SCF acquires shopping centre in Słupsk, expanding Polish portfolio

Czech investment group SCF Group has completed the acquisition of the Jantar shopping centre in Słupsk, Poland, from CBRE Investment Management, marking its seventh retail asset in the country.

The scheme, located in northern Poland, provides approximately 44,000 sqm of leasable space, making it the largest shopping centre in the Central Pomerania region. The transaction further expands SCF’s presence in Poland, alongside its existing retail assets in the Czech Republic and Slovakia.

“We believe that Poland is one of the most attractive real estate markets in Central Europe, which is why we want to expand our activities here. The newly acquired shopping center meets exactly the criteria we look for in real estate—a strong location, a stable tenant mix, and real potential for value growth. It will thus complement our existing portfolio of Polish shopping centers located in prime locations,” said Josef Malíř, CEO and owner of SCF. “I am grateful to the entire team and our partners, without whose expertise and trust the transaction would not have been possible.”

“We greatly appreciate the quality of the entire transaction process. Given the limited number of transactions involving large shopping centers in Poland in recent years, it was a real pleasure for us to work with SCF,” said Karel Zeman, Country Lead CEE at CBRE Investment Management. “Over the nearly ten years that we owned this shopping center, we significantly transformed it, thereby strengthening its position and long-term performance. We are proud that SCF has recognized the results of our work and appreciates the quality of this investment,” added Justyna Pączkowska, who led the transaction on behalf of the seller.

Jantar shopping centre comprises more than 125 stores across two floors and includes a multiplex cinema, food court and leisure facilities. The scheme offers approximately 1,100 parking spaces and is located بالقرب main transport routes connecting Słupsk with Szczecin.

SCF entered the Polish market in 2024 through the acquisition of a six-asset retail portfolio from Cromwell Property Group, in a transaction valued at over CZK 7 billion. The newly acquired asset will be integrated into the SCF Eagle sub-fund, part of SCF Investment Partners SICAV.

Financing for the transaction was provided by Aareal Bank and J&T Banka. Legal advisory was handled by Dentons, while the seller was advised by Cushman & Wakefield and CMS Cameron McKenna Nabarro Olswang.

Mondelēz extends lease at Signum Work Station in Warsaw

A company from the Mondelēz International group has extended its lease at Signum Work Station in Warsaw, confirming its continued presence in the Mokotów office district.

Under the new agreement, Mondelez Europe Services GmbH will remain in the building until the end of 2032, occupying nearly 4,000 sqm of office space. The company has been based in the building since 2019.

Mondelēz International operates in more than 150 countries and manages a portfolio of global snack brands, including Oreo, Milka and Cadbury. In Poland, the group is active through several entities, including Mondelez Polska and Mondelez Europe Services GmbH, which supports marketing and service functions for the region.

The lease extension was agreed following a renegotiation process in which the tenant was represented by CBRE.

“Mondelez’s decision to extend its lease confirms that Signum Work Station remains an attractive choice for international organizations seeking a stable and modern working environment,” said Marta Zawadzka, Head of Leasing and Asset Management at TriGranit. “Our objective is not only to maintain a high standard of office space, but also to continuously develop the building in response to evolving tenant needs. Since the acquisition of the asset by DRFG Investment Group at the end of 2024, we have been implementing a range of solutions to enhance user comfort and support the building’s sustainable operations. In addition to modernization works in common areas and elevator lobbies, we are also working on further technological improvements, including implementation of a building application to facilitate daily use of the space, as well as a digital waste monitoring system. We are pleased that these initiatives are appreciated by our tenants, who choose to tie their business future to Signum Work Station.”

Karolina Dobrowolska, Director, Leasing Office at CBRE, added: “The new owner and asset manager of Signum Work Station is implementing numerous solutions and continuously enhancing the building’s attractiveness, while offering a level of flexibility that is highly valued by our client.”

Located on Domaniewska Street in Warsaw’s Mokotów district, Signum Work Station provides more than 32,400 sqm of office space, alongside retail and service areas, and 870 parking spaces. The building holds a BREEAM “Excellent” certification and has recently introduced upgrades, including dual power supply and the use of renewable energy under a long-term power purchase agreement.

The property is owned by Efekta Real Estate Fund and managed by TriGranit, part of DRFG Investment Group.

MLP Group reports record leasing in Q1 2026

MLP Group reported its highest quarterly leasing performance to date in the first quarter of 2026, supported by increased tenant demand across its core European markets.

Between January and March 2026, the company signed lease agreements covering 56,000 sqm, up 144 percent year on year compared with 23,000 sqm in Q1 2025. The value of annualised rental income reached EUR 3.8 million, a 186 percent increase from EUR 1.3 million in the same period last year.

These results reflect continued demand for modern logistics space, particularly from tenants in light manufacturing, e-commerce and distribution sectors, as well as a focus on well-connected locations and higher technical standards.

“In the first quarter of this year, we nearly tripled our contracted rent year on year. This is an outstanding result and one of the best quarters in our history. It demonstrates the strength of our organisation, the effectiveness of our strategy and the high level of trust our tenants place in us. Importantly, we entered the year with a very strong foundation. Taking into account the agreements signed already in 2025, we had secured a 21% revenue increase at the very start of the year. We have now further strengthened this with record leasing performance in the first quarter. This gives us confidence that 2026 will be another period of outstanding success for MLP Group,” said Agnieszka Góźdź, Member of the Management Board & CDO at MLP Group S.A.

“The results achieved are the effect of our highly consistent leasing strategy, based on tenant diversification, a focus on key European markets, and offering flexible, scalable solutions for businesses. We continue to see strong demand, particularly from companies in light manufacturing, e-commerce and logistics, which are seeking modern space in well-connected locations. Importantly, the importance of asset quality is also increasing, as tenants are paying more attention to technical standards, energy efficiency and ESG compliance. Our portfolio is well aligned with these expectations, which translates into strong leasing activity and very good prospects for the coming quarters,” added Tomasz Pietrzak, Leasing Director Poland at MLP Group S.A.

Alongside leasing activity, MLP Group completed approximately 100,000 sqm of warehouse space in Poland and Germany during the first quarter, reflecting ongoing development across its portfolio.

At the end of March 2026, the Group’s total portfolio exceeded 1.7 million sqm of warehouse space across Europe. Its land bank allows for further expansion, with potential to increase total space to approximately 2.3 million sqm.

The portfolio remains relatively young, with around 85 percent of buildings delivered within the past 10 years and more than 60 percent completed in the last five years. The average age of assets is approximately 6.6 years, aligning with tenant demand for modern logistics facilities.

The first-quarter performance indicates continued leasing activity supported by development completions and available land for future growth.

Poland’s Market and the Question of Corporate Taxation

From time to time, public debate in Poland returns to the issue of how much tax large companies actually pay relative to the scale of their operations. The discussion is often driven by cases in which companies report substantial revenues, maintain a strong market presence, and serve large customer bases, yet record relatively low taxable profits and, consequently, limited corporate income tax (CIT) payments.

This perception is particularly visible in the retail sector. Data published by Ministry of Finance Poland has highlighted significant differences in effective tax contributions among companies with broadly comparable market positions. Some firms report sizeable tax payments, while others, often during expansion phases or operating on thinner margins, report limited taxable income. While such outcomes are consistent with the design of CIT, which applies to profit rather than turnover, they continue to fuel questions around competitive balance.

A similar pattern can be observed in the courier sector. According to figures cited by Infor, InPost reported revenues of approximately PLN 9.85 billion and paid around PLN 375 million in corporate income tax in 2024, reflecting its relatively strong profitability. By comparison, DPD, FedEx and DHL eCommerce reported lower tax payments alongside lower reported profits, despite generating significant revenues in the Polish market. Such differences are typically linked to variations in business models, cost structures, and investment cycles, rather than revenue levels alone.

In the case of global technology companies, the structure is different again. Firms such as Alphabet, Meta Platforms, Netflix and TikTok generally operate in Poland through subsidiaries that provide marketing, research, or support services. Revenue from advertising or subscriptions is often recognised in other jurisdictions, reflecting group-wide operating models. As a result, while economic activity takes place locally, a significant portion of taxable profit may be recorded elsewhere.

Several structural factors explain these outcomes. Corporate income tax is levied on profit, meaning that companies with high operating costs, significant depreciation, or accumulated losses may report limited taxable income. In addition, multinational groups have the ability to allocate functions, risks, and assets across jurisdictions. Transfer pricing plays a central role in this process, with intra-group payments for intellectual property, financing, or services influencing where profits are ultimately recorded. Polish tax authorities have increased their focus on this area in recent years, reflecting broader international trends.

At the same time, these dynamics are not limited to foreign-owned companies. Domestic firms may also benefit from elements of the tax system, particularly where scale and organisational complexity allow for more sophisticated financial structuring. The issue, therefore, is less about ownership and more about how modern tax frameworks interact with globalised business models.

Poland continues to rely on foreign investment, competition, and innovation as key drivers of economic growth. At the same time, ensuring a level playing field remains an ongoing policy consideration. Recent international initiatives, including the OECD-led minimum global tax framework, aim to address some of these challenges by setting a baseline level of taxation for large multinational groups.

Within this evolving context, the debate is likely to continue, balancing the need to maintain an attractive investment environment with the objective of ensuring that taxation reflects, as closely as possible, where economic activity takes place.

Source: WEI

Cordia Romania launches sales for Centropolitan in central Bucharest

Cordia Romania, part of the Futureal Group, has officially opened sales for Centropolitan, a new residential scheme located close to Bucharest Mall and Alba Iulia Square.

The launch follows strong pre-launch interest, with several hundred registrations recorded in recent weeks. The project has now entered a pre-sales phase running from 20 April to 20 May 2026, offering early buyers preferential pricing.

According to Mauricio Mesa Gomez, Chairman of the Board for Cordia Romania and Spain, the scheme is being brought to market amid continued underlying demand and a tightening pipeline of centrally located new-build residential projects. He noted that Bucharest is increasingly characterised by more selective buyers and limited availability of high-quality developments in prime locations.

Centropolitan represents an estimated investment of around €65 million and will deliver 274 apartments, ranging from studios to four-bedroom units. The scheme will also include approximately 3,345 sqm of ground-floor retail space with dedicated parking, alongside around 350 sqm of resident amenities.

During the pre-sales period, pricing is expected to start at approximately €170,000 plus VAT for studio units, rising to around €337,000 plus VAT for four-room apartments.

The development is located on an 8,179 sqm plot acquired in September 2025 and is designed around a “10-minute city” concept, providing access to key amenities within a short walking distance. Piața Unirii can be reached in around ten minutes, supported by strong public transport connections.

Apartments will range in size from 42 sqm to 156 sqm and include terraces. Planned amenities include a gastro bar, children’s play areas, a games room for teenagers, coworking facilities, and dedicated fitness and yoga spaces. The retail component will operate independently, with separate parking access for visitors.

Construction is currently at the excavation stage, with works progressing to a depth of four metres below ground. Diaphragm walls are largely complete, while crown beam works are underway.

GARBE Industrial Real Estate expands French portfolio with brownfield acquisition

GARBE Industrial Real Estate France has expanded its footprint in France through the off-market acquisition of a brownfield industrial site in the Centre-Val de Loire, south of the Paris metropolitan area.

The 6.5-hectare site includes an existing industrial building with approximately 30,000 sqm of floor area and benefits from direct access to key national motorway connections, supporting its future use for logistics and industrial operations. The acquisition brings the company’s total number of managed logistics assets in France to nine.

The transaction aligns with GARBE Industrial’s revised investment strategy in France, which places greater emphasis on the repositioning of brownfield sites with redevelopment potential. The property, formerly used as a print facility, is set to undergo modernisation, with plans to create a logistics asset designed to meet contemporary environmental and operational standards. The focus will include energy efficiency, optimised space utilisation and reduced environmental impact.

Michael Vidamant, Managing Director of GARBE Industrial Real Estate France, said the acquisition reflects the company’s ambition to transform legacy industrial sites into sustainable assets aligned with future occupier requirements.

The deal was completed with support from the Lasaygues notary office and engineering firm Ecor Ingénierie.

The acquisition follows GARBE Industrial’s recent delivery of a logistics scheme in Pléchâtel, near Rennes. The development provides approximately 25,800 sqm of logistics space alongside office units on a 57,500 sqm plot along the Rennes–Nantes corridor. The project is targeting BREEAM “Excellent” certification and benefits from strong connectivity to key economic hubs in western France.

HIH Invest acquires fully let office building in Vienna

HIH Invest Real Estate has acquired an office and retail building in Vienna’s 2nd district on behalf of an institutional investor fund, further strengthening its presence in the Austrian market.

The seven-storey property, located at Aspernbrückengasse 2 near the border of Vienna’s 1st district, offers approximately 7,170 sqm of lettable space and is fully occupied. The majority of the space, around 6,500 sqm, is dedicated to office use, complemented by smaller allocations for catering, retail and storage. The asset also includes 61 underground parking spaces and bicycle parking facilities.

The building, originally constructed in 1993, has undergone extensive modernisation by the seller, a company affiliated with Thalhof Immobilien. Upgrades included façade refurbishment and a full renovation of the underground car park. The property has achieved DGNB Gold certification and is aligned with EU Taxonomy requirements, reflecting a significantly improved sustainability profile.

Further improvements are planned. These include modernisation of the foyer and entrance areas, as well as partial greening of the façade and roof. The building is already connected to district heating and has been fully upgraded to LED lighting. Green lease structures are expected to be introduced progressively across the tenant base.

Felix Meyen, Managing Director of HIH Invest, said the acquisition secures a “high-quality core asset with development potential” in a central location, highlighting the combination of flexible floorplates and relatively moderate rent levels as supportive of long-term income stability and potential value growth.

The asset benefits from close proximity to Vienna’s city centre and sits within an established commercial area that has seen increased development activity in recent years. According to Sebastian Pende, Head of HIH Invest’s Vienna branch, the city continues to offer stable fundamentals, supported by strong demand for centrally located modern office space and its resilience as a business hub.

Legal due diligence on the transaction was carried out by DORDA Rechtsanwälte, while Alpha & Partners Consulting advised on technical and ESG matters. Tax due diligence was undertaken by TPA Steuerberatung, and commercial due diligence was supported by EHL Investment Consulting. The seller received legal advice from Schönherr Rechtsanwälte, with the transaction facilitated by ZOECHLING RE.

EU population set to decline and age sharply by 2100

The European Union’s population is projected to shrink significantly over the coming decades, with a marked shift towards older age groups, according to the latest projections from Eurostat.

The EU population is expected to fall by 11.7 percent between 2025 and 2100, equivalent to a decline of around 53 million people. After reaching an estimated 451.8 million in 2025, the population is forecast to grow modestly in the short term, peaking at approximately 453.3 million in 2029, before entering a long-term downward trend to around 398.8 million by the end of the century.

The projections are based on assumptions of gradual convergence in fertility, life expectancy and migration patterns across member states.

Alongside the overall decline, the structure of the population is expected to change significantly. The share of younger people is set to contract, with those aged 0–19 projected to fall from around 20 percent of the population in 2025 to 17 percent by 2100. The proportion of working-age people is also expected to decline, dropping from 58 percent to around 50 percent over the same period.

In contrast, older age groups will account for a growing share of the population. Those aged 65–79 are expected to increase slightly, while the proportion of people aged 80 and over is projected to rise sharply, from 6 percent to 16 percent.

Current demographic patterns already reflect an ageing society, with relatively low birth rates and longer life expectancy shaping the population profile. By 2100, these trends are expected to intensify, resulting in a smaller and significantly older population.

The shift has broad implications for labour markets, public finances and social systems, as the balance between working-age individuals and retirees continues to change across the EU.

Gender pension gap persists across EU, with Czech Republic among most balanced markets

Women across the European Union continue to receive significantly lower pensions than men, although the gap remains comparatively narrow in the Czech Republic, according to the latest data from Eurostat.

On average, women aged over 65 receive around a quarter less in pension income than men across the EU. The disparity varies widely between countries, with the largest gaps recorded in Malta at roughly 40 percent, followed by Netherlands and Austria at around 36 percent. Differences remain elevated in France and Germany, where the gap exceeds one quarter.

By contrast, the Czech Republic reports a significantly smaller difference of approximately ten percent, placing it among the countries with the lowest gender pension disparities in the bloc. Similar levels are observed in Hungary, while even narrower gaps are recorded in Slovakia and Estonia.

According to Ondřej Kozel, CEO of investment platform Fingood, the relatively small difference in the Czech Republic reflects structural features of the labour market and pension system. Lower prevalence of part-time work compared with Western Europe and a more redistributive pension model contribute to narrowing the gap between men and women.

At the end of last year, the Czech Social Security Administration was paying approximately 2.35 million old-age pensions, with the average monthly pension reaching CZK 21,094. Meanwhile, average gross wages stood at CZK 49,215, highlighting the gap between working income and retirement income.

Despite the relatively smaller disparity, women across Europe remain more exposed to financial vulnerability in retirement. In most EU countries, the risk of falling into poverty is higher among female pensioners, reflecting lower lifetime earnings and career interruptions.

Kozel notes that even in markets where the gap is less pronounced, such as the Czech Republic, pensions often fall short of maintaining pre-retirement living standards. This underscores the growing importance of private savings and investment as a complement to state pension systems.

Interest in investing among women has been increasing, with female investors now accounting for roughly a quarter of clients on platforms such as Fingood. The trend reflects a broader shift towards greater financial independence and diversification of savings strategies beyond traditional bank deposits.

The data points to a persistent structural imbalance across Europe, even as some countries show signs of convergence in pension outcomes between men and women.

Source: CTK

Premier Energy targets €700m acquisition of Romanian power distributor

Energy group Premier Energy, backed by Czech entrepreneur Jiří Šmejc through Emma Capital, is planning to acquire Romanian electricity distributor Evryo in a deal valued at approximately €700 million.

The company has already signed an agreement covering Evryo’s network assets, including its core subsidiary Distribuție Energie Oltenia, which serves around 1.5 million customers. The network ranks among the largest electricity distribution systems in Romania.

The transaction remains subject to shareholder approval and regulatory clearance, with a decision expected at Premier Energy’s general meeting scheduled for 10 June. The group anticipates completing the acquisition in the second half of 2026.

The seller is Macquarie Asset Management, which has held the asset as part of its broader infrastructure portfolio.

Premier Energy is considering financing the acquisition either fully or partially through a bond issuance. If completed, the deal would mark a strategic shift for the company, giving it direct exposure to regulated electricity distribution alongside its existing activities in power generation, supply and gas distribution.

The group has been active in Romania since 2013 and is currently listed on the Bucharest Stock Exchange, with a market value of roughly CZK 27 billion. Expanding into regulated infrastructure is expected to provide more stable and predictable revenues.

Beyond Romania, Premier Energy also operates in Moldova and Hungary. The company has been growing its renewable energy portfolio, including the acquisition of a majority stake in a wind farm in Hungary from Iberdrola last year, following an earlier wind asset purchase in Romania.

The planned acquisition underlines ongoing investor interest in regulated energy infrastructure across Central and Eastern Europe, particularly assets offering stable, long-term returns.