Zoning approved for eastern section of Blau.Quartier in Ulm, unlocking major urban development

The city of Ulm has approved the zoning resolution for the eastern section of the Blau.Quartier project, paving the way for one of Germany’s largest inner-city conversion developments. Spearheaded by Periskop Development—part of Periskop Partners—and its joint venture partner HLG Real Estate GmbH & Co. KG, the project will transform 6.6 hectares of riverside land along the Blau into a vibrant new residential and commercial neighborhood.

The approved section, known as “Blau.Quartier – Bauabschnitt Ost,” will include a mix of housing and services. Plans call for around 7,500 square meters of rental space designated for local services, about 2,000 square meters for additional retail, and facilities such as a medical center, office spaces, and a fitness studio. Additionally, approximately 110 apartments will be built with views overlooking the river.

The second construction phase will offer up to 1,000 apartments across 11 building plots ranging from 1,300 to 4,400 square meters. These plots will be made available for individual purchase, targeting regional investors, construction firms, and project developers looking to participate in the large-scale transformation.

Blau.Quartier has been designed as a model for sustainable urban development. Its mobility plan focuses on encouraging walking, cycling, public transport, and electromobility. The project will retain existing underground parking structures and parts of the original ground floors, while also recycling materials from previous buildings—preserving up to 20 percent of the original building mass. These measures are intended to significantly reduce CO₂ emissions during construction.

Environmental considerations are also embedded in the landscape design. Sealed surfaces will be removed, rainwater management systems improved, and rooftops will be equipped with photovoltaic systems and green spaces. The project aims to support irrigation needs through sustainable water use without drawing additional groundwater.

With the zoning plan now in place, Periskop Development and HLG Real Estate are moving forward with a key phase of what promises to become a major landmark in Ulm’s urban landscape.

Penta reports record €621 million net profit for 2024, driven by broad portfolio performance

Penta has reported a net profit of €621 million for the financial year 2024, its highest result to date. The performance reflects the contribution of all core portfolio companies and the impact of sustained capital investments in recent years, which have enabled the group to scale across sectors.

The group achieved a return on equity of 16.1%, continuing its pattern of stable long-term performance. Penta also launched the Penta Fund at the end of 2024, which has been positively received by qualified external investors. Within the first two months of operation, the fund exceeded its full-year capital-raising target.

With more than 50,000 employees, Penta paid €801 million in income taxes and social contributions last year, underscoring its role as a major regional employer and taxpayer.

In 2024, the group completed several acquisitions, particularly in healthcare and real estate. According to Iain Child, Managing Partner of Penta, these acquisitions will support further expansion in both sectors. He also confirmed that the group plans to invest over €2 billion in the next five years, with all available capital directed toward portfolio growth.

Among Penta’s companies, the Dr. Max pharmacy chain remained the largest profit contributor. The chain continued its expansion in Italy and other markets, operating more than 3,000 pharmacy units across Europe. Dr. Max has focused heavily on digital transformation, implementing an omnichannel strategy across its operations.

Fortuna Entertainment Group (FEG) also delivered strong financial results. Penta remains committed to expanding FEG through acquisitions and market entry, while the company’s management continues to enhance product quality to strengthen its position in the Central and Eastern European betting and gaming sector.

Penta Hospitals expanded its footprint in the Czech Republic with the acquisitions of Dr. Pírek Klinik, a hospital specializing in orthopedics and surgery, and TeamPrevent Santé, a provider of occupational and premium health services. The group also grew its elderly care segment by acquiring Czech assets from the Senecura Group and expanding the Alzheimer Home network.

Penta Real Estate completed a record 682 residential units in 2024 and strengthened its position in premium housing and commercial development. It holds major development sites in Prague (Florenc, Main Railway Station, and Victory Square) and Bratislava (Southbank). The company is also preparing to enter the London real estate market. By the end of 2024, its assets had reached €1.7 billion, supporting a long-term pipeline of high-quality design-led projects.

Penta’s banking portfolio—comprising Prima Banka and Privatbanka—reported a 24% increase in net operating income, driven by portfolio repricing and growth in assets, deposits, and client base. Despite this, net profit fell to €42 million due to the reintroduction of the bank levy in Slovakia, which affected the wider banking sector.

In the media segment, Penta’s Czech and Slovak portfolio surpassed €20 million in EBITDA despite market declines. The group’s key media companies, VLM and NMH, increased their online revenues, reflecting continued progress in their digital transformation strategies.

Source: Penta

EU report: Supporting older workers now an economic necessity

As Europe faces a rapidly ageing population and a rising old-age dependency ratio projected to reach 52% by 2050, retaining older workers in the labour force is no longer just a social issue but an economic imperative, according to new research from Eurofound, the EU agency for social and employment affairs.

The report, Keeping older workers in the labour force, highlights that while employment rates among workers aged 55 and over have improved significantly—rising by nearly 20 percentage points between 2010 and 2023—older workers continue to face a greater risk of long-term unemployment. The rate for this group is still 13.5 percentage points higher than for mid-career workers.

Demographic changes are reshaping Europe’s labour market. Since 2014, the continent has seen a natural population decline, offset only by net migration. By 2023, there were nearly 40 million workers aged 55 and older across the EU. Despite their growing presence in the workforce, the report reveals that ageism and discrimination remain persistent barriers in many workplaces.

The quality of employment for older workers tends to be higher overall, potentially due to the “healthy worker effect”—where employees in poorer-quality jobs retire earlier. However, gender disparities persist, with older women experiencing lower job quality than their male counterparts.

The report delves into job quality variations across age groups, as well as within the cohort of older workers. It also investigates the factors driving employment trends and evaluates national policies and workplace practices aimed at supporting the retention of older employees.

A key finding is the unequal distribution of job quality. Around one-third of older workers are in “empowered” roles that offer good working conditions, but one in five are employed in “high-risk” jobs marked by poor mental health outcomes, financial stress, and work-life imbalance.

Eurofound’s report outlines several policy recommendations to improve conditions and boost participation among older workers. These include incentives for later retirement, combating age discrimination, and introducing more flexible retirement options. The recommendations also extend beyond employment, calling for improved access to healthcare and support services, especially as many older workers retire early to care for others.

With Europe’s demographic challenges deepening, the report underscores the urgency of integrating older workers more fully into the labour market—not only as a matter of fairness but as an essential component of economic resilience.

Source: Eurofound

EU orders more returns of non-EU citizens in late 2024, marking 24% year-on-year increase

The European Union saw a marked increase in the number of non-EU citizens returned to third countries in the final quarter of 2024, according to the latest data released by Eurostat.

Between October and December 2024, a total of 124,935 non-EU citizens were ordered to leave EU territory. Of these, 28,630 individuals were returned to third countries following an official return order. This represents an 11.5% rise in orders to leave compared to the previous quarter and a 3.3% increase in actual returns. Year-on-year, the figures are even more striking, with the number of returns up by 24.3% and the number of orders to leave rising by 16.3%.

Algerian citizens accounted for the highest number of return orders in the fourth quarter, with 11,362 cases. They were followed by citizens of Syria (8,674) and Morocco (8,561). In terms of those actually returned to third countries, the largest groups were from Georgia (3,351), Türkiye (2,492), and Albania (1,982).

France issued the most return orders among EU member states, with 31,880 non-EU citizens instructed to leave. Spain followed with 18,645 orders, while Germany issued 15,135. When it came to actual returns, Germany topped the list with 6,170 individuals returned, ahead of France (3,705) and Sweden (2,600).

The figures reflect ongoing efforts by EU countries to manage migration flows and enforce return decisions more effectively, amid broader debates on migration policy across the bloc.

Source: Eurostat

Slovakia’s population declines for fourth consecutive year amid record low birth rate

Slovakia’s population fell for the fourth year in a row in 2024, as a continued decline in the birth rate outpaced the positive effects of foreign migration, according to the latest data released by the Statistical Office of the Slovak Republic.

As of the end of 2024, the total population stood at 5,419,451, marking a year-on-year decrease of more than 5,200 people. This ongoing population decline represents the first prolonged period of demographic shrinkage since the country became independent in 1993. The key driver behind this trend remains the natural population decrease, primarily due to a historically low number of live births.

In 2024, nearly 54,000 people died in Slovakia, while only slightly more than 46,000 children were born. This resulted in a natural population decrease of approximately 7,600 people—the second highest annual drop in the country’s modern history, surpassed only in 2021 during the peak of COVID-19-related mortality. Over the past five years, Slovakia has lost nearly 40,000 residents due to natural population changes.

“After a period of high mortality during the pandemic years 2020–2022, the birth rate has been falling sharply in the last three years,” said Zuzana Podmanická, Director of the Population Statistics Department at the Statistical Office.

While Slovakia has observed a declining trend in births for the past seven years, the most dramatic drops have occurred recently. Since 2022, the number of live births has fallen below 50,000 annually—levels not seen in the country’s post-war history.

The crude birth rate—a metric comparing births per 100,000 inhabitants—has also reached new lows. After remaining above 1,000 live births per 100,000 people for two decades, it dropped below that threshold in 2022 and declined further to just 853 in 2024. “This is the lowest crude birth rate not only since Slovakia’s independence, but in the past 100 years,” Podmanická noted.

Despite the natural decrease, migration continues to have a modestly positive impact. In 2024, more than 6,800 people moved to Slovakia for permanent residence, exceeding the number of those who emigrated by about 2,400. This represents a higher net migration figure than in the previous two years.

Nevertheless, foreign migration has not been sufficient to offset the losses from the natural decrease. Since 1993, Slovakia has consistently experienced a positive migration balance, ranging from 900 to 7,100 people annually. But for the last four years, that surplus has not been enough to counterbalance the declining birth rate and overall population loss.

The data highlights an ongoing demographic challenge for Slovakia, as it grapples with aging populations, declining fertility, and the need for long-term strategies to stabilize or reverse the trend.

Czech employment and unemployment rates remain stable in February 2025

The unemployment rate in the Czech Republic stood at 2.7% in February 2025, according to seasonally adjusted data from the Czech Statistical Office (CZSO). This marks a slight year-on-year increase of 0.1 percentage point, reflecting continued labour market stability.

The employment rate among people aged 15 to 64 rose to 75.9%, representing an increase of 0.8 percentage point compared to February 2024. Employment among men reached 81.5%, while the rate for women stood at 70.2%.

Dalibor Holý, Director of the Labour Market and Equal Opportunities Statistics Department at CZSO, noted that unemployment remains low, while female employment and overall economic activity have shown notable growth.

The economic activity rate—the share of the economically active population (employed and unemployed) in the total population aged 15 to 64—reached 78.1% in February. This figure is 0.9 percentage point higher than a year earlier. Economic activity among men was 83.3%, while the rate for women was 72.7%.

The Labour Force Sample Survey (LFSS), conducted by CZSO in private households, is the basis for these figures. It follows international standards set by the International Labour Organization and differs methodologically from administrative data from the Labour Office of the Czech Republic.

For international comparison, the unemployment rate for the broader 15–74 age group in the Czech Republic was also 2.7% in February 2025, in line with Eurostat reporting standards.

Construction of new retail centre underway in Považská Bystrica

Construction has begun on a new department store in Považská Bystrica, with completion planned for September 2025. The project is being developed by HSF System SK in cooperation with investor Firmbox, with a total investment of EUR 1.68 million.

Located near the existing Tesco supermarket, the new centre will offer retail, services, and dining facilities. It is designed as a compact, multi-unit building with a unified structural and architectural layout. The department store will have a total built-up area of 1,501 square metres and a usable area of 2,376 square metres.

The structure will use a precast reinforced concrete frame, and the façade will feature sandwich panels and glazed entrances with awnings to provide natural lighting. Plans also include designated signage areas for individual tenants to improve visibility.

The site will include 48 parking spaces and will connect to existing infrastructure via roads and pedestrian pathways in the Tesco area. Deliveries will be handled through a service road at the rear of the building to reduce congestion for visitors. The location is expected to serve both residents of Považská Bystrica and nearby communities.

Empira Group to develop new Ruby Hotel on Berlin’s Kurfürstendamm

Empira Group is developing a 161,459-square-foot hotel on Berlin’s Kurfürstendamm in partnership with hotel operator Ruby Group. The project, located in the Ku’damm Eck building, will be Ruby’s largest hotel in Germany, offering 375 rooms across the 5th to 11th floors. Completion and handover are scheduled for the first quarter of 2028.

The hotel’s public areas will be located on the 3rd floor, and a rooftop terrace on the 12th floor will provide views of the surrounding city. This marks Empira’s first hotel development in Berlin, adding to its broader portfolio of real estate projects across the DACH region and the United States.

The location on Kurfürstendamm places the hotel within walking distance of landmarks such as the Kaiser Wilhelm Memorial Church, Berlin Zoo, and Bikini Berlin. The site is well connected to public transportation and is accessible to major destinations, including Berlin Brandenburg Airport.

The Ruby Hotel Berlin is set to open in early 2028.

LEG Immobilien unveils sustainability strategy focused on emission efficiency and green ventures

LEG Immobilien SE has introduced its updated Sustainability Strategy 2030, placing a clear emphasis on cost-effective and emission-efficient decarbonization of its building stock. The company aims to meet regulatory requirements efficiently while aligning environmental goals with economic outcomes.

A key element of the strategy is a shift from energy efficiency to emission efficiency. LEG believes this approach will reduce the financial burden on tenants and limit capital expenditure for property owners, while still delivering meaningful reductions in carbon emissions. The company is positioning itself not only as a landlord but also as a provider of climate-focused solutions to the broader housing sector.

Several in-house initiatives, operating under the LEG green ventures umbrella, are central to this strategy. These include dekarbo, which installs and operates air-to-air heat pumps; termios, whose AI-powered thermostat aims to optimize energy use; and RENOWATE, which specializes in serial refurbishment projects. LEG expects these ventures to contribute a cumulative EUR 20 million to earnings by 2028, primarily through third-party business with other housing companies.

The company filed its first report under the Corporate Sustainability Reporting Directive (CSRD) earlier in March. Going forward, LEG plans to expand its green innovations across the housing sector while continuing to pursue its own decarbonization targets.

“We are deliberately placing the decarbonization of the housing stock at the heart of our strategy and efforts,” said Stephan Thoenissen, Head of ESG Sustainability at LEG. “Our focus on emission efficiency allows us to achieve the highest possible CO2 savings for every euro invested. At the same time, we want to make our solutions available to other property owners.”

BlueRock Group acquires stake in Berlin-based property manager Residea

Real estate investor and asset manager BlueRock Group AG has acquired a strategic stake in Berlin-based property management firm Residea Immobilien Management GmbH. The move formalises and expands the existing cooperation between the two companies, with BlueRock transferring management of its entire Berlin portfolio to Residea.

The integration aims to streamline operations between BlueRock and its affiliate MB Advisors, which oversees asset management for the group’s Berlin holdings. BlueRock stated that the decision is intended to ensure continuity and efficiency in property and tenant management.

Residea manages several thousand residential and commercial units in Berlin and employs a team of 40 professionals. The company provides integrated property management services and works with a range of institutional investors.

According to BlueRock CEO Ronny Pifko, access to specialised property management is increasingly important in Berlin’s competitive real estate market. “By acquiring this stake, we are securing long-term management quality for our assets,” he said.

Katharina Sebening, Managing Director at Residea, noted that the partnership with BlueRock would support the firm’s continued development of service-oriented solutions and reinforce its role in investor-focused property management.

No financial details of the transaction were disclosed.

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