Hauck & Aufhäuser Fund Services reports continued growth in 2024

Hauck & Aufhäuser Fund Services S.A. (HAFS) has reported continued growth in assets under management (AuM) and assets under service (AuS) for the year ending 31 December 2024. Together with its subsidiary, Hauck & Aufhäuser Administration Services S.A. (HAAS), the group oversaw a combined volume of over €110 billion, marking a 5.56% increase compared to the previous year.

The company attributed this growth to sustained institutional demand for tailored fund solutions, including strategies involving both real and financial assets. HAFS currently manages 665 mandates, having added more than 50 new ones by the end of January 2025. The group expects to secure an additional 30 to 40 mandates over the next 12 to 18 months.

Real estate and other real assets remain a significant focus area, with over €23 billion under administration. HAFS continues to offer fund strategies across infrastructure, private equity, private debt, and real estate. According to the company, infrastructure funds remain in demand, particularly in sectors tied to renewable energy and public infrastructure renovation.

In the financial assets segment, HAFS plans to expand its offering in 2025 with new products, including money market funds and actively managed ETFs, in response to shifting investor preferences.

The group currently employs more than 350 professionals and operates from offices in Luxembourg, Germany, and Ireland. Its services span fund structuring, portfolio and risk management, client support, and ESG advisory.

The company continues to invest in its digital infrastructure to align with regulatory developments and market expectations. ESG remains a key focus, with dedicated teams supporting implementation and reporting requirements for fund clients.

HAAS complements HAFS’s offerings with fund administration services for independent asset managers and institutional investors across Germany, Luxembourg, Switzerland, Austria, and Ireland. The group services a range of structures, including UCITS, institutional funds, and alternative investment funds.

Romanian businesses poised for sustainable growth under EU Omnibus ESG reform

A sweeping reform led by the European Commission is set to reshape the environmental, social, and governance (ESG) reporting landscape across the European Union. The newly proposed Omnibus package simplifies ESG reporting requirements, allowing businesses to focus less on administrative tasks and more on delivering tangible sustainability outcomes.

While the directive will be interpreted and applied differently across EU Member States, Romania stands out as a prime example of how national-level adaptation can unlock strategic benefits for businesses. The reform is expected to reduce the number of Romanian companies required to report on ESG metrics by up to 95%, particularly impacting small and medium-sized enterprises (SMEs).

From Compliance to Impact: A Strategic Shift

Under the Omnibus proposal, only large enterprises with more than 1,000 employees will be obligated to submit ESG reports. This move will exempt an estimated 5,700 SMEs in Romania, shifting the compliance burden away from smaller players and enabling greater focus on climate-positive actions like energy efficiency and carbon reduction.

“The Omnibus reform provides a strategic opportunity for businesses to reallocate resources toward reducing environmental impact rather than spending them on compliance activities,” said Răzvan Nica, CEO of CarbonTool, a Romanian firm specializing in ESG and carbon management technologies.

While the European Commission has approved the reform, it must still pass through the EU’s ordinary legislative process, requiring approval from both the European Parliament and the Council of the European Union before becoming binding law.

Guiding the Transition: Practical Steps for Businesses

Despite fewer mandatory reporting obligations, ESG remains a vital consideration for companies aiming to access green financing, enhance brand value, and align with evolving investor expectations. CarbonTool recommends three key actions for Romanian businesses:
1. Develop a tailored ESG strategy – Align with broader global trends and prepare for future regulations by embedding ESG into long-term business models.
2. Adopt internationally recognized frameworks – Voluntarily following standards like GRI, TCFD, and CSRD ensures transparency and improves appeal to global stakeholders.
3. Set performance-driven KPIs – Track and report metrics that show measurable impact, such as reductions in carbon intensity, energy savings, and sustainability per product line.

Unlocking Innovation and Market Opportunity

The reform opens the door for companies to reinvest in innovation, directing funds and efforts toward operational improvements, carbon footprint reduction, and digital transformation. These strategic investments help Romanian firms remain competitive in a global market increasingly focused on ESG values.

“The reallocation of resources enabled by the Omnibus reform allows companies to deliver true impact—environmentally and economically,” Nica added.

Positioning for Long-Term Value

With the reduced administrative burden, Romanian businesses are now better positioned to scale sustainability efforts and adopt forward-thinking ESG strategies. CarbonTool is actively supporting this transition, offering expertise in integrating sustainable practices, setting impact-focused KPIs, and navigating evolving reporting landscapes.

As the EU moves forward with implementing the Omnibus directive, Romanian companies have a unique opportunity to lead by example—shifting from ESG as a reporting obligation to ESG as a value creation engine.

CPI Europe reports solid earnings and strengthened balance sheet in 2024

CPI Europe concluded the 2024 financial year with a strong set of results, reporting growth across all key performance indicators and maintaining a robust balance sheet. The company’s rental income increased by 10.4% year-on-year, reaching €589.2 million. Asset management results rose by 17.0% to €489.6 million, while operational results improved significantly, up 43.3% to €408.7 million.

Funds from operations (FFO 1) after tax increased by 20.2%, amounting to €274.5 million, compared to €228.4 million in the previous year. Earnings before taxes (EBT) stood at €206.0 million, and net profit reached €133.5 million, supported by positive revaluations totalling €12.6 million. This contrasts with a negative result of €376.8 million in 2023, reflecting a more stable market environment shaped by declining interest rates and inflation.

The company’s financial result improved to –€213.3 million, primarily due to a reduction in non-cash valuation effects related to interest rate derivatives. As of year-end, CPI Europe held €531.7 million in cash and cash equivalents.

CPI Europe continued to optimise its property portfolio, which consisted of 417 assets valued at €7.98 billion as of 31 December 2024. Standing investments accounted for 97.7% of the portfolio’s carrying value, comprising 3.4 million square metres of rentable space. The occupancy rate rose to 93.2%, up from 92.2% the previous year, and the weighted average unexpired lease term (WAULT) stood at 3.6 years.

During the year, the company disposed of properties totalling €776.2 million in value and acquired a new portfolio in the Czech Republic from CPI Property Group, including four office properties and four retail parks.

CPI Europe maintained a solid equity ratio of 43.2% and a net loan-to-value (LTV) ratio of 46.4%. Approximately 89.5% of the company’s financial liabilities were hedged against interest rate fluctuations.

The IFRS book value per share increased by 7.5% to €28.60, while the EPRA NTA per share rose by 9.8% to €30.75.

Winners announced for the CIJ Awards Poland 2024

The CIJ Awards Poland 2024 officially concluded the 2024 edition of the CIJ EUROPE Country Awards Series, wrapping up a dynamic year of recognizing top-performing projects, services, and real estate professionals across the region.

The winners were selected through a transparent and balanced voting system, combining the insights of a distinguished jury committee composed of top industry experts with the voices of the public via an online vote by CIJ readers. This hybrid approach ensured both industry validation and community engagement, reflecting the broad influence and integrity of the CIJ Awards platform.

This year’s Winners:
Best Standard Residential Development of the Year: Osiedle Młynówka – Redkom Development
Best Premium Residential Development of the Year: Neo Natolin (I-st Stage) – Real Management
Best National Office Development of the Year: Grundmanna Office Park A, Katowice – Cavatina Holding
Best Warsaw Office Development of the Year: VIBE A – Ghelamco
Best Retail Development of the Year: M Park Pionki – LCP Properties
Best Warehouse/Industrial Development of the Year: Panattoni BTS TRILUX – Panattoni
Best Architectural Development of the Year: Grundmanna Office Park A, Katowice – Cavatina Holding
Leading Green Development of the Year: VIBE (BREEAM Outstanding, DGNB Gold, SmartScore and WiredScore Platinum)- Ghelamco
Best Residential Upcoming Development of the Year: Port Praski Doki – Port Praski
Best Office Upcoming Development of the Year: Skyliner II – Karimpol
Best Warehouse Upcoming Development of the Year: CTPark Zabrze (PsiBufet and Butternut Box)
Best Commercial Property Investment Transaction of the Year: Silesia City Center – NEPI Rockcastle
Best Commercial Property Lease Transaction of the Year: The Bridge 24,500 sqm HQ Santander Bank Polska – Ghelamco
Best Asset Management Company of the Year: Griffin Capital Partners
Best Performing Real Estate Property Fund of the Year: INVESTIKA Real Estate Fund
Best Architect Company of the Year: APA Wojciechowski Architects
Best Constructor of the Year: Budimex
Best Project Management Company of the Year: Kajima Poland
Best Sustainable Systems Provider of the Year: Goldbeck Solar
Best Law Firm of the Year: Dentons
Best Property Management Company of the Year: White Star Real Estate
Best Local Real Estate Agency of the Year: AXI IMMO
Best Interior Design Concept Fit-Out of the Year: Museum of Modern Art in Warsaw
ESG Outstanding Excellence Company of the Year: Ghelamco
Best CSR Act (Corporate Social Responsibility) of the Year: Panattoni
Leadership of the Year: Renata Osiecka – AXI IMMO
Best Overall Developer of the Year: Panattoni

About CIJ EUROPE:
For almost 30 years, CIJ EUROPE has been reporting on new projects, properties, transactions and development initiatives, while also providing commentaries and detailed analyses of the market, statistics and information on the latest trends in Northern, Central and Eastern Europe and in the international real estate development community. It presents interviews with the people who shape the industry, influential politicians, and key officials who decide on planning and public tenders. It is an important and reliable source of information about the development, property and construction industry in CEE and Europe.

Wholesale trade turnover in Romania declines in January 2025

In January 2025, Romania’s wholesale trade turnover, excluding the motor vehicles and motorcycles sector, recorded a notable month-on-month decline of 13.4% in gross terms. However, when adjusted for working days and seasonal factors, turnover posted a more modest increase of 2.8%. On an annual basis, wholesale turnover decreased by 3.1% in gross terms and by 3.2% in adjusted terms compared to January 2024.

The largest monthly contractions in gross turnover were seen in the wholesale of other machinery, equipment and supplies (down 32.9%), followed by computer and telecommunications equipment (down 29%), and food, beverages, and tobacco (down 20.5%). Intermediary trade activities, agricultural products and live animals, and consumer goods (excluding food) also saw declines ranging from 6.1% to 13.9%. A smaller decline was recorded in non-specialized wholesale and specialized wholesale of other products.

Despite the overall monthly decline, some categories showed growth when adjusted for seasonal effects, with intermediary activities and several consumer goods sectors contributing positively to the adjusted series.

Compared to the same month in the previous year, the most significant annual declines were observed in the wholesale of agricultural raw materials and live animals, which dropped by 33.3%, while machinery and equipment also recorded a fall of 3.4%. However, other segments, including computer and telecom equipment (up 11.4%) and non-specialized wholesale (up 8.7%), registered gains year-on-year.

The wholesale turnover indices are calculated using Laspeyres-type methodology and reflect net turnover, excluding VAT and certain non-operating revenues. The data indicates continued volatility in wholesale trade, influenced by sector-specific dynamics and broader economic conditions.

Source: NIS – ROMANIA

Dino Polska expands store network and revenue in 2024, invests in sustainability and jobs

In 2024, Dino Polska reported revenues of PLN 29.3 billion, marking a 14.1% increase compared to the previous year. The company continued to expand its retail network, which grew to 2,688 stores by year-end. Over the course of the year, Dino opened 283 new locations, including 116 in the final quarter. The total selling area reached 1.06 million square meters, up 12% year-on-year.

The company allocated PLN 1.6 billion in capital expenditures for its development in 2024, bringing its five-year investment total to PLN 6.6 billion. This expansion was accompanied by the creation of 8,000 new jobs, raising Dino Group’s workforce to nearly 49,900 employees.

Fresh products accounted for nearly 40% of annual revenue, with strong sales in fruit and vegetables, bread, and meat products from its Agro-Rydzyna processing facility. Like-for-like sales in stores open for over a year grew by 5.3%.

As part of its sustainability efforts, Dino equipped 92% of its stores with photovoltaic systems by the end of 2024. The company’s renewable energy installations reached a total capacity of 98.9 MW. During the year, Dino sourced 86.6 GWh of solar energy, representing a 30.5% increase over 2023.

Panattoni secures €74.5 million loan from PKO Bank Polski for Wrocław Campus 2 development

Panattoni has obtained €74.5 million in financing from PKO Bank Polski to support the development of Wrocław Campus 2, a major logistics and industrial investment located in Lower Silesia. The campus, situated approximately 20 kilometres from Wrocław, will eventually provide over 160,000 square metres of modern industrial space.

The first 30,000 square metres of the development has already been completed. An additional 30,000 square metres is expected to be delivered by June as part of the second phase, which will eventually expand to 130,000 square metres.

The project is located near the A4 and A8 motorways, with proximity to key industrial sites, including the LG manufacturing complex, providing strategic advantages for logistics and supply chain operations.

The facility will be developed to BREEAM Excellent standards and will include features such as intelligent energy management systems, water-saving technologies, green areas, and infrastructure for electric vehicles. The roof will be reinforced to allow for photovoltaic installations.

Panattoni has completed over 2.3 million square metres of space in Lower Silesia, with 80,000 square metres currently under construction. The loan from PKO Bank Polski is expected to help complete the Wrocław Campus 2 project and support the developer’s broader activities in the region.

DIW economic barometer: German economy shows modest progress in March

Germany’s economic recovery remained modest in March, according to the latest economic barometer from the German Institute for Economic Research (DIW Berlin). The indicator rose slightly by 0.2 points to 90.6, continuing the upward trend seen over the past few months. However, the pace of improvement has slowed, and the index remains well below the 100-point mark that signals average economic growth.

The sluggish recovery reflects ongoing uncertainty among both companies and private households. Concerns over domestic and international political developments continue to weigh on confidence. Although recent coalition negotiations between the CDU and SPD suggest a potential path to government stability, questions remain about how quickly the new administration will be able to implement economic measures, even with a €500 billion infrastructure package already approved.

Germany’s industrial sector, which has faced persistent challenges in recent years, is beginning to show signs of stabilisation. The Purchasing Managers’ Index has improved since the beginning of the year, and the ifo Business Climate Index also rose in March. While business sentiment remains cautious, expectations among industrial firms have become more optimistic. The possibility of further interest rate cuts by the European Central Bank and clearer economic policy direction may help bolster business confidence. However, rising protectionist tendencies in the United States continue to cast a shadow over Germany’s export-oriented industry. Some reduction in uncertainty surrounding trade policies is expected in the near future.

The services sector also saw a slight improvement in expectations, though overall sentiment remains muted. Consumer spending remains constrained by a challenging labour market, which has prompted many households to prioritise saving. Despite stable inflation and real wage gains over the past year, the high price level continues to limit purchasing power and dampen consumption.

Source: DIW Berlin

GARBE strengthens management team with new appointments

GARBE Industrial Real Estate GmbH, a provider and manager of logistics and light industrial properties in Germany and across Europe, has announced changes to its senior management team as part of its ongoing growth strategy. Dr. Peter Bartholomäus will take on the role of Chief Investment Officer (CIO), while Nicolai Soltau is set to become Head of Portfolio Management starting April 2025. Both will report to Jan Philipp Daun, Managing Director of GARBE Industrial Real Estate.

Dr. Bartholomäus has been with the company since 2021, most recently overseeing fund management and capital markets. With prior experience at ECE Projektmanagement, his background includes mergers and acquisitions, investment strategy, and the formation of international joint ventures. In his new role, he will focus on advancing GARBE’s investment strategy and expanding its presence across Europe.

Nicolai Soltau brings over two decades of experience in real estate, with particular expertise in fund and portfolio management on an international scale. He most recently worked at PATRIZIA, where he was responsible for developing the European logistics portfolio, growing it to over six billion euros in assets. His experience also includes capital raising, investor relations, and managing diverse asset classes such as healthcare and hospitality. Soltau’s responsibilities at GARBE will include managing and developing the company’s existing property portfolio in alignment with its broader strategic objectives.

These leadership changes come as GARBE continues to pursue its “Sheds, Beds & Infrastructure” strategy, which groups its operations into three specialised holding companies. GARBE Industrial Real Estate GmbH plays a central role in the “Sheds” component, focusing on logistics, retail, data centres, and industrial assets. Together with subsidiaries such as GRR GARBE Retail GmbH, NDC GARBE GmbH and GARBE Insite GmbH, the company aims to deliver a fully integrated platform across the industrial value chain.

The latest appointments are expected to further enhance GARBE’s capabilities in investment and portfolio management, supporting its long-term growth and reinforcing its position in the European logistics and industrial real estate market.

Photos: Dr. Peter Bartholomäus and Nicolai Soltau

Retail logistics in 2030: Shaped by technology, sustainability, and evolving consumer demands

Retail logistics is expected to undergo major changes by 2030, shaped by advances in technology, growing environmental concerns, and evolving consumer preferences. According to CEVA Logistics, these shifts will redefine how goods are distributed, with an increasing emphasis on supply chain transparency, personalisation, and sustainable operations. The forecast is based on research and analysis by Yingli Wang, professor at Cardiff University’s Department of Logistics and Operations Management.

The global retail logistics market, valued at approximately €225 billion in 2022, is projected to more than double by 2030. This growth is closely tied to the continued expansion of e-commerce, which is forecast to reach nearly €44 trillion globally. The sector’s evolution is being driven by customer demand for faster, more personalised services, access to real-time information, and environmentally responsible practices. New technologies, including artificial intelligence, big data, and virtual reality, are expected to play an increasingly central role in meeting these demands.

Logistics providers are likely to deepen their integration with retail partners, especially during peak sales periods such as Black Friday, by offering end-to-end services including supply chain visibility and compliance with emerging regulations like the EU’s Digital Product Passport. These digital tools are designed to improve transparency on product origin, material use, and environmental impact.

By the end of this decade, retail logistics will be heavily influenced by the purchasing behaviour of the Millennial generation, which will represent the majority of the global workforce. Their expectations include seamless shopping experiences and high standards of corporate social responsibility. Younger consumers, particularly from Generation Z, are placing increasing importance on sustainability, often favouring brands that demonstrate ethical production practices and reduced environmental footprints.

Retailers and logistics operators will also face growing pressure to adapt their supply chains to reflect these values. This includes investing in more energy-efficient infrastructure, reducing emissions from transport and warehousing, and implementing product traceability systems. Such changes may come at a significant cost, as they involve not only technological upgrades but also the redesign of operational processes to comply with environmental and social governance standards.

Automation is expected to play a key role in making supply chains more efficient. AI-powered logistics hubs capable of operating with minimal human input will enhance warehouse productivity and flexibility. Alongside AI, technologies such as the Internet of Things and cloud-based inventory management systems will help companies respond more effectively to fluctuations in demand and better manage their resources.

In addition to managing operational efficiency, companies will need to address the environmental impact of their activities. Logistics-related emissions are among the highest contributors to global greenhouse gases, prompting both regulatory responses and changes in consumer behaviour. The shift towards clean urban transport and the use of alternative fuels will be essential in meeting climate targets, as well as customer expectations for sustainable delivery solutions.

Looking ahead, the retail logistics landscape in 2030 is expected to be defined by its ability to respond to complex global challenges, from climate change and regulatory compliance to digital transformation and shifting demographics. Companies that invest in flexible, sustainable, and technology-driven strategies will be better positioned to meet future demands and remain competitive.

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