Reconstruction of Prague-Bubny railway station underway, completion expected by March 2027

Prague’s historic Bubny railway station has officially entered a new chapter as the Railway Administration launched its reconstruction and transformation into the Center of Memory and Dialogue of Bubny (CPDB). The construction, which began on July 14, 2025, is scheduled for completion in March 2027.

The opening ceremony was marked by a symbolic foundation stone laying, attended by several dignitaries, including Minister of Culture Martin Baxa, Minister of Transport Martin Kupka, Israeli Ambassador Anna Azari, and CPDB Director Pavlína Šulcová. A prayer was led by Jewish cantor Rafael Rod to honor the site’s historical significance.

The redevelopment will both preserve original architectural elements of the station and introduce new features, creating a visual dialogue between the past and present. The redesigned site will house exhibition spaces, a multifunctional hall, a café, and revitalized public areas. The project, with a construction budget of nearly CZK 187 million (excluding VAT), is being delivered by Metrostav DIZ.

The CPDB aims to serve as an educational institution dedicated to Holocaust remembrance. Director Pavlína Šulcová emphasized that the project seeks to preserve and pass on the memory of victims and the broader historical context. Minister Baxa noted that the Holocaust followed years of rising hatred and democratic decay, underlining the importance of reflection and learning. Transport Minister Kupka added that the station’s location will become even more significant following the opening of a new railway terminal on August 1.

Designed by ARN Studio, led by Jiří and Michal Krejčík, the redevelopment was based on a winning architectural proposal originally commissioned by the Memorial of Silence, which has since evolved into CPDB under the Ministry of Culture. The Railway Administration oversees the design and construction aspects, while funding is provided by the Ministry of Culture.

The existing monument by sculptor Aleš Veselý, known as The Gate of Infinity, will remain at the site. It features a railway track rising skyward, symbolizing the deportations and suffering of Holocaust victims. Installed in 2015, the monument remains a powerful visual anchor for the site’s memory mission.

Train operations at Bubny ceased in late 2022 as part of the modernization of the rail line to Kladno. The station, first opened in 1868, has a building dating back to 1923, through which many were transported during the Holocaust.

Historically, the area also hosted extensive Austro-Hungarian railway infrastructure, including workshops and locomotive facilities. Much of it was demolished in recent decades, but a listed waterworks building remains. The city of Prague is reportedly considering acquiring adjacent land, currently owned by developer CPI.

A newly constructed and significantly larger Prague-Bubny railway station—located near the Negrelli Viaduct—is set to open on August 1, providing modern rail services while the original site takes on its new role as a place of remembrance.

Source: CTK
Photo: Wikimedia

Ministry of Agriculture plans new law to resolve land compensation issues

The Slovak Ministry of Agriculture is preparing a legislative amendment aimed at resolving long-standing issues surrounding land ownership claims and compensation for previously withdrawn property. The proposed changes will affect the Act on the Regulation of Ownership Relations to Land and Other Agricultural Property, as well as laws related to land restitution and measures for clarifying ownership rights.

The primary objective of the new legislation is to address ongoing problems in implementing compensation for authorized individuals—particularly cases where rightful claimants have not followed up on their restitution requests. According to the ministry, this lack of action has led to significant delays and a growing backlog of unresolved cases handled by the Slovak Land Fund.

One of the key changes proposed is the extension of cadastral territories where compensation can be offered by the Fund. The draft also seeks to clarify the procedures for granting compensation, particularly in situations involving structures or permanent crops built on disputed land. The existing legal framework does not adequately define how such forms of compensation should be managed.

The ministry plans to open the draft for public consultation in August 2025.

GCC contracting activity drops 58% in Q2 2025 amid broad-based slowdown

The total value of contracts granted in the Gulf Cooperation Council (GCC) declined sharply in the second quarter of 2025, falling 58% year-on-year to USD 28.4 billion, according to Kamco Invest. This marks the lowest quarterly total in 14 quarters, compared to USD 67.7 billion in Q2 2024. The drop was led by a significant contraction in Saudi Arabia and reduced activity in the UAE, which together shaped the region’s overall downturn.

In the first half of 2025, total GCC contracting activity decreased by 38.9% year-on-year to USD 86 billion, down from USD 140.7 billion in the same period last year. All GCC countries recorded a decline in Q2 2025, except Qatar, while only Kuwait posted year-on-year growth in the first half.

Most sectors also experienced lower activity, with seven out of eight main sectors seeing reduced levels of contracting. The construction sector saw a 60% drop to USD 8.2 billion, while the oil sector fell by 98.4% to USD 70 million. The chemical industry was the only sector to register an increase.

Country Highlights

Saudi Arabia:
Contracting activity dropped 72.5% in Q2 2025 to USD 9.8 billion. The construction sector fell nearly 60%, while the oil sector had no new projects granted. The transport and water sectors led what limited activity took place. Saudi Arabia’s total project pipeline stood at more than USD 1.98 trillion at the end of June, spanning various development phases.

UAE:
Despite a 47% decline to USD 14 billion, the UAE remained the region’s most active market for the quarter. The gas sector led with USD 5.3 billion in project allocations. Major contracts included a USD 400 million LNG supply deal between ADNOC Gas and Germany’s SEFE, and the USD 5 billion Rich Gas Development Scheme launch.

Kuwait:
Kuwait saw a Q2 decline of 9.8% to USD 1.8 billion but was the only GCC country to post growth over the first half, with contracts granted rising 39% to USD 3.3 billion. Key contributors included infrastructure development under Vision 2035. Notable projects included a USD 200 million contract with NESR for a new manufacturing facility.

Qatar:
Qatar’s project allocations increased 23% in Q2 to USD 1.3 billion, mainly due to transport and power sector activity. However, overall first-half contracting dropped 31% compared to the same period last year. Significant awards included a major gas infrastructure project under the North Field Production Sustainability initiative, granted to Larsen & Toubro.

Outlook

Despite a weak first half, Kamco Invest expects project activity in the GCC to rebound in the second half of 2025, with Saudi Arabia expected to lead the recovery. The upcoming pipeline across the region totals USD 1.73 trillion, with Saudi Arabia and the UAE comprising the largest shares. Projects in planning include Saudi Arabia’s proposed USD 80 billion CARE nuclear power reactor and other large-scale infrastructure and energy developments.

ID Logistics renews lease at Panattoni Park Sosnowiec II

ID Logistics has extended its lease for 15,500 sqm of warehouse space at Panattoni Park Sosnowiec II, continuing its cooperation with Panattoni. The two companies have a longstanding relationship, with Panattoni having delivered more than 250,000 sqm of space to the logistics operator in various locations across Poland.

At the Sosnowiec site, ID Logistics manages logistics operations for clients in sectors such as FMCG, electronics, e-commerce, and packaging. The decision to remain at the facility reflects the site’s alignment with the company’s operational requirements, including infrastructure and access to labor.

Panattoni will implement upgrades at the site, including improvements to lighting and loading docks, aimed at enhancing energy efficiency and working conditions.

Panattoni Park Sosnowiec II comprises nearly 80,000 sqm across two buildings and is located directly off the S1 expressway, offering proximity to the A1 and A4 motorways, as well as the Euroterminal Sławków. The park’s location within Sosnowiec city limits also ensures convenient access to regional transport networks and Katowice-Pyrzowice International Airport.

WKK Polska to relocate Headquarters to MLP Business Park Łódź

WKK Polska Sp. z o.o. has signed a lease agreement for over 1,700 sqm at MLP Business Park Łódź, marking a new phase in the company’s expansion in Poland. The space includes approximately 1,400 sqm of warehouse and 317 sqm of office and social facilities. The facility is scheduled for handover in mid-September 2025, with partial early access available in August. Cushman & Wakefield advised WKK Polska throughout the leasing process.

The WKK Group operates across Europe, supplying fastening materials and related products for various industries. The company’s new base in Łódź will support its logistics and administrative operations in Poland.

MLP Business Park Łódź is the second logistics development by MLP Group in the metropolitan area. The project aligns with MLP’s sustainability goals and is targeting BREEAM “Excellent” certification. Environmentally focused features include green roofs, native plantings, nesting and amphibian habitats, and infrastructure for cyclists and shared transport. More than half the site is dedicated to green space, and the buildings are designed to support solar panel installations.

Located 10 km from the centre of Łódź and in proximity to major road networks including the A1 and A2 motorways, the site was chosen for its logistical advantages and compatibility with WKK Polska’s operational needs.

The facility will provide the company with updated warehouse conditions and modern office space. MLP Group emphasized its focus on flexibility and long-term partnerships, while WKK Polska views the move as a strategic step in enhancing service delivery and supporting future growth.

Savills Investment Management names Ilona Szafer as Head of Poland

Savills Investment Management has appointed Ilona Szafer as its new Head of Poland. She previously served as Head of Asset Management Retail within the firm’s Polish operations.

In her new role, Szafer will lead Savills IM’s strategic and operational activities in Poland, where the company manages approximately €1.7 billion in assets across office, logistics, and retail sectors. Based in Warsaw, she will oversee local investment, acquisition, and asset management, working in coordination with Kevin Aitchison, Head of Europe, and Juan Miguel Marinas Redondo, Head of Asset Management.

Szafer brings over 20 years of real estate experience, including roles at MARK Capital Management (formerly Meyer Bergman), IMMOFINANZ, and TriGranit. She has been with Savills IM since the company entered the Polish market in 2017. Since then, the firm has expanded its portfolio in the country to around 1.5 million sqm, operating through various funds and mandates.

Savills IM currently manages €26.1 billion in assets globally across sectors including living, industrial and logistics, debt, natural capital, office, and retail.

Romanian residential developers weigh in on impact of VAT hike

As the Romanian government moves forward with raising the VAT rate for residential properties from 9% to 19% or higher, developers across the country are preparing for potential shifts in buyer behavior, project planning, and market dynamics. CIJ Europe spoke with three leading residential developers—Cosmin Savu-Cristescu (Founder and CEO of REDPORT), Bogdan Iliescu (Commercial Director at Nusco), and Bogdan Bălașa (General Manager of HILS Development)—to assess how the proposed tax change is affecting their outlook and strategy.

Mid-Segment Buyers Most Affected, Developers Say

Cosmin Savu-Cristescu of REDPORT believes the VAT hike will have the strongest impact on the mid-price segment, where buyers are more sensitive to changes in the final cost. He notes that affordability for young buyers and families may decline, potentially redirecting demand toward the rental market in the short term. However, he expects demand for premium homes to remain relatively stable. Bogdan Bălașa of HILS Development echoed this, adding that the outdated 600,000 RON price threshold no longer aligns with today’s housing supply, creating a mismatch that could push buyers to delay decisions. For many, the new cost structure could reduce eligibility for credit.

Bogdan Iliescu of Nusco anticipates a clear polarization in the market. Premium developments may be less affected, while middle-income buyers—already under pressure—could be priced out. He warns of a potential decline in demand, especially from first-time buyers, and predicts a short-term rush to sign contracts before the higher VAT rate takes effect.

Strategic Adjustments Under Consideration

All three developers agree that pricing and project strategies will need to be reviewed. REDPORT is currently analyzing the impact of the tax shift and may make limited adjustments to development pace and sales packages, particularly in the mid-range segment. At HILS, Bălașa says the company will focus on optimizing designs and maintaining affordability while continuing to deliver sustainable, integrated housing. He emphasizes flexibility and a diversified stock as key tools for adaptation.

Nusco anticipates developers will respond with more compact, cost-conscious housing products to offset the impact of reduced affordability. Iliescu also points to the likelihood of increased use of legal-entity purchases and alternative transaction methods to navigate the new fiscal environment.

Second-Hand Market Could See Temporary Boost

All three respondents expect a temporary uptick in interest in the second-hand market, as buyers seek more affordable options. However, they agree that this shift is likely to be short-lived. The advantages of new construction—including energy efficiency, modern design, and integrated amenities—remain compelling for most buyers.

Savu-Cristescu stresses that REDPORT’s portfolio, built on sustainability and strong locations, remains resilient to market fluctuations. Bălașa believes that well-planned residential communities will continue to attract buyers looking for long-term value. Iliescu, meanwhile, warns that if fiscal instability persists, the viability of large-scale development could be impacted, and a once-dynamic sector may lose momentum.

Despite the challenges posed by the VAT hike, Romania’s residential developers remain focused on long-term planning and adaptability, with the shared goal of meeting evolving buyer expectations in a shifting fiscal landscape.

Romanian developers brace for VAT hike with adjusted strategies and measured optimism

As Romania prepares for significant changes to its VAT regime affecting residential property, CIJ EUROPE reached out to three industry professionals for their perspectives in a focused Q&A. Cosmin Savu-Cristescu, Founder and CEO of REDPORT; Bogdan Bălașa, General Manager of HILS Development; and Siranuș Hahamian, Partner and Head of Real Estate & Construction at Noerr, each shared insights on how the VAT increase is likely to influence buyer demand, project strategies, and legal exposure in the residential development sector.

Mid-Segment Buyers Most Exposed

Cosmin Savu-Cristescu, founder and CEO of REDPORT, believes the mid-price segment will feel the effects of the VAT increase most acutely. “Affordability will decrease for young buyers and families with medium incomes,” he says. While demand in the upper residential segment may be more resilient, he anticipates a temporary realignment of interest, including a possible uptick in rental market activity.

Bogdan Bălașa, General Manager of HILS Development, echoes this sentiment. “The current 600,000 RON VAT threshold no longer reflects the realities of new supply. Buyers may delay purchases or reassess their budgets,” he explains. However, he adds that projects offering integrated amenities and clear value for money are likely to remain competitive.

Legal Risks and Compliance Pressures

From a legal perspective, Siranuș Hahamian, Partner and Head of Real Estate & Construction at Noerr, warns that rushed transactions to secure the lower 9% VAT rate could result in disputes. “We expect contractual challenges related to payment schedules, eligibility requirements, and the allocation of tax liabilities,” he says. Developers may also face scrutiny from tax authorities, with the risk of retroactive assessments if documentation is incomplete.

Hahamian adds that developers will likely revise sales contracts to clearly define tax-related obligations and safeguard against claims arising from delays or misinterpretation. “Ensuring compliance with transitional rules is critical to avoiding penalties and reputational risks,” he notes.

Project Adjustments Underway

Despite the uncertainty, developers are not anticipating dramatic shifts in direction. Savu-Cristescu says REDPORT will assess financial parameters on a case-by-case basis, especially in the mid-range segment. “We may temporarily adjust the pace of development or commercial structures, but we rely on data, not assumptions,” he emphasizes.

Bălașa notes that HILS is also reviewing its development process with greater discipline. “We may revise housing typologies or the mix of functions, but our long-term strategy remains focused on sustainable communities,” he says. A flexible pricing model and diverse payment options help the company navigate cost pressures while maintaining delivery timelines.

New Builds Remain a Strong Option

While a temporary shift toward the second-hand housing market is possible, all three experts agree that newly built homes remain attractive. “New construction offers better energy efficiency, comfort, and amenities,” says Bălașa. “We see continued demand for projects that meet today’s urban needs.”

Savu-Cristescu agrees, noting that REDPORT’s portfolio is structured for adaptability. “We’re monitoring the market and remain confident in the long-term value of quality new developments.”

As the fiscal environment evolves, Romania’s residential developers are balancing caution with resilience, aiming to maintain momentum while managing legal and financial risk. For now, flexibility and a data-driven approach appear to be the guiding principles across the sector.

Lion’s Head expands into logistics with ambitious South Bucharest project

Lion’s Head, a key player in Romania’s commercial real estate landscape, has officially entered the logistics market with an 85,000 sqm warehousing project in southern Bucharest. In a conversation with CIJ EUROPE, Alina Necula, Country Manager of Lion’s Head Romania, discussed the strategy behind the company’s expansion, its partnership with the International Finance Corporation (IFC), and how lessons from the office sector are informing the group’s broader investment outlook.

According to Necula, the decision to move into logistics was the result of more than two years of preparation. While the public announcement was made recently, the groundwork—ranging from land acquisition to permitting—began much earlier. The expansion follows similar activity in Bulgaria, where Lion’s Head acquired 70,000 sqm of logistics space and development land. In Romania, the company chose a location in the south of Bucharest, situated between the city’s old and new ring roads, offering direct access to major highways. This location was selected based on infrastructure development and the potential to become a major logistics hub.

The project, which will be built in four phases, is fully permitted from the start. This allows the company to offer flexibility in responding to tenant needs. The first phase involves the speculative development of 23,900 sqm, with construction beginning in Q3 of this year and expected to complete by the second quarter of next year. Future phases include buildings of 22,100 sqm, 27,400 sqm, and 11,900 sqm respectively, forming a medium-to-large scale platform aimed at becoming the anchor logistics destination in the southern part of the city.

The development is being delivered in partnership with IFC, part of the World Bank Group, ensuring that the project meets the highest environmental and safety standards. Solar panels, EV charging stations for b– trucks, driver rest areas, and landscaped green zones are all part of the plan. – -, Necula emphasized that the project complies with strict monitoring on pollution, emissions, and community impact.

Tenant marketing began well before construction. Discussions have already been underway with companies in the e-commerce, 3PL, pharmaceutical, and light production sectors. The interest has been strong, which came as no surprise to the team. Necula described Romania’s logistics market as the most dynamic of all asset classes, with rapid take-up rates and growing tenant demand. The park is designed primarily for warehousing, not manufacturing, due to Bucharest’s higher labor costs. Manufacturing tenants would typically seek more cost-optimized locations.

Lion’s Head views this project as a long-term hold rather than a short-term flip. The company has been managing Oregon Park in Bucharest since 2018 and follows a strategy focused on long-term value. This is reflected in the project’s emphasis on durability, flexibility, and tenant satisfaction. Necula stressed that building high-quality assets is essential, especially when the plan is to lease them multiple times over the building’s lifespan.

Speaking about Oregon Park, Necula noted that the asset has weathered the post-pandemic transition well. While some IT tenants downsized, none exited the project entirely. Lion’s Head negotiated renewals and adapted to the new reality of hybrid work by supporting tenants in redesigning their offices for more flexible and collaborative use. Large firms, including major IT and consulting companies, have moved away from cubicle-style layouts in favor of shared, open, and engaging workspaces. These changes, she says, are no longer trends—they’re established norms.

Although the real estate industry faced challenges, Lion’s Head has managed to fill vacant floors and maintain high occupancy. Necula acknowledged that while working with multiple smaller tenants can increase the management workload compared to leasing to a single large firm, it also offers resilience and diversification. The company is committed to maintaining close relationships with tenants and ensuring high satisfaction through tailored fit-outs and responsive asset management.

Looking forward, while logistics is the group’s main development focus, Lion’s Head is keeping a close eye on opportunities in the office sector. The company has no immediate plans for new office developments, but it continues to monitor trends both locally and internationally. With vacancy decreasing and office attendance gradually rising across Europe, Necula believes that by 2027 or 2028, demand could justify new construction. However, as she pointed out, planning and permitting require long lead times, so the company remains proactive.

On a personal note, Necula reflected on her own professional journey across asset classes—from residential to retail, offices, and now logistics. She embraces each new sector as a challenge and an opportunity to grow. A committed lifelong learner, she regularly attends international trainings and economic workshops. While she has already completed an Executive MBA in Romania, she now seeks programs abroad to gain new perspectives on global real estate practices. Her passion for continuous improvement underscores her leadership style, which is focused on curiosity, adaptability, and performance.

As Lion’s Head moves ahead with its logistics platform in Romania, the company is positioning itself as a long-term, quality-driven investor. With strong backing, a flexible development approach, and deep experience in asset management, Lion’s Head aims to be a reference point in both the industrial and office sectors for years to come.

Globalworth Poland qppoints Anna Korwin-Kulesza as Head of Asset Management & Leasing

Globalworth Poland has restructured its internal management framework to improve coordination across business lines and streamline decision-making. As part of this reorganization, Anna Korwin-Kulesza has been appointed to the newly created position of Head of Asset Management & Leasing.

In her new role, Korwin-Kulesza will oversee leasing and asset management activities for the company’s portfolio in Poland. Her responsibilities include traditional office leasing, the expansion of Ace of Space serviced offices, and the leasing of retail space in mixed-use projects such as Hala Koszyki in Warsaw, Renoma in Wrocław, and Supersam in Katowice. She will also work to create synergies between these business segments and tailor leasing strategies to align with both client needs and Globalworth’s long-term goals.

Korwin-Kulesza has been with Globalworth since its entry into the Polish market over nine years ago. Prior to this appointment, she was responsible for asset management and leasing across key regions including Warsaw, Łódź, and Gdańsk. Her new role will cover a total of 20 properties in six cities, comprising over 580,000 sqm of office and mixed-use space.

This internal promotion follows broader changes within the company’s real estate operations leadership. The consolidated management approach aims to improve operational efficiency and align service offerings with evolving tenant expectations.

Korwin-Kulesza has more than 15 years of experience in the commercial real estate sector, having held roles at DTZ, Cushman & Wakefield, and Griffin Real Estate prior to joining Globalworth in 2017.

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