AFI Europe and FINEP sign major agreement to boost rental housing development in Prague

AFI Europe has entered into a long-term partnership with Czech real estate company FINEP to expand rental housing in Prague. Under the new framework agreement, AFI Europe plans to purchase up to 1,728 apartments across five key locations in the city: Barrandov, Opatov, Západní Město, Harfa, and Poděbradská. This collaboration builds on the companies’ previous successful projects and aims to address the high demand for affordable rental housing in the Czech capital.

“Rental housing is essential for housing affordability in Prague,” said Tomáš Pardubický, CEO of FINEP. “Although selling properties for ownership may be more lucrative right now, the development of a strong rental stock is crucial for long-term market stability.”

Doron Klein, Deputy CEO of AFI Europe Group, emphasized the strategic importance of the agreement. “This partnership with FINEP is a key step in expanding our rental housing portfolio, not just in Prague but across the Central and Eastern Europe (CEE) region. We’re committed to delivering quality, accessible housing in fast-developing areas like Barrandov and Harfa.”

Construction of the first units is set to begin between 2025 and 2026, with homes expected to hit the market by 2027 and 2028. The apartments will vary in size, averaging 55.3 square meters, and range from smaller 50-unit buildings to larger developments exceeding 500 units.

Both companies stressed that their collaboration is built on mutual trust and respect, which they see as critical to meeting Prague’s housing challenges.

Art-Invest Real Estate acquires the “Courtyard by Marriott” hotel in Vienna

Art-Invest Real Estate has acquired the Courtyard by Marriott Prater Vienna/Trade Fair from Deka Immobilien. The building has 251 rooms, a bar and restaurant area, several conference rooms and a fitness and sauna area. The property owns an “Excellent”-certification with the British BREEAM seal of approval for sustainable construction. The hotel is successfully operated by the Borealis Hotel Group under a long-term lease agreement.

The hotel’s location in the “Viertel Zwei” district is characterized by a diverse mix of demand generators, to which the hotel concept is perfectly tailored in order to appeal to a wide audience. The property has excellent connections to Vienna’s city center, both by car and by public transport. In addition, the location scores points thanks to the presence of numerous well-known companies, its location in the Prater Vienna and its proximity to the trade fair, the Ernst-Happel-Stadium and the Vienna University of Economics and Business. In combination with the well-known Courtyard by Marriott brand, a diverse target group of business and leisure tourists can be addressed.

Dr. Peter Ebertz, Managing Director at Art-Invest Real Estate, comments on the acquisition: “With the acquisition of the Courtyard by Marriott, we are expanding our portfolio with an established hotel with a balanced demand mix in a very good location in Vienna. With our active investment approach, we want to leverage various potentials for long-term value appreciation. We are also strengthening the international focus of Art-Invest’s hotel activities, which we will continue to expand.”

Mark Leiter, Managing Director at Art-Invest Real Estate, adds: “We are delighted that this acquisition has enabled us to add the hotel asset class to our existing office and residential real estate portfolio in Vienna. Austria is a very attractive market for us.”

The hotel was acquired as part of a share deal for the core budget hotel fund and represents the fund’s first investment in the Austrian market. The plan is to keep the property in the portfolio for the long term. The parties have agreed not to disclose the purchase price.

Art-Invest Real Estate was legally advised by Barnert Egermann Illigasch Rechtsanwälte GmbH and Forvis Mazars GmbH & Co. KG, technical advice from DELTA Projektconsult GmbH and commercial advice from Hotour Hotel Consulting. This transaction was brokered by EHL Investment Consulting GmbH.

PAMERA expands to North America: First deal successfully closed in Manhattan, New York City

The multi-family office PAMERA Real Estate Partners (PAMERA) is expanding into North America and has founded PAMERA North America LLC (PAMERA NA) based in New York City. The company focuses on actively supporting German family offices and wealthy private investors with investments in the North American real estate market and accompanying them along the entire value chain.

PAMERA NA is currently focusing on the targeted acquisition and development of real estate in dynamic markets such as New York City, Boston and the Sunbelt states, which are characterised by robust economic data and long-term growth potential. These regions offer excellent conditions for value-adding investments.

The focus is on residential and logistics properties, which are optimised through location advantages and targeted development measures such as renovations and repositioning. The aim is to generate stable and sustainable income and to fully exploit the development potential of the properties.

Karl Groß von Trockau, Managing Partner of PAMERA, describes the investment strategy of PAMERA North America as follows: “With co-investments, ‘hands-on’ asset management and a data-driven decision-making process, we ensure alignment of interest with our investors. Active portfolio management and transparent communication are at the heart of our business, which is specifically tailored to the needs of German investors.”

PAMERA NA is headed by Cord Ernst and Adam Budgor, two experts with extensive experience in the US property sector.

As Managing Partner, Cord Ernst is responsible for investments, conceptualisation and investor relations. At the same time, he is responsible for a residential fund for German institutional investors as a partner together with Magnolia Capital. He began his career at HQ Capital / RECAP and subsequently held management positions at the Paramount Group and Wafra, where he focussed primarily on transactions and fund conception. With some 20 years of professional experience in New York City and a broad network of local partners, he has successfully completed transactions totalling more than USD 5 billion. His in-depth knowledge of the market and his role on the Urban Land Institute’s Multi Family Council emphasise his leadership qualities.

Adam Budgor is in charge of Investments and Operations at PAMERA NA. He brings over 18 years of experience from various senior positions in the property industry, including Chief Investment Officer at CCL Capital and Chief Strategic Officer at a portfolio company of Apollo Global Management. Adam previously worked in the investment banking divisions of Credit Suisse, Barclays and Lehman Brothers, where he was involved in transactions worth over USD 75bn. With his expertise in structured real estate finance and an MBA from Columbia Business School, Adam Budgor adds valuable strategic and operational expertise to the team.

“Our approach in North America is also based on managing property from the owner’s perspective,” explains Karl Groß von Trockau. “In Cord Ernst, our Managing Partner in New York, and Adam Budgor, we have found two property experts who not only understand the American property market very well, but also the needs of our family office clients,” continues Karl Groß von Trockau.

As part of an off-market transaction, PAMERA NA acquired a prestigious mixed-use property in the centre of New York’s SoHo district for around USD 30 million in a joint venture with Drake Real Estate Partners back in spring 2024. The property on Crosby Street comprises eight luxury rental flats, two commercial units and a prominent advertising space on the outside wall.

PAMERA plans to leverage existing potential for value appreciation through targeted measures. Three new rental agreements with an average rent increase of 4.1 percent have already been concluded and a long-term retail rental agreement has been signed with the luxury brand Spinnelli Kilcollin.

“With this transaction, we have proven that PAMERA NA is not only able to react quickly and efficiently to opportunities, but also to increase the market value of a property in the interests of our investors within a short space of time. We will continue to implement this strategy consistently. Further acquisitions are already in the concrete due diligence phase,” explains Cord Ernst.

Photo: Cord Ernst and Adam Budgor, PAMERA NA

CAERUS advises on whole-loan-financing in Munich

CAERUS Debt Investments AG (CAERUS) has advised a London-based multi-strategy fund on the structuring and issuance of a whole-loan financing for the development of a commercial property in the heart of Munich.

The first-ranking loan, amounting to a low three-digit million figure, will finance the acquisition and construction of a pioneering, sustainable, LEED-certified office and retail property in Munich’s city centre.

Peter Anthuber, CIO of CAERUS, commented: “In the current market environment, structuring a whole-loan for a development of this scale is a challenge. We are therefore particularly pleased to have supported this successful financing. Overall, we are seeing significant interest from Anglo-Saxon investors in capitalizing on the opportunities arising from the current market conditions and placing private debt in Germany under attractive terms.”

GARBE launches ‘GARBE Insite’ for light industrial and science & tech investments

GARBE has announced the formation of a new company, GARBE Insite, which will focus on investments in the light industrial and science & technology sectors. The new entity will be led by industry veterans Martin Czaja and Adrian Zellner, who have been named as managing directors. The move is part of GARBE’s broader strategy to enhance its operations and expand its presence in the European real estate market.

GARBE Insite will consolidate GARBE’s existing activities in these sectors, aiming to drive further growth among institutional investors. A key part of this strategy includes the integration of INBRIGHT Investment, a Berlin-based real estate firm specializing in the same sectors. Additionally, GARBE Insite will take over the management of an existing special Alternative Investment Fund (AIF) that focuses on science and technology real estate.

Czaja, formerly of INBRIGHT, expressed optimism about the new company’s potential. “By pooling our expertise in the rapidly growing light industrial and science & technology segments, we can unlock new market opportunities,” Czaja said. With extensive experience in the field, Czaja co-founded INBRIGHT and previously served as CEO of BEOS AG, where he helped shape the market for nearly two decades.

Adrian Zellner, who has been with GARBE since 2019 and sits on the board of GARBE Industrial, highlighted the benefits of the company’s integrated approach. “Our comprehensive management structure, which encompasses development, operation, and investment, allows us to maximize value for institutional investors,” he said.

The formation of GARBE Insite is a key component of GARBE’s “Sheds, Beds & Infrastructure” strategy, which seeks to organize the company’s operations into three core sectors: Industrial, Residential, and Infrastructure. GARBE Insite will fall under the Industrial division, alongside other entities such as GARBE Industrial Real Estate, GRR GARBE Retail, and NDC GARBE. The company aims to build a fully integrated platform that serves the entire industrial real estate value chain.

The newly formed GARBE Insite team includes experts who have been with GARBE for a significant period. Among them are Henning Reusch, Head of Light Industrial, Remco van der Mille, Head of European Science & Tech, and other seasoned professionals such as Nina Stoller, Jonas Garduhn, and Tonia Blume. INBRIGHT Investment members Inga Kühn and Fabian Spohn will also join GARBE Insite, contributing to the company’s growth.

This reorganization aligns with GARBE’s ambitions to strengthen its position across Europe and provide institutional investors with targeted, sector-specific opportunities in real estate investment.

Photo: Martin Czaja and Adrian Zellner, Managing Directors, GARBE Insite

Nova Fides GmbH secures BaFin license, poised to navigate non-performing loan market

Nova Fides GmbH, a consultancy firm specializing in loan and investment management and restructuring, has officially received its license as a credit services institution for commercial loans. The license, granted by Germany’s Federal Financial Supervisory Authority (BaFin), allows the firm to manage non-performing loans (NPLs) on behalf of purchasers operating in the secondary credit market, as per the Secondary Credit Market Act (KrZwMG).

This move is seen as pivotal for Nova Fides, positioning the firm to capitalize on the growing demand for professional services in the management of distressed loans. Annette Benner, Managing Director of Nova Fides, commented on the development, stating: “We have noted strong demand for transactions on the secondary credit market. In the coming months, banks will increasingly start to divest themselves of non-performing loans. This will generate keen demand for advisory and administrative services. Under the Secondary Credit Market Act, purchasers must go through licensed credit services institutions. For Nova Fides, the BaFin license to operate as a credit services institution represents a major component in its range of services.”

Founded in 2023, Nova Fides was established to offer comprehensive support in the restructuring and management of real estate loans and investments. With the BaFin license now in hand, the firm is well-positioned to expand its services beyond real estate, offering expertise in broader commercial financing scenarios, regardless of the collateral involved.

Dr. Gordon Geiser, also a Managing Director at Nova Fides, emphasized the firm’s capability to manage complex restructurings and NPL transactions. “Although we have our roots in real estate financing, we are superbly positioned thanks to our BaFin license, our knowledge, and our experience to manage other commercial financing arrangements whose collateral is something other than real estate. Many lenders and purchasers may now draw on our resources and know-how in order to respond adequately to the multi-layered and complex issues associated with restructurings or NPL transactions, and to avoid the liability risks that often come into play,” Dr. Geiser remarked.

As banks prepare to offload increasing volumes of NPLs, Nova Fides’ new status as a licensed credit services institution is expected to make it a key player in the secondary credit market, assisting purchasers in navigating the complexities of distressed financing.

Photo: Annette Benner, Managing Director and Dr. Gordon Geiser, Managing Director, Nova Fides

Genesis Property secures SBTi approval for long-term emission reduction targets

In a world where the climate crisis is recognized as one of the greatest challenges facing humanity, Genesis Property has made significant strides in reducing its environmental impact. The company recently received registration approval from the prestigious Science-Based Targets initiative (SBTi) for its long-term emission reduction commitments, a milestone in its sustainability efforts.

This achievement comes on the heels of Genesis Property’s 2023 validation of its near-term target, shortly after publishing its first Scope 1 and Scope 2 greenhouse gas (GHG) emissions report, prepared in accordance with the GHG Protocol. The SBTi, a non-governmental organization founded by institutions such as the United Nations Global Compact and the World Wide Fund for Nature (WWF), is recognized globally for its role in guiding companies toward meaningful GHG reductions. The organization helps businesses align their decarbonization targets with climate science to combat climate change and contribute to the goals of the Paris Agreement.

Genesis Property’s emissions targets, validated by SBTi, aim to keep global warming below 2°C above pre-industrial levels, with efforts to limit the rise to 1.5°C. By adopting these science-based targets, the company is actively contributing to the global fight against climate change, a critical step in helping the European Union achieve net-zero emissions by 2050.

The company, founded by entrepreneur Liviu Tudor, is now focusing on securing validation of its long-term CO2 emission reduction target by 2026. According to Ioan Bejan, Sustainability Director at Genesis Property, “This approval is a recognition of our commitment to ambitious, long-term measures that accelerate the decarbonization of our portfolio. Genesis Property is now the only Romanian real estate company to have registered commitments with SBTi for both immediate and long-term greenhouse gas reductions, proving that environmental responsibility can complement business success.”

Genesis Property’s efforts are part of its broader sustainability strategy, aimed at positioning the company as a leader in promoting sustainable development within Romania’s real estate sector. A key example of this is the recent BREEAM Outstanding certification awarded to Building F of the YUNITY Park business campus, home to major companies such as Hewlett Packard Enterprise, HP Inc., Garanti BBVA, Luxoft, and Yokogawa. This certification represents a crucial step toward Genesis Property’s goal of achieving net-zero carbon emissions by 2040—10 years ahead of the EU’s Green Deal targets.

Since 2021, Genesis Property has been a member of the United Nations Global Compact, committing to its 10 principles on human rights, labor, environmental protection, and anti-corruption. Additionally, the company is now reporting its environmental, social, and governance (ESG) performance to the Global Real Estate Sustainability Benchmark (GRESB), further aligning itself with international sustainability standards.

With these achievements, Genesis Property continues to set new benchmarks in sustainability, underscoring its commitment to a greener, more climate-resilient future.

Deka Immobilien makes strategic acquisition in Sydney after 20-year hiatus

Deka Immobilien has re-entered Sydney’s highly coveted office real estate market after nearly two decades, acquiring a prime office and commercial property for its open-ended real estate fund, Deka-ImmobilienGlobal. The property, located at 333 George Street, was purchased from The Trust Company (Australia) Limited, though the financial details of the transaction remain undisclosed.

Victor Stoltenburg, Managing Director of Deka Immobilien, highlighted the strategic significance of the acquisition: “This first purchase in Sydney since 2006 capitalizes on a rare opportunity to secure a modern, well-located building with potential for rent increases in Australia’s major financial hub.” He added that the acquisition also serves to diversify Deka-ImmobilienGlobal’s portfolio in Australia, where the fund already holds office properties in Brisbane and Melbourne, along with retail assets in Sydney and Canberra.

The property at 333 George Street, built in 2016, features three floors of retail space and 15 office floors, offering a total of 14,500 square meters of leasable area. Tenants on the top five floors benefit from exclusive access to outdoor terrace areas. The building is currently leased to 14 tenants, with international law firm Clyde & Co. serving as the main occupant through its Australian arm, Clyde Australia Services.

Positioned in the heart of Sydney’s financial district, the building boasts strong transport connectivity. A tram stop is located directly in front of the property, while the city’s metro network, recently expanded in August, is just a short walk away—further enhancing commuter access.

Sustainability is also a key feature of the property, which boasts a 5.5-star NABERS Energy rating. This places the building just shy of the highest possible score under the National Australian Built Environment Rating System (NABERS), which has set the benchmark for energy efficiency and environmental standards in Australia since 1999.

This acquisition follows Deka-ImmobilienGlobal’s anti-cyclical purchase of an office complex in Vancouver earlier this year, reinforcing the fund’s strategy of acquiring high-quality assets in prime locations amid shifting market conditions.

Panattoni strengthens leadership with key appointments in Capital Markets Poland division

Panattoni has announced a series of strategic personnel changes in its Capital Markets Poland division, aimed at enhancing the company’s ability to navigate the evolving real estate landscape. Damian Stężycki, Joanna Karwowska, and Michał Stanisławski will assume key leadership roles, reinforcing Panattoni’s growth trajectory and solidifying its market position in Poland.

Damian Stężycki has been named Managing Director for Capital Markets Poland. With over two decades of experience in the real estate industry, including 16 years at Panattoni, Stężycki will oversee the strategic management of the company’s Capital Markets operations. His responsibilities will include leading both financing and capital markets initiatives, ensuring that Panattoni maintains its strong growth while continuing to meet the expectations of its investment partners.

“The strategic changes within our Capital Markets division will allow us to better respond to market dynamics and investor needs. Our goal is to maintain Panattoni’s growth in Poland and uphold our high standards of collaboration with capital partners,” Stężycki stated. He holds an Executive MBA from the Warsaw University of Technology Business School and has built strong relationships with key investors across Europe.

Michał Stanisławski, formerly the Head of Asset Dispositions Poland, steps into the role of Co-Head of Capital Markets Poland. Bringing 15 years of experience in real estate, Stanisławski has led transactions totaling approximately EUR 2 billion during his tenure at Panattoni. In his new position, he will serve as the main contact for investors interested in partnering with Panattoni, while continuing to lead sales of completed assets in Poland. Stanisławski holds a master’s degree in real estate from the Warsaw School of Economics and has completed postgraduate studies in real estate valuation at the University of Reading.

Reflecting on the current market conditions, Stanisławski noted, “The real estate market is transitioning into a new phase, with declining financing costs sparking renewed interest from investors, especially in Poland’s industrial sector. Panattoni’s ESG-compliant and strategically located assets are highly attractive to international investors.”

Joanna Karwowska, previously Director of Capital Markets Poland, has been promoted to Co-Head of Capital Markets Poland alongside Stanisławski. With over 20 years of experience in real estate and a track record of executing complex investment structures, Karwowska has been instrumental in securing some of Panattoni’s largest joint ventures and forward funding deals. In her new role, she will focus on structuring partnerships with investors, overseeing key transactions, and managing ongoing projects. Karwowska holds legal degrees from the University of Warwick and Saarland University.

The appointments of Stężycki, Stanisławski, and Karwowska mark a significant strategic move for Panattoni as it continues to expand its operations and meet the growing demand in the Polish real estate market.

Major redevelopment underway at former Bekon textile factory site in Hrádek nad Nisou

Hrádek nad Nisou, located in the Liberec region, is set to undergo a significant transformation with the construction of three new buildings on the site of the former Bekon textile factory. Valued at over half a billion crowns, the redevelopment is expected to be completed within two years, according to the Bekon Association, which includes EMH stavební CZ and Auböck, announced Eva Malá, a spokesperson for the association.

The city has ambitious plans for the 20-hectare site it acquired in 2015 for six million crowns. A sports complex and city archive are expected to be completed by the end of next year, while a polyclinic is scheduled for completion in 2026. The Bekon factory, which once employed hundreds in thread production, ceased operations more than two decades ago. Since then, the decaying complex has been a source of concern for locals. Only a factory chimney, an administrative building, and a small part of the original structure remain standing. According to designer Vojtěch Feigl from Project Studio David, these remnants hold significant architectural value. “We left it standing because it’s the last example of what the factory buildings once looked like,” Feigl said.

The redevelopment has encountered delays due to extended demolition work. “We faced some challenges during demolition, as expected,” said Mayor Pavel Farský, a member of the political group Hrádek Needs Changes! In June, workers discovered underground spaces, which required removal, and additional work was needed to stabilize a slope left behind after the demolition of Building C.

The project, costing nearly 530 million CZK, will be partially funded through European sources. The city has secured almost 304 million CZK from the Operational Fund Environment and the State Investment Support Fund. “We also received 56.8 million CZK from the Integrated Regional Operational Programme (IROP) for the revitalization of public spaces, a park, and a habitat,” said Jana Matušková, head of the city’s subsidy department.

This revitalization effort marks the largest investment in the modern history of Hrádek nad Nisou, a town with a population of 8,000. While the immediate focus is on public infrastructure, plans for future residential development on the site remain under discussion. “We are still deciding whether the city or a private developer will lead the construction and how it will be financed,” Mayor Farský added.

The redevelopment of the Bekon site is set to breathe new life into the area, preserving its historic value while creating modern facilities for the city’s residents.

Source: CTK
Photo: Městský úřad, Hrádek nad Nisou

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