Generali Real Estate leases Orense 2 building in Madrid to EY

Generali Real Estate has secured a significant lease agreement with international consultancy firm EY for the prominent Orense 2 office building in Madrid. The building, owned by Generali Spain and managed by Generali Real Estate, will undergo a complete refurbishment under the design of Estudio Lamela architects. The property, spanning 13,500 square meters across 11 floors, will offer a cutting-edge work environment in line with the highest international sustainability standards.

The Orense 2 building’s requalification project is centered on sustainability and energy efficiency, aiming to achieve over 30% energy savings and a 40% reduction in water consumption compared to similar buildings. The property is currently working towards LEED certification, further reinforcing its commitment to environmental standards.

EY’s new lease marks a major milestone in the firm’s workspace evolution. The Orense 2 building will become a key part of the EY Campus in Madrid, along with EY’s corporate headquarters at Torre Azca. The two locations will be seamlessly connected by a pedestrian pathway, creating a dynamic, flexible work environment that fosters collaboration and innovation.

The building’s strategic location in one of Madrid’s most sought-after business and retail districts provides excellent connectivity and access to a range of services, making it an ideal choice for EY’s new office space.

Reflecting a shared commitment to sustainability, the lease includes “green” clauses that emphasize energy optimization, CO2 reduction, and the promotion of renewable energy. These measures align with the long-term sustainability goals of both Generali Real Estate and EY.

Carlos Becerril, Head of Investments & Asset Management Iberia at Generali Real Estate, commented, “We are pleased that EY has chosen Orense 2 as the ideal location for their strategic growth, aligning perfectly with their evolving workspace needs. We are proud to continue leading the way in sustainability in real estate and contributing to the revitalization of Madrid’s urban landscape.”

CENTRAL GROUP: Conditions for buying a home will get worse

According to the ČSÚ figures published today, 1,190 new flats in new apartment buildings were permitted in Prague in September and a total of 5,270 flats have been given the green light since the beginning of the year. This is a year-on-year increase of 76%. On the face of it, great news. All the more so because after three quarters even more apartments have been permitted than in the whole of last year. On closer inspection, however, there are fewer reasons to be happy. The comparative base of last year is very low, with just over 4,200 flats in apartment buildings being permitted in the capital over the whole year (about 1,000 more if we include flats built in family houses, reconstructions and other types of buildings). However, Prague needs to permit and build at least 10,000 new flats every year, and we are nowhere near that even this year. Although we have a new building law, which we hoped would improve the permitting process, we do not have digitisation, which is one of its important tools. And we will not have it for at least another three years, so we have to reckon with the fact that we will still be struggling with a shortage of housing for a few more years.

At the moment, more apartments are coming onto the market, but these are mostly projects that were approved in the previous two years and their launch was postponed due to the difficult economic situation. It can be assumed that with the current extremely high demand, which is approaching the record levels of 2021, the battery of these pre-approved projects will soon run out and apartment prices will start to rise even faster than now. It is also not good news for those interested in new housing that mortgage interest rates are not falling nearly as fast as they could, as even the CNB’s multi-governor Eva Zamrazilová points out. Moreover, the CNB itself has adjusted its forecast for interest rates, which should fall more slowly than previously expected. The banks’ motivation to lower mortgage rates more quickly may be decreasing along with it.

Faster growth in house prices and slower mortgage rate cuts will result in some people being cut off from the opportunity to buy their dream new home. So if anyone is considering buying a new home, they should not hesitate too much. There will be no better conditions than now.

Source: CENTRAL GROUP

Skyliner II construction reaches key milestone in Warsaw’s Wola district

The foundation work for Skyliner II, the sister skyscraper of the prominent office complex in the Wola district, has been successfully completed. Karimpol Polska, the developer behind the project, announced that the final section of the concrete foundation slab was placed at a depth of 22 meters by general contractor Warbud SA. With this critical phase finished, the construction of the building’s underground structure moves forward, paving the way for the superstructure to begin once the foundation reaches ground level.

Located in a densely developed urban area, Skyliner II is being built using the top-down construction method. This innovative technique involves placing the floor slabs at ground level before excavating each floor down to the target foundation level. The floor slabs are supported by temporary columns and anchored into diaphragm walls to ensure the structure’s stability. The foundation slab itself is made up of 4,700 m³ of low-carbon concrete, varying in thickness from 1.9 meters to 4.9 meters. The slab’s weight is supported by barrettes that extend nearly 39 meters below ground level.

The foundation work involved a dedicated team of nearly 40 professionals, including steel fixers, carpenters, foundation slab insulation specialists, and underground equipment operators. Szymon Zduńczyk, Managing Director and Board Member at Karimpol Polska, highlighted the lessons learned from the construction of the first Skyliner tower, which allowed for improvements in the layout of barrettes and bracing slabs to better address the project’s unique challenges. Zduńczyk also noted the careful logistical planning required for each stage of construction, especially considering the site’s location and the project’s proximity to existing buildings.

“The construction of Skyliner II requires unique technical solutions due to its location in the vicinity of existing buildings, including other high-rise towers,” explained Marcin Hoyer, Site Manager at Warbud SA. “With limited space and the need to navigate dense urban traffic, we are using tower cranes with tilting jibs to ensure safe and efficient operation.”

As construction moves to the next phase, the focus will shift to the creation of the ground-level structure, which will support the common podium connecting Skyliner II to the original tower. This podium will span 4,500 sqm and form a critical link between the two buildings. The construction of the 28-story tower will continue, with Skyliner II set to offer modern office spaces in the heart of Warsaw, standing 130 meters tall upon its completion at the end of 2026.

Designed by APA Wojciechowski Architekci, Skyliner II is managed by Hill International on behalf of Karimpol Polska, with CBRE Poland overseeing the commercialisation of the second tower.

Jörn Stobbe to step down from Becken Group at end of October 2024

Jörn Stobbe has announced his resignation as CEO of Becken Holding GmbH and Chairman of the Supervisory Board of INDUSTRIA Immobilien GmbH, effective at the end of October 2024. After four years with the company, Stobbe has decided to step down, with his successor yet to be named. The decision was made in agreement with Dieter Becken, Managing Partner of Becken Holding GmbH.

During his tenure, Stobbe played a key role in Becken Group’s expansion, notably overseeing the successful acquisition and integration of INDUSTRIA Immobilien GmbH, which strategically strengthened the company’s business model. Looking ahead, Stobbe intends to focus on new ventures in the areas of affordable housing through modular construction and football, a sport he believes has significant social and cultural impact.

Dieter Becken expressed gratitude for Stobbe’s contributions, stating, “Jörn Stobbe has been instrumental in the development of Becken Group, particularly through the successful integration of INDUSTRIA Immobilien GmbH. I want to personally thank him for his dedication and wish him all the best in his future endeavors.”

Reflecting on his time at Becken Group, Stobbe shared, “My work on advancing the Investments and Fund divisions allowed me to leverage my experience in real estate and finance, focusing on M&A transactions, ESG strategy, and positioning Becken as a real estate services provider. I’m thankful for the trust and collaboration of Dieter Becken and the entire team and look forward to the next chapter of my career.”

CTP and Quanta Computer break ground on new facility in Jülich

CTP and Quanta Computer marked the official start of construction for a new, built-to-suit production facility in Jülich, Germany, located in the Brainergy Park Jülich. The groundbreaking ceremony, attended by over 50 guests, included representatives from Quanta, CTP, Brainergy Park Jülich, the City of Jülich, and local economic and political leaders.

The new facility, with a total usable area of 22,500 sqm, will be customized to meet Quanta’s specific needs, including a product testing laboratory and specialized airlock rooms. This expansion supports Quanta’s growing European presence, with the company leasing the facility for 15 years. CTP is investing 45 million euros into the project, which will create up to 500 jobs in its first phase.

Timo Hielscher, Managing Director M&A at CTP Germany, emphasized the smooth collaboration that enabled the project to proceed on schedule, noting CTP’s deep understanding of Asian business requirements, which has been key in delivering complex projects for high-tech companies across Europe.

The Jülich site is strategically located near Germany’s borders with Belgium and the Netherlands, offering easy access to major European cities such as Frankfurt, Brussels, and Amsterdam. The facility is expected to achieve DGNB Gold certification and will feature photovoltaic systems on its roof.

Frank Drewes, Managing Director of Brainergy Park Jülich GmbH, highlighted the park’s growing appeal to international tech companies, underscoring the area’s potential for innovation and growth. The facility is slated for completion in the second half of 2025.

PSN Completes Skyline Project in Prague’s Chodov District

PSN has officially completed the Skyline project in Prague’s Chodov district, offering a variety of small-apartment units that are increasingly in demand for both residential and investment purposes. The development includes one- and two-bedroom apartments ideal for students, young professionals, and first-time buyers. With roughly a quarter of the units still available for purchase, the project is proving to be a popular option for those seeking affordable housing in the city.

The Skyline project, which involved the extensive renovation of two adjacent buildings from the Top Hotel, has been carefully designed to meet modern living standards. In addition to a full interior refurbishment, the building features a classic, simple façade that complements the contemporary interiors.

“This project combines traditional elements with community-focused spaces, creating an original concept that appeals particularly to younger people in need of starter or student housing,” said Jaroslav Macháč, Director of Residential Projects at PSN. “Given the current state of the real estate market, we are seeing increasing interest in rental housing. The units here are well-suited for rental investment, making them a profitable option for investors.”

For potential investors, PSN is offering an attractive opportunity in collaboration with Bureš & Partners, a firm specializing in real estate investments. Selected two-bedroom units come with up to a 4% discount until November 30, along with the promise of a monthly rental income of up to CZK 20,000, and an annual yield of up to 16.6%. PSN also offers a hassle-free investment experience, managing everything from unit selection and mortgage arrangement to interior furnishing and tenant placement.

Skyline residents can enjoy a wide range of shared amenities designed to support both everyday convenience and social engagement. The building includes a fully equipped gym, a yoga room, a party room with table football and a large-screen TV, as well as a lounge, laundry facilities, a bike room, and more. A rooftop terrace offers panoramic views of Prague, and an outdoor relaxation area with a fireplace and flowerbeds will provide a serene environment for residents to unwind.

The Skyline project features four model units to inspire potential buyers. These interiors—named after European capitals Prague, Oslo, and Berlin—showcase a variety of styles. The Prague model emphasizes warm tones and traditional materials, while Berlin presents a more eclectic, contrast-rich design. Oslo, on the other hand, embraces minimalist Nordic aesthetics with a focus on practicality. The sample units were designed in collaboration with Kitchen and Interior Living and the architectural studio Reaktor, with a new model unit created in partnership with Bonami, a furniture and accessories retailer.

While the model units provide design inspiration, buyers are encouraged to personalize their apartments according to their tastes and preferences.

The Skyline project is situated in a well-connected area, offering convenient access to essential amenities and recreational spaces. Residents will find grocery stores, cafes, and bistros within walking distance. The Westfield Chodov shopping center, the largest in the Czech Republic, is just a 5-minute drive away. A bus stop located just a few meters from the building provides quick access to metro C – Chodov, just 9 minutes away. For outdoor enthusiasts, the nearby Hostivařský Lesopark offers ample space for walks, while water sports enthusiasts can visit the Hostivařská Dam or the Jedenáctka Chodov Aquapark. The location is also ideal for cycling trips.

As PSN continues to develop projects like Skyline, the company is positioning itself to meet the growing demand for compact, well-located, and investment-worthy living spaces in Prague.

GreenPlaces to invest €100 million in German light industrial estates

GreenPlaces Deutschland Asset Management GmbH has announced plans to invest €100 million over the next three years in multi-let light industrial estates across Germany. The Switzerland-based developer aims to accelerate its growth in Germany, targeting new properties primarily in Baden-Württemberg, southern Hesse, and Rhineland-Palatinate.

The company specializes in sustainable, affordable industrial spaces tailored for small and medium-sized enterprises (SMEs). GreenPlaces uses timber construction for modular units averaging 170 square meters, which can be leased as individual spaces or combined into larger units. Already established in Switzerland, GreenPlaces operates ten sites and has added five locations in Germany. Its goal is to expand to 50 sites by 2030, with the majority in Germany.

Fabrice Bezençon, CEO of GreenPlaces Group, highlighted the unique appeal of GreenPlaces’ flexible and eco-friendly modules: “Our high-quality, affordable units suit various uses, from small production plants and wellness studios to gyms and architectural offices. Timber construction stores CO2, and our rooftops provide sustainable power through solar panels.”

In charge of the German expansion, Sven Koch, head of business development since December 2022, emphasized the strategic focus on accessible locations near major cities. “Our goal is to place tenants within a 20-minute drive of customers, prioritizing sites with motorway or federal route access. Each project follows a rapid timeline, with construction to completion typically within eight to twelve months,” Koch noted.

With its modular, sustainable approach, GreenPlaces seeks to become a reliable partner for local municipalities while growing its portfolio of tenant-focused industrial estates in Germany.

CTP reports 18.2% growth in net rental income, maintains strong outlook

CTP N.V. (CTPNV.AS) reported robust growth for the first nine months of the year, with net rental income rising 18.2% year-over-year and company-specific adjusted EPRA earnings per share (EPS) hitting €0.60. The Group is on track to meet its 2024 EPS guidance of €0.80–€0.82. The EPRA NTA per share also rose by 10.1% to €17.52.

For the period ending 30 September, CTP achieved rental income of €488.4 million, reflecting a 15.9% increase compared to the previous year, largely driven by a 4.4% like-for-like growth from lease renegotiations and indexation. The Group’s portfolio occupancy stands at 93%, with an annualized rental income of €702 million, and its gross asset value (GAV) increased by 11.8% to €15.2 billion.

In the first three quarters, CTP delivered 545,000 sqm of space with a yield on cost (YoC) of 10.1%, bringing its standing portfolio to 12.6 million sqm. New projects under construction cover 1.9 million sqm, with an expected YoC of 10.4%, representing potential rental income of €142 million when fully leased.

With a landbank totaling 27.1 million sqm, of which 20.9 million sqm is owned, CTP is well-positioned for future growth. CEO Remon Vos emphasized the Group’s strength in Central and Eastern Europe, citing steady demand for logistics and industrial real estate driven by supply chain shifts and nearshoring trends. Vos noted that CTP has leased 1.5 million sqm in 2024, a 4% increase from last year, with significant interest from Asian tenants focused on European production.

“Our strong pipeline, stable rental growth, and robust leasing activities allow us to expand at a rate of over 10% new GLA per year,” Vos stated. “We are poised to continue capturing market share and achieve double-digit NTA growth in the coming years.”

SES to invest €30m in SILLPARK, adding Austria’s first mall-based health park

SES Spar European Shopping Centers (SES) has announced a major €30 million investment in Innsbruck’s SILLPARK, the city’s largest shopping center by area and a top destination for over 5 million visitors annually.

Set to begin mid-2025, the renovation will bring a fresh, modern look to the mall and introduce Austria’s first health park in a shopping center, spanning over 3,000 square meters. This health park will be developed in collaboration with the Vinzenz Group, a leader in healthcare services, marking a new model for healthcare accessibility within Austria’s retail spaces.

SES submitted building permit requests in September 2024, with renovations to start upon official approval. The project aims to be completed by fall 2026, with the mall remaining fully operational throughout construction. This modernization effort focuses on creating a brighter, more open interior by increasing natural light in currently artificially lit areas, aligning with the renovation’s “fresh, young, trendy” theme.

The health park will occupy SILLPARK’s second floor, aiming to bolster Innsbruck’s regional healthcare services. This development aligns with SES’s recent agreement with the Vinzenz Group to introduce similar health parks at select shopping centers across Austria, bringing essential health services closer to the community.

SES CEO Christoph Andexlinger highlighted SILLPARK’s prime location, excellent public transport access, and spacious parking facilities as success factors. “This step towards multifunctionality ensures that SILLPARK, a key destination in the heart of Innsbruck, remains relevant and future-ready. The health park will add valuable services to enhance health and wellness access for our visitors,” said Andexlinger.

Vinzenz Group CEO Michael Heinisch emphasized the importance of accessible healthcare in everyday environments, calling SILLPARK’s health park a “milestone” for the joint venture. “Our goal is to provide modern, sustainable healthcare services directly where people live their daily lives. SES shopping centers are ideal community hubs for delivering essential health and prevention services simply and conveniently.”

This partnership is set to reshape SILLPARK into a multifunctional space, expanding the traditional retail experience to include accessible health and wellness services for the Innsbruck community.

Maxi Zoo opens new 3.0 format store at Galeria Panorama in Poznań

Poznań’s Galeria Panorama has welcomed a new addition to its retail lineup: Maxi Zoo, the popular pet specialty chain, has opened a store in the mall on November 6, offering an extensive range of products and services for pet enthusiasts. The new location operates in the innovative 3.0 store format, aligning with the brand’s latest strategy to enhance convenience and the overall shopping experience for pet owners. Commercialization efforts for Galeria Panorama are led by the Sierra Balmain team.

Galeria Panorama, one of Poznań’s most popular retail destinations, features nearly 70 shops and services from both Polish and international brands, catering to a broad array of needs including food, fashion, health and beauty, multimedia, home and garden, dining, and now, an expanded pet care segment.

Covering 306 square meters, Maxi Zoo’s new store offers a vast selection of pet essentials and specialty items, such as dietary products and over-the-counter pet medications. Unique to the 3.0 format, this location also includes a complimentary pet bar, complete with food and water bowls, as well as a pet scale. In-store experts provide advice on pet nutrition and grooming, adding to the interactive, service-oriented shopping experience. With brighter lighting, a minimalist design, and modular, low-rise shelving, the store layout ensures a comfortable and accessible environment for shoppers.

“We’re thrilled to work with brands like Maxi Zoo that bring a fresh approach to customer experience,” said Agata Stankowska, Head of Leasing at Sierra Balmain. “Maxi Zoo’s dedication to a welcoming, customer-centered atmosphere aligns perfectly with our mission at Galeria Panorama.”

Since entering the Polish market in 2012, Maxi Zoo has grown into the country’s largest pet store chain, with its newest Poznań location marking its 137th store. The brand plans to roll out the 3.0 format in all future stores, offering more than 8,000 products for pets. “Our expansion is on a fast track,” says Wojciech Kamiński, Country Manager of Maxi Zoo Poland. “We’re focused on providing quality products and expert advice to keep pets healthy and happy.”

With this new store, Galeria Panorama further enhances its offerings for pet owners, creating a one-stop destination for both everyday shopping and specialty pet needs.

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