MLP Group Lifts Rental Income 34% as European Logistics Portfolio Expands

MLP Group increased rental income by 34% year-on-year in the first half of 2026 as the logistics and industrial property developer expanded its portfolio and accelerated investment activity across Poland and Germany.

Group revenue reached PLN 255 million, up 23% compared with the same period last year, while rental income increased to PLN 149.3 million. EBITDA before property revaluations rose 19% to PLN 126 million, and net profit almost doubled to PLN 156.4 million.

The value of MLP’s property portfolio increased to PLN 7.36 billion at the end of the period, 11% higher year-on-year. Net asset value reached PLN 3.36 billion, representing an increase of 5%, while NAV per share rose by the same percentage to PLN 139.9.

Expansion of the income-producing portfolio contributed to the growth. MLP completed 219,600 sqm of new space during the first six months of 2026, taking its total gross leasable area to approximately 1.7 million sqm.

Leasing activity reached 97,700 sqm during the period, including 87,900 sqm attributable to new agreements. The contracts signed since the beginning of the year represent approximately EUR 6.6 million of additional annualised rental income.

Occupancy stood at 95% at the end of June, with the weighted average remaining lease term at approximately 7.3 years. MLP reported that close to 99% of rents were paid on time and tenant retention was also around 99%. Its approximately 225 occupiers operate across manufacturing, technology, automotive, e-commerce, retail and logistics.

Another 186,000 sqm was under construction across four countries at the end of June. According to the company, once fully occupied these developments could produce approximately EUR 11.9 million in annual rental income. MLP expects a minimum yield on cost of 12.4% from the projects currently being developed.

Poland remains the group’s largest market and the main focus of its current development programme. Projects launched during 2026 include MLP Bieruń, MLP Rzeszów and MLP Gorzów, together with further development in Poznań and at MLP Pruszków II.

At the same time, MLP is increasing its exposure to Germany as it builds a larger Western European platform.

The company is preparing its first development in the Frankfurt metropolitan region, comprising approximately 23,000 sqm. It is also moving ahead with around 32,000 sqm in the second phase of MLP Business Park Schalke. The project’s approximately 36,000 sqm first phase has already been fully leased.

Hamburg represents another expansion market, where MLP is starting development of MLP Hamburg East with approximately 35,000 sqm of space.

The group is also preparing MLP Business Park Castrop-Rauxel in North Rhine-Westphalia. The approximately 73,000 sqm development is scheduled to start construction in 2027 and will be MLP’s first scheme designed to accommodate potential data centre occupiers alongside its established industrial and logistics customer base.

The move towards data centres represents a potential extension of MLP’s traditional development model as European demand for computing infrastructure increases and industrial developers look for opportunities to use strategically located land and power capacity for a wider range of occupiers.

MLP expects its portfolio to continue expanding during the remainder of 2026. The company plans to complete approximately 200,000 sqm of additional leasable space over the next two quarters.

Radosław T. Krochta, President and CEO of MLP Group, said the company expects continued growth in both rental levels and estimated rental values, supported by occupier demand and constrained availability of modern logistics and light-industrial properties.

The first-half figures indicate that MLP’s growth is increasingly being driven by a combination of portfolio expansion and higher recurring property income. With almost 220,000 sqm completed during the first half and another 186,000 sqm under construction at the end of June, the group’s development pipeline is set to add further income-producing assets as it increases its scale in both Central and Western Europe.

REINO IO Completes 27,000 sqm Logistics Centre in Piotrków Trybunalski

Construction has been completed on REINO IO Piotrków BTS, a purpose-built cross-dock logistics facility providing almost 27,000 sqm in Piotrków Trybunalski, one of central Poland’s established distribution locations. The project was developed for Polish Logistics LLP, with REINO IO Logistics acting as development manager. Kajima Poland was responsible for the design and general construction under a design-and-build contract, with work having started in October 2025.

Located on Logistyczna Street, the development has access to the A1 motorway, S8 expressway and National Road 74. The building comprises a combined 25,900 sqm of cross-dock and warehouse accommodation, together with a two-storey office section of 1,682 sqm. The logistics areas have been configured around the tenant’s operational requirements and prepared for an automated sorting system.

The development occupies a site of approximately 154,000 sqm, with around 96,000 sqm allocated to manoeuvring yards, roads, parking areas and other paved surfaces required for its cross-dock operations. Approximately 400 parking spaces have been provided, including almost 200 for heavy goods vehicles.

The building has 143 loading docks and uses a column-free structural design. Spans reach 55.6 metres in the warehouse section prepared for the automated sorter and 36.6 metres in the cross-dock area. The floor slab has been reinforced and additional power infrastructure installed to support the automation equipment, while the building’s installations, architecture and lighting have also been adapted to the sorting system.

Around 28,000 sqm of the site has been allocated to green areas, alongside an employee recreation zone incorporating a volleyball court and event space. A five-metre-high acoustic embankment extending approximately 200 metres has also been constructed along the eastern side of the property.

The project’s energy measures include a 450 kWp rooftop photovoltaic installation and a hybrid heating system combining heat pumps with gas-fired radiant heaters. Four electric vehicle charging points have also been installed, while the building has been designed to achieve BREEAM Excellent certification.

BNP Paribas Bank Polska financed the development through a Green Loan structured in line with the LMA Green Loan Principles. Addleshaw Goddard acted as legal adviser on the investment, while Gleeds Polska was responsible for technical and investor supervision.

The completion marks the first development directly delivered by REINO IO Logistics within the Piotrków Trybunalski logistics park already under its management. The project represents a further expansion of the Polish Logistics LLP platform in central Poland.

REINO IO Logistics manages Polish Logistics LLP’s portfolio in Poland, comprising nearly 400,000 sqm of logistics properties across Poznań, Sosnowiec, Rzeszów, Łódź, Piotrków Trybunalski and Bielsko-Biała.

Romania’s New Planning Code Could Reshape Land Values and Development Pipeline

Romania’s proposed Territorial Planning, Urbanism and Construction Code could significantly change the economics of property development, with new restrictions on planning coefficients and uncertainty surrounding an infrastructure contribution likely to influence land values, financing decisions and the timing of new projects, according to Crosspoint Real Estate.

One of the most important changes for residential development concerns limits on increasing urban planning coefficients through Zonal Urban Plans, known as PUZs. Crosspoint expects this to place greater emphasis on the development capacity already secured for individual sites rather than the possibility of obtaining more favourable planning parameters at a later stage.

The change could create a wider pricing difference between land with established planning conditions and sites whose valuations currently incorporate assumptions about future development potential. Oana Popescu, Head of Residential at Crosspoint Real Estate, expects the cap on the land-use coefficient, or CUT, to reduce the speculative component of some land valuations and increase the importance of confirmed buildability.

Another issue for developers is the proposed territorial infrastructure contribution, which is intended to support infrastructure and social amenities associated with development. The method used to calculate the contribution has yet to be established through secondary legislation, leaving developers without certainty over the potential additional cost.

Crosspoint expects this uncertainty to affect land transactions while developers assess how the contribution should be incorporated into acquisition prices and development budgets. Some transactions could be delayed or structured around clarification of the new rules. If this slows the delivery of residential projects in Romania’s major cities, where new housing supply is already under pressure, the imbalance between supply and demand could become more pronounced.

The changes could also influence Bucharest’s office development market. Crosspoint expects developers and lenders to place greater emphasis on projects capable of securing occupiers before construction begins, particularly as financing becomes more dependent on visibility over future rental income.

Pre-leasing could consequently become more important, alongside phased construction and stronger equity commitments from developers. The result could accelerate an existing shift away from projects developed without significant tenant commitments towards schemes where occupier demand is demonstrated before substantial capital is deployed.

Planning certainty could become particularly valuable in Bucharest because the pipeline of new office development is already limited. Developers controlling sites with established planning parameters and the ability to progress relatively quickly through permitting could therefore gain an advantage over projects requiring additional planning procedures.

The eventual effect on office rents will depend partly on how significantly the new framework affects development activity. Crosspoint argues that measures which slow the introduction of new projects could constrain future supply and influence land values, delivery volumes and rental levels for higher-quality offices.

Modern and energy-efficient properties in established business districts could benefit most if occupier demand remains concentrated on higher-quality buildings while development remains restricted. However, the eventual market impact will depend on the final implementation of CATUC, particularly the secondary legislation determining how the territorial infrastructure contribution will be calculated.

ATAL Adds 31 Apartments to Kraków’s Zakole Wisły Development

ATAL has expanded the residential offer at its Zakole Wisły II development in Kraków, releasing a further 31 apartments for sale. Prices for the newly introduced units range from PLN 14,100 to PLN 16,900 per sqm in developer standard.

The apartments will be delivered in a five-storey residential building and range from 43 to 107 sqm, with layouts comprising between two and five rooms. ATAL said the inclusion of larger apartments reflects what the developer sees as a shortage of this type of housing on the market.

The units will feature balconies, terraces or private gardens depending on their position within the building. Smart-home systems are included in the specification, while apartments on the ground, third and fourth floors will also be equipped with air conditioning.

The project is located close to Nowohucka Street, providing connections with other parts of Kraków. The surrounding area provides access to retail, services, restaurants, gyms and coworking facilities, while the Kazimierz and Podgórze districts are also nearby.

Parking will be provided in an underground garage and at external spaces within the development. Two commercial units are planned on the ground floor, adding a service component to the residential scheme.

ATAL also offers buyers the option of completing apartments through its ATAL Design programme, which provides three levels of interior finishing.

Development of Zakole Wisły ATAL began around the middle of 2025. Once completed, the project is expected to provide 165 apartments in total, expanding ATAL’s residential portfolio in the Kraków market.

Poland and Italy Lead Retail Investment Share as European Capital Returns Selectively

Retail property accounted for 36% of commercial real estate investment in both Poland and Italy during the second quarter of 2026, the highest proportion among the eight European markets covered by Focus Estate Fund’s latest analysis. The figures point to renewed investor appetite for selected retail assets, although activity remains uneven between countries and property formats.

The analysis covers Poland, Italy, the United Kingdom, Spain, Germany, France, the Czech Republic and Portugal. Total commercial property investment during the quarter reached EUR 11.52 billion in the UK, EUR 5.87 billion in Spain, EUR 5.39 billion in Germany, EUR 4.81 billion in France, EUR 4.29 billion in Italy and EUR 2.0 billion in Poland. The Czech Republic recorded EUR 943 million and Portugal EUR 470 million.

Based on Focus Estate Fund’s figures, the 36% allocation implies approximately EUR 720 million of Polish retail investment and around EUR 1.55 billion in Italy. These are calculated values rather than independently reported transaction totals and should therefore be treated as approximations.

Independent market research broadly supports the Polish figure. Cushman & Wakefield data put Polish retail investment at close to EUR 713 million in Q2, more than five times the EUR 140 million recorded a year earlier. Retail parks represented half of the quarter’s transactions by number, alongside three shopping-centre deals and two transactions involving individual stores.

The Italian figures are also consistent with research from other property advisers. Dils estimates that approximately EUR 1.6 billion was invested in Italian retail property during Q2, making it an exceptionally strong quarter for the sector. Large transactions involving prominent properties and outlet assets accounted for a significant proportion of the volume.

The comparison illustrates an important distinction between the percentage of capital allocated to retail and the absolute size of individual investment markets. Poland and Italy led the Focus Estate Fund comparison by retail’s share of total property investment, but this does not necessarily make them Europe’s largest retail investment markets in every measurement.

Investor demand also remains concentrated on particular types of property. Retail parks continue to attract capital, supported by their relatively straightforward operating model, convenience-led tenant mixes and continued development activity.

This trend is particularly visible in Poland. CBRE recorded 160,600 sqm of new retail space delivered during Q2, taking the country’s stock covered by its research to approximately 15.85 million sqm. Most new supply was concentrated in retail parks, which also dominate the development pipeline.

BNP Paribas Real Estate similarly reports that retail parks account for the majority of the 546,500 sqm of Polish retail space under construction and scheduled for delivery during 2026 and 2027. The adviser also points to continued refurbishment and extension activity across existing properties.

Poland’s consumer economy provides additional support for the sector. Retail sales at constant prices increased by 6.2% year-on-year in June and were 3.5% higher across the first six months of 2026 compared with the corresponding period of 2025, according to Statistics Poland.

The country’s wider economy also strengthened during the period. Statistics Poland’s preliminary estimate puts second-quarter GDP growth at 3.8% year-on-year, compared with 3.3% in the corresponding quarter of 2025. This updates the earlier 3.7% figure contained in the Focus analysis.

The investment picture nevertheless remains selective rather than indicating a uniform European retail recovery. Shopping centres, retail parks, high-street properties and individual stores face different investor requirements, while transaction volumes can be heavily influenced by a small number of large deals.

Poland provides a good example. Retail represented approximately 36% of Q2 investment, but the wider commercial property market was also performing strongly. CBRE estimates that total Polish investment exceeded EUR 3.03 billion during the first half of 2026, 78% above the corresponding period of 2025 and the strongest first-half performance since 2018.

The combination of stronger investment liquidity, growing consumer spending and continued development of retail parks suggests that the sector has moved considerably beyond the uncertainty that affected European retail property following the pandemic and subsequent interest-rate increases.

Capital is not returning indiscriminately, however. Investors continue to differentiate sharply between locations, formats, tenant mixes and individual asset performance. The Q2 figures therefore point less towards a broad European retail rebound than towards a more disciplined return of capital to properties where investors believe income can be sustained and future value created.

San José (Costa Rica) Retail Market Tightens as Consumer Demand Supports Occupancy

San José’s retail property market has entered 2026 with limited availability, continued occupier demand and household consumption expected to expand further during the year. Availability across the monitored market stood at approximately 4.36% at the end of 2025, creating relatively firm conditions across the Greater Metropolitan Area while performance becomes increasingly dependent on location, accessibility and customer traffic.

Occupied space increased by more than the amount of new supply delivered during the closing period of 2025, indicating that demand was sufficient to accommodate recent additions without producing a significant increase in vacant space. For Greater San José, which contains Costa Rica’s largest concentration of consumers, employment and modern commercial property, the relatively low availability provides a strong starting point for 2026.

The headline figure does not mean every shopping centre or retail location is performing equally well. Greater San José contains regional malls, neighbourhood plazas, supermarkets, high-street premises and an increasing amount of retail integrated into residential, office and hospitality developments. Performance therefore depends increasingly on the surrounding population, purchasing power, accessibility and ability of individual properties to generate repeat visits.

The western metropolitan area remains one of the strongest concentrations of higher-end commercial activity. Escazú and Santa Ana combine affluent residential communities with corporate offices, hotels, restaurants and established shopping destinations, creating demand extending beyond conventional shopping trips. Multiplaza Escazú remains an important destination, while Avenida Escazú and Escazú Village illustrate the increasing integration of retail with offices, residential accommodation, restaurants and hospitality.

Other parts of Greater San José have developed their own substantial commercial centres. Curridabat and San Pedro serve the eastern metropolitan population, while Moravia, Heredia and Alajuela provide important concentrations to the north and northwest. The result is an increasingly decentralised retail market in which downtown San José represents only one part of the capital region’s commercial geography.

This decentralisation is supporting convenience-oriented retail. Supermarkets, pharmacies, restaurants, gyms, health and beauty operators and other services depend heavily on frequent visits from nearby residents and workers and can therefore perform strongly without competing directly with the metropolitan area’s largest destination malls.

Traffic conditions reinforce the importance of proximity. Where relatively short journeys can require considerable travel time, consumers have a greater incentive to shop and access services close to their homes or workplaces. This supports neighbourhood centres and smaller commercial plazas alongside regional malls.

Mixed-use development is strengthening the same pattern. Retail incorporated into office, residential and hospitality projects can draw customers from different groups throughout the day. Residents provide recurring local expenditure, office workers support weekday activity, while restaurants and entertainment can extend demand into evenings and weekends.

For retailers, this changes the economics of location selection. Lower rent does not necessarily produce better store economics if another property can deliver greater customer traffic and stronger sales. Occupiers are increasingly assessing accessibility, surrounding demographics and sales productivity alongside occupancy costs.

Costa Rica’s economic performance provides a supportive backdrop. The economy expanded by approximately 4.6% in 2025, while the IMF expects growth of around 3.6% in 2026. Although this represents a moderation from the previous year, economic activity remains supportive of the consumer sector.

Household expenditure is particularly relevant to retail property. Private consumption is expected to increase by approximately 3.7% during 2026 following estimated growth of around 3.8% in 2025, providing a continuing foundation for retailers dependent primarily on domestic consumers.

Consumer confidence also entered the year on relatively stable ground. The University of Costa Rica’s Consumer Confidence Index reached 55.4 in November 2025, above its previous quarterly reading and historical average, while expectations among businesses operating in commerce improved ahead of the first quarter of 2026.

Conditions nevertheless vary between households. Consumers facing greater financial pressure remain more cautious, meaning affordability and value continue to influence purchasing decisions even as the wider economy expands. This allows different retail segments to perform simultaneously, with higher-income districts supporting premium brands and lifestyle concepts while supermarkets, pharmacies, discount operators and everyday services benefit from recurring expenditure.

Costa Rica’s low-inflation environment has also helped protect household purchasing power. For retailers, however, subdued price growth means revenue performance depends more heavily on customer numbers, transaction volumes and product mix rather than price increases.

Tourism provides an additional source of demand, although its effect on San José differs from Costa Rica’s coastal destinations. The capital functions primarily as the country’s business, administrative and transport centre, while much international leisure expenditure occurs elsewhere. San José nevertheless captures visitor spending through hotels, restaurants, shopping and entertainment, particularly in western districts frequented by business travellers and international visitors.

Domestic consumers and the metropolitan workforce remain the more important foundation for the capital’s retail market. Employment, household confidence, wages and residential development are therefore particularly important indicators for property owners.

The relatively limited amount of available space entering 2026 is gradually affecting the balance between landlords and occupiers. Retailers seeking particular unit sizes in established centres may find fewer alternatives than the overall size of the metropolitan market suggests, particularly where high visibility or access to a specific consumer group is required.

This does not automatically imply rapid rental increases. Retail lease terms depend heavily on unit size and position, retailer profile, fit-out requirements, lease duration and negotiations between landlord and occupier. Incentives and individually structured agreements can also make effective occupancy costs different from advertised rents.

Sustained limited availability could nevertheless strengthen the negotiating position of successful properties, particularly where retailers have few comparable alternatives. The more important divide in 2026 is therefore likely to be between properties capable of producing strong retailer sales and those that simply have space available.

Established shopping centres benefit from recognised locations and existing customer traffic, but their position cannot be taken for granted. Owners need to maintain their properties, adjust tenant mixes and introduce uses that encourage consumers to visit more frequently and remain for longer periods.

Restaurants, cafés, entertainment, fitness, healthcare, beauty and personal services have consequently become increasingly important. These activities generate visits that are difficult to replace digitally and can support shopping destinations even as consumers purchase a greater proportion of merchandise online.

E-commerce is changing the role of physical stores rather than eliminating them. Shops increasingly operate as sales locations, brand showcases, collection points and places for returns and customer service, linking physical premises with retailers’ wider digital operations.

For developers, low availability creates opportunities but does not necessarily justify another large wave of regional shopping centres. Greater San José already has a mature network of major retail destinations, while increasingly decentralised consumer demand favours projects designed around identifiable local catchments.

New development is therefore more likely to emerge through neighbourhood centres, mixed-use schemes, extensions of successful properties and commercial projects serving expanding residential communities. Supermarkets and other frequently visited businesses can provide anchors around which restaurants, services and smaller retailers develop.

For investors, limited vacancy provides a positive market signal, but individual asset quality remains more important than the headline availability rate. Tenant sales, lease duration, occupier diversity, customer traffic, operating expenses and future investment requirements all influence the resilience of income.

Established centres serving strong residential or employment catchments should remain comparatively defensive. Smaller properties can also perform strongly where they dominate their immediate area or provide convenient access to everyday goods and services. Older assets without a clear market position face greater challenges, even in a relatively tight market, if their physical condition, tenant mix or accessibility no longer corresponds with consumer expectations.

The economic outlook suggests that retail demand should remain supportive through the remainder of 2026, although slower economic growth and uncertainty surrounding international trade could affect confidence and investment. Costa Rica’s exposure to the US economy also means external conditions remain relevant to employment and household spending.

San José nevertheless enters this period with relatively favourable fundamentals. Retail space is well occupied, consumer expenditure continues to expand and the metropolitan area combines a growing network of residential catchments with a substantial corporate and services economy.

San José’s retail market in 2026 is therefore becoming less about adding square metres and more about the productivity of individual locations. Large destination malls, mixed-use districts and neighbourhood centres can all succeed, but each serves different consumer requirements.

With overall availability already relatively limited, future value will increasingly depend on whether properties can translate their catchments, accessibility and tenant mix into sustainable customer traffic and retailer sales. For landlords, developers and investors, identifying where unmet consumer demand exists is becoming more important than simply increasing the volume of retail space.

Source: © CIJ.World Research & Analysis Team

Shein Copyright Defeat Strengthens Legal Position of Online Marketplaces

A UK High Court ruling in the copyright battle between Shein and Temu has strengthened the position of online marketplaces hosting third-party sellers, while highlighting the difficulties brands can face when attempting to hold digital platforms responsible for content uploaded by independent merchants.

The dispute centred on photographs of fashion products that appeared on Temu’s UK marketplace. Shein alleged that images associated with products sold through its own platform had been copied and used by merchants selling through Temu, and sought to establish that the marketplace operator itself should bear responsibility for the alleged copyright infringement.

The High Court rejected the principal claims. Mrs Justice Kelyn Bacon found that Temu had not authorised copyright infringement by the merchants responsible for uploading the disputed material. An important consideration was that Temu prohibited sellers from uploading infringing content and operated as an intermediary between merchants and consumers rather than as the party creating the listings at the centre of the dispute.

The judgment could have implications well beyond the two fast-fashion groups. Digital marketplaces increasingly connect large numbers of independent sellers with consumers while providing the technology, payments, logistics and marketing infrastructure supporting those transactions. The ruling illustrates that operating such an ecosystem does not automatically make the platform responsible for every piece of content uploaded by its merchants.

The court also concluded that, had relevant infringement been established, Temu could have relied on the protection available to online hosting providers. The judge found that Temu did not have actual knowledge of the specific infringements or sufficient information from which those infringements should have been apparent.

The finding is significant for marketplace operators, although it does not provide platforms with unrestricted protection against intellectual property claims. Liability remains dependent on the circumstances, including the degree of involvement a platform has in disputed content, what it knows about potential infringement and how it responds when problems are brought to its attention.

Another important element concerned the international structure of digital commerce. Shein had initially alleged that Temu itself reproduced its photographs, but that part of the case was not pursued at trial because the relevant Temu servers were located outside the UK. The court considered reproduction taking place outside the country to fall beyond the territorial reach of the UK copyright claim.

For international online businesses, the issue demonstrates how physical location can remain legally important even within apparently borderless digital markets. A platform may target British consumers while its servers, corporate entities, merchants and other parts of its technology infrastructure are distributed across several jurisdictions.

The ruling also exposed risks for companies pursuing aggressive intellectual property enforcement.

Temu successfully brought a counterclaim relating to listings that had been removed following an injunction obtained by Shein. The court upheld Temu’s claim for damages concerning images for which Shein was ultimately unable to establish the copyright ownership required for its case. The amount of compensation will be determined separately.

That part of the judgment provides a wider lesson for retailers, developers of consumer brands and other companies relying heavily on externally produced digital material. Businesses increasingly obtain photography, designs, marketing content and other creative assets from agencies, contractors, suppliers and companies elsewhere within their corporate groups. Being able to use an image commercially does not necessarily mean that the company can demonstrate ownership of the copyright when enforcement becomes necessary.

Clear contractual arrangements covering ownership, assignments and licensing can therefore become as important as monitoring the internet for unauthorised use.

The judgment could also influence how brands approach enforcement against products and content appearing on large marketplaces. Pursuing a platform can appear more efficient than identifying hundreds or thousands of individual merchants, particularly when sellers can quickly disappear and reappear under different identities.

The High Court decision demonstrates the limitations of that strategy where the marketplace can establish that it is acting as an intermediary and lacks sufficient knowledge of the individual infringement.

Rights owners may consequently need to combine several approaches, including copyright, trademarks and registered designs, direct action against sellers and established marketplace procedures for removing unlawful listings.

For marketplace businesses, meanwhile, the ruling reinforces the importance of maintaining clear policies prohibiting intellectual property infringement and operating effective mechanisms for responding when rights owners identify potentially unlawful material.

The decision represents only one part of a much wider legal confrontation between the two fast-growing e-commerce groups. Shein and Temu have been involved in disputes across several jurisdictions as they compete for customers in international markets. Temu’s separate allegations that Shein breached competition law through arrangements with suppliers are expected to reach trial in the UK next year.

The latest judgment nevertheless establishes an important marker for Britain’s digital marketplace economy.

As retail increasingly moves through platforms connecting consumers with third-party merchants around the world, courts are having to determine where responsibility sits when unlawful content enters that system. The Shein-Temu decision indicates that hosting a marketplace does not, by itself, transfer responsibility for sellers’ copyright infringements to the platform.

For businesses on both sides of the equation, the implications are significant. Marketplace operators need systems that preserve their intermediary position and respond appropriately to infringement complaints, while rights owners need stronger evidence of ownership and more targeted enforcement strategies.

As digital commerce becomes increasingly international and decentralised, determining who created content, who uploaded it, who knew about it and where the relevant activity occurred is becoming central to establishing who ultimately carries the legal risk.

Source: CMS

Major state lease anchors new office scheme in Wiesbaden

A new office development in Wiesbaden is moving towards construction after the State of Hesse committed to more than 8,100 sqm of space, securing the majority of the planned building ahead of its scheduled completion in 2028.

Developer Richter is preparing the project at Abraham-Lincoln-Straße 38-42, an established business location in the south-east of the Hessian capital. The development is expected to comprise approximately 9,400 sqm of total floor space, leaving only a relatively small proportion outside the state government’s lease.

Construction is currently scheduled to begin during the fourth quarter of 2026, with the building expected to be ready towards the end of 2028.

The agreement represents a substantial office commitment for Wiesbaden and provides the development with a major occupier before work begins. This is particularly relevant in Germany’s current office market, where developers and investors have become more cautious about starting projects without significant advance leasing.

Public-sector occupiers are playing an increasingly important role in this environment. Their typically longer-term accommodation requirements can provide greater predictability for new developments at a time when many private companies are reassessing the amount and type of office space they require.

Energy efficiency will form an important part of the Wiesbaden project. The building is planned to achieve a high level of energy performance and is targeting DGNB Gold certification. Photovoltaic panels and heat pumps are expected to contribute to the property’s energy concept, reducing its dependence on conventional building systems.

Around 80 underground parking spaces are also planned as part of the development.

The location on Abraham-Lincoln-Straße forms part of one of Wiesbaden’s established office and administrative areas, providing access to the city as well as connections to the wider Rhine-Main region.

Colliers advised the State of Hesse in connection with the letting, while FPS provided legal advice to the tenant.

The agreement illustrates a wider change taking place across Germany’s office development sector. New buildings increasingly need to combine strong energy performance, flexible modern accommodation and substantial pre-leasing before developers are prepared to proceed.

Large government occupiers can be particularly significant in this environment. Beyond filling space, a sizeable state commitment can substantially reduce the future leasing exposure of a development and provide greater certainty over its long-term occupancy profile.

In Wiesbaden, more than 85% of the planned building area is now associated with the State of Hesse’s commitment. With construction expected to start later this year, the project provides another example of how well-located, energy-efficient offices supported by major occupiers are continuing to progress despite a more selective German development market.

Photo: grabowski.spork architektur GmbH

Tristan and Porth acquire Vonovia’s Lüneburg residential portfolio in reported €55m deal

Tristan Capital Partners and regional real estate company Porth Group are acquiring Vonovia’s residential holdings in Lüneburg, northern Germany, in a transaction reported at around €55 million.

Local reporting puts the portfolio at 972 apartments, although some property market reports have cited 975 units. The acquisition is being made through a joint company involving London-based Tristan and Lüneburg-based Porth Group, which is expected to handle the local operational side of the investment.

More than 700 of the apartments are located in Kaltenmoor, a residential district in the south-east of Lüneburg. Around 200 additional homes are situated around Schützenplatz and Neu Hagen, with another 72 in Weststadt. The transaction will result in Vonovia exiting the Lüneburg residential market once the relevant transfers have been completed.

The reported purchase price of approximately €55 million has not been publicly disclosed by the transaction parties. On the basis of 972 apartments, that figure would correspond to an average of roughly €56,600 per unit, although such a calculation does not account for differences in apartment size, condition, location or other elements included in the portfolio.

The pricing has attracted attention because Vonovia reportedly sought around €90 million when the portfolio was placed on the market in 2024. The two figures should not be interpreted as evidence that the underlying properties have fallen by the same percentage in value, as the earlier amount represented an asking level rather than a completed transaction and the precise terms of the marketing process are not publicly available.

The deal nevertheless provides an indication of the pricing required to bring a sizeable older residential portfolio to market at a time when investors remain selective about acquisition costs, financing and future capital expenditure.

A significant part of the transaction remains subject to a municipal process. Around 700 apartments in Kaltenmoor are located within an officially designated urban regeneration area, meaning the change of ownership requires approval from the City of Lüneburg under German planning legislation.

The city also holds a statutory right of first refusal over properties within the regeneration area. Local authorities are reviewing the transaction and will have to determine whether to exercise that right or allow the transfer to proceed. As a result, the ownership change for this portion of the portfolio should not yet be regarded as completed.

The condition of the Kaltenmoor properties is likely to be an important issue following the transaction. Much of the housing is around six decades old and local authorities have identified a need for improvements to parts of the buildings. The city has indicated that it hopes the change in ownership will lead to better housing conditions and the correction of existing deficiencies.

No detailed refurbishment programme or capital expenditure commitment from Tristan and Porth has been publicly confirmed, however, and any future modernisation plans should therefore be distinguished from expectations expressed by local authorities and political representatives.

Porth Group brings a local presence to the acquisition. The company owns residential and commercial properties in Lüneburg and elsewhere in Germany and provides commercial and technical property and tenant management services. Under the partnership, Tristan is expected to provide the investment capital while Porth takes responsibility for the operational management of the assets.

For Vonovia, the transaction removes its remaining residential holdings in Lüneburg and is consistent with the company’s broader management of its German portfolio as it allocates capital across its core markets and businesses.

For Tristan, the acquisition adds a substantial residential holding in Germany. The investment manager has an established presence in the country and has previously pursued German residential investments through partnerships with local operating companies.

The transaction also illustrates the opportunities emerging in Germany’s residential investment market following several years of adjustment in property values and financing conditions. Large portfolios can attract institutional capital, but buyers continue to assess acquisition prices against the cost of financing, building condition and the investment that older residential properties may require.

In Lüneburg, those considerations will now be accompanied by a municipal review of the Kaltenmoor properties. Until that process is completed, the transaction represents an agreed change of ownership across the wider portfolio, with the transfer of the regeneration-area assets still dependent on the city’s decision.

Poland’s shopping centres see stronger consumer spending in first half of 2026

Poland’s shopping centre market continued to show resilience during the first half of 2026, with sales growing faster than visitor numbers and several service and leisure categories recording particularly strong results.

Sales generated by tenants in shopping centres increased by 2.2% year-on-year between January and June, while visitor numbers were 0.6% higher, according to data from the Polish Council of Shopping Centres (PRCH). The difference between the two indicators suggests that consumers spent more during their visits even though overall growth in customer traffic remained modest.

June provided a stronger finish to the six-month period. Sales were 5.4% higher than a year earlier, while the number of visitors increased by 5%. The improvement indicates that physical retail destinations continue to attract consumers despite the expansion of online shopping and changing purchasing habits.

Leisure-related businesses were among the strongest performers during the first half of the year. Sales in the entertainment category increased by 7.1%, while health and beauty businesses recorded growth of 5.1%. Restaurants and cafés generated 3.8% more sales, while service businesses increased their revenues by 3.6%.

The results reflect the continuing evolution of shopping centres from primarily retail destinations into locations combining stores with restaurants, personal services, entertainment and other activities. This diversification is becoming increasingly important for property owners seeking to increase the amount of time customers spend at their assets and create additional reasons for people to visit.

Larger shopping centres performed particularly well. Properties exceeding 60,000 sqm recorded a 2.8% increase in sales and a 1.2% rise in visitor numbers during the first half of the year. Centres between 40,000 and 60,000 sqm generated sales growth of 1.8%, while visitor numbers remained broadly unchanged.

Medium-sized centres between 20,000 and 40,000 sqm increased sales by 1.5% and visitor numbers by 0.9%. Smaller properties between 5,000 and 20,000 sqm produced a 2.4% improvement in sales despite receiving 0.6% fewer visitors than during the corresponding period of 2025.

The performance of smaller centres is particularly notable because it shows that higher visitor numbers are not necessarily required to generate sales growth. Location, tenant selection, convenience and the spending generated during each customer visit are becoming increasingly significant measures of asset performance.

There were also differences between regional markets. Białystok, Poznań and Warsaw were among the cities recording the strongest sales improvements during the first six months of the year, while eastern, central and north-western Poland performed particularly well at regional level.

Growth moderated compared with the beginning of the year. During the first quarter of 2026, shopping-centre sales had increased by 4.3% year-on-year and visitor numbers by 1.3%. The six-month figures therefore indicate a more uneven second quarter, although the stronger performance recorded in June improved the overall result.

PRCH’s analysis is based on information collected from shopping centres representing approximately 5 million sqm of space, equivalent to around one-third of Poland’s shopping-centre market. Sales information supplied by tenants is combined with electronically recorded visitor numbers to track changes in the performance of the sector.

The operating results come as Poland’s retail property sector continues to evolve following another period of development activity. The country had approximately 14.2 million sqm of modern retail space at the end of 2025, with retail parks accounting for much of the recently completed supply.

For owners and investors, the first-half figures provide further evidence that established shopping centres remain capable of generating sales growth even without substantial increases in visitor numbers. At the same time, the stronger performance of entertainment, health and beauty, restaurants and services reinforces the importance of broadening the tenant mix beyond conventional shops.

The direction of the market increasingly suggests that the competitiveness of Polish shopping centres will depend not simply on attracting more visitors, but on creating destinations where consumers have more reasons to stay, spend and return.

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