodates nearly 4,200 students across major university cities like Warsaw, Kraków, Poznań, and Wrocław, with an additional 1,500 beds in the pipeline. This includes the expansion of Student Depot Poznań and a second project in Gdańsk.

Construction of the Ciołka Street site is set to begin in March 2025, with completion targeted for September 2026.

Jan Trybulski, Head of Poland at Kajima Europe, emphasized the strategic importance of the acquisition, stating, “This prime project aligns seamlessly with our expansion strategy for the Student Depot platform. Kajima’s deep commitment to the Polish PBSA market and proven expertise in managing student housing assets will ensure continued exceptional performance.”

Michal Obara, CEO of Student Depot, added, “Our third site in Warsaw marks another milestone for Student Depot as the largest and most established PBSA developer in Poland. We are excited to collaborate with Kajima Europe to maintain our strong track record of occupancy and rental growth.”

EBRD breaks investment record in Poland with €1.43 billion in 2024

The European Bank for Reconstruction and Development (EBRD) invested a record €1.43 billion in Poland across 49 projects in 2024, surpassing its €1.3 billion investment in 2023. This achievement made Poland the fourth-largest market for the EBRD last year, with all funds directed toward the private sector, and 69% allocated to the green economy.

“Our record commitment highlights the EBRD’s role as a leading institutional investor in Poland,” said Andree Moraru, Regional Director for Poland and the Baltic States. “These investments are helping Polish companies become more efficient, resilient, and environmentally sustainable while fostering economic growth. Poland remains a key destination for our green financing, with the majority of our funds supporting the country’s transition to a low-carbon economy.”

A significant portion—65%—of the EBRD’s investments supported the Polish enterprise sector. Among the highlights was a €146 million financial package for pharmaceutical leader Polpharma to advance the development of new drugs and biotechnologies. Additionally, €100 million was provided to Fiberhost/INEA, a leading telecommunications group, to modernize Poland’s fiber optic network, enhancing connectivity for over one million households.

The EBRD also bolstered the Polish real estate market, investing €100 million in Vantage Development, a major operator of rental apartments, and €13.7 million in Nrep Nordic Strategies Fund IV, supporting innovative rental housing solutions through the Nrep Studios concept. Both investments aim to address Poland’s chronic rental housing shortage.

Further diversifying its involvement, the EBRD became a shareholder in four Polish companies. This included participation in the acquisition of Velobank, a €33.9 million investment in cosmetics brand Bielenda, and €20 million for e-retailer R-Gol, a leader in sports goods.

Since its inception in 1991, the EBRD has invested over €15.3 billion in Poland, with 93% of these funds directed toward private sector companies. These record-breaking investments in 2024 underscore the EBRD’s commitment to Poland’s sustainable economic growth and its transition to a greener economy.

Demand for new flats in Brno surges despite record-high prices

Interest in new flats in Brno saw a strong revival in 2024, even as average prices per square meter in new builds remained above CZK 130,000, according to an analysis by Develo-Persian, a company that closely monitors the new-build market.

For the first time, the average price of a new flat in Brno exceeded CZK 8 million, with 1,298 units sold throughout the year—a figure almost 200 higher than the combined sales of 2022 and 2023. The surge in demand contrasts sharply with 2023, when the Brno real estate market recorded its lowest sales of new flats in a decade.

“Demand for new builds grew steadily throughout 2024, particularly in the latter months, despite only a gradual reduction in mortgage rates,” said Dalibor Lamka, reflecting on the year’s turnaround in the market.

In the last quarter of 2024, the average price per square meter of a new flat in Brno rose to CZK 131,300, with one-bedroom flats (1+kk) commanding the highest price per square meter at CZK 133,700. The average price of a unit reached nearly CZK 8.2 million, marking a significant increase compared to earlier in the year when new flats cost several hundred thousand crowns less.

This rise is partly attributed to the popularity of smaller flats, which sell faster, coupled with the release of larger flats in new projects during the year. This dynamic increased the average floor area of new flats by six square meters year-on-year, reaching 62 square meters, Lamka added.

The most popular project of 2024 was Nová Zbrojovka, which launched sales in the third quarter. Other developments like Pod Hády, Diorit, ABT Park, and Nad Arboretem also attracted significant interest.

Experts predict that prices for new builds in Brno are unlikely to decline. On the contrary, they expect continued increases fueled by strong demand. “Mortgage rates have gradually decreased to 4.85% and are expected to fall further, likely settling around 4.5%. Following a 5.1% rise in housing prices in 2024, we anticipate an even larger increase of approximately 7% this year,” said economist Vít Hradil.

With demand robust and new projects gaining traction, Brno’s real estate market is poised for another strong year in 2025.

Source: CTK
Photo: Židenice, Brno, YIT

Matarnia Office Park fully leased, marking a milestone for Domesta

The Matarnia Office Park in Gdańsk, developed by Domesta, a member of the Inpro Capital Group, has been fully leased. The office complex, comprising two buildings with over 5,000 square meters of space, was commercialized under the guidance of Walter Herz. Situated at 68B Budowlanych Street, the project reflects Domesta’s transition into the office real estate market, complementing its extensive residential portfolio.

Michał Kijuć, Director of Investment Implementation at Domesta, emphasized the project’s success, citing its premium quality, modern design, and convenient location near the Tricity bypass and public transport. The facility includes advanced systems such as BPS building management, central ventilation and air conditioning, and energy-efficient elevators. Amenities like showers and changing rooms cater to employees who commute actively.

TxWireless Poland, part of the Taoglas group, highlighted the facility’s suitability for its IoT operations, including infrastructure for R&D laboratories. Proximity to Gdańsk University of Technology and research institutions, along with transparent costs, made the complex an ideal choice.

Jarosław Zdzitowiecki of Walter Herz noted the diverse tenant base, which includes companies in the energy sector and technology industries. He expressed optimism about Matarnia Office Park’s success and the business potential of the Gdańsk area.

Domesta, with over 32 years of experience in Tricity, has delivered more than 3,000 apartments and expanded into office development, supported by its affiliation with the Inpro Capital Group. The full lease of Matarnia Office Park underscores its ability to deliver quality projects across sectors.

Construction underway for City Point Okęcie logistics facility near Warsaw Chopin airport

The joint venture between Partners Group, acting on behalf of its clients, and Peakside Capital Advisors has commenced construction on City Point Okęcie, a modern urban logistics facility located near Warsaw Chopin Airport. Spanning over 11,000 square meters, the state-of-the-art development is scheduled for completion in summer 2025, with Depenbrock Polska serving as the general contractor.

City Point Okęcie is a Build-to-Suit project designed to meet the highest Environmental, Social, and Governance (ESG) standards. The facility will integrate sustainable features such as heat pumps, a rooftop photovoltaic system, EV chargers, a green facade, and water retention systems. These advanced design elements align with the latest sustainability benchmarks, ensuring the project’s compliance with modern environmental expectations.

Strategically situated on Kinetyczna Street, the development is positioned to maximize connectivity, with proximity to the Warsaw Southern Bypass (S2 expressway) and S79 expressway, offering direct access to Warsaw Chopin Airport. The location underscores the facility’s importance as a key logistics hub for last-mile delivery services.

Michał Nawrot, Head of Investments CEE at Peakside Capital Advisors, emphasized the project’s significance, calling it a milestone for the company’s Warsaw-based logistics developments. He noted that the unique location demanded a forward-thinking approach throughout the planning and execution process. Philippe Dewevre, Member of Management at Partners Group, highlighted the project as a key example of the firm’s commitment to sustainable development while addressing the increasing demand for modern logistics solutions in strategically important locations.

City Point Okęcie is the fourth asset in the joint venture between Partners Group and Peakside Capital Advisors, following successful developments such as City Point Targówek, Logistics Point Raszyn, and Logistics Point Piaseczno. The venture continues to focus on acquiring and revitalizing urban logistics properties, emphasizing their strategy of sustainable and value-added investments.

Once completed, City Point Okęcie will serve as a benchmark for innovative logistics infrastructure, seamlessly blending sustainability and functionality to support Warsaw’s growing demand for efficient last-mile logistics solutions.

PORR and STRABAG commissioned to replace Luegbrücke bridge on Brenner motorway

The iconic Luegbrücke bridge on the A13 Brenner motorway is set to be fully replaced after more than 55 years of service. Construction giants PORR and STRABAG have been tasked with the ambitious project, with completion expected by the end of 2030.

Stretching 1.8 kilometers, the Luegbrücke is the longest bridge on the Brenner motorway and one of the most complex due to its steep hillside location. Supporting the daily transit of 32,000 vehicles, the bridge has reached the end of its operational lifespan, necessitating a complete rebuild.

The new structure will be a composite plate girder bridge, constructed in two phases to ensure continuous traffic flow. The project includes a 110-meter-long partial supporting structure with pillars up to 60 meters high to span the Sillschlucht gorge.

PORR CEO Karl-Heinz Strauss emphasized the importance of maintaining and modernizing Austria’s transport infrastructure. “The Luegbrücke replacement is one of the most challenging projects in terms of logistics and engineering. Its extreme hillside location and unique dimensions demand expertise in bridge construction, and PORR is proud to bring its extensive knowledge to this endeavor.”

STRABAG CEO Klemens Haselsteiner highlighted the bridge’s role as a critical component of the Brenner motorway, one of Austria’s busiest transport corridors. “Our goal is to construct a modern bridge that meets the highest safety standards and provides a reliable connection for decades. This requires innovative planning and cutting-edge construction methods.”

The project is overseen by ASFINAG, Austria’s state motorway and expressway operator. CEO Hartwig Hufnagl praised the selection of PORR and STRABAG as construction partners, chosen through a best-bidder process. “This project represents a sustainable investment in Tyrol’s economy and infrastructure. Our priority is clear: construction will begin in spring 2025, with the first new bridge completed by the end of 2027, eliminating traffic restrictions.”

The project will leverage LEAN Construction techniques to optimize efficiency. By 2027, the first new supporting structure will be built alongside the existing bridge and serve as the Innsbruck-bound carriageway. Traffic will then shift to this structure while the original bridge is demolished and replaced with the second substructure, which will serve as the Brenner-bound carriageway. The dual-structure design will improve safety and traffic flow.

MLP Business Park Vienna welcomes new tenants, expands portfolio

MLP Group has secured two new lease agreements for its flagship MLP Business Park Vienna, adding 6,700 m² of modern space to its roster of tenants. The new occupants include Demetra GmbH, a facility management company, and Activeon GmbH, a subsidiary of Germany’s JUMP House Holding GmbH, which plans to launch Austria’s first innovative family entertainment complex.

Demetra GmbH, headquartered in Vienna, will lease 1,900 m², comprising 1,500 m² for warehouse operations and 400 m² for office and social facilities. Operations at the new facility are scheduled to commence in mid-2025.

“MLP Business Park Vienna perfectly matches our needs with its prime location and sustainable design,” said Volodymyr Dolyniak, Managing Director of Demetra GmbH.

Activeon GmbH, affiliated with Germany’s leading trampoline park operator, has leased 4,800 m² to bring a cutting-edge entertainment complex to Vienna in 2025. This marks the company’s first venture in Austria.

“We chose MLP Business Park Vienna for its ideal location in the heart of Vienna. This new family entertainment concept will be the first of its kind in Austria, and we are grateful for MLP Group’s support,” commented Florian Ruckert, Managing Director of Activeon GmbH and JUMP House Group.

The MLP Business Park Vienna, spanning 53,600 m² across four modern buildings, offers flexible spaces starting at 1,300 m², designed for urban logistics, e-commerce, and light manufacturing industries. Situated on a 10-hectare plot, the park is just 13 kilometers from central Vienna, with convenient access to the S2/A23 highway and Vienna International Airport, located 23 kilometers away.

The park emphasizes eco-friendly solutions, incorporating green roofs, photovoltaic installations, and a recreational area with a pond. The development adheres to the ÖGNI Gold certification standards, underlining MLP Group’s commitment to sustainability.

The transactions were facilitated by OTTO Immobilien and OSWALD Immobilien. Alexandra Fischer, Team Leader at OTTO Immobilien, highlighted the project’s flexible design and MLP Group’s professionalism, stating, “Demetra GmbH’s trust underscores the high quality of these properties.”

Georg Peter Pühlhorn, Managing Partner at OSWALD Immobilien, noted the significance of the entertainment complex’s location near Stadlau retail park, which attracts approximately 5 million visitors annually, expressing confidence in its success.

MLP Group’s Chief Country Officer for Austria, Peter Falb, remarked, “These new leases affirm the appeal of MLP Business Park Vienna, blending prime location, modern architecture, and advanced sustainability.”

The MLP Business Park Vienna continues to attract diverse tenants, solidifying its status as a premier hub for innovation and growth in Austria.

Dispute ]over Žofín Palace lease sparks legal battle between Prague 1 and NKL Agency

The long-standing lease of the Žofín Palace in Prague has escalated into a legal standoff, with the current tenant, NKL Agency, refusing to vacate the premises and hand it over to Prague 1, as originally agreed. NKL Agency, which had leased the historic venue until the end of last year, declined to transfer control to the district authorities, citing a disputed lease agreement.

Representatives from the Prague 1 municipal office, along with officials from Zátiší Catering Group—the designated new tenant—arrived at the palace at 10:00 AM to facilitate the handover. However, the NKL Agency maintained its position, claiming that the lease agreement includes an option for a ten-year extension. According to NKL’s legal representative, Lucie Kolářová, this clause allows the company to retain tenancy until a court rules otherwise. Prague 1 disputes this interpretation, stating the lease did not automatically renew and that the legal grounds for occupancy have expired.

“The handover of Žofín Palace did not take place yesterday because the agency refused to vacate the premises. They continue to use the property without a valid legal basis,” stated Karolína Šnejdarová, spokesperson for Prague 1. She emphasized that the municipality does not recognize the validity of NKL’s claim.

NKL Agency asserts that the lease’s extension clause entitles them to continue operating the palace. “Our legal position is that we are legitimate tenants and users of the premises. The final decision on this matter rests with the court,” Kolářová said. A court hearing is scheduled for January 30, which may provide clarity on the lease’s validity.

Adding to the complexity, NKL Agency claims Prague 1 is obligated to purchase furniture and equipment installed by the company during its tenancy. The agency insists that until this financial obligation is met, the property cannot be vacated or handed over.

Žofín Palace’s leasing arrangements have been a contentious issue for years. Previous lease extensions, notably in 2010 and during 2018, were criticized for their timing ahead of municipal elections and perceived lack of transparency.

Prague 1 now faces the challenge of deciding its next steps while awaiting the court’s ruling, which will ultimately determine whether NKL Agency can continue its tenancy or if the palace will transition to the new lessee, Zátiší Catering Group. The dispute underscores the complexities and sensitivities surrounding the management of Prague’s historic landmarks.

Source: CTK
Photo: NKL Agency

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