Kajima acquires third student depot site in Warsaw

Kajima Europe, the pan-European real estate investor, developer, and manager with GDP 10 billion in assets under management, has acquired its third Student Depot development site in Warsaw. The new project on Ciołka Street in the Wola district will feature 628 rooms and premium amenities, further solidifying Kajima’s position as the leading investor in student housing in Poland.

Located just a four-minute walk from the Księcia Janusza metro station on Line 2, the eight-story development will provide 10,100 square meters of Net Lettable Area (NLA), with the ground floor dedicated to concierge and shared spaces, including a co-working hub, games room, gym, lounge, entertainment space, and retail facilities.

Since acquiring Student Depot in 2019, Kajima has rapidly expanded its platform, achieving full ownership in 2023. Student Depot now accommodates nearly 4,200 students across major university cities like Warsaw, Kraków, Poznań, and Wrocław, with an additional 1,500 beds in the pipeline. This includes the expansion of Student Depot Poznań and a second project in Gdańsk.

Construction of the Ciołka Street site is set to begin in March 2025, with completion targeted for September 2026.

Jan Trybulski, Head of Poland at Kajima Europe, emphasized the strategic importance of the acquisition, stating, “This prime project aligns seamlessly with our expansion strategy for the Student Depot platform. Kajima’s deep commitment to the Polish PBSA market and proven expertise in managing student housing assets will ensure continued exceptional performance.”

Michal Obara, CEO of Student Depot, added, “Our third site in Warsaw marks another milestone for Student Depot as the largest and most established PBSA developer in Poland. We are excited to collaborate with Kajima Europe to maintain our strong track record of occupancy and rental growth.”

EBRD breaks investment record in Poland with €1.43 billion in 2024

The European Bank for Reconstruction and Development (EBRD) invested a record €1.43 billion in Poland across 49 projects in 2024, surpassing its €1.3 billion investment in 2023. This achievement made Poland the fourth-largest market for the EBRD last year, with all funds directed toward the private sector, and 69% allocated to the green economy.

“Our record commitment highlights the EBRD’s role as a leading institutional investor in Poland,” said Andree Moraru, Regional Director for Poland and the Baltic States. “These investments are helping Polish companies become more efficient, resilient, and environmentally sustainable while fostering economic growth. Poland remains a key destination for our green financing, with the majority of our funds supporting the country’s transition to a low-carbon economy.”

A significant portion—65%—of the EBRD’s investments supported the Polish enterprise sector. Among the highlights was a €146 million financial package for pharmaceutical leader Polpharma to advance the development of new drugs and biotechnologies. Additionally, €100 million was provided to Fiberhost/INEA, a leading telecommunications group, to modernize Poland’s fiber optic network, enhancing connectivity for over one million households.

The EBRD also bolstered the Polish real estate market, investing €100 million in Vantage Development, a major operator of rental apartments, and €13.7 million in Nrep Nordic Strategies Fund IV, supporting innovative rental housing solutions through the Nrep Studios concept. Both investments aim to address Poland’s chronic rental housing shortage.

Further diversifying its involvement, the EBRD became a shareholder in four Polish companies. This included participation in the acquisition of Velobank, a €33.9 million investment in cosmetics brand Bielenda, and €20 million for e-retailer R-Gol, a leader in sports goods.

Since its inception in 1991, the EBRD has invested over €15.3 billion in Poland, with 93% of these funds directed toward private sector companies. These record-breaking investments in 2024 underscore the EBRD’s commitment to Poland’s sustainable economic growth and its transition to a greener economy.

Demand for new flats in Brno surges despite record-high prices

Interest in new flats in Brno saw a strong revival in 2024, even as average prices per square meter in new builds remained above CZK 130,000, according to an analysis by Develo-Persian, a company that closely monitors the new-build market.

For the first time, the average price of a new flat in Brno exceeded CZK 8 million, with 1,298 units sold throughout the year—a figure almost 200 higher than the combined sales of 2022 and 2023. The surge in demand contrasts sharply with 2023, when the Brno real estate market recorded its lowest sales of new flats in a decade.

“Demand for new builds grew steadily throughout 2024, particularly in the latter months, despite only a gradual reduction in mortgage rates,” said Dalibor Lamka, reflecting on the year’s turnaround in the market.

In the last quarter of 2024, the average price per square meter of a new flat in Brno rose to CZK 131,300, with one-bedroom flats (1+kk) commanding the highest price per square meter at CZK 133,700. The average price of a unit reached nearly CZK 8.2 million, marking a significant increase compared to earlier in the year when new flats cost several hundred thousand crowns less.

This rise is partly attributed to the popularity of smaller flats, which sell faster, coupled with the release of larger flats in new projects during the year. This dynamic increased the average floor area of new flats by six square meters year-on-year, reaching 62 square meters, Lamka added.

The most popular project of 2024 was Nová Zbrojovka, which launched sales in the third quarter. Other developments like Pod Hády, Diorit, ABT Park, and Nad Arboretem also attracted significant interest.

Experts predict that prices for new builds in Brno are unlikely to decline. On the contrary, they expect continued increases fueled by strong demand. “Mortgage rates have gradually decreased to 4.85% and are expected to fall further, likely settling around 4.5%. Following a 5.1% rise in housing prices in 2024, we anticipate an even larger increase of approximately 7% this year,” said economist Vít Hradil.

With demand robust and new projects gaining traction, Brno’s real estate market is poised for another strong year in 2025.

Source: CTK
Photo: Židenice, Brno, YIT

Matarnia Office Park fully leased, marking a milestone for Domesta

The Matarnia Office Park in Gdańsk, developed by Domesta, a member of the Inpro Capital Group, has been fully leased. The office complex, comprising two buildings with over 5,000 square meters of space, was commercialized under the guidance of Walter Herz. Situated at 68B Budowlanych Street, the project reflects Domesta’s transition into the office real estate market, complementing its extensive residential portfolio.

Michał Kijuć, Director of Investment Implementation at Domesta, emphasized the project’s success, citing its premium quality, modern design, and convenient location near the Tricity bypass and public transport. The facility includes advanced systems such as BPS building management, central ventilation and air conditioning, and energy-efficient elevators. Amenities like showers and changing rooms cater to employees who commute actively.

TxWireless Poland, part of the Taoglas group, highlighted the facility’s suitability for its IoT operations, including infrastructure for R&D laboratories. Proximity to Gdańsk University of Technology and research institutions, along with transparent costs, made the complex an ideal choice.

Jarosław Zdzitowiecki of Walter Herz noted the diverse tenant base, which includes companies in the energy sector and technology industries. He expressed optimism about Matarnia Office Park’s success and the business potential of the Gdańsk area.

Domesta, with over 32 years of experience in Tricity, has delivered more than 3,000 apartments and expanded into office development, supported by its affiliation with the Inpro Capital Group. The full lease of Matarnia Office Park underscores its ability to deliver quality projects across sectors.

Construction underway for City Point Okęcie logistics facility near Warsaw Chopin airport

The joint venture between Partners Group, acting on behalf of its clients, and Peakside Capital Advisors has commenced construction on City Point Okęcie, a modern urban logistics facility located near Warsaw Chopin Airport. Spanning over 11,000 square meters, the state-of-the-art development is scheduled for completion in summer 2025, with Depenbrock Polska serving as the general contractor.

City Point Okęcie is a Build-to-Suit project designed to meet the highest Environmental, Social, and Governance (ESG) standards. The facility will integrate sustainable features such as heat pumps, a rooftop photovoltaic system, EV chargers, a green facade, and water retention systems. These advanced design elements align with the latest sustainability benchmarks, ensuring the project’s compliance with modern environmental expectations.

Strategically situated on Kinetyczna Street, the development is positioned to maximize connectivity, with proximity to the Warsaw Southern Bypass (S2 expressway) and S79 expressway, offering direct access to Warsaw Chopin Airport. The location underscores the facility’s importance as a key logistics hub for last-mile delivery services.

Michał Nawrot, Head of Investments CEE at Peakside Capital Advisors, emphasized the project’s significance, calling it a milestone for the company’s Warsaw-based logistics developments. He noted that the unique location demanded a forward-thinking approach throughout the planning and execution process. Philippe Dewevre, Member of Management at Partners Group, highlighted the project as a key example of the firm’s commitment to sustainable development while addressing the increasing demand for modern logistics solutions in strategically important locations.

City Point Okęcie is the fourth asset in the joint venture between Partners Group and Peakside Capital Advisors, following successful developments such as City Point Targówek, Logistics Point Raszyn, and Logistics Point Piaseczno. The venture continues to focus on acquiring and revitalizing urban logistics properties, emphasizing their strategy of sustainable and value-added investments.

Once completed, City Point Okęcie will serve as a benchmark for innovative logistics infrastructure, seamlessly blending sustainability and functionality to support Warsaw’s growing demand for efficient last-mile logistics solutions.

PORR and STRABAG commissioned to replace Luegbrücke bridge on Brenner motorway

The iconic Luegbrücke bridge on the A13 Brenner motorway is set to be fully replaced after more than 55 years of service. Construction giants PORR and STRABAG have been tasked with the ambitious project, with completion expected by the end of 2030.

Stretching 1.8 kilometers, the Luegbrücke is the longest bridge on the Brenner motorway and one of the most complex due to its steep hillside location. Supporting the daily transit of 32,000 vehicles, the bridge has reached the end of its operational lifespan, necessitating a complete rebuild.

The new structure will be a composite plate girder bridge, constructed in two phases to ensure continuous traffic flow. The project includes a 110-meter-long partial supporting structure with pillars up to 60 meters high to span the Sillschlucht gorge.

PORR CEO Karl-Heinz Strauss emphasized the importance of maintaining and modernizing Austria’s transport infrastructure. “The Luegbrücke replacement is one of the most challenging projects in terms of logistics and engineering. Its extreme hillside location and unique dimensions demand expertise in bridge construction, and PORR is proud to bring its extensive knowledge to this endeavor.”

STRABAG CEO Klemens Haselsteiner highlighted the bridge’s role as a critical component of the Brenner motorway, one of Austria’s busiest transport corridors. “Our goal is to construct a modern bridge that meets the highest safety standards and provides a reliable connection for decades. This requires innovative planning and cutting-edge construction methods.”

The project is overseen by ASFINAG, Austria’s state motorway and expressway operator. CEO Hartwig Hufnagl praised the selection of PORR and STRABAG as construction partners, chosen through a best-bidder process. “This project represents a sustainable investment in Tyrol’s economy and infrastructure. Our priority is clear: construction will begin in spring 2025, with the first new bridge completed by the end of 2027, eliminating traffic restrictions.”

The project will leverage LEAN Construction techniques to optimize efficiency. By 2027, the first new supporting structure will be built alongside the existing bridge and serve as the Innsbruck-bound carriageway. Traffic will then shift to this structure while the original bridge is demolished and replaced with the second substructure, which will serve as the Brenner-bound carriageway. The dual-structure design will improve safety and traffic flow.

MLP Business Park Vienna welcomes new tenants, expands portfolio

MLP Group has secured two new lease agreements for its flagship MLP Business Park Vienna, adding 6,700 m² of modern space to its roster of tenants. The new occupants include Demetra GmbH, a facility management company, and Activeon GmbH, a subsidiary of Germany’s JUMP House Holding GmbH, which plans to launch Austria’s first innovative family entertainment complex.

Demetra GmbH, headquartered in Vienna, will lease 1,900 m², comprising 1,500 m² for warehouse operations and 400 m² for office and social facilities. Operations at the new facility are scheduled to commence in mid-2025.

“MLP Business Park Vienna perfectly matches our needs with its prime location and sustainable design,” said Volodymyr Dolyniak, Managing Director of Demetra GmbH.

Activeon GmbH, affiliated with Germany’s leading trampoline park operator, has leased 4,800 m² to bring a cutting-edge entertainment complex to Vienna in 2025. This marks the company’s first venture in Austria.

“We chose MLP Business Park Vienna for its ideal location in the heart of Vienna. This new family entertainment concept will be the first of its kind in Austria, and we are grateful for MLP Group’s support,” commented Florian Ruckert, Managing Director of Activeon GmbH and JUMP House Group.

The MLP Business Park Vienna, spanning 53,600 m² across four modern buildings, offers flexible spaces starting at 1,300 m², designed for urban logistics, e-commerce, and light manufacturing industries. Situated on a 10-hectare plot, the park is just 13 kilometers from central Vienna, with convenient access to the S2/A23 highway and Vienna International Airport, located 23 kilometers away.

The park emphasizes eco-friendly solutions, incorporating green roofs, photovoltaic installations, and a recreational area with a pond. The development adheres to the ÖGNI Gold certification standards, underlining MLP Group’s commitment to sustainability.

The transactions were facilitated by OTTO Immobilien and OSWALD Immobilien. Alexandra Fischer, Team Leader at OTTO Immobilien, highlighted the project’s flexible design and MLP Group’s professionalism, stating, “Demetra GmbH’s trust underscores the high quality of these properties.”

Georg Peter Pühlhorn, Managing Partner at OSWALD Immobilien, noted the significance of the entertainment complex’s location near Stadlau retail park, which attracts approximately 5 million visitors annually, expressing confidence in its success.

MLP Group’s Chief Country Officer for Austria, Peter Falb, remarked, “These new leases affirm the appeal of MLP Business Park Vienna, blending prime location, modern architecture, and advanced sustainability.”

The MLP Business Park Vienna continues to attract diverse tenants, solidifying its status as a premier hub for innovation and growth in Austria.

Dispute ]over Žofín Palace lease sparks legal battle between Prague 1 and NKL Agency

The long-standing lease of the Žofín Palace in Prague has escalated into a legal standoff, with the current tenant, NKL Agency, refusing to vacate the premises and hand it over to Prague 1, as originally agreed. NKL Agency, which had leased the historic venue until the end of last year, declined to transfer control to the district authorities, citing a disputed lease agreement.

Representatives from the Prague 1 municipal office, along with officials from Zátiší Catering Group—the designated new tenant—arrived at the palace at 10:00 AM to facilitate the handover. However, the NKL Agency maintained its position, claiming that the lease agreement includes an option for a ten-year extension. According to NKL’s legal representative, Lucie Kolářová, this clause allows the company to retain tenancy until a court rules otherwise. Prague 1 disputes this interpretation, stating the lease did not automatically renew and that the legal grounds for occupancy have expired.

“The handover of Žofín Palace did not take place yesterday because the agency refused to vacate the premises. They continue to use the property without a valid legal basis,” stated Karolína Šnejdarová, spokesperson for Prague 1. She emphasized that the municipality does not recognize the validity of NKL’s claim.

NKL Agency asserts that the lease’s extension clause entitles them to continue operating the palace. “Our legal position is that we are legitimate tenants and users of the premises. The final decision on this matter rests with the court,” Kolářová said. A court hearing is scheduled for January 30, which may provide clarity on the lease’s validity.

Adding to the complexity, NKL Agency claims Prague 1 is obligated to purchase furniture and equipment installed by the company during its tenancy. The agency insists that until this financial obligation is met, the property cannot be vacated or handed over.

Žofín Palace’s leasing arrangements have been a contentious issue for years. Previous lease extensions, notably in 2010 and during 2018, were criticized for their timing ahead of municipal elections and perceived lack of transparency.

Prague 1 now faces the challenge of deciding its next steps while awaiting the court’s ruling, which will ultimately determine whether NKL Agency can continue its tenancy or if the palace will transition to the new lessee, Zátiší Catering Group. The dispute underscores the complexities and sensitivities surrounding the management of Prague’s historic landmarks.

Source: CTK
Photo: NKL Agency

Personal bankruptcies in the Czech Republic rise by 7% in 2024, marking a trend reversal

In 2024, the Czech Republic saw 13,751 personal bankruptcies, reflecting a 7% year-on-year increase and signaling a shift after four consecutive years of decline. This data, analyzed by the portal www.informaceofirmach.cz and provided by CRIF – Czech Credit Bureau, highlights significant changes in the country’s financial landscape. Alongside the rise in bankruptcies, 14,883 insolvency petitions were filed, representing a 10% increase compared to the previous year.

December alone accounted for 1,219 personal bankruptcies and 1,257 insolvency petitions, demonstrating a steady monthly trend of 1,146 bankruptcies and 1,240 petitions throughout the year. Despite the rise, the total number remains 4,763 fewer than in 2019, though analysts predict further increases in 2025.

Impact of Legislative Changes and Financial Challenges
The October 2024 amendment to the Insolvency Act has made personal bankruptcy more accessible to individuals in financial distress. However, CRIF analyst Věra Kameníčková points to declining repayment morale and rising consumer credit volumes as contributing factors to the increase.

“The amended Insolvency Act has eased conditions, enabling more people to address financial difficulties. However, this comes amid worsening repayment discipline and higher borrowing levels, adding pressure to the system,” Kameníčková explained.

Regional Breakdown of Personal Bankruptcies
The Moravian-Silesian Region recorded the highest number of bankruptcies in 2024, with 2,176 cases, followed by the Ústí nad Labem Region (1,934) and the Central Bohemian Region (1,493). In contrast, the Vysočina Region had the fewest, with only 436 cases, alongside the Karlovy Vary Region (516) and the Zlín Region (528).

Year-on-year increases were most notable in the Ústí nad Labem Region (+14%) and the South Bohemian Region (+12%). The Vysočina Region and Karlovy Vary Region saw the smallest increases, at 1% and 4%, respectively.

Bankruptcy Risk by Region
The Ústí nad Labem Region remains the most bankruptcy-prone area, with 28 bankruptcies per 10,000 residents aged 15 and above, followed by the Moravian-Silesian Region (22 per 10,000) and the Karlovy Vary Region (21 per 10,000). In contrast, Prague had the lowest bankruptcy rate, with just 9 bankruptcies per 10,000 residents, followed by the Vysočina Region (10) and the Zlín Region (11). The national average stood at 15 bankruptcies per 10,000 residents, up slightly from the previous year.

With rising insolvency petitions and the ongoing effects of legislative changes, experts anticipate a continued increase in personal bankruptcies in 2025. The data underscores growing financial pressures on Czech households, particularly in regions with historically higher bankruptcy risks.

Source: CRIF and CTK

Haná Barracks in Olomouc sold to Brno developer Richard Saliba for CZK 91 million

The historic Haná Barracks in Olomouc has been purchased by the Brno-based developer Salibara, owned by Richard Saliba, in an electronic auction conducted by the Office for the Representation of the State in Property Matters (ÚZSVM). The final sale price of CZK 91 million was reached after a competitive bidding process, narrowly surpassing the offer from the Redstone Group by CZK 100,000. This successful sale marks the culmination of the state’s tenth attempt to sell the property, which was first listed for CZK 262 million in 2021.

The auction, lasting 24 hours, saw intense activity in the final moments, with two active bidders driving up the price. Richard Saliba’s winning bid reflects his interest in the property, which he visited multiple times during the past year. Saliba is no stranger to significant redevelopment projects, having previously restored prominent Brno landmarks such as the Padowetz Palace and the Jalta Palace. He has already reached out to Olomouc Mayor Miroslav Žbánek, regional Governor Ladislav Oklešt’k, and representatives of Palacký University to discuss potential collaborations for the future use of the barracks.

The Haná Barracks, a listed 19th-century building, is a prime example of classicist military architecture. Situated in the historic heart of Olomouc, the site was previously used as a Regional Assistance Centre for Ukraine (KACPU) during the war in Ukraine, but has been vacant since January 2024. The property’s sale history has been complex, with prior auctions ending unsuccessfully due to procedural challenges. In a previous auction, Redstone Group had bid CZK 89.1 million, but disputes over the process led to another sale attempt.

Palacký University expressed interest in acquiring the site but withdrew due to limitations in its financial decision-making processes and the transparency required as a public institution. This left private developers, such as Salibara and Redstone, as the primary competitors for the property.

The purchase agreement will now move through formal approval by the Ministry of Culture. Saliba plans to expedite negotiations to minimize legal uncertainties and begin the redevelopment process. His plans for the Haná Barracks are expected to honor the site’s cultural significance while integrating modern functionality, bringing new life to one of Olomouc’s architectural treasures.

Source: CTK
Photo: denarchitektury.cz

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