White & Case signs long-term lease at CENTRAL PARX in Frankfurt

ABG Real Estate Group and HanseMerkur Grundvermögen have secured a major leasing success for their CENTRAL PARX development in Frankfurt am Main. International law firm White & Case has signed a long-term lease as an anchor tenant, occupying all office spaces within the STUDIO and PAVILLON buildings, totaling at least 11,670 square meters. The firm also holds additional options for the remaining spaces in the TOWER. The 15-year lease agreement includes modern office spaces, 100 car parking spots, and 100 bicycle spaces.

This lease marks a significant milestone in the repositioning of CENTRAL PARX. With over 85% of the project pre-let at the start of construction, ABG Real Estate Group has opted to forgo its initial plan to self-occupy the PAVILLON. White & Case, a globally recognized law firm, is currently based nearby on Bockenheimer Landstraße, a location originally developed by ABG Real Estate Group.

CENTRAL PARX, an iconic three-part building complex situated at Bockenheimer Landstraße 10, comprises the TOWER, STUDIO, and PAVILLON, offering a total rental area of approximately 25,650 square meters. The extensive refurbishment of this historically listed property is already underway. Deconstruction and gutting work commenced at the end of 2024, with vertical construction set to begin in late summer 2025. Completion is scheduled for early 2028.

Ulrich Höller, Managing Partner at ABG Real Estate Group, highlighted the significance of this agreement: “Securing White & Case as a top-tier tenant and achieving such a high pre-letting rate at the start of construction underscores the exceptional quality of the CENTRAL PARX project. It sets a new benchmark for modern and sustainable workplaces in one of Frankfurt’s most prestigious locations.”

Malte Andes, Deputy CEO of HanseMerkur Grundvermögen, echoed this sentiment: “This lease agreement with one of the world’s largest law firms affirms the sustained demand for premium office properties in prime urban locations. The superior quality and strategic location of CENTRAL PARX make it highly attractive to leading international tenants.”

Karsten Wöckener, Head of Germany and Partner in the Global Capital Markets Practice at White & Case, expressed enthusiasm about the move: “We are delighted to have found a sustainable, future-ready location in Frankfurt with CENTRAL PARX’s PAVILLON and STUDIO. This historically significant complex, located in a prime area, aligns perfectly with our firm’s values and legacy. As we celebrate the 25th anniversary of our merger with the global White & Case, this move reflects our commitment to providing a modern and dynamic workspace that fosters collaboration and growth.”

CBRE and Hauck Schuchardt advised on the transaction.

White & Case signs long-term lease at CENTRAL PARX in Frankfurt

CBRE and Hauck Schuchardt advised on the transaction.

Industry veterans launch troveinvest, a new real estate investment asset manager in Berlin

fletcher@cijeurope.com
25 February 2025
Other

Seasoned investment and asset management professionals Ulf Christiansen, Daniel Rubinstein, and Stuart Reid have announced the launch of troveinvest, a new real estate investment asset management firm headquartered in Berlin. Specializing in value-add commercial real estate, troveinvest positions itself as an operating joint venture partner, focusing on assets with strong management potential in Germany. The company aims to establish itself as a premier boutique investment asset manager in the country.

With over 85 years of collective industry experience, the three founding partners have a long-standing professional collaboration dating back to 2011. Their extensive track record includes more than €10 billion in transaction volume, with a proven history of delivering above-average returns across various asset classes and risk categories.

“At troveinvest, we are committed to generating outperformance through operational expertise and collaborative partnerships,” said Ulf Christiansen, co-founder of the firm.

Ulf Christiansen has been a key player in the real estate investment landscape since 2011 when he joined Rockspring in Berlin, specializing in transactions. Following Rockspring’s acquisition by PATRIZIA in 2018, he became Managing Director and Head of Value-Add Transactions, spearheading strategies for commercial and residential real estate projects across Germany.

Daniel Rubinstein brings deep expertise in asset management, having joined Rockspring in 2005. He led asset management across multiple sectors, including retail, logistics, multi-let industrial, and office spaces. After the acquisition by PATRIZIA, he served as Managing Director in Asset Management, leading a 20-person team overseeing a significant retail and logistics portfolio.

Stuart Reid has extensive experience in real estate investment and development, both within Germany and internationally. He played a pivotal role in establishing Rockspring’s German office in 2001. Post-PATRIZIA acquisition, he served as Managing Director in Project Development, overseeing commercial and residential development projects as well as large-scale property renovations across Continental Europe.

Christiansen emphasized the company’s commitment to navigating the evolving real estate market with expertise and precision: “Our strongest motivation is the opportunity to shape a new real estate cycle from the beginning – and to work together again as a well-coordinated team. A team with a remarkable track record, aligned in its way of thinking. In uncertain times, it’s well-thought-out strategies, solid expertise, and consistent asset management that determine the success of investments – crucial for our partners and us.”

As the real estate sector continues to adapt to market shifts and economic challenges, troveinvest aims to leverage its deep industry knowledge and strategic asset management approach to deliver strong investment performance. The launch of troveinvest marks a significant step in Germany’s real estate landscape, introducing a new player with a well-established foundation of expertise and a clear focus on value creation.

First Spark by Hilton Hotel Opens in Germany

Hilton has expanded its Spark by Hilton brand to Germany with the opening of Spark by Hilton Sindelfingen on 20 February 2025. The 103-room hotel, centrally located in Sindelfingen, is designed for business and leisure travelers seeking affordability without compromising on comfort and quality.

The newly opened hotel features comfortable and stylish guest rooms, complete with open wardrobes and bright, well-equipped bathrooms. Communal spaces include shared tables and lounge areas, fostering a welcoming environment for guests. Travelers can also take advantage of a 24-hour convenience market for snacks and beverages, as well as a complimentary daily breakfast featuring premium coffee and fresh bagels.

For those prioritizing fitness and convenience, the hotel offers a multi-purpose gym and on-site parking. Its prime location—just minutes from the Mercedes-Benz plant and Sindelfingen’s historic town center—makes it an attractive option for both business and leisure visitors.

“We are delighted to bring Spark by Hilton to Germany and offer a fresh and inviting hospitality experience,” said Andreas Erben, Managing Director of Aspire Hotel Group. “This hotel embodies our vision of high-quality, affordable accommodations that prioritize guest comfort and convenience.”

Nightly rates start at €109, including breakfast and VAT, with fully flexible booking options allowing free changes or cancellations up to 24 hours before arrival.

Spark by Hilton Sindelfingen is part of Hilton Honors, the award-winning loyalty program covering Hilton’s 24 world-class brands. Members booking directly benefit from exclusive discounts, free standard Wi-Fi, and a flexible payment slider, enabling a mix of Points and money for bookings. Guests can reserve their stay via Hilton.com, the Hilton Honors app, or official Hilton channels for added perks and a price match guarantee.

The opening of Spark by Hilton Sindelfingen marks a significant step in Hilton’s expansion, bringing its accessible, high-quality hospitality concept to the German market.

Logivest strengthens key account team with new appointment

fletcher@cijeurope.com
25 February 2025
Jobs

Logivest has expanded its key account management team, reinforcing its user-side advisory services. On 1 February 2025, the integrated logistics real estate consultancy welcomed Florian Golkowsky (30) to its key account team.

Golkowsky, a trained freight forwarder, brings a wealth of experience from his tenure in the sea freight division of Kühne & Nagel, where he worked for two years before pursuing a degree in business psychology. Transitioning to real estate, he later managed customers in the Lower Rhine and Rhineland regions at FAVORIT Massivhaus.

Now returning to the logistics sector, Golkowsky joins Logivest to focus on exclusive customer care on the user side, working alongside Nina Reimers and Arne Sander. “What appeals to me is the combination of logistics and real estate, the targeted development and expansion of customer relationships, and consulting at the B2B level. I look forward to working with my colleagues to further develop our network throughout Germany,” said Golkowsky, a native of the Rhineland.

“As a logistics expert, Florian Golkowsky understands our customers’ needs. He knows their daily challenges and where their focus lies. This expertise is essential for providing professional advice at eye level,” said Kuno Neumeier, CEO of Logivest Group.

Operating from the Düsseldorf office since February 2025, Golkowsky, alongside Reimers and Sander, serves as a key contact for trade, production, and logistics service providers. He reports directly to CSO Michael Starre, further strengthening Logivest’s client-centric approach.

This strategic expansion underscores Logivest’s commitment to delivering expert logistics and real estate solutions, ensuring seamless support for its growing client base across Germany.

Prague approves major zoning plan change for Žižkov freight station redevelopment

The Prague city leadership has approved a long-awaited change to the zoning plan, paving the way for significant development around the former Žižkov Freight Station. Alongside this decision, the city council also endorsed agreements with developers for financial contributions toward public infrastructure, a crucial step in transforming the area into a thriving residential district. The councilors will still vote on final approval of the plan and contracts.

The Prague City Hall has also acquired the historic station building from Czech Railways, securing a key element of the redevelopment plan.

Major Urban Transformation Underway

“This is a very significant change. The character of the area will evolve, allowing for the construction of apartments, schools, and public amenities. A new urban district will emerge here,” said Zdeněk Kovářík (ODS), Prague’s finance councilor.

The majority of land surrounding the station had previously been under a development ban, which necessitated the zoning plan change. Although a new construction law rendered the ban obsolete, an updated zoning framework remains essential for residential developments in the area. The city first initiated the plan change in 2008, with formal proceedings beginning in 2010.

Largest Zoning Plan Change in Prague’s History

The approved modification marks the largest zoning adjustment in Prague, allowing for housing for up to 20,000 residents. Approximately 95% of the area will be designated for residential use, based on an urban study commissioned by the city, which envisions a mix of housing, public services, schools, and parks. However, the project has faced criticism from local activist groups and environmental organizations over its impact on the area.

Developer Contributions & Infrastructure Commitments

To fund essential public infrastructure, the city has secured financial commitments from developers through so-called planning agreements. Contracts have already been signed with Finep and Prague 3, while additional agreements with Sekyra Group, Central Group, Penta, and MY Park were approved yesterday. In total, investors will co-finance 1.4 billion CZK in public infrastructure.

Developers have pledged to construct a kindergarten, social service facilities, four parks, and renovated public spaces. They will also provide land for a planned tram line, which Prague’s transport authority intends to begin constructing next year.

“A significant portion of these funds will go toward educational development in the area. The agreement with Central Group includes building a six-classroom kindergarten, while Sekyra Group will contribute over 411 million CZK for a new elementary school,” stated Pavel Dobeš (STAN), Deputy Mayor of Prague 3. Overall, the area will see the construction of five kindergartens and two elementary schools.

Future of the Historic Žižkov Freight Station

At the end of last year, Prague purchased the historic station building from Czech Railways for 1.43 billion CZK. The site will be revitalized to include a school, apartments, retail, and cultural spaces.

“The station building is monumental and plays a key role in the transformation of one of Prague’s largest brownfields. We aim to incorporate an extension with mixed-use facilities, though this will require discussions with heritage authorities,” said Adam Zábranský (Pirates), Prague’s property councilor.

Built in the functionalist style between 1934 and 1937, the Žižkov Freight Station ceased operations in 2002. With the new zoning plan and infrastructure commitments in place, the area is set for a major revival, turning it into one of Prague’s most significant redevelopment projects in the coming years.

Source: CTK
Photo: Zdeněk Kovářík (ODS)

Manoral Global acquires former Komerční banka branch in Smíchov

The former Komerční banka branch in Prague’s Smíchov has been acquired by Ústí-based company Manoral Global, owned by entrepreneur Radko Vrbík. Designed by renowned architect Karel Prager, the brutalist-style building, shaped like a truncated pyramid, was no longer suitable for the bank’s needs. The purchase price has not been disclosed, according to a report by the e15 server.

“We have sold it and are glad that the building is set to have some further life and hopefully a noble purpose. For us, it was no longer suitable; over the years, the building became inadequate for us,” said Jan Juchelka, CEO of Komerční banka. He noted that the Smíchov branch had been one of the bank’s least efficient properties in Prague, and the local team was “extremely happy” to have moved to a more modern space.

The new owner has not yet revealed future plans for the site. However, Zdenka Klapalová, head of the Czech branch of British real estate firm Knight Frank, suggested that the commercial nature of the building may lead to a similar function as in the past. Knight Frank served as Komerční banka’s advisory partner in the transaction.

The two-story structure, originally envisioned in the 1970s as a headquarters for the State Bank of Czechoslovakia, was completed in 1992. Komerční banka acquired it in 1993 and operated a branch there until 2022. Over the years, the building has drawn mixed reactions from both professionals and the public.

Karel Prager, one of Czechoslovakia’s most significant 20th-century architects, left a controversial mark on Prague’s skyline. His Research Institute of Macromolecular Chemistry in Břevnov was declared a cultural monument in 2000, yet many of his other projects have sparked divisive opinions. These include the former Federal Assembly building, the New Stage of the National Theatre, and the Smíchov bank branch.

Prager’s work also included the reconstruction of the Rudolfinum and the U Kříže residential complex in Jinonice, which won the Building of the Year award in 1999. As the fate of the Smíchov building unfolds, it remains to be seen whether it will retain its architectural legacy or undergo a dramatic transformation under its new ownership.

Source: CTK and e15
Photo: Wikidata

Harmonized inflation in Slovakia reaches 4.2% in January

Slovakia’s harmonized inflation rate, measured according to the uniform European methodology, reached 4.2% year-on-year in January 2025, while prices increased by 1.8% month-on-month.

The rise in prices was primarily driven by higher costs for alcoholic and non-alcoholic beverages, food, and housing with energy. The food and non-alcoholic beverages category had the highest impact on month-on-month inflation, contributing 0.32 percentage points, with food prices accounting for 0.11 percentage points and non-alcoholic beverages for 0.21 percentage points. Alcoholic beverages and tobacco added 0.26 percentage points, while housing, water, electricity, gas, and other fuels contributed 0.24 percentage points. Transport also played a significant role, contributing 0.24 percentage points. In contrast, price declines were recorded in health, which lowered inflation by 0.04 percentage points, and clothing and footwear, which decreased inflation by 0.05 percentage points.

The average annual HICP inflation rate, which measures the change in the average price level over the past 12 months compared to the previous 12-month period, stood at 3.1% in January 2025. This inflation metric is crucial for assessing price stability in Slovakia and forms part of the Maastricht criteria, which are necessary for euro area entry. The data underscores the importance of monitoring inflation trends as policymakers work to maintain economic stability in the region. As inflation continues to fluctuate, analysts will closely watch key sectors contributing to price changes, with particular attention to energy, food, and transport costs.

Source: Statistical Office of the SR

KINGSTONE RE acquires mixed-use residential and retail property in Weil am Rhein

KINGSTONE Real Estate (KINGSTONE RE) has acquired a mixed-use residential and retail development in Weil am Rhein from project and area developer BPD (Bouwfonds Immobilienentwicklung). The transaction was completed on behalf of the “KINGSTONE Bezahlbares Wohnen Deutschland” residential real estate fund, marking another strategic investment in affordable housing.

The development consists of 48 publicly subsidised rental apartments and 1,100 sqm of retail space. The forward deal includes both the 3,290 sqm plot and the turn-key construction of the building. Construction is set to begin by the end of the first quarter of 2025, with completion scheduled for late 2026. The deal was facilitated by HANSAINVEST Hanseatische Investment GmbH as the fund’s third-party AIFM. Estate agent Blue Tree Real Estate and legal advisors Heussen Rechtsanwaltsgesellschaft mbH supported the transaction, along with due diligence partners Case Real Estate, Arcadis Germany, and iib Consult. BPD received legal counsel from KFR Kirchhoff Franke Riethmüller Partnerschaft von Rechtsanwälten mbB. The financial details of the transaction remain undisclosed.

The development is located at the intersection of Hauptstraße and Riedlistraße, a prime spot in Weil am Rhein. The apartments, ranging in size from 55 to 100 sqm, will be distributed across three upper floors and an attic, catering to tenants seeking two- to four-room units. Residents will have access to an underground car park with 39 spaces, while an additional 33 surface parking spaces will be allocated to the retail units. Sustainability is a key feature of the project, with a green rooftop designed to capture rainwater, reduce particulate pollution, and provide natural insulation.

Dr. Tim Schomberg, Managing Partner and Co-Founder of KINGSTONE RE, highlighted the significance of this latest acquisition, stating: “We are pleased to secure our fourth real estate asset for the fund within a short period. Investor demand remains strong, reinforcing our commitment to affordable housing.”

Tobias Stüber, Head of Investor Sales & Strategic Projects at BPD, emphasized the importance of the project in addressing Germany’s housing shortage: “We are proud to contribute to the development of much-needed affordable housing in a challenging market. Finding a partner like KINGSTONE RE, which shares our vision, strengthens our commitment to future residential projects near the Swiss border.”

Ansgar Pape, Managing Director of KINGSTONE Residential Investments, underscored the security and long-term potential of subsidised housing investments: “The demand for affordable rental housing is at an all-time high, making these investments highly secure. We are actively evaluating additional properties and anticipate further acquisitions this year.”

Simon Lieb, Managing Director of KINGSTONE Residential Investments, noted that Bavaria and Baden-Württemberg are currently attractive markets for subsidised housing investments due to favorable public funding conditions. “This asset in Weil am Rhein aligns perfectly with our existing portfolio, which already includes two properties in Bavaria and another in Baden-Württemberg.”

Weil am Rhein, located in the South Baden region, offers strong infrastructure links and a prime location near the borders of France and Switzerland. Its proximity to the Rhine River and key international crossings makes it an attractive destination for both residents and businesses. The combination of affordability, strategic location, and sustainable features positions this development as a key addition to KINGSTONE RE’s growing real estate portfolio.

GTC completes sale of GTC X office building in Belgrade for €52 Million

Globe Trade Centre (GTC), a leading real estate developer and investor in Central and Eastern Europe, has successfully completed the sale of its GTC X office building in Belgrade for €52 million. The transaction underscores the growing investor appetite for premium office properties in Serbia’s capital and marks a strategic move for GTC in optimizing its property portfolio.

Located in one of Belgrade’s prime business districts, GTC X is a modern, Class A office building recognized for its high-quality design, energy efficiency, and strong tenant mix. The property has been a key component of GTC’s Serbian office portfolio, catering to multinational corporations and leading local businesses.

The sale aligns with GTC’s strategy of capital recycling, enabling the company to reinvest in new development projects and strengthen its presence in high-growth markets. The buyer of the GTC X building has not been disclosed, but the transaction highlights the continued interest of institutional investors in Belgrade’s commercial real estate sector.

“The successful sale of GTC X reflects both the strength of our portfolio and the demand for prime office assets in Belgrade,” said Yovav Carmi, CEO of GTC. “This transaction allows us to continue delivering on our long-term growth strategy and explore new opportunities in the region.”

The Serbian office market has remained resilient, with strong demand for modern office spaces driven by the expansion of international companies and a robust business environment. Investors are increasingly drawn to Belgrade due to its strategic location, competitive yields, and growing economy.

GTC has been active in Serbia for many years, developing and managing a portfolio of high-quality office buildings that meet the evolving needs of tenants. The completion of the GTC X sale marks another significant milestone in the company’s regional operations, reinforcing its reputation as a key player in the commercial real estate sector.

The €52 million transaction represents one of the largest office property sales in Belgrade in recent years and signals continued momentum in Serbia’s real estate investment market.

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Latest news

All posts by fletcher@cijeurope.com.

White & Case signs long-term lease at CENTRAL PARX in Frankfurt

White & Case signs long-term lease at CENTRAL PARX in Frankfurt

Industry veterans launch troveinvest, a new real estate investment asset manager in Berlin

First Spark by Hilton Hotel Opens in Germany

Logivest strengthens key account team with new appointment

Prague approves major zoning plan change for Žižkov freight station redevelopment

Manoral Global acquires former Komerční banka branch in Smíchov

Harmonized inflation in Slovakia reaches 4.2% in January

KINGSTONE RE acquires mixed-use residential and retail property in Weil am Rhein

GTC completes sale of GTC X office building in Belgrade for €52 Million