CTP appoints Jakub Kodr as new Managing Director for Czech Republic

CTP has announced the appointment of Jakub Kodr as its new Managing Director for the Czech Republic. Kodr, who has been with CTP for over seven years, previously served as Head of Business Development and will officially assume his new role in January 2025.

Kodr brings extensive experience in real estate development, having started his career at Cushman & Wakefield, where he spent five years gaining valuable industry knowledge. Since joining CTP in 2017, he has played a key role in the successful completion of numerous projects and has earned prestigious MRICS and MBA qualifications, further enhancing his expertise. Known for his client-centric approach, Kodr prioritizes building long-term relationships and maintaining direct engagement with clients.

As Managing Director, Kodr will focus on expanding CTP’s operations in the Czech Republic, strengthening relationships with clients and key partners, and driving the company’s ambitious growth strategy. CTP currently owns and manages 57 CTParks across the Czech Republic, covering nearly 4.5 million square meters and serving over 600 clients from various sectors. With assets valued at nearly €7 billion, the company remains the market leader in industrial and logistics real estate in the region.

Expressing his enthusiasm for the new role, Kodr stated: “I deeply appreciate the trust placed in me by the management. Leading the largest industrial developer in the Czech Republic is an honor. Our work goes beyond real estate—we are creating spaces that foster innovation, production, and logistics, supporting not only our tenants but also the broader economy. The Czech market is dynamic and full of potential, and I look forward to working with our team to push the boundaries of what’s possible in our industry.”

Kodr’s leadership appointment comes at a time of strong growth for CTP, as the company continues to expand its footprint and solidify its position as a key player in the European industrial and logistics sector.

PFR Group companies extend 9,500 sqm lease at Warsaw’s revitalized Cedet building

Companies from the Polish Development Fund (PFR) Group, including leading insurer KUKE, have reaffirmed their commitment to the Cedet office building in the heart of Warsaw. The firms, which collectively occupy 9,500 square meters in the landmark property, have opted to extend their leases, citing the building’s modern features and prime location. The lease renegotiation process was facilitated by experts from the advisory firm Colliers.

The PFR Group, a key institution supporting Poland’s economic development by assisting entrepreneurs and local governments, was among the first tenants to move into Cedet after its grand reopening in 2018. Of the total space leased by PFR Group companies, 2,500 square meters are occupied by KUKE, a domestic and international receivables and investment insurance provider, along with its factoring division, KUKE Finance.

According to Marcin Sabowicz, Associate Director in the Office Space Department at Colliers, Cedet’s top-tier standards and strategic location were crucial factors in the tenants’ decision to stay. “This building seamlessly blends state-of-the-art technology with sustainability principles, making it an ideal choice for companies that value high-quality office space. Its prime location in central Warsaw further enhances its appeal and market advantage,” he said.

The building’s management also welcomed the tenants’ decision to remain. Łukasz Pawikowski, Head of Asset Management CEE & Nordics at Manova Partners, emphasized the importance of tenant satisfaction in maintaining long-term investment value. “We are delighted that our efforts to enhance the building’s comfort and energy efficiency have been recognized. Their continued presence reinforces a sense of community and serves as an encouragement for other tenants to remain in the Cedet complex,” he commented.

Cedet, formerly known as the Central Department Store (CDT), is a Warsaw icon with a storied history dating back to the late 1940s and early 1950s. Originally heralded as a modern marvel with innovations such as a glass façade, an underground parking garage, and Warsaw’s second-ever escalator, the building underwent significant changes over the decades. After sustaining fire damage in the 1970s, it was rebuilt in a simplified form.

In 2018, Cedet underwent a comprehensive revitalization, restoring its original architectural charm while introducing contemporary functionality. The renovation preserved key features such as the iconic neon sign while incorporating modern interior layouts and cutting-edge sustainability features. Cedet holds a prestigious BREEAM Excellent certification, recognizing its commitment to environmental and energy efficiency standards. The revitalized complex now offers more than 22,000 square meters of space, with 15,000 square meters dedicated to offices and 7,000 square meters allocated to retail.

The property is home to a diverse tenant mix, including leading brands such as WeWork, Smyk, Zdrofit, and Biedronka.

Legal support for the lease renegotiation was provided by SKJB on behalf of the tenants and Greenberg Traurig representing the building’s owner.

Cedet’s enduring appeal and strategic advantages continue to make it one of the most sought-after office locations in Warsaw, reinforcing its status as a cornerstone of the city’s commercial landscape.

Kajima Properties finalizes sale of Zabrze logistics hub to Generali Group

Kajima Europe, a pan-European real asset investor, developer, and manager with £10 billion in assets under management, has successfully completed the sale of its prime logistics hub in Zabrze, Poland. The asset was acquired by Generali Group in December 2024.

Situated in Silesia, Poland’s industrial heartland, the Zabrze Logistics Hub occupies a strategic location within the Katowice sub-market. Its proximity to major transport routes, including the A1 and A4 motorways, ensures seamless connectivity to key European markets such as Germany, the Czech Republic, and Ukraine. This prime positioning enhances the site’s role as a vital logistics gateway, facilitating north-south and east-west trade across the continent.

The facility spans over 45,000 square meters and features a flexible, modular design that accommodates a variety of unit sizes. This adaptability allows for both single and multi-tenant occupations, enhancing re-letting potential and long-term asset value.

A global leader in medical equipment production serves as the anchor tenant at the site, with a longstanding presence in Zabrze for over 30 years. The company’s deep commitment to the region further underscores the hub’s significance within the local and international logistics landscape.

Reflecting on the transaction, Jan Trybulski, Investment Director and Head of Poland at Kajima Europe, emphasized the asset’s strategic importance and investment appeal. “The sale of Zabrze Logistics Hub highlights the quality of this asset and its key role within the European logistics network. Its prime location, flexible design, and strong tenant profile make it a highly attractive investment opportunity. This transaction reaffirms our commitment to delivering top-tier logistics properties across Europe,” he stated.

The successful sale of the Zabrze Logistics Hub reinforces Kajima Europe’s strategic approach to developing and managing high-quality logistics assets in key European markets, further strengthening its position as a leader in the sector.

Garbe hands over logistics space to Bravobike in Kabelsketal

Garbe Industrial Real Estate GmbH has announced its first leasing success of the year with the handover of logistics space to Bravobike GmbH in Kabelsketal, Saxony-Anhalt. Bravobike, a specialist in the purchase, sale, and refurbishment of used and leased bicycles, has signed a rental agreement for approximately 23,500 square meters of space to support its repair and storage operations.

The symbolic key handover marks a significant milestone for both parties. Adrian Zellner, Member of the Executive Board at Garbe Industrial Real Estate, highlighted the importance of the deal, stating, “This agreement reinforces the strength of our leasing strategy and the attractiveness of Kabelsketal as a logistics hub. The site’s excellent infrastructure and flexible design make it a perfect match for businesses like Bravobike.”

Bravobike, part of the JobRad Group – a market leader in company bike leasing – sees the new location as instrumental in achieving its growth ambitions. Dr. Nela Murauer, Managing Director of Bravobike, expressed enthusiasm about the move: “The Garbe property in Kabelsketal provides the perfect combination of office, workshop, and warehouse space. Its flexibility aligns perfectly with our expansion goals.”

Bravobike’s operations focus on refurbishing used bicycles and e-bikes through a standardized process that includes thorough inspections, professional cleaning, and expert repairs. Once reconditioned, the bikes are sold online, offering a sustainable second life. The facility in Kabelsketal is equipped with two delivery zones—one for incoming goods and another for outbound shipments, ensuring seamless logistics flow.

The company will utilize around 21,000 square meters of warehouse space, fitted with 20 dock levellers and two ground-level sectional doors for truck operations. The premises also include nearly 900 square meters of office space and 1,800 square meters of mezzanine areas. Outside, there are four truck parking spaces and 50 car parking spaces available. Bravobike plans to create numerous job opportunities in production and logistics at the new facility, with hiring expected to commence in February.

The leasing transaction was facilitated by Colliers Leipzig, with legal counsel provided by Trûon Rechtsanwälte, a Hamburg-based law firm.

Garbe Industrial Real Estate has developed approximately 62,000 square meters of logistics space on the 100,000-square-meter Kabelsketal site. The newly completed complex consists of two interconnected halls designed to accommodate multiple tenants. Before construction was finalized in October last year, around 22,000 square meters had already been leased to online supermarket Picnic, leaving 15,000 square meters of hall space, 500 square meters of office space, and 1,500 square meters of mezzanine space still available for lease.

The facility adheres to the Gold Standard of the German Sustainable Building Council (DGNB) and incorporates eco-friendly features such as heat pumps for heating.

Strategically located near major transportation routes, the site provides direct access to the B6 federal road, connecting it to the A9 Berlin-Munich motorway. The Großkugel junction, just three kilometers away, offers further connectivity to the A14 Magdeburg-Dresden motorway and Leipzig/Halle Airport.

This latest development underscores Garbe’s commitment to delivering high-quality, sustainable logistics spaces tailored to evolving market demands.

Catella APAM and Bankfoot APAM complete Gramercy Tower in Cardiff city centre

Catella APAM and Bankfoot APAM have announced the practical completion of Gramercy Tower, a major residential development in Cardiff city centre. The project, delivered on behalf of Catella’s Pan-European Article 9 fund, CER III, aims to address the growing demand for high-quality housing in the Welsh capital.

Gramercy Tower comprises 188 apartments, including 120 one-bedroom, 66 two-bedroom, and 2 three-bedroom units. The development is designed to cater to the evolving needs of urban living, featuring a range of modern amenities such as co-working spaces, a residents’ lounge, a fully equipped gym, and two rooftop terraces offering panoramic views of the city. Additionally, the property provides bicycle storage and electric vehicle charging stations, reflecting a commitment to sustainability.

Located in close proximity to Cardiff’s Central Enterprise Zone, the development offers convenient access to key employment hubs, Central Quay, and Cardiff Central train station. Its strategic position is expected to attract professionals and families seeking a well-connected, urban lifestyle.

Commenting on the completion, Chalwe Silwizya, Asset Manager at Catella APAM, emphasized the significance of the development in Cardiff’s evolving residential landscape. “Gramercy Tower not only delivers modern, high-specification apartments but also provides a lifestyle that meets the demands of city living. We look forward to welcoming residents to this exceptional development.”

The project’s completion follows an extensive development process focused on delivering high-quality residential spaces with a strong emphasis on sustainability. Patrick Vincent, Development Manager at Bankfoot APAM, expressed pride in the achievement, stating: “Gramercy Tower is the result of a dedicated effort to create a thoughtfully designed, sustainable development. Its prime location and outstanding amenities make it a standout residential destination in Cardiff.”

As Cardiff continues to attract new residents and businesses, Gramercy Tower is expected to play a key role in the city’s growth, offering premium housing in a prime location. Catella APAM and Bankfoot APAM remain committed to delivering projects that align with modern urban living trends and environmental sustainability.

Sonar Real Estate sells Neumarkt complex in Cologne to PAMERA

Sonar Real Estate (Sonar), on behalf of CCP 5, a fund managed by Tristan Capital Partners, has successfully sold the Neumarkt complex in Cologne to a capital investment company (KVG) structure, represented by the real estate family office PAMERA Real Estate Partners GmbH (PAMERA). The financial terms of the deal remain undisclosed.

The transaction includes the fully leased properties at Neumarkt 35-37 and Lungengasse 34-46, offering a total lettable space of approximately 8,650 square metres. The property’s allocation consists of 55% office and medical space, 23% retail, and 19% storage. Major tenants include AllDent, Kreissparkasse Köln, REWE, and dm. Originally constructed in 1962 on a 2,365-square-metre site, the buildings underwent extensive refurbishment in 2023. The weighted average unexpired lease term (WALT) stands at 9.5 years.

Following the sale, Sonar will retain its role as the asset manager for the property and will collaborate with PAMERA going forward.

Commenting on the sale, Julian Kaup, Managing Director of Sonar Real Estate, stated: “Despite challenging market conditions, the full occupancy and comprehensive refurbishment have significantly enhanced the property’s value. This transaction underscores our team’s expertise in managing complex disposals and reaffirms the strong demand for diversified properties in prime locations.”

The transaction was facilitated by Colliers, with legal advisory services provided by Clifford Chance for the seller and Böttcher & Fischer Rechtsanwälte for the buyer. WITTE Projektmanagement GmbH conducted vendor-side technical due diligence, while ARGOS Projektmanagement GmbH performed due diligence for the buyer. Tax advisory for the purchaser was handled by SRP Steuerberatungsgesellschaft, Cologne, while PWC advised the seller.

This successful sale reflects continued investor confidence in well-located, diversified commercial assets in Cologne’s thriving market.

Savills Warsaw Office Market 2024: Trends and Predictions for 2025

Savills has published its latest report, Warsaw Office Market 2024, summarizing last year’s trends and offering forecasts for 2025. The report identifies critical factors shaping Warsaw’s office market, including a supply gap, rising rents, and the growing importance of flexible office solutions and sustainable practices.

Supply Gap and Limited Developer Activity

Warsaw’s office stock reached 6.29 million square meters in 2024, with demand holding steady at 740,200 square meters. Despite a 71% year-on-year increase, the 104,400 square meters of new office space delivered in 2024 remained below historical averages. Most new supply was concentrated in central zones, including the Rondo Daszyńskiego area, where projects such as The Form, Lixa (D and E), and Vibe A accounted for significant additions.

Currently, only 230,000 square meters of office space are under construction, a 14% decline compared to 2023. With just two new projects located outside the city center, developers remain cautious. Savills predicts that fewer than 400,000 square meters of office space will be delivered between 2025 and 2027, exacerbating the supply gap.

Demand Dynamics and Rent Increases

Tenant activity in 2024 reached 740,200 square meters, slightly below the previous year. Renegotiations accounted for 46% of transactions, reflecting high adaptation costs and limited supply. Pre-lets and expansions were also notable, with key deals such as Santander Bank’s pre-let in The Bridge and significant renegotiations by financial institutions like Bank Gospodarstwa Krajowego and Citi Bank Services.

Savills expects rents in prime locations to rise as competition for modern, well-located spaces intensifies. In 2024, average rents in the Central Business District remained stable at EUR 22.50–26.00 per square meter per month, while Służewiec saw slight increases due to higher fit-out costs.

Flexible Office Solutions Gain Momentum

Flexible office solutions, including serviced offices and coworking spaces, saw significant growth, with operators leasing 28,600 square meters across 16 locations—a nearly 70% year-on-year increase. By year-end, Warsaw offered 208,200 square meters of coworking space across 87 locations, catering to over 25,000 workstations. New flex office spaces totaling 5,200 square meters are set to launch in 2025, reflecting the growing appeal of adaptable, ready-to-use solutions.

Sustainability and Employee-Centric Design

Sustainable practices and employee-focused designs are becoming essential. Tenants are prioritizing buildings with certifications like BREEAM and LEED, driven by energy efficiency and cost optimization. Companies are also redesigning office spaces to attract talent, emphasizing collaborative zones, meeting rooms, and relaxation areas over traditional open-plan layouts.

Conclusion: Opportunities and Challenges Ahead

As Warsaw’s office market faces limited supply and increasing demand, 2025 will require strategic planning from tenants, landlords, and developers. Decisions will hinge on long-term forecasts, workforce needs, and sustainable solutions. The market is poised for transformation, driven by new technologies, cost efficiency, and the need to adapt to evolving work environments. Savills experts underscore the importance of proactive planning and innovation to navigate the challenges and opportunities of the coming years.

TGS Baltic and Walless advise on sale of 11 Rimi Grocery stores to Lumi Retail Property Fund

TGS Baltic has successfully advised Colonna, a prominent commercial property investor in the Baltic region, on the sale of a portfolio of 11 Rimi grocery stores across Latvia to Lumi Retail Property Fund, a fund managed by Nuve Partners. The transaction, a notable development in the Baltic real estate market, saw Walless providing legal counsel to the buyers.

The portfolio, comprising properties primarily located in regional Latvian towns, underscores the rising demand for sustainable and strategically positioned retail investments. According to TGS Baltic, the stores boast convenient locations, long-term lease agreements, and steady foot traffic, making them particularly appealing for investors seeking stable returns in the retail real estate sector.

The acquisition represents a significant addition to Lumi Retail Property Fund’s portfolio, further strengthening its footprint in the Baltic retail market. The fund, managed by Nuve Partners, continues to focus on high-quality retail properties with sustainable growth potential.

“This transaction highlights the strong investor appetite for well-located, income-generating retail assets in the Baltic region. The properties’ strategic positioning and robust leasing terms align perfectly with Lumi’s investment strategy,” said Inese Hazenfusa, Partner at TGS Baltic.

Colonna, a major player in the Baltic commercial property sector, has been instrumental in developing and managing retail assets that attract consistent tenant interest and consumer activity. This sale aligns with Colonna’s strategic focus on optimizing its property portfolio while enabling it to invest in new opportunities.

The legal teams played a pivotal role in facilitating the transaction. TGS Baltic’s team, led by Partner Inese Hazenfusa, included Counsel Janis Bite, Senior Associates Dita Busa and Rudolfs Vilsons, and Associate Karina Narnicka-Cumakova.

Walless provided comprehensive legal support to Lumi Retail Property Fund, ensuring a smooth acquisition process. The team, led by Partners Kristine Gaigule-Saveja and Inguna Abele, included Associate Partner Valters Diure, Senior Associates Laura Tumina, Baiba Krievina-Sutora, Tatjana Sinkevica, and Kristers Zalitis, as well as Junior Associate Emils Klavs Liepins.

The properties involved in the deal, operating under the Rimi brand, are well-established grocery stores in Latvia, one of the region’s most recognized retail chains. With consistent consumer demand and strong lease agreements in place, the portfolio represents a lucrative investment for Lumi Retail Property Fund as it continues to expand its presence in the Baltic retail real estate sector.

The transaction is expected to contribute to the evolving landscape of the Baltic retail market, reflecting investor confidence in the region’s economic stability and growth prospects. Both Colonna and Lumi Retail Property Fund have demonstrated their commitment to advancing the sector through strategic investments and asset optimization.

This acquisition not only reinforces Lumi Retail Property Fund’s position in the market but also sets a benchmark for future transactions in the Baltic retail sector, emphasizing the importance of sustainable, high-traffic retail properties in regional growth strategies.

Clifford Chance advises on EUR 268 million financing for Centrum Černý Most expansion

Clifford Chance has successfully advised a consortium of banks, including ING Bank, Erste Group Bank (alongside its Czech subsidiary Česká Spořitelna), and Komerční Banka, on a significant EUR 268 million financing agreement. The funding will support the entrance of a new joint venture partner and the expansion of Unibail-Rodamco-Westfield’s Centrum Černý Most, one of Prague’s premier shopping destinations. Dentons reportedly advised Unibail-Rodamco-Westfield on the transaction.

Centrum Černý Most, an iconic indoor shopping center in Prague, is set to undergo a transformative upgrade. According to Clifford Chance, the financing aims to bolster Unibail-Rodamco-Westfield’s investment in modernizing and expanding the center’s facilities, ensuring it remains a top-tier retail and leisure destination in the region.

The expansion project is poised to introduce cutting-edge design, enhanced retail experiences, and improved leisure amenities. It aligns with the broader industry trend of transforming shopping centers into multi-functional hubs that cater to a diverse range of consumer needs, including shopping, dining, and entertainment.

The financing agreement marks a strategic milestone for the participating banks, as well as for Unibail-Rodamco-Westfield, Europe’s leading commercial real estate developer and operator. The consortium’s commitment reflects strong confidence in the long-term viability of Centrum Černý Most as a key player in Prague’s retail landscape.

Clifford Chance’s legal team brought its expertise to the complex transaction, providing comprehensive counsel on banking, finance, and real estate matters. The team included Counsel Milan Rakošník, Senior Associate Tereza Boguská Rehořová, Associate Jan Christelbauer, and Junior Lawyer Šimon Pavlas.

The funding agreement underscores the evolving role of shopping centers in Europe. No longer just retail hubs, these spaces are adapting to changing consumer behavior by incorporating experiential elements and sustainability measures. The modernized Centrum Černý Most is expected to feature innovative green solutions, energy-efficient technologies, and enhanced public spaces, further cementing its role as a community and commercial landmark.

Unibail-Rodamco-Westfield has long been recognized for its forward-thinking approach to retail and mixed-use development. This latest expansion builds on the company’s track record of delivering state-of-the-art shopping centers that cater to evolving market demands.

The new joint venture partner’s entry into the project signals increased investor confidence in Prague’s commercial real estate market. With robust financial backing, the expansion is expected to drive economic growth, generate jobs, and elevate the overall shopping experience for residents and visitors alike.

As Prague continues to grow as a key economic and cultural hub in Central Europe, investments like this highlight the city’s importance on the international retail and real estate stage. Clifford Chance’s involvement in this high-profile transaction reaffirms its standing as a leading advisor in major real estate and financing deals across the region.

The expansion of Centrum Černý Most is anticipated to commence in the coming months, with phased openings expected over the next few years, transforming the center into a beacon of modern retail and leisure in Prague.

Poland to invest billions in Eastern border security, says Interior Minister Duszczyk

Poland will allocate billions of euros to fortify its eastern border, with approximately 80% of the cost for constructing a barrier along the border with Belarus already funded by Poland. Speaking at the closed Polish-Belarus border crossing in Polowce-Piešcak on Thursday, Polish Interior Minister Maciej Duszczyk emphasized the country’s commitment to border security and detailed the investments being made.

Duszczyk stated that while the EU does not fund border barriers directly, Warsaw has utilized European funds for technical enhancements and road infrastructure improvements in the border zone. From a military perspective, completing the network of technical and natural barriers along Poland’s eastern border is estimated to cost €2.3 billion, according to the minister.

The statement was made during a visit by European journalists invited by Poland under its Presidency of the Council of the EU. The group was given an overview of the border fence’s construction, the management of asylum access, and the Shield East program, which focuses on protecting NATO’s eastern flank.

The project to secure Poland’s border began in late summer 2021 with the construction of a 5.5-meter-high, 187-kilometer-long steel fence topped with barbed wire. The barrier, completed in June 2022, cost more than €375 million. An electronic surveillance system was later added, covering 206 kilometers and equipped with 3,000 night-vision cameras and motion sensors at a cost of €71.8 million.

The fence aims to stop illegal migrants, whom Duszczyk alleged arrive on flights using Russian student visas. Poland has borne most of the costs for the project, covering 80% of the expenses. EU funds have been used to install advanced night-vision cameras and improve mobility for border guards by constructing road infrastructure near the barrier.

Last year, the European Commission allocated €170 million to support border security for member states bordering Russia and Belarus, of which Poland received €52 million. These funds are being used for road improvements near the border to facilitate quicker border guard responses to potential breaches.

The border crossing at Polowce-Piešcak is also strategically important for NATO and the EU. It serves as a potential military barrier against any hostile advance from Brest. Military officials highlighted the defensive measures in place, including interconnected stone hedgehogs, areas prepared for quick deployment of landmines, and dense forests that act as natural obstacles to military equipment.

Poland faces the challenge of protecting its 800-kilometer-long eastern border, which includes critical sections near Kaliningrad and Belarus. In 2023, Poland spent 4.14% of its GDP on defense, with plans to increase that to 4.7% in 2024. By 2028, Poland aims to complete its border security initiatives, integrating natural barriers such as wetlands and tree lines, alongside technical solutions, as part of the €2.3 billion investment.

Duszczyk’s remarks underline Poland’s growing focus on strengthening its role as a key player in NATO’s defense strategy, as well as ensuring the integrity of the EU’s external borders.

Photo: Maciej Duszczyk, Polish Interior Minister

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