CTP reports 18.2% growth in net rental income, maintains strong outlook

CTP N.V. (CTPNV.AS) reported robust growth for the first nine months of the year, with net rental income rising 18.2% year-over-year and company-specific adjusted EPRA earnings per share (EPS) hitting €0.60. The Group is on track to meet its 2024 EPS guidance of €0.80–€0.82. The EPRA NTA per share also rose by 10.1% to €17.52.

For the period ending 30 September, CTP achieved rental income of €488.4 million, reflecting a 15.9% increase compared to the previous year, largely driven by a 4.4% like-for-like growth from lease renegotiations and indexation. The Group’s portfolio occupancy stands at 93%, with an annualized rental income of €702 million, and its gross asset value (GAV) increased by 11.8% to €15.2 billion.

In the first three quarters, CTP delivered 545,000 sqm of space with a yield on cost (YoC) of 10.1%, bringing its standing portfolio to 12.6 million sqm. New projects under construction cover 1.9 million sqm, with an expected YoC of 10.4%, representing potential rental income of €142 million when fully leased.

With a landbank totaling 27.1 million sqm, of which 20.9 million sqm is owned, CTP is well-positioned for future growth. CEO Remon Vos emphasized the Group’s strength in Central and Eastern Europe, citing steady demand for logistics and industrial real estate driven by supply chain shifts and nearshoring trends. Vos noted that CTP has leased 1.5 million sqm in 2024, a 4% increase from last year, with significant interest from Asian tenants focused on European production.

“Our strong pipeline, stable rental growth, and robust leasing activities allow us to expand at a rate of over 10% new GLA per year,” Vos stated. “We are poised to continue capturing market share and achieve double-digit NTA growth in the coming years.”

SES to invest €30m in SILLPARK, adding Austria’s first mall-based health park

SES Spar European Shopping Centers (SES) has announced a major €30 million investment in Innsbruck’s SILLPARK, the city’s largest shopping center by area and a top destination for over 5 million visitors annually.

Set to begin mid-2025, the renovation will bring a fresh, modern look to the mall and introduce Austria’s first health park in a shopping center, spanning over 3,000 square meters. This health park will be developed in collaboration with the Vinzenz Group, a leader in healthcare services, marking a new model for healthcare accessibility within Austria’s retail spaces.

SES submitted building permit requests in September 2024, with renovations to start upon official approval. The project aims to be completed by fall 2026, with the mall remaining fully operational throughout construction. This modernization effort focuses on creating a brighter, more open interior by increasing natural light in currently artificially lit areas, aligning with the renovation’s “fresh, young, trendy” theme.

The health park will occupy SILLPARK’s second floor, aiming to bolster Innsbruck’s regional healthcare services. This development aligns with SES’s recent agreement with the Vinzenz Group to introduce similar health parks at select shopping centers across Austria, bringing essential health services closer to the community.

SES CEO Christoph Andexlinger highlighted SILLPARK’s prime location, excellent public transport access, and spacious parking facilities as success factors. “This step towards multifunctionality ensures that SILLPARK, a key destination in the heart of Innsbruck, remains relevant and future-ready. The health park will add valuable services to enhance health and wellness access for our visitors,” said Andexlinger.

Vinzenz Group CEO Michael Heinisch emphasized the importance of accessible healthcare in everyday environments, calling SILLPARK’s health park a “milestone” for the joint venture. “Our goal is to provide modern, sustainable healthcare services directly where people live their daily lives. SES shopping centers are ideal community hubs for delivering essential health and prevention services simply and conveniently.”

This partnership is set to reshape SILLPARK into a multifunctional space, expanding the traditional retail experience to include accessible health and wellness services for the Innsbruck community.

Maxi Zoo opens new 3.0 format store at Galeria Panorama in Poznań

Poznań’s Galeria Panorama has welcomed a new addition to its retail lineup: Maxi Zoo, the popular pet specialty chain, has opened a store in the mall on November 6, offering an extensive range of products and services for pet enthusiasts. The new location operates in the innovative 3.0 store format, aligning with the brand’s latest strategy to enhance convenience and the overall shopping experience for pet owners. Commercialization efforts for Galeria Panorama are led by the Sierra Balmain team.

Galeria Panorama, one of Poznań’s most popular retail destinations, features nearly 70 shops and services from both Polish and international brands, catering to a broad array of needs including food, fashion, health and beauty, multimedia, home and garden, dining, and now, an expanded pet care segment.

Covering 306 square meters, Maxi Zoo’s new store offers a vast selection of pet essentials and specialty items, such as dietary products and over-the-counter pet medications. Unique to the 3.0 format, this location also includes a complimentary pet bar, complete with food and water bowls, as well as a pet scale. In-store experts provide advice on pet nutrition and grooming, adding to the interactive, service-oriented shopping experience. With brighter lighting, a minimalist design, and modular, low-rise shelving, the store layout ensures a comfortable and accessible environment for shoppers.

“We’re thrilled to work with brands like Maxi Zoo that bring a fresh approach to customer experience,” said Agata Stankowska, Head of Leasing at Sierra Balmain. “Maxi Zoo’s dedication to a welcoming, customer-centered atmosphere aligns perfectly with our mission at Galeria Panorama.”

Since entering the Polish market in 2012, Maxi Zoo has grown into the country’s largest pet store chain, with its newest Poznań location marking its 137th store. The brand plans to roll out the 3.0 format in all future stores, offering more than 8,000 products for pets. “Our expansion is on a fast track,” says Wojciech Kamiński, Country Manager of Maxi Zoo Poland. “We’re focused on providing quality products and expert advice to keep pets healthy and happy.”

With this new store, Galeria Panorama further enhances its offerings for pet owners, creating a one-stop destination for both everyday shopping and specialty pet needs.

HIH Invest expands residential fund portfolio with €516m property acquisition from Vonovia

HIH Invest Real Estate GmbH (“HIH Invest”) has launched a new residential real estate fund in collaboration with Vonovia. Following the model of their first joint fund launched in September 2024, this new fund allows HIH Invest to act as the majority shareholder on behalf of a consortium of institutional investors. While HIH Invest will manage the assets and funds, Vonovia will oversee property management.

The fund’s portfolio includes ten residential and mixed-use properties acquired for approximately €516 million. Comprising around 127,000 square meters, the assets feature 97,600 square meters of residential space and 8,700 square meters for commercial use, plus 928 parking spots. With about 1,700 residential units, the portfolio primarily includes two- and three-bedroom apartments, as well as student housing and serviced apartments. The properties are strategically located across major German cities, with three in Berlin, two in Stuttgart, and others in Hamburg, Leipzig, Dresden, Munich, and Falkensee.

Felix Meyen, Managing Director at HIH Invest, commented: “We’ve secured an appealing, energy-efficient portfolio situated in Germany’s key urban hubs. These buildings are compliant with KfW-55 or KfW-55 EE sustainability standards, and the renovated properties have undergone extensive energy upgrades. Additionally, two properties are targeting DGNB Gold certification for sustainability.” Meyen highlighted the convenience of the locations, which are close to essential amenities and public transport, as a key factor in attracting tenants.

Aligned with Article 8 of the EU Sustainable Finance Disclosure Regulation, the new fund integrates sustainability into its strategy, with Vonovia providing a guaranteed leasing service for residential and commercial units. HIH Invest’s Carsten Demmler stated, “Amidst a challenging market, we’ve successfully attracted a group of seven institutional German investors. With property prices stabilizing and demand for housing exceeding supply, we see strong potential for rent growth.”

This partnership builds on their previous collaboration, where they co-launched a fund with a €630 million investment in residential developments. HIH Invest’s Alexander Eggert noted Vonovia’s reliability as a partner, saying, “Our joint efforts have yielded a high-quality investment opportunity with a robust risk-return profile, and we’re excited about our ongoing collaboration with Vonovia and our investors.”

The transaction was supported by Hogan Lovells for legal and tax advice, while Drees & Sommer conducted technical and ESG due diligence.

ELECTROPLAST invests €9 million to modernize and expand in railway infrastructure

Romanian electrical cable manufacturer ELECTROPLAST has embarked on a significant modernization initiative, committing over €9 million to upgrade its factory and expand its role in major national railway infrastructure projects. This investment strengthens ELECTROPLAST’s position as a key player in high-performance cable production and supports the country’s energy transition and infrastructure modernization efforts. With Romania’s electrical cable market valued at an estimated 8 billion RON, the company is positioning itself at the forefront of industry developments.

In a landmark move, ELECTROPLAST has secured contracts for several critical railway projects, including the modernization of the Caransebeș-Timișoara-Arad line and the electrification of routes such as Cluj Napoca-Episcopia Bihor, Craiova-Caransebeș, and Apata-Cața. The company’s contributions to these projects underscore its commitment to supporting Romania’s railway infrastructure upgrades, aligning with the EU’s push for sustainable, efficient transport networks.

Dan Burian, CEO of ELECTROPLAST, highlighted the strategic value of these initiatives: “Our investment in cutting-edge technology and our involvement in pivotal infrastructure projects reinforce our role as a key supplier in projects driving a sustainable, high-performance future. We are proud to leverage our three decades of experience to modernize Romania’s industrial and transport landscapes.”

Part of the company’s 9 million EUR project includes purchasing advanced technological equipment, expanding production facilities, and integrating energy-efficient solutions. ELECTROPLAST recently signed a contract with the Ministry of Energy to acquire two state-of-the-art production machines valued at 10.9 million RON, with 4.6 million RON funded by the Ministry. This modernization will effectively triple the company’s production capacity and enhance the quality of its cables, aligning with global energy trends demanding sustainable, high-efficiency technologies as energy consumption is projected to increase by 50% by 2040.

ELECTROPLAST’s initiatives come as aging European low-voltage distribution networks near the end of their lifecycle, necessitating renewal with durable and efficient components. By advancing production capabilities, ELECTROPLAST is prepared to meet both domestic and European demand for resilient, eco-friendly cables, all while reducing operational costs and carbon emissions through digitalized, efficient production processes.

The company’s recent financial performance underscores its steady growth: in the first half of 2024, ELECTROPLAST reported an 80 million RON turnover, a 3% increase from the previous year, and a significant 56% rise in EBITDA, reaching 4.7 million RON. This growth was driven by a balanced product and client mix, alongside the unblocking of railway infrastructure projects funded by Romania’s National Recovery and Resilience Plan (PNRR).

Through strategic investments and an expanding portfolio of large-scale infrastructure projects, ELECTROPLAST is not only enhancing its manufacturing strength but also positioning itself as a pivotal player in Romania’s journey toward modernized, sustainable infrastructure solutions.

PSN completes Skyline project in Prague with high-demand small apartment units

PSN has successfully completed the Skyline project in Prague’s Chodov district, offering highly sought-after small apartment units, featuring layouts of 1+kk and 2+kk. These compact units cater to a range of needs, including student housing, starter homes, and investment opportunities. Currently, about a quarter of the units are still available for purchase. Skyline also includes 12 office spaces and shared facilities such as a gym, bike room, party room, and rooftop terrace.

The project involved a major renovation of part of the former Top Hotel, transforming two adjacent buildings with a full interior refurbishment and a refreshed, modernized exterior. “Our approach combines traditional and community elements to create a unique living concept ideal for young people and students starting out,” says Jaroslav Macháč, Director of Residential Projects at PSN. “Skyline also offers a timeless investment opportunity in response to increasing demand for rental properties, especially as the real estate market trends toward rentals,” he adds.

To attract investors, PSN has partnered with real estate investment firm Bureš & Partners, offering select 2+kk units with an immediate 4% discount until November 30, yielding up to 16.6% annually. Investors can expect rental incomes of up to CZK 20,000 per month with full management services provided, from selecting units to securing mortgages, interior furnishings, and tenant placements.

Skyline residents benefit from a variety of shared facilities designed to enrich daily life and foster a sense of community. Amenities include a fully equipped gym, yoga room, and party room with table football and a large screen TV. Additional conveniences include a lounge across from the reception, laundry facilities, a bike room, and ample storage options. The rooftop terrace offers panoramic views of Prague, while the outdoor relaxation area with a fireplace and flowerbeds enhances the building’s community feel.

Prospective buyers can explore four model apartments, each designed with unique themes inspired by European capitals—Prague, Oslo, and Berlin—created in collaboration with design partners Kitchen and Interior Living, and architecture studio Reaktor. The Prague-inspired unit features warm tones and traditional materials, while Berlin offers an edgy, high-contrast aesthetic, and Oslo embodies minimalist Nordic design. Recently, an additional model unit was introduced in partnership with retailer Bonami, allowing future residents to visualize a variety of design possibilities. Buyers are encouraged to add personal touches to their interiors, tailoring each space to their tastes.

Skyline’s location provides the perfect balance between urban amenities and natural surroundings. With easy access to grocery stores, bistros, and cafes, residents are just a five-minute drive from Westfield Chodov, the largest shopping center in the Czech Republic. A nearby bus stop connects to the Chodov metro station on Line C within nine minutes, making commuting convenient. For outdoor recreation, the Hostivařský Forest Park offers tranquil walking paths, while the Hostivařská Dam and the Jedenáctka Chodov aquapark provide opportunities for water sports. The area is also well-suited for cycling, appealing to an active lifestyle.

With Skyline, PSN presents a thoughtfully crafted residential space that aligns with Prague’s evolving housing needs and lifestyle trends, appealing both to residents and investors alike.

BMW prepares for all-electric future: Drees & Sommer supports major plant overhaul in Munich

BMW’s Munich plant, a key site in the automaker’s global production network, is undergoing a massive transformation to produce the next generation of all-electric “Neue Klasse” vehicles. With around 7,000 employees and a daily output of approximately 1,000 vehicles, the facility is set to become fully electric by 2027. BMW is investing €650 million into a new assembly hall, logistics facilities, and bodywork production, aiming to launch operations by November 2026. Drees & Sommer SE, an interdisciplinary project management firm, is working alongside BMW, PORR AG, and PDE to execute the complex overhaul while keeping the plant operational.

Maximilian Lammel, team leader at Drees & Sommer, noted the tight timeline as one of the project’s primary challenges. “We started demolition in April 2023, and new vehicles must roll off the line by late 2026,” Lammel said. Ensuring that construction does not disrupt ongoing production requires a streamlined, intensive communication and workflow system among all project stakeholders.

The project is guided by a unique “Partnering-Abwicklungsmodell,” a partnership approach that emphasizes joint accountability among BMW, PORR AG, and Drees & Sommer. By fostering open communication and shared responsibility, this model aims to eliminate the miscommunication that often complicates large-scale projects. “Traditional setups can lead to communication breakdowns across layers, but our partnership model creates a collaborative environment with direct information flow,” Lammel added.

Adapting techniques from the automotive industry, Drees & Sommer applies Lean management principles to streamline the construction schedule. “Our Lean approach ensures efficient coordination, enabling all teams to work harmoniously toward a common outcome,” said Florian Langlotz, partner in charge of Drees & Sommer’s Automotive Division. Planning every detail down to specific times for staff, machines, and materials, the project recently achieved a milestone, completing the new assembly hall’s shell in just ten days.

The team relies on a “digital twin” of the site, providing a virtual model enriched with data on materials, costs, durability, sound insulation, and fire safety. “This tool ensures everyone has immediate access to critical information,” explained Drees & Sommer team leader Simon Rogalski. By catching potential issues before they impact construction, the digital twin helps prevent costly delays, promoting transparency and collaboration.

Set for completion in 2026, the new assembly facilities will enable BMW’s Munich plant to focus exclusively on all-electric vehicles. By 2027, this historic site will lead BMW’s global shift to an all-electric production line, underscoring the brand’s commitment to sustainability and innovation in electromobility.

Union Investment sells Vienna’s “Rund Vier” office complex to Thalhof Immobilien

Union Investment has announced the sale of its “Rund Vier” office complex, a landmark property in Vienna’s Viertel Zwei district, to Austrian real estate firm Thalhof Immobilien. Formerly part of Union Investment’s open-ended real estate fund, UniImmo: Deutschland, the ÖGNI Gold-certified complex has been a long-standing asset in the portfolio. The transaction price remains confidential per an agreement between the parties.

“Rund Vier,” designed by renowned architects Henke Schreieck, is a distinctive office complex comprising four uniquely shaped buildings, with a total rental area of approximately 25,000 square meters. Its prime location in Viertel Zwei — one of Vienna’s top business districts — offers seamless access to the U2 underground line and proximity to the Vienna University of Economics and Business, while also bordering the recreational Prater park.

The sale marks the end of a successful 15-year holding period during which the property generated consistent returns for UniImmo: Deutschland. “This was a strategic decision to optimize our portfolio by reducing our office exposure,” explained Alejandro Obermeyer, Union Investment’s Head of Investment Management DACH.

The transaction was facilitated by brokerage firm ZOECHLING RE. Union Investment was advised on legal matters by Schönherr Rechtsanwälte and on tax issues by TPA, while Thalhof Immobilien received legal support from Tiefenthaler Gnesda Rechtsanwälte and tax guidance from BDO Austria.

This deal reflects Union Investment’s continued focus on refining its portfolio and Thalhof Immobilien’s growing presence in Vienna’s office market.

Prague’s real estate portfolio value climbs to CZK 8.843 billion following strategic developments

The Prague Development Company (PDS), an organization managing the capital city’s real estate assets, has reported a rise in its portfolio value to CZK 8.843 billion. The latest valuation, conducted by international consultancy Knight Frank, reflects the market value of 757,000 square meters of urban land designated primarily for residential projects, underscoring Prague’s ongoing commitment to expanding urban rental housing.

This updated market valuation, effective as of August 1, serves as a key reference for Prague’s strategic planning, informing decisions on property use and future development financing. “Our proactive approach in managing these public assets is producing real value, as demonstrated by the consistent growth in market worth,” said Petr Hlaváček, Prague’s Deputy Mayor and Minister for Territorial Development. He noted the impact of recent zoning changes in Nové Dvory and Palmovka, which have unlocked new development potential and significantly increased land values.

PDS first assessed its land portfolio’s market value in 2021, with an initial estimate of CZK 2.939 billion. By 2023, the portfolio’s worth had risen to CZK 7.123 billion, and this year it stands at CZK 8.843 billion, marking a substantial increase as new land assets have been incorporated and previously untapped potential has been realized.

The 2023 valuation was influenced by adjustments in the property portfolio, including the transfer of Nová Palmovka Centre out of PDS management, with comparable land values increasing nearly CZK 3 billion year-over-year. Notably, the original 10 sites appraised in 2021 have nearly doubled in value, reaching CZK 6.604 billion this year, thanks to ongoing development initiatives.

“The active management approach we apply aligns with private-sector standards, ensuring the highest possible return on municipal assets,” stated PDS Director Petr Urbánek. “Regular market valuation not only provides the city with insight into the current market, but also guides upcoming investment and development financing decisions.”

The latest valuation marks a shift in Prague’s approach to public land management, with an emphasis on retaining city ownership rather than outright sale. Adam Zábranský, Prague’s property councillor, praised the move toward value-added urban asset management. “This strategic approach gives the city control over the future of its land and will support the construction of new city apartments, contributing long-term value for Prague’s residents,” he said.

Prague’s market-aligned valuation approach positions it to maintain control over urban development, while boosting public assets and expanding housing opportunities.

Panattoni to launch billion-crown sustainable industrial zone near Pilsen

Panattoni, in collaboration with WOOD & Company’s Logistics Fund, has announced plans to establish Panattoni Park Pilsen West III, a cutting-edge industrial zone near Úherce, just 14 kilometers west of Pilsen. This project, representing a billion-crown investment, will offer 40,000 square meters of rentable space in a high-demand location, strategically positioned near the D5 motorway with key links to Germany and the rest of Central Europe.

The new industrial complex will incorporate advanced green technologies, with solar panels and heat pumps designed to reduce greenhouse gas emissions and improve energy self-sufficiency. A greywater recovery system will recycle water from sinks and showers for technical use, while a dedicated well will reduce reliance on public water supplies. To support local biodiversity, the development will feature a pond to provide habitat for amphibians. The project will target a BREEAM New Construction certification at the “Excellent” level, underscoring its sustainability credentials.

“This partnership with WOOD & Company is a significant step forward in sustainable industrial development in Pilsen,” stated Ondřej Špalek, Panattoni’s Chief Operating and Financial Officer. “With our focus on environmentally friendly facilities, we aim to create optimal conditions for leading manufacturing and logistics companies.”

WOOD & Company’s Jiří Hrbáček echoed the enthusiasm, noting, “Given the current permitting landscape in the Czech Republic, this project presents a unique investment opportunity for our clients.”

Beyond its environmental initiatives, Panattoni is also committed to local community development. In collaboration with Úherce, the company will contribute funding for a new multifunctional playground. Vlastimil Blažek, Mayor of Úherce, welcomed the project, adding, “Panattoni’s development will bring valuable job opportunities and stimulate local services for our residents.”

With Panattoni Park Pilsen West III, Panattoni aims to create a benchmark in responsible industrial development, attracting top companies to enhance the region’s economic and environmental landscape.

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