Centralis expands with new Hamburg development and Berlin handover to limehome

Centralis Immobilien GmbH (Centralis), a developer and investor specializing in serviced apartment and hotel properties, has marked a significant milestone with the acquisition of a prime site in Hamburg for a new serviced apartment project. The company has also announced the handover of a Berlin property converted into serviced apartments, as it continues to expand in Germany’s dynamic hospitality sector.

The newly acquired Hamburg site, located at Lüneburger Strasse 5, will host 88 high-end serviced apartments across 3,100 sq m of lettable space, featuring units ranging from 20 to 35 sq m. Construction is set to kick off at the end of Q1 2025, with completion expected by Q3 2026. Munich-based limehome, a leader in digitalised serviced apartments, has already secured a lease on the property, underscoring the project’s appeal and market readiness.

The undisclosed transaction, estimated at €15–20 million, reflects Centralis’s ambition to tap into Hamburg’s growing demand for upscale serviced accommodation. Felix Lorenz, Head of Investment at Centralis, stated, “The repositioning of the hotel in Berlin and the start of construction in Hamburg showcase our ability to operate counter-cyclically, meeting the demands of a rapidly expanding asset class. We aim for a project volume of at least €100 million in 2025, bolstered by our secured pipeline and strategic acquisitions in prime A-city locations across Germany.”

Centralis’s latest move also includes the upcoming handover of a converted former hotel property in Berlin’s Friedrichshain district. Acquired last year, the Weserstrasse 24 property has undergone a comprehensive upgrade, enhancing its energy efficiency and aesthetic appeal. Now fully repositioned, the building features 42 newly designed serviced apartments spanning 1,100 sq m, complete with shared access to a conservatory.

Matthias Maas, Vice President of Expansion at limehome, emphasized the importance of these developments in limehome’s continued growth across Germany. “The projects in Hamburg and Berlin represent significant steps in limehome’s expansion. Our collaboration with Centralis has been instrumental in bringing these projects to fruition, and we look forward to adding more modern, digitalised apartments in key cities.”

With a pipeline of projects in prime locations and a target project volume of €100 million, Centralis is set to maintain its momentum in Germany’s competitive serviced apartment market, leveraging strong partnerships and robust market demand.

Polish building certifications elevate standards but challenges remain

The number of certified buildings in Poland has surged, driven largely by regulatory pressures. According to recent data from the Polish Green Building Association (PLGBC), there are now 2,035 certified buildings in the country—a 24% year-on-year increase, marking the most significant growth in the past four years.

“Certification today signifies not only prestige but adherence to stringent sustainable standards, raising property value for investors and promising long-term energy savings,” explained Marcin Kosieniak, an ESG expert and co-owner of PM Projekt. Certification in Poland has become standard across industrial and office sectors, though residential certifications, while growing, are still less common. Kosieniak emphasized the need for building practices that prioritize energy efficiency, water savings, air quality improvements, and minimized environmental impact.

However, challenges persist. Kosieniak noted that Poland currently lacks a standardized method for calculating carbon footprints. “This inconsistency complicates carbon accounting, which is resource-intensive, costly, and requires significant data collection,” he said.

The Polish market uses several international certification standards, including BREEAM, LEED, WELL, and HQE, each with unique focus areas and processes. Additionally, Poland has its own Green House certification for residential properties, developed by the PLGBC to support eco-friendly construction.

With the European Green Deal’s target of reducing emissions by 55% by 2030 and achieving climate neutrality by 2050, sustainable real estate development will play a crucial role in Poland’s commitment to greener infrastructure.

Union Investment rejuvenates property portfolio and sells office building in Hamburg

Union Investment has profitably sold an office building in Hamburg’s old town to the property company Terrania. The property at Cremon 32 had been part of a Union Investment special fund portfolio since 2002. The parties have agreed not to disclose the sale price.

“After a holding period of over 20 years, during which the office building generated stable income for our fund, we took the opportunity to rejuvenate the portfolio and sold the property,” says Alejandro Obermeyer, Head of Investment Management DACH at Union Investment.

The seven-storey office building has a rental area of around 4,650 sqm and is situated in a traditional Hamburg location on Nikolaifleet directly opposite the Speicherstadt. Short distances to the city centre ensure optimal transport connections.

Union Investment was advised by Angermann Investment Advisory AG.

New report shows surge in Polish retail parks and investor focus on sustainability

Trei Real Estate GmbH, an international developer and asset manager, together with Jones Lang LaSalle Poland (JLL), has released their fifth annual report on retail parks and convenience centres in Poland. The report underscores retail parks as a dominant trend in Poland’s commercial real estate market, driven by the growing need for convenient, accessible shopping destinations near residential areas. Between 2018 and mid-2024, completed retail park stock increased fivefold compared to the 2000–2005 period, and the first half of 2024 alone saw over 400,000 square meters of new retail park space – a record high. In comparison, traditional shopping centres added only 50,000 square meters during the same period. Notably, the transaction volume in the retail sector surged by 149% in the first half of 2024, surpassing the five-year average by 16%.

Retail Parks Gain Popularity as Prime Investment
“Retail parks and convenience centres are increasingly preferred by expanding retailers and investors alike due to their flexibility, faster development timelines, and location near residential neighborhoods,” commented Pepijn Morshuis, CEO of Trei Real Estate. “Their adaptability makes them ideal for future expansions, a key consideration for growing brands.”

Affordable Rents Attract Lifestyle Brands
Retail parks also present a cost-effective option, with rents ranging from €8 to €20 per square meter per month, depending on location and amenities. This makes them a more affordable choice for expanding chains compared to traditional shopping centres, where rent can be double. In 2024, popular lifestyle brands such as Sphinx, Starbucks, Apart, Yes, and Verona opened their first retail park stores, highlighting the appeal of retail parks for diverse brands seeking accessible locations.

Expanding into Small Towns and Mid-Sized Cities
Poland’s smaller towns and mid-sized cities are emerging as hotspots for new developments. In the first half of 2024, 22 new retail parks opened, with nearly half located in cities of fewer than 100,000 residents. With over 3 million residents in Poland’s 350 cities of 5,000 to 15,000 people lacking modern retail access, these regions hold considerable growth potential, especially as development land is more readily available.

Jacek Wesołowski, Managing Director of Trei Real Estate Poland, stated, “The retail park market in Poland still has room for growth, especially in smaller towns. A strengthening economy and favorable financing terms will likely sustain investor interest in these areas.”

Commitment to Sustainable Development
Sustainability remains central to new retail park developments, with nearly 60% of Poland’s retail stock certified under LEED or BREEAM standards. As environmentally conscious consumers drive demand, developers like Trei are prioritizing ESG initiatives from the planning phase through to operation. Trei’s Vendo Park brand, for example, includes features such as photovoltaic systems and EV charging stations in their facilities, and all projects aim for BREEAM certification.

“Sustainability is already an integral part of today’s retail parks,” added Wesołowski. “We are committed to ESG standards across our Vendo Park brand, equipping each development with the latest in green technology to meet evolving consumer expectations.”

With 38 Vendo Parks in its portfolio and plans for four additional openings before year-end, Trei Real Estate stands among Poland’s leading retail park developers, actively shaping the future of sustainable retail in the region.

The full-length survey is available for download under the link below:

Biedronka sales show modest growth amid competitive landscape

Biedronka, the popular Polish retail chain, reported a year-on-year sales increase of 2.6% in PLN for the third quarter of 2024, with total sales reaching €5.92 billion, reflecting a 7.8% rise in euros. However, comparable store sales (LFL) experienced a decline of 1.9% during this period.

In the first nine months of the year, total sales grew by 3.9% in PLN, while LFL sales fell by 0.7%. The report highlighted a trend of cart deflation following two years of rapid inflation, enabling Biedronka to enhance its market share despite tough year-on-year comparisons.

The chain emphasized that, despite a significant increase in the minimum wage in Poland, the retail food sector is experiencing challenges, leading to a decrease in overall sales volume. In this competitive environment, where pricing has become a crucial factor for consumers, Biedronka aims to maintain its position as a price leader. The company plans to continue investing in competitive pricing strategies to create savings opportunities for Polish consumers.

During the third quarter, Biedronka opened 104 new stores and renovated 156 existing locations, resulting in a total of 3,659 outlets by the end of September 2024, up from 3,473 a year earlier. The chain’s capital expenditures (capex) for this period amounted to €253 million, representing 39% of the Group’s total outlays, compared to €344 million or 44% of total outlays in the previous year.

The total retail space for Biedronka has also expanded, reaching 2.61 million sqm, compared to 2.45 million sqm in 2023. This growth reflects Biedronka’s commitment to strengthening its presence in the Polish retail market.

Source: Biedronka and IBSnews

Czech government supports seizure of criminal assets from matrimonial property

Property related to criminal activity could in the future also be drained from the community property of spouses (SJM). This is envisaged by an amendment to the Criminal Code, which was approved by the government today, according to the results of a meeting published on the cabinet website. According to the current regulation and case law, an item belonging to the SJM of the offender and his spouse is not considered to belong to the offender, and therefore the penalty of forfeiture of the item or the measure of seizure of the item cannot be applied to the property in the SJM.

“The current legal situation unjustifiably favours offenders who have entered into a marriage and have property in the SJM over those who have not,” the Ministry said in the explanatory memorandum to the proposal. “Such a difference in status, based in principle solely on the marital status of the offender, is not reasonably justifiable,” it wrote.

While for unmarried offenders, forfeiture or seizure can be directed at all of their assets if the relevant conditions are met, for offenders with assets in a jointly owned household, these assets are generally excluded from the penalty. “Thus, by consuming or otherwise using an item that is the proceeds of crime, an offender can avoid property sanctions if he or she has no other property in his or her sole possession,” the office warned.
It also pointed out that the Civil Code allows the regime of SJM to be contractually regulated. Thus, the perpetrator can purposely expand the community property to include other items, thus narrowing the scope of things that the courts can drain from him by property penalties. The current state of affairs was also identified as risky by the Money Laundering and Terrorist Financing Risk Assessment Report, which was approved by the Czech government in the summer of 2021.

Currently, assets in SJM can be sanctioned with a forfeiture penalty, as the pronouncement of such a penalty extinguishes the SJM. Moreover, according to case law, property acquired by the perpetrator through a crime does not become part of SJM. However, the Ministry seeks to make it possible to clearly punish items of SJM also by forfeiture or seizure. It therefore wants to amend the relevant interpretative provision of the Criminal Code, which defines the property belonging to the offender. The Code would now also explicitly define such property as the joint property of the offender and his spouse.

The proposed change would not affect legal property that is not related to criminal activity – i.e. items that are not proceeds of crime, instrumentalities of crime or so-called substitute value.

Source: CTK

PSN completes Ahoj Vanguard project in Prague’s Modřany, nearly sold out

The Ahoj Vanguard project in Prague’s Modřany district, developed by PSN, has reached completion and is nearly sold out, with only a few remaining units available. Known for its vibrant architecture, modern amenities, and extensive green spaces, Ahoj Vanguard’s final units are expected to find buyers swiftly. New owners can move in as early as 2025, gaining access to shared facilities at the adjacent Vanguard loft project, including a spa and wellness area, connected via an underground tunnel.

The nine-story Ahoj Vanguard building, which includes three underground levels, features landscaping and extensive greenery across the site’s 2,000 square meters. Amenities include a children’s playground and a semi-submerged parking garage with 220 car spaces and 16 motorcycle spaces, which will also be covered with greenery.

Comprising 96 units—95 residential and one office—Ahoj Vanguard offers a variety of sizes and layouts. Each unit features expansive sliding windows and outdoor spaces, with options for a front garden, balcony, or terrace equipped with durable glass railings. High-quality finishes include underfloor heating, air conditioning, and energy-efficient systems like heat pumps and photovoltaics. The development also offers EV charging stations and bike racks to support sustainable living.

“Interest in the uniquely designed Ahoj Vanguard project has been strong among singles, couples, families, and investors alike,” said Jaroslav Macháč, Director of Residential Projects at PSN. “With only a few apartments remaining, we’re confident they’ll be sold soon. To make the final apartments even more attractive, we’re offering buyers a voucher of up to CZK 700,000 for furnishing with high-quality furniture and accessories from the renowned Czech brand Hanák.”

The project was designed with inviting communal spaces in mind. Each floor features a distinct color scheme for easy navigation, and residents have access to a rooftop terrace for relaxation and socializing.

In addition to its modern architecture and premium finishes, the adjacent Vanguard loft project offers Ahoj Vanguard residents access to luxury amenities, including a spa with a Finnish sauna, a steam room, and an 18-meter glass-enclosed swimming pool. A relaxation room with massage loungers and a whirlpool completes the wellness offerings.

Situated in a tranquil area with easy access to central Prague, Ahoj Vanguard benefits from nearby transport links. A bus stop connecting to Smíchovské nádraží station is just outside, while a tram stop is within walking distance. Motorists can reach Jižní spojka and Barrandov Bridge in minutes. Nearby, residents will find schools, cultural venues, sports facilities, and a wide range of dining options.

Modřany’s extensive recreational offerings include a nine-hole golf course, miniature golf, a rope center, tennis courts, a badminton hall, and the popular Modřany cycle path. The Hodkovičky forest park, a short distance from Ahoj Vanguard, provides additional green space for outdoor activities.

BIG InfoMonitor: 25% of Poles are not ready for sudden loss of income

Despite the high percentage of people who declare to have savings (82%), only every fourth Pole has resources to live for more than half a year in the event of a sudden loss of sources of income, according to the survey “Scale and the goals of collecting savings by Poles”, performed on behalf of BIG InfoMonitor.

At the same time, 54% of respondents expect to be forced to reduce their basic expenses in order not to reach for the funds accumulated for the “black hour”. In the last six months, 1/3 of Poles had to spend their savings on basic needs, and one in three people are considering looking for an additional source of income to accumulate savings.

“The growing cost of living and the feeling of economic instability force Poles to make the most of the savings on an ongoing basis, which were initially intended to provide a security for the future. These people most often added electricity, rent or to purchase food products and medical services. This is a worrying signal that indicates the depletion of the financial cushion of many families. Such a situation poses a risk of further reductions in the level of consumption and reduction of investment in education, health and personal development, which in the long term may negatively affect the economy and financial condition of Poles” – said President of BIG InfoMonitor Słamir Grzelczak.

According to the BIG InfoMonitor survey, Poles pay off an average of 18% of their monthly income, and half of respondents are in the range of 10% to 24%. On the other hand, slightly more than one in four respondents (27%) puts less than 10% of their salary, which may indicate significant difficulties in finding a larger amount due to daily liabilities.

Almost every third of the respondents (32 %) have no more than PLN 5,000. This is almost as much as from 1 tactical 2025 will be the minimum monthly wage under an employment contract. In practice, this is the amount that, in the event of a crisis, is enough to secure the basic expenditure for a very short period. The largest group accumulated savings ranging from PLN 10 to 30 thousand (17%). Only 13% of Poles managed to accumulate savings in excess of PLN 100,000, indicated in the material.

The main argument for a cost-effective approach to your finances is to hedge against unexpected expenses (48%) and protection against loss of a permanent source of income (33%). Nevertheless, in the last half of the year, every third Pole had to reach for the accumulated funds to cover basic needs, such as bills (12 %), grocery shopping (11%) or health care (11%) and although this is less by 11% less than a year earlier, it is still a significant indicator of the financial burden of households, it is also reported.

Important goals of saving savings include: leisure/exit (23%), where after a decrease in 2023, the scale of saving for this purpose increased significantly (+9 percentage point), including security for the duration of retirement (17%) and medical and health goals (16%).

At the same time, 34% of respondents had to benefit from external assistance, i.e.: a loan or loan to cover basic needs, with 8% experiencing this this year. Poles are increasingly considering the search for additional sources of income in the face of rising living costs and pressure to increase savings. According to a BIG InfoMonitor survey, 35% of respondents are considering taking up an additional job to improve their financial situation.

“The increase in the number of people using external assistance in the face of financial difficulties indicates deeper structural problems in the financial situation of Poles. Many people, despite the desire to limit expenses, are unable to cover their basic needs on their own. This means that changing habits, including reducing spending on many products and services that improve the life situation, and often are the basis for decent functioning, becomes a common strategy. This is one of the reasons for the real decline in retail sales in September. In addition, a significant percentage of people who feel the need to take up additional work only highlights the growing concerns of the country’s residents related to maintaining financial stability. If we are already talking about financial stability, and more specifically about its lack, according to our data, on average, the consumer is over PLN 33,400 arrears. This means that only a small part of the people pointing to have savings in the survey would be able to pay their debts thanks to them” – added the chief analyst of BIGMonitor Waldemar Rogowski.

Source: BIG InfoMonitor and ISBnews

Panattoni constructs AI-driven distribution Hub for Auchan near Warsaw

Panattoni is advancing logistics innovation with a fully automated, AI-controlled distribution center for Auchan Polska in Wilcza Góra, near Warsaw. Designed as a bespoke (BTS) facility, the center will handle orders for Auchan’s upgraded online platform using advanced AI and machine learning systems developed by UK-based Ocado.

The Wilcza Góra facility marks the latest stage in Auchan’s digital transformation, following the April launch of its enhanced e-commerce platform focused on customer convenience and personalization. The new center will support faster, flexible delivery options, with up to 40,000 products available, including same-day deliveries. “Our high-tech distribution center will be a game-changer for the Polish market, particularly in optimizing last-mile logistics and the order picking process,” noted Piotr Dopierała, Supply Chain & Logistics Director at Auchan Retail Polska.

Construction of the 18,000 sqm center, which began in Q3 2024, is scheduled for completion by June 2025, with early access for Auchan planned in March 2025. Operations are expected to launch in Q4 2025, after the installation of Ocado’s automated technology. The facility is designed for scalability, enabling Auchan to handle surges in demand efficiently, especially during peak seasons.

Marek Dobrzycki, Partner at Panattoni, emphasized the center’s strategic importance: “This innovative distribution hub will elevate Auchan’s e-commerce capabilities, a vital part of its growth. Leveraging our extensive experience in developing large-scale logistics centers, we are proud to support Auchan in this forward-thinking venture.”

The design includes specialized zones for various food storage needs, with dedicated areas for refrigerated items (maintained at 2°C to 5°C) and frozen goods (-20°C to -22°C). Additionally, the facility will feature covered loading docks, high-strength flooring, and a sprinkler system certified to FM Global standards.

Reflecting Panattoni’s commitment to sustainable development, the center is targeting a BREEAM Excellent certification. Energy-efficient measures include motion-controlled LED lighting, optimized delivery routes to reduce CO₂ emissions, and automated packaging to cut waste. The roof is also being reinforced to support future solar panel installations.

Wilcza Góra’s proximity to the S7 expressway and Auchan’s established shopping center in Piaseczno underscores its strategic location, facilitating streamlined logistics for one of Poland’s leading retail brands.

Romania report: 63% of mortgage seekers opt for newer homes; 40% employed by multinationals

A recent report by online mortgage broker Ipotecare.ro and SVN Credit Romania reveals a trend among Romanian mortgage applicants favoring newer homes: 63% of applicants are targeting properties delivered after 2010 or currently under construction, while 40% are employed by multinational companies. Another 18% work in state-owned enterprises.

The majority of mortgage applicants, aged 25-40, have stable incomes, with 79% earning a wage and 21% reporting alternative sources, such as freelance work, dividends, or copyrights. The average mortgage amount in Romania for 2024 is around EUR 62,000, contributing to the EUR 5.5 billion in total mortgage loans issued nationally this year. This represents a 49% increase compared to the same period in 2023, with the national mortgage balance reaching EUR 21.6 billion, a 2% rise from last year.

Of those seeking mortgages, 42% work in small businesses or have non-traditional income sources, while a notable 23% of buyers are opting for homes completed between 1978 and 2010. Just 11% are choosing homes built before 1978. The highest loan amounts are typically accessed by buyers over 45, who comprise 13% of the applicant pool. In contrast, younger buyers under 25 make up only 3.1%.

“The data confirms that purchasing a property with a mortgage correlates strongly with maturity and stability, both professionally and personally,” said Alexandru Rădulescu, managing partner of SVN Romania | Credit & Financial Solutions. He emphasized the importance of carefully planned decisions regarding mortgage financing, as these often influence buyers’ professional and personal trajectories.

Fixed interest rates continue to dominate, making up 98% of mortgages granted this year.

Ipotecare.ro, an online broker, employs advanced algorithms to tailor optimal financing solutions, while SVN Romania | Credit & Financial Solutions remains a significant player in the mortgage brokerage market, with over EUR 91 million in mortgages brokered in 2023 across its 17 offices in Romania.

Source: Ipotecare.ro and SVN Credit Romania

« Previous 1 … 467 468 469 470 471 … 495 Next »

Latest news

All posts by fletcher@cijeurope.com.