Mucha museum set to open in renovated Baroque Savarin Palace, Prague

he Mucha Museum will soon find a new home in the recently renovated Savarin Palace, a historic baroque landmark in the heart of Prague. The Mucha Foundation and the Savarin project developer, Crestyl, announced the museum’s relocation today. Renowned architect Eva Jiřičná and her studio AI Design will oversee the design of the new exhibition, which will cover over 1,100 square meters of some of the palace’s most historically significant spaces. Following extensive restoration work, these areas will soon be open to the public, with the museum scheduled to open on January 24, 2025.

“The previous space often became crowded, especially in peak seasons. Moving to Savarin allows us to present Mucha’s work in an iconic setting with more room for both tourists and locals,” said Marcus Mucha, Executive Director of the Mucha Foundation and great-grandson of artist Alfons Mucha. “The palace’s historic ties to Czech culture make it the ideal setting for this new museum.”

The museum will showcase a range of previously unseen works, including early oil paintings, studies for decorative pieces, and items reflecting Mucha’s interest in Freemasonry and Slavic history. In addition, the exhibition will be regularly updated to maintain a fresh experience for returning visitors.

Historically, Savarin Palace has hosted significant cultural activities. It was once home to the Ethnographic Museum, now part of the National Museum, and later, a popular social club frequented by prominent Czech figures. Crestyl’s director, Simon Johnson, highlighted the transformation of the palace from a former casino into a cultural destination. “Replacing the casino with a museum dedicated to Alfons Mucha aligns perfectly with our goal to revitalize these historic spaces and put them on the cultural map of Prague,” he stated.

The palace’s restoration, led by Crestyl, began in late 2021 and was completed in September, revealing valuable architectural details. Eleven restored Baroque sculptures now adorn the façade, part of a meticulous renovation effort with an investment exceeding half a billion crowns.

Architect Eva Jiřičná expressed her excitement for the project, noting, “Creating a museum in a setting like Savarin Palace allows us to blend 18th-century grandeur with Mucha’s artistic legacy. Our aim is to create harmony between two distinct worlds – baroque architecture and Mucha’s work – to foster a deeper understanding of art and cultural history.”

The Mucha Museum’s opening in January will bring new life to Savarin Palace, and ongoing plans for the Savarin complex aim to establish a dynamic public space with gardens, cultural venues, and a new gallery dedicated to the Slavic Epic, strengthening the cultural connection between Prague’s iconic Wenceslas Square and surrounding streets.

KLM Real Estate sells Slovak and Czech retail park portfolio to Patria Investiční Společnost

Slovak real estate developer KLM Real Estate has finalized the sale of a portion of its retail park portfolio to Patria Investiční Společnost, marking Patria’s third acquisition this year for the ČSOB Nemovitostní mutual fund. The portfolio, which includes five retail parks across Slovakia and the Czech Republic, will initially be available to clients in the Czech Republic in 2025.

The transaction features properties in Zvolen, Bytča, Humpolec, and Lipník nad Bečvou, totaling over 30,700 m² of fully leased retail space with high-profile tenants. Known for their sustainability features, these Class A assets include green roofs, heat pumps, and photovoltaic power infrastructure, meeting stringent energy standards. The OC Klokan Zvolen, Slovakia’s largest retail park, exemplifies KLM’s commitment to sustainable development.

The sale was brokered by international advisory firm CBRE and the law firm AK Novák, representing KLM. “This acquisition allows us to diversify our portfolio further while strengthening our regional presence,” said Nina Kozáková, Chairwoman of Patria Investiční Společnost.

Rastislav Čačko and Michal Kozáček, co-owners of KLM Real Estate, emphasized the alignment with KLM’s growth strategy, noting that the sale will support further expansion in Slovakia and the Czech Republic. “We’re pleased to have found a strong investor in Patria, validating the appeal of retail parks to institutional investors,” they stated.

CBRE’s Senior Director Marián Mlynárik added, “This transaction highlights the liquidity and quality of KLM’s retail parks, which are drawing increasing interest from investors and delivering returns comparable to shopping centers.”

Warsaw office market makes strong comeback with new projects and high tenant demand

The Warsaw office market is regaining momentum as developer activity rises, with over 70,000 sq m of new office space delivered by September 2024 and around 280,000 sq m under construction. According to AXI IMMO’s latest report, take-up remained stable at 490,000 sq m in the first three quarters, indicating consistent demand for office space in the capital.

Since January, 76% of new office completions, totaling 6.24 million sq m, were concentrated in Warsaw’s central zones. Major projects completed include the modernized Saski Crescent (15,500 sq m by CA Immo) and Vibe A (15,000 sq m by Ghelamco). The Daszyńskiego Roundabout area has emerged as Warsaw’s largest office hub, with 1.15 million sq m, representing 18% of the city’s total office stock.

Emilia Trofimiuk, Research Manager, Research Department, AXI IMMO, comments: “On the Warsaw office market, we are seeing a gradual return of developers to somewhat more activity. Developers are initiating new investments, emphasising the city’s centre zones. The Centre-West office subzone, near Daszyńskiego Roundabout, has 1.15m sq m of existing space, accounting for about 18% of the capital’s total office stock. In turn, the whole Warsaw office market has 15% more new supply under construction than last year, showing a steady recovery of developer activity and additional market expansion in the future years.”

Developer activity has increased by 15% year-on-year, with 82% of new stock under development in central zones. Key projects include The Bridge (47,000 sq m by Ghelamco), Upper One (35,900 sq m by Strabag), and V Tower (32,700 sq m by Cornerstone), all set to boost Warsaw’s office landscape by 2025.

Tenant demand remains strong, with sectors like banking, insurance, IT, and business services leading office leases. Major transactions include Santander Bank’s move to The Bridge in the Centre-West zone, securing 24,500 sq m in Q3 2024.

Vacancy rates dropped slightly to 10.7%, while rental rates in central areas held steady between EUR 19 and EUR 27/sq m/month. AXI IMMO notes a trend toward longer lease terms, with companies increasingly opting for well-located, ESG-compliant offices that support hybrid work models and feature green amenities.

Bartosz Oleksak, Associate Director, Office Department, AXI IMMO, said: “Since the beginning of the year, tenants from the banking, insurance, IT, business services, and manufacturing sectors have been the most active in the Warsaw office market. According to observed trends, client relocations from neighbouring office zones and subzones to the region of Daszyńskiego Roundabout continue to be significant. These are demonstrated by the largest transaction in Q3 2024. Santander Bank will relocate from the Central Business District zone to The Bridge building in the Centre-West zone, occupying a 24,500 sq m space under a pre-let agreement. AXI IMMO represented a customer that relocated from Mokotów-Służewiec to a new office space near Rondo Daszyńskiego, measuring roughly 1,300 sq m.”

Jakub Potocki, Associate Director, Office Department, AXI IMMO, explains: “’We are witnessing a trend towards lengthening the duration of new leases, with 7-year leases becoming more common. Following the pandemic, corporations are attempting to maximise their office space by shifting to more desirable locations and altering workplaces to satisfy the demands of employees in a hybrid model. The minimal cost of completing the shell and core space stays about EUR 800-900 per sq m. In addition, the capital’s office sector is experiencing the repositioning and refitting of older B-class office buildings and the conversion of purpose to residential. Many instances of this can be seen today in the Służewiec district, among others. Another tendency is the destruction of older office buildings to use the available land to develop contemporary office structures that meet current market criteria. Replacing the destroyed Atrium International office building with the newly planned Upper One project is one example of such a procedure in which the office function will be maintained. The new buildings continue the ESG trend by providing additional green space and community amenities. Office buildings are also implementing various technological innovations to save energy expenditures.”

Author: AXI IMMO

Centralis expands with new Hamburg development and Berlin handover to limehome

Centralis Immobilien GmbH (Centralis), a developer and investor specializing in serviced apartment and hotel properties, has marked a significant milestone with the acquisition of a prime site in Hamburg for a new serviced apartment project. The company has also announced the handover of a Berlin property converted into serviced apartments, as it continues to expand in Germany’s dynamic hospitality sector.

The newly acquired Hamburg site, located at Lüneburger Strasse 5, will host 88 high-end serviced apartments across 3,100 sq m of lettable space, featuring units ranging from 20 to 35 sq m. Construction is set to kick off at the end of Q1 2025, with completion expected by Q3 2026. Munich-based limehome, a leader in digitalised serviced apartments, has already secured a lease on the property, underscoring the project’s appeal and market readiness.

The undisclosed transaction, estimated at €15–20 million, reflects Centralis’s ambition to tap into Hamburg’s growing demand for upscale serviced accommodation. Felix Lorenz, Head of Investment at Centralis, stated, “The repositioning of the hotel in Berlin and the start of construction in Hamburg showcase our ability to operate counter-cyclically, meeting the demands of a rapidly expanding asset class. We aim for a project volume of at least €100 million in 2025, bolstered by our secured pipeline and strategic acquisitions in prime A-city locations across Germany.”

Centralis’s latest move also includes the upcoming handover of a converted former hotel property in Berlin’s Friedrichshain district. Acquired last year, the Weserstrasse 24 property has undergone a comprehensive upgrade, enhancing its energy efficiency and aesthetic appeal. Now fully repositioned, the building features 42 newly designed serviced apartments spanning 1,100 sq m, complete with shared access to a conservatory.

Matthias Maas, Vice President of Expansion at limehome, emphasized the importance of these developments in limehome’s continued growth across Germany. “The projects in Hamburg and Berlin represent significant steps in limehome’s expansion. Our collaboration with Centralis has been instrumental in bringing these projects to fruition, and we look forward to adding more modern, digitalised apartments in key cities.”

With a pipeline of projects in prime locations and a target project volume of €100 million, Centralis is set to maintain its momentum in Germany’s competitive serviced apartment market, leveraging strong partnerships and robust market demand.

Polish building certifications elevate standards but challenges remain

The number of certified buildings in Poland has surged, driven largely by regulatory pressures. According to recent data from the Polish Green Building Association (PLGBC), there are now 2,035 certified buildings in the country—a 24% year-on-year increase, marking the most significant growth in the past four years.

“Certification today signifies not only prestige but adherence to stringent sustainable standards, raising property value for investors and promising long-term energy savings,” explained Marcin Kosieniak, an ESG expert and co-owner of PM Projekt. Certification in Poland has become standard across industrial and office sectors, though residential certifications, while growing, are still less common. Kosieniak emphasized the need for building practices that prioritize energy efficiency, water savings, air quality improvements, and minimized environmental impact.

However, challenges persist. Kosieniak noted that Poland currently lacks a standardized method for calculating carbon footprints. “This inconsistency complicates carbon accounting, which is resource-intensive, costly, and requires significant data collection,” he said.

The Polish market uses several international certification standards, including BREEAM, LEED, WELL, and HQE, each with unique focus areas and processes. Additionally, Poland has its own Green House certification for residential properties, developed by the PLGBC to support eco-friendly construction.

With the European Green Deal’s target of reducing emissions by 55% by 2030 and achieving climate neutrality by 2050, sustainable real estate development will play a crucial role in Poland’s commitment to greener infrastructure.

Union Investment rejuvenates property portfolio and sells office building in Hamburg

Union Investment has profitably sold an office building in Hamburg’s old town to the property company Terrania. The property at Cremon 32 had been part of a Union Investment special fund portfolio since 2002. The parties have agreed not to disclose the sale price.

“After a holding period of over 20 years, during which the office building generated stable income for our fund, we took the opportunity to rejuvenate the portfolio and sold the property,” says Alejandro Obermeyer, Head of Investment Management DACH at Union Investment.

The seven-storey office building has a rental area of around 4,650 sqm and is situated in a traditional Hamburg location on Nikolaifleet directly opposite the Speicherstadt. Short distances to the city centre ensure optimal transport connections.

Union Investment was advised by Angermann Investment Advisory AG.

New report shows surge in Polish retail parks and investor focus on sustainability

Trei Real Estate GmbH, an international developer and asset manager, together with Jones Lang LaSalle Poland (JLL), has released their fifth annual report on retail parks and convenience centres in Poland. The report underscores retail parks as a dominant trend in Poland’s commercial real estate market, driven by the growing need for convenient, accessible shopping destinations near residential areas. Between 2018 and mid-2024, completed retail park stock increased fivefold compared to the 2000–2005 period, and the first half of 2024 alone saw over 400,000 square meters of new retail park space – a record high. In comparison, traditional shopping centres added only 50,000 square meters during the same period. Notably, the transaction volume in the retail sector surged by 149% in the first half of 2024, surpassing the five-year average by 16%.

Retail Parks Gain Popularity as Prime Investment
“Retail parks and convenience centres are increasingly preferred by expanding retailers and investors alike due to their flexibility, faster development timelines, and location near residential neighborhoods,” commented Pepijn Morshuis, CEO of Trei Real Estate. “Their adaptability makes them ideal for future expansions, a key consideration for growing brands.”

Affordable Rents Attract Lifestyle Brands
Retail parks also present a cost-effective option, with rents ranging from €8 to €20 per square meter per month, depending on location and amenities. This makes them a more affordable choice for expanding chains compared to traditional shopping centres, where rent can be double. In 2024, popular lifestyle brands such as Sphinx, Starbucks, Apart, Yes, and Verona opened their first retail park stores, highlighting the appeal of retail parks for diverse brands seeking accessible locations.

Expanding into Small Towns and Mid-Sized Cities
Poland’s smaller towns and mid-sized cities are emerging as hotspots for new developments. In the first half of 2024, 22 new retail parks opened, with nearly half located in cities of fewer than 100,000 residents. With over 3 million residents in Poland’s 350 cities of 5,000 to 15,000 people lacking modern retail access, these regions hold considerable growth potential, especially as development land is more readily available.

Jacek Wesołowski, Managing Director of Trei Real Estate Poland, stated, “The retail park market in Poland still has room for growth, especially in smaller towns. A strengthening economy and favorable financing terms will likely sustain investor interest in these areas.”

Commitment to Sustainable Development
Sustainability remains central to new retail park developments, with nearly 60% of Poland’s retail stock certified under LEED or BREEAM standards. As environmentally conscious consumers drive demand, developers like Trei are prioritizing ESG initiatives from the planning phase through to operation. Trei’s Vendo Park brand, for example, includes features such as photovoltaic systems and EV charging stations in their facilities, and all projects aim for BREEAM certification.

“Sustainability is already an integral part of today’s retail parks,” added Wesołowski. “We are committed to ESG standards across our Vendo Park brand, equipping each development with the latest in green technology to meet evolving consumer expectations.”

With 38 Vendo Parks in its portfolio and plans for four additional openings before year-end, Trei Real Estate stands among Poland’s leading retail park developers, actively shaping the future of sustainable retail in the region.

The full-length survey is available for download under the link below:

Biedronka sales show modest growth amid competitive landscape

Biedronka, the popular Polish retail chain, reported a year-on-year sales increase of 2.6% in PLN for the third quarter of 2024, with total sales reaching €5.92 billion, reflecting a 7.8% rise in euros. However, comparable store sales (LFL) experienced a decline of 1.9% during this period.

In the first nine months of the year, total sales grew by 3.9% in PLN, while LFL sales fell by 0.7%. The report highlighted a trend of cart deflation following two years of rapid inflation, enabling Biedronka to enhance its market share despite tough year-on-year comparisons.

The chain emphasized that, despite a significant increase in the minimum wage in Poland, the retail food sector is experiencing challenges, leading to a decrease in overall sales volume. In this competitive environment, where pricing has become a crucial factor for consumers, Biedronka aims to maintain its position as a price leader. The company plans to continue investing in competitive pricing strategies to create savings opportunities for Polish consumers.

During the third quarter, Biedronka opened 104 new stores and renovated 156 existing locations, resulting in a total of 3,659 outlets by the end of September 2024, up from 3,473 a year earlier. The chain’s capital expenditures (capex) for this period amounted to €253 million, representing 39% of the Group’s total outlays, compared to €344 million or 44% of total outlays in the previous year.

The total retail space for Biedronka has also expanded, reaching 2.61 million sqm, compared to 2.45 million sqm in 2023. This growth reflects Biedronka’s commitment to strengthening its presence in the Polish retail market.

Source: Biedronka and IBSnews

Czech government supports seizure of criminal assets from matrimonial property

Property related to criminal activity could in the future also be drained from the community property of spouses (SJM). This is envisaged by an amendment to the Criminal Code, which was approved by the government today, according to the results of a meeting published on the cabinet website. According to the current regulation and case law, an item belonging to the SJM of the offender and his spouse is not considered to belong to the offender, and therefore the penalty of forfeiture of the item or the measure of seizure of the item cannot be applied to the property in the SJM.

“The current legal situation unjustifiably favours offenders who have entered into a marriage and have property in the SJM over those who have not,” the Ministry said in the explanatory memorandum to the proposal. “Such a difference in status, based in principle solely on the marital status of the offender, is not reasonably justifiable,” it wrote.

While for unmarried offenders, forfeiture or seizure can be directed at all of their assets if the relevant conditions are met, for offenders with assets in a jointly owned household, these assets are generally excluded from the penalty. “Thus, by consuming or otherwise using an item that is the proceeds of crime, an offender can avoid property sanctions if he or she has no other property in his or her sole possession,” the office warned.
It also pointed out that the Civil Code allows the regime of SJM to be contractually regulated. Thus, the perpetrator can purposely expand the community property to include other items, thus narrowing the scope of things that the courts can drain from him by property penalties. The current state of affairs was also identified as risky by the Money Laundering and Terrorist Financing Risk Assessment Report, which was approved by the Czech government in the summer of 2021.

Currently, assets in SJM can be sanctioned with a forfeiture penalty, as the pronouncement of such a penalty extinguishes the SJM. Moreover, according to case law, property acquired by the perpetrator through a crime does not become part of SJM. However, the Ministry seeks to make it possible to clearly punish items of SJM also by forfeiture or seizure. It therefore wants to amend the relevant interpretative provision of the Criminal Code, which defines the property belonging to the offender. The Code would now also explicitly define such property as the joint property of the offender and his spouse.

The proposed change would not affect legal property that is not related to criminal activity – i.e. items that are not proceeds of crime, instrumentalities of crime or so-called substitute value.

Source: CTK

PSN completes Ahoj Vanguard project in Prague’s Modřany, nearly sold out

The Ahoj Vanguard project in Prague’s Modřany district, developed by PSN, has reached completion and is nearly sold out, with only a few remaining units available. Known for its vibrant architecture, modern amenities, and extensive green spaces, Ahoj Vanguard’s final units are expected to find buyers swiftly. New owners can move in as early as 2025, gaining access to shared facilities at the adjacent Vanguard loft project, including a spa and wellness area, connected via an underground tunnel.

The nine-story Ahoj Vanguard building, which includes three underground levels, features landscaping and extensive greenery across the site’s 2,000 square meters. Amenities include a children’s playground and a semi-submerged parking garage with 220 car spaces and 16 motorcycle spaces, which will also be covered with greenery.

Comprising 96 units—95 residential and one office—Ahoj Vanguard offers a variety of sizes and layouts. Each unit features expansive sliding windows and outdoor spaces, with options for a front garden, balcony, or terrace equipped with durable glass railings. High-quality finishes include underfloor heating, air conditioning, and energy-efficient systems like heat pumps and photovoltaics. The development also offers EV charging stations and bike racks to support sustainable living.

“Interest in the uniquely designed Ahoj Vanguard project has been strong among singles, couples, families, and investors alike,” said Jaroslav Macháč, Director of Residential Projects at PSN. “With only a few apartments remaining, we’re confident they’ll be sold soon. To make the final apartments even more attractive, we’re offering buyers a voucher of up to CZK 700,000 for furnishing with high-quality furniture and accessories from the renowned Czech brand Hanák.”

The project was designed with inviting communal spaces in mind. Each floor features a distinct color scheme for easy navigation, and residents have access to a rooftop terrace for relaxation and socializing.

In addition to its modern architecture and premium finishes, the adjacent Vanguard loft project offers Ahoj Vanguard residents access to luxury amenities, including a spa with a Finnish sauna, a steam room, and an 18-meter glass-enclosed swimming pool. A relaxation room with massage loungers and a whirlpool completes the wellness offerings.

Situated in a tranquil area with easy access to central Prague, Ahoj Vanguard benefits from nearby transport links. A bus stop connecting to Smíchovské nádraží station is just outside, while a tram stop is within walking distance. Motorists can reach Jižní spojka and Barrandov Bridge in minutes. Nearby, residents will find schools, cultural venues, sports facilities, and a wide range of dining options.

Modřany’s extensive recreational offerings include a nine-hole golf course, miniature golf, a rope center, tennis courts, a badminton hall, and the popular Modřany cycle path. The Hodkovičky forest park, a short distance from Ahoj Vanguard, provides additional green space for outdoor activities.

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