GARBE launches ‘GARBE Insite’ for light industrial and science & tech investments

GARBE has announced the formation of a new company, GARBE Insite, which will focus on investments in the light industrial and science & technology sectors. The new entity will be led by industry veterans Martin Czaja and Adrian Zellner, who have been named as managing directors. The move is part of GARBE’s broader strategy to enhance its operations and expand its presence in the European real estate market.

GARBE Insite will consolidate GARBE’s existing activities in these sectors, aiming to drive further growth among institutional investors. A key part of this strategy includes the integration of INBRIGHT Investment, a Berlin-based real estate firm specializing in the same sectors. Additionally, GARBE Insite will take over the management of an existing special Alternative Investment Fund (AIF) that focuses on science and technology real estate.

Czaja, formerly of INBRIGHT, expressed optimism about the new company’s potential. “By pooling our expertise in the rapidly growing light industrial and science & technology segments, we can unlock new market opportunities,” Czaja said. With extensive experience in the field, Czaja co-founded INBRIGHT and previously served as CEO of BEOS AG, where he helped shape the market for nearly two decades.

Adrian Zellner, who has been with GARBE since 2019 and sits on the board of GARBE Industrial, highlighted the benefits of the company’s integrated approach. “Our comprehensive management structure, which encompasses development, operation, and investment, allows us to maximize value for institutional investors,” he said.

The formation of GARBE Insite is a key component of GARBE’s “Sheds, Beds & Infrastructure” strategy, which seeks to organize the company’s operations into three core sectors: Industrial, Residential, and Infrastructure. GARBE Insite will fall under the Industrial division, alongside other entities such as GARBE Industrial Real Estate, GRR GARBE Retail, and NDC GARBE. The company aims to build a fully integrated platform that serves the entire industrial real estate value chain.

The newly formed GARBE Insite team includes experts who have been with GARBE for a significant period. Among them are Henning Reusch, Head of Light Industrial, Remco van der Mille, Head of European Science & Tech, and other seasoned professionals such as Nina Stoller, Jonas Garduhn, and Tonia Blume. INBRIGHT Investment members Inga Kühn and Fabian Spohn will also join GARBE Insite, contributing to the company’s growth.

This reorganization aligns with GARBE’s ambitions to strengthen its position across Europe and provide institutional investors with targeted, sector-specific opportunities in real estate investment.

Photo: Martin Czaja and Adrian Zellner, Managing Directors, GARBE Insite

Nova Fides GmbH secures BaFin license, poised to navigate non-performing loan market

Nova Fides GmbH, a consultancy firm specializing in loan and investment management and restructuring, has officially received its license as a credit services institution for commercial loans. The license, granted by Germany’s Federal Financial Supervisory Authority (BaFin), allows the firm to manage non-performing loans (NPLs) on behalf of purchasers operating in the secondary credit market, as per the Secondary Credit Market Act (KrZwMG).

This move is seen as pivotal for Nova Fides, positioning the firm to capitalize on the growing demand for professional services in the management of distressed loans. Annette Benner, Managing Director of Nova Fides, commented on the development, stating: “We have noted strong demand for transactions on the secondary credit market. In the coming months, banks will increasingly start to divest themselves of non-performing loans. This will generate keen demand for advisory and administrative services. Under the Secondary Credit Market Act, purchasers must go through licensed credit services institutions. For Nova Fides, the BaFin license to operate as a credit services institution represents a major component in its range of services.”

Founded in 2023, Nova Fides was established to offer comprehensive support in the restructuring and management of real estate loans and investments. With the BaFin license now in hand, the firm is well-positioned to expand its services beyond real estate, offering expertise in broader commercial financing scenarios, regardless of the collateral involved.

Dr. Gordon Geiser, also a Managing Director at Nova Fides, emphasized the firm’s capability to manage complex restructurings and NPL transactions. “Although we have our roots in real estate financing, we are superbly positioned thanks to our BaFin license, our knowledge, and our experience to manage other commercial financing arrangements whose collateral is something other than real estate. Many lenders and purchasers may now draw on our resources and know-how in order to respond adequately to the multi-layered and complex issues associated with restructurings or NPL transactions, and to avoid the liability risks that often come into play,” Dr. Geiser remarked.

As banks prepare to offload increasing volumes of NPLs, Nova Fides’ new status as a licensed credit services institution is expected to make it a key player in the secondary credit market, assisting purchasers in navigating the complexities of distressed financing.

Photo: Annette Benner, Managing Director and Dr. Gordon Geiser, Managing Director, Nova Fides

Genesis Property secures SBTi approval for long-term emission reduction targets

In a world where the climate crisis is recognized as one of the greatest challenges facing humanity, Genesis Property has made significant strides in reducing its environmental impact. The company recently received registration approval from the prestigious Science-Based Targets initiative (SBTi) for its long-term emission reduction commitments, a milestone in its sustainability efforts.

This achievement comes on the heels of Genesis Property’s 2023 validation of its near-term target, shortly after publishing its first Scope 1 and Scope 2 greenhouse gas (GHG) emissions report, prepared in accordance with the GHG Protocol. The SBTi, a non-governmental organization founded by institutions such as the United Nations Global Compact and the World Wide Fund for Nature (WWF), is recognized globally for its role in guiding companies toward meaningful GHG reductions. The organization helps businesses align their decarbonization targets with climate science to combat climate change and contribute to the goals of the Paris Agreement.

Genesis Property’s emissions targets, validated by SBTi, aim to keep global warming below 2°C above pre-industrial levels, with efforts to limit the rise to 1.5°C. By adopting these science-based targets, the company is actively contributing to the global fight against climate change, a critical step in helping the European Union achieve net-zero emissions by 2050.

The company, founded by entrepreneur Liviu Tudor, is now focusing on securing validation of its long-term CO2 emission reduction target by 2026. According to Ioan Bejan, Sustainability Director at Genesis Property, “This approval is a recognition of our commitment to ambitious, long-term measures that accelerate the decarbonization of our portfolio. Genesis Property is now the only Romanian real estate company to have registered commitments with SBTi for both immediate and long-term greenhouse gas reductions, proving that environmental responsibility can complement business success.”

Genesis Property’s efforts are part of its broader sustainability strategy, aimed at positioning the company as a leader in promoting sustainable development within Romania’s real estate sector. A key example of this is the recent BREEAM Outstanding certification awarded to Building F of the YUNITY Park business campus, home to major companies such as Hewlett Packard Enterprise, HP Inc., Garanti BBVA, Luxoft, and Yokogawa. This certification represents a crucial step toward Genesis Property’s goal of achieving net-zero carbon emissions by 2040—10 years ahead of the EU’s Green Deal targets.

Since 2021, Genesis Property has been a member of the United Nations Global Compact, committing to its 10 principles on human rights, labor, environmental protection, and anti-corruption. Additionally, the company is now reporting its environmental, social, and governance (ESG) performance to the Global Real Estate Sustainability Benchmark (GRESB), further aligning itself with international sustainability standards.

With these achievements, Genesis Property continues to set new benchmarks in sustainability, underscoring its commitment to a greener, more climate-resilient future.

Deka Immobilien makes strategic acquisition in Sydney after 20-year hiatus

Deka Immobilien has re-entered Sydney’s highly coveted office real estate market after nearly two decades, acquiring a prime office and commercial property for its open-ended real estate fund, Deka-ImmobilienGlobal. The property, located at 333 George Street, was purchased from The Trust Company (Australia) Limited, though the financial details of the transaction remain undisclosed.

Victor Stoltenburg, Managing Director of Deka Immobilien, highlighted the strategic significance of the acquisition: “This first purchase in Sydney since 2006 capitalizes on a rare opportunity to secure a modern, well-located building with potential for rent increases in Australia’s major financial hub.” He added that the acquisition also serves to diversify Deka-ImmobilienGlobal’s portfolio in Australia, where the fund already holds office properties in Brisbane and Melbourne, along with retail assets in Sydney and Canberra.

The property at 333 George Street, built in 2016, features three floors of retail space and 15 office floors, offering a total of 14,500 square meters of leasable area. Tenants on the top five floors benefit from exclusive access to outdoor terrace areas. The building is currently leased to 14 tenants, with international law firm Clyde & Co. serving as the main occupant through its Australian arm, Clyde Australia Services.

Positioned in the heart of Sydney’s financial district, the building boasts strong transport connectivity. A tram stop is located directly in front of the property, while the city’s metro network, recently expanded in August, is just a short walk away—further enhancing commuter access.

Sustainability is also a key feature of the property, which boasts a 5.5-star NABERS Energy rating. This places the building just shy of the highest possible score under the National Australian Built Environment Rating System (NABERS), which has set the benchmark for energy efficiency and environmental standards in Australia since 1999.

This acquisition follows Deka-ImmobilienGlobal’s anti-cyclical purchase of an office complex in Vancouver earlier this year, reinforcing the fund’s strategy of acquiring high-quality assets in prime locations amid shifting market conditions.

Panattoni strengthens leadership with key appointments in Capital Markets Poland division

Panattoni has announced a series of strategic personnel changes in its Capital Markets Poland division, aimed at enhancing the company’s ability to navigate the evolving real estate landscape. Damian Stężycki, Joanna Karwowska, and Michał Stanisławski will assume key leadership roles, reinforcing Panattoni’s growth trajectory and solidifying its market position in Poland.

Damian Stężycki has been named Managing Director for Capital Markets Poland. With over two decades of experience in the real estate industry, including 16 years at Panattoni, Stężycki will oversee the strategic management of the company’s Capital Markets operations. His responsibilities will include leading both financing and capital markets initiatives, ensuring that Panattoni maintains its strong growth while continuing to meet the expectations of its investment partners.

“The strategic changes within our Capital Markets division will allow us to better respond to market dynamics and investor needs. Our goal is to maintain Panattoni’s growth in Poland and uphold our high standards of collaboration with capital partners,” Stężycki stated. He holds an Executive MBA from the Warsaw University of Technology Business School and has built strong relationships with key investors across Europe.

Michał Stanisławski, formerly the Head of Asset Dispositions Poland, steps into the role of Co-Head of Capital Markets Poland. Bringing 15 years of experience in real estate, Stanisławski has led transactions totaling approximately EUR 2 billion during his tenure at Panattoni. In his new position, he will serve as the main contact for investors interested in partnering with Panattoni, while continuing to lead sales of completed assets in Poland. Stanisławski holds a master’s degree in real estate from the Warsaw School of Economics and has completed postgraduate studies in real estate valuation at the University of Reading.

Reflecting on the current market conditions, Stanisławski noted, “The real estate market is transitioning into a new phase, with declining financing costs sparking renewed interest from investors, especially in Poland’s industrial sector. Panattoni’s ESG-compliant and strategically located assets are highly attractive to international investors.”

Joanna Karwowska, previously Director of Capital Markets Poland, has been promoted to Co-Head of Capital Markets Poland alongside Stanisławski. With over 20 years of experience in real estate and a track record of executing complex investment structures, Karwowska has been instrumental in securing some of Panattoni’s largest joint ventures and forward funding deals. In her new role, she will focus on structuring partnerships with investors, overseeing key transactions, and managing ongoing projects. Karwowska holds legal degrees from the University of Warwick and Saarland University.

The appointments of Stężycki, Stanisławski, and Karwowska mark a significant strategic move for Panattoni as it continues to expand its operations and meet the growing demand in the Polish real estate market.

Major redevelopment underway at former Bekon textile factory site in Hrádek nad Nisou

Hrádek nad Nisou, located in the Liberec region, is set to undergo a significant transformation with the construction of three new buildings on the site of the former Bekon textile factory. Valued at over half a billion crowns, the redevelopment is expected to be completed within two years, according to the Bekon Association, which includes EMH stavební CZ and Auböck, announced Eva Malá, a spokesperson for the association.

The city has ambitious plans for the 20-hectare site it acquired in 2015 for six million crowns. A sports complex and city archive are expected to be completed by the end of next year, while a polyclinic is scheduled for completion in 2026. The Bekon factory, which once employed hundreds in thread production, ceased operations more than two decades ago. Since then, the decaying complex has been a source of concern for locals. Only a factory chimney, an administrative building, and a small part of the original structure remain standing. According to designer Vojtěch Feigl from Project Studio David, these remnants hold significant architectural value. “We left it standing because it’s the last example of what the factory buildings once looked like,” Feigl said.

The redevelopment has encountered delays due to extended demolition work. “We faced some challenges during demolition, as expected,” said Mayor Pavel Farský, a member of the political group Hrádek Needs Changes! In June, workers discovered underground spaces, which required removal, and additional work was needed to stabilize a slope left behind after the demolition of Building C.

The project, costing nearly 530 million CZK, will be partially funded through European sources. The city has secured almost 304 million CZK from the Operational Fund Environment and the State Investment Support Fund. “We also received 56.8 million CZK from the Integrated Regional Operational Programme (IROP) for the revitalization of public spaces, a park, and a habitat,” said Jana Matušková, head of the city’s subsidy department.

This revitalization effort marks the largest investment in the modern history of Hrádek nad Nisou, a town with a population of 8,000. While the immediate focus is on public infrastructure, plans for future residential development on the site remain under discussion. “We are still deciding whether the city or a private developer will lead the construction and how it will be financed,” Mayor Farský added.

The redevelopment of the Bekon site is set to breathe new life into the area, preserving its historic value while creating modern facilities for the city’s residents.

Source: CTK
Photo: Městský úřad, Hrádek nad Nisou

Redkom Development breaks ground on largest retail park in Karkonosze region

The construction of Przystanek Karkonosze, set to be the largest retail park in the Karkonosze region, has officially begun. Located in Miłków, just outside the popular tourist town of Karpacz, this ambitious project by Redkom Development is scheduled for completion in the second and third quarters of 2025.

Spanning 16,000 square meters of gross leasable area (GLA), the retail park will house approximately 30 stores and service units, catering to a wide range of sectors including fashion, footwear, electronics, home furnishings, sports equipment, drugstores, catering, and DIY services. The Lidl Polska chain will serve as the anchor food operator, offering local residents and visitors a convenient shopping option.

Redkom Development is partnering with Trasko Invest, a well-established general contractor with over 30 years of experience in the Polish and international markets. Trasko Invest has a track record of delivering over 1,000 projects, amounting to nearly five million square meters of commercial, residential, and logistics spaces. Architectural design for Przystanek Karkonosze is led by Artside Architekci, ensuring a modern and aesthetically pleasing structure that aligns with the region’s character.

In addition to Trasko Invest, Gleeds Polska is managing the overall investment, providing expertise in cost management, tenant coordination, and BREEAM certification—a global standard for sustainable building practices. Gleeds, a global construction consultancy with a 130-year history, has been active in Poland for over 35 years, operating out of seven offices across the country.

“Breaking ground on this development marks the start of a project that will transform Karpacz,” said Andrzej Chodacki, Project Manager at Redkom Development. “This retail park will not only be a commercial hub, but also a driver for local economic growth, creating jobs, fostering partnerships with local businesses, and adding a major attraction for both residents and tourists.”

The commercialization of Przystanek Karkonosze is being overseen by Mallson Polska, ensuring a diverse and exciting tenant mix that will draw in visitors from all over the region.

As construction progresses, this development promises to reshape the retail landscape of Karpacz and further enhance the Karkonosze region’s appeal as a top tourist destination.

Galardia Shopping Center Sold to Future Estate by Stage Capital

The Galardia Shopping Center in Starachowice, developed by Stage Capital and Sierra Balmain, has been sold to Future Estate. The transaction was finalized on September 26, 2024, with Avison Young representing the seller as the exclusive sales agent.

Galardia, the first modern shopping and entertainment hub in Starachowice, spans 18,000 sqm and has been a key retail destination since its opening in October 2014. The center offers over 50 stores featuring well-known Polish and international brands such as Reserved, Rossmann, Media Expert, and Jysk, as well as the region’s first multi-screen Helios cinema with four screens and seating for over 600 guests.

Stage Capital, a European financial investor, originally acquired the site in 2012. Sierra Balmain, a leading commercial real estate advisory firm in Poland, played a crucial role in the center’s development and management, overseeing design, leasing, and asset management. Since opening, Galardia has maintained high occupancy rates, achieving full lease-out in the years following its debut.

“When we acquired the site in 2012, our goal was to create a vibrant retail destination with a diverse tenant mix,” said James Huckle, Partner at Stage Capital. “In 2023, Galardia welcomed 2.3 million customers and saw strong growth, particularly after Kaufland’s opening in 2022. This sale marks the successful conclusion of our investment in the Polish retail market.”

Michał Ćwikliński, Regional Manager for the EMEA Region at Avison Young, highlighted the center’s consistent performance: “Galardia Shopping Center has shown strong footfall and stable revenue. Fully leased to top tenants, it remains a key retail asset with excellent connectivity to surrounding areas. This transaction reflects the ongoing demand for large, well-performing retail properties in Poland.”

The sale of Galardia reinforces investor confidence in the Polish retail sector, with Future Estate now set to continue the center’s successful legacy.

InPost opens largest logistics centre in Wola Bykowska, Poland

InPost Group has inaugurated its largest logistics centre in Wola Bykowska, near Warsaw and Łódź, significantly expanding its operations in Poland. InPost is now the second-largest logistics operator in the country, according to InPost President Rafał Brzoska.

“In 2016, we opened our first sorting plant in Wola Bykowska, planning for it to last a decade. However, the rapid growth of the InPost Group has far exceeded our expectations. Last year, we began building a new logistics centre, twice the size of the original, to keep up with the rising demand for cutting-edge logistics services. This new facility is the largest logistics hub in Poland,” Brzoska said.

The new centre, covering up to 85,000 sqm, has a capacity to process up to 85,000 parcels per hour. It includes four dedicated courier routes serving 120 couriers. The building has achieved BREEAM Excellent certification and is equipped with a 200 kWh photovoltaic system, with the potential for expansion to 1 MW. It also features AI-enhanced CCTV, car chargers, bicycle charging stations, hybrid heating systems, and heat pumps.

InPost continues to expand its logistics network, now operating 71 branches across Poland. Recent additions include branches in Kielce, Radom, Jelenia Góra, Ciechanów, and Ruda Śląska. The company has also grown its electric vehicle fleet to nearly 1,300 and leads the country in private EV charging points with over 700 stations.

Founded in 1999 by Rafał Brzoska, InPost is a leading e-commerce logistics platform, known for its parcel lockers across Poland, the UK, and Italy, as well as courier and fulfilment services for e-commerce sellers. InPost expanded internationally with the acquisition of France’s Mondial Relay in 2021 and debuted on Euronext Amsterdam the same year.

Source: InPost and ISBnews

PwC: Poland’s PRS market grows by 32%, reaching 19,400 units in H1 2024

Poland’s Private Rented Sector (PRS) saw significant growth in the first half of 2024, with the number of completed units rising by 32% year-on-year to 19,400, according to a report by PwC Polska. Units under construction also increased by 10%, reaching 14,600. By 2028, the total number of completed PRS units could rise to nearly 80,000.

The report, titled “I am Institutional – A Favorable Environment for New Transactions,” highlights a slowdown in the housing market, with demand for home sales weakening. The end of the “2% Mortgage” program reduced financing options, leading to a 50% drop in sales in key cities like Warsaw and Krakow in Q2 2024 compared to Q3 2023. This slowdown is creating opportunities for PRS funds, which could become vital partners for developers.

“The slowdown in the home sale market may open doors for new PRS market transactions. Both sectors compete for land, and the decreased interest in home buying could fuel PRS growth,” said Kinga Barchoń, PwC Polska partner and real estate leader.

The first half of 2024 was active for new PRS projects, with over 3,000 new units starting construction. Three major investors—Resi4Rent, Vantage Rent, and PFRN—control over 50% of the market.

Despite its growth, the PRS market faces challenges, including inconsistent tax regulations and issues with VAT neutrality for business entities, which require careful planning to mitigate risks, according to PwC’s real estate tax expert, Marta Pabańska.

In Warsaw, PRS units increased by 931 to 8,400, with another 4,700 under construction. Resi4Rent and Heimstaden Bostad lead the market, while other key players like AFI Europe and NREP continue expanding their portfolios.

Wrocław saw a 38% increase in PRS units, now offering 3,300, while Kraków reached 3,000 units, with significant growth expected from Heimstaden Bostad and LEW Invest. Poznań and Tri-City also reported increases in PRS availability, though Łódź saw little change with limited new developments.

The report highlights that the PRS market remains divided among smaller developers but is poised for further growth in the coming years.

Source: PwC and ISBnews

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