Building Better: The New Era of Real Estate Has Arrived

fletcher@cijeurope.com
4 August 2026
Business, CIJ - Spotlight, CIJ Interview, Company News, Market Report

The latest edition of CIJ WORLD Magazine explores a commercial real estate industry that is entering a new phase, one where long-term value, resilience and quality have replaced rapid expansion as the defining measures of success. From Central and Eastern Europe to India and Japan, the magazine examines how developers, investors and occupiers are adapting to changing economic conditions, technological disruption and evolving market expectations.

This issue features exclusive coverage from CEDER 2026, with insights from many of Romania’s leading real estate executives discussing the future of office, residential, retail, logistics and mixed-use development. Readers will also find in-depth interviews with industry leaders, coverage of the HOF Awards 2026, analysis of Romania’s investment outlook, and international features examining topics such as hybrid working in Tokyo and the growing influence of artificial intelligence on office demand.

Whether you are an investor, developer, adviser, occupier or simply interested in the future of global real estate, this edition offers valuable market intelligence and expert perspectives from across the industry.

Download your free digital copy of the latest CIJ WORLD Magazine here:
https://bit.ly/CIJQ2-3-2026

Russian Missile Incident Underscores Poland’s Push for a Stronger Air Defence Shield

The recent impact of a Russian Kh-101 cruise missile on Polish territory has reinforced the strategic importance of Poland’s ongoing investment in one of Europe’s most ambitious air defence modernisation programmes. While the incident resulted in no casualties and caused only limited damage after the missile landed in an uninhabited field near Tarnawa-Kolonia in the Lublin region, it highlighted the security challenges facing countries located on NATO’s eastern flank as the war in neighbouring Ukraine continues.

Polish authorities have stated there is no evidence that the missile was intentionally directed at Poland. According to Prime Minister Donald Tusk, the projectile was identified as a Russian Kh-101 cruise missile that entered Polish airspace during a large-scale Russian missile and drone attack against Ukraine. The Polish Armed Forces detected the threat, monitored its flight path and scrambled fighter aircraft, while NATO activated allied air assets in accordance with established air policing procedures. Military officials confirmed that an F-16 pilot had been authorised to intercept the missile if operational conditions allowed, but the available response time proved too short before the missile struck the ground.

Although the incident ended without injuries, it demonstrated the operational realities of defending against modern cruise missiles travelling at low altitude and high speed close to national borders. Poland’s military surveillance network successfully identified the threat and coordinated its response with NATO partners, but the episode illustrated how limited the decision-making window can be when an incoming missile remains in national airspace for only a matter of minutes.

The government has also acknowledged that public communication procedures can be strengthened. Following the incident, Prime Minister Tusk said emergency warning systems would be reviewed after mobile alerts reached residents later than desired, despite air raid sirens being activated promptly. Improving coordination between military detection systems and civilian notification networks has subsequently become part of the broader discussion surrounding national resilience.

The missile incursion comes at a time when Poland is undertaking one of the most significant defence investment programmes in Europe. The country’s integrated air defence architecture is being built around the long-range Wisła programme, the medium-range Narew system and the short-range Pilica+ network, complemented by expanding counter-drone capabilities. Together, these programmes are intended to create a layered defensive shield capable of responding to a wide spectrum of aerial threats, including ballistic missiles, cruise missiles, aircraft and increasingly sophisticated unmanned systems.

Significant progress has already been made, with several systems entering operational service and additional deliveries scheduled over the coming years. Nevertheless, the latest incident demonstrates that the full capability of the integrated network will only be realised once all planned batteries, radar systems and interceptors are deployed and fully connected within Poland’s command-and-control infrastructure.

The wider strategic environment continues to reinforce the urgency of these investments. Russia’s latest attack on Ukraine involved dozens of cruise missiles and hundreds of drones, illustrating the scale and complexity of contemporary aerial warfare. For neighbouring NATO members such as Poland, maintaining credible air and missile defence has become not only a military requirement but also an important factor in protecting critical infrastructure, transport corridors, energy assets and investor confidence.

The incident should therefore be viewed less as evidence of a failure than as a demonstration of the evolving nature of regional security. Modern air defence is no longer judged solely by the ability to detect incoming threats but by the speed of decision-making, the availability of layered interception capabilities and the integration of military, civilian and allied response systems. As aerial threats become increasingly diverse, combining cruise missiles, ballistic missiles and drones in coordinated attacks, defence planning must continue evolving accordingly.

For investors and businesses operating across Central and Eastern Europe, Poland’s continued commitment to strengthening its defence infrastructure provides an additional indication of the country’s long-term strategic priorities. Large-scale investment in security, digital command systems, radar networks and critical infrastructure resilience is expected to remain a defining element of Poland’s public investment agenda for years to come, while reinforcing its role as one of NATO’s principal security anchors on the Alliance’s eastern frontier.

As the Wisła, Narew and Pilica+ programmes continue to mature, Poland will move closer to establishing one of Europe’s most comprehensive integrated air defence networks. The recent missile incident serves as a reminder that while no defence system can eliminate every risk, sustained investment, technological modernisation and close cooperation with NATO remain essential to strengthening national security in an increasingly unpredictable geopolitical environment.

Source: WEI

LEG Immobilien Confirms 2026 Outlook Following Solid First-Half Performance

LEG Immobilien SE has reaffirmed its full-year 2026 guidance after reporting stable operating performance during the first six months of the year, supported by continued demand for affordable housing across its core German markets.

The residential landlord recorded steady rental growth, improving occupancy and a stronger balance sheet, while maintaining investment in its housing portfolio and digital transformation initiatives.

Like-for-like in-place rents increased by 3.7% year-on-year to €7.21 per sqm, reflecting resilient demand for affordable rental housing. The company’s average monthly net rent remains around €450 per apartment, keeping its portfolio within the affordable housing segment.

Occupancy also strengthened during the period. The like-for-like EPRA vacancy rate declined to 2.3%, indicating that the portfolio remains close to full occupancy as demand continues to outpace available supply in many of LEG’s operating regions.

Earnings remain in line with expectations

Adjusted EBITDA rose 2.3% to €368.1 million, while rental income increased 3.3% to €396.3 million.

Adjusted Funds from Operations (AFFO), the company’s primary cash flow metric, reached €110.5 million in the first half, compared with €126.6 million a year earlier. LEG attributed the decline largely to a deliberate acceleration of investment spending during the first half of the year rather than weaker underlying operations.

Capital expenditure increased by around 10% to €202 million, equivalent to €18.19 per sqm, as the company continued upgrading its residential portfolio. Management expects investment levels to moderate during the second half, while additional public funding is anticipated to support earnings.

As a result, the company continues to forecast AFFO of €220–240 million for the full year.

Balance sheet continues to strengthen

LEG further improved its financial position during the reporting period.

The company’s loan-to-value (LTV) ratio declined from 46.8% at the end of 2025 to 45.5%, moving close to its year-end target of approximately 45%. Total financial liabilities fell by just over 5%, while equity increased to €8.88 billion, lifting the equity ratio to 42.4%.

Average financing costs remain comparatively low at 1.82%, with an average debt maturity of 5.7 years, while available liquidity is sufficient to cover debt maturities through the first quarter of 2027.

Property values show signs of stabilisation

LEG’s residential portfolio was revalued at the end of June, producing a modest 0.7% uplift, suggesting continued stabilisation in German residential property values following recent market volatility.

The portfolio was valued at €19.75 billion, while EPRA Net Tangible Assets (NTA) increased to €139.04 per share, up from €137.14 at the end of 2025.

Although the German residential investment market remains relatively quiet, LEG completed or agreed sales of approximately 1,000 apartments worth around €78 million during the first half. These disposals form part of the company’s ongoing programme to selectively sell around 5,000 non-core units, generally at book value.

Digitalisation and energy efficiency remain priorities

Alongside portfolio investment, LEG continues expanding its digitalisation programme aimed at improving operational efficiency.

The company expects automation and AI-based property management systems to contribute more than €10 million annually to earnings from 2030. During the first half, implementation continued for both its Langdock AI platform and the ServiceNow digital service platform.

Separately, the Fraunhofer Institute validated the performance of LEG’s AI-supported termios Pro smart heating thermostat. According to the study, the technology can reduce residential heating energy consumption by approximately 14%, supporting both energy efficiency objectives and operating cost reductions.

Regulatory developments

LEG welcomed recent political signals supporting stronger protection of private property rights, arguing that greater legal certainty is important for attracting long-term investment into Germany’s residential housing sector.

At the same time, the company expressed concern over planned reductions to Germany’s federal housing allowance programme, suggesting that while the financial impact on LEG itself is limited, the changes could increase pressure on local authorities and lower-income households.

Outlook

LEG expects market fundamentals to remain favourable through the remainder of 2026, supported by persistent housing shortages and strong demand for affordable rental accommodation.

The company reaffirmed its full-year guidance, forecasting:

Like-for-like rental growth of 3.8–4.0%
An adjusted EBITDA margin of around 78%
AFFO between €220 million and €240 million

Management believes its focus on affordable housing, disciplined capital allocation and continued operational improvements positions the company to deliver stable returns despite ongoing economic uncertainty.

UK Courts Tighten Scrutiny of AI-Generated Legal Evidence

The growing use of artificial intelligence in legal proceedings is forcing courts, regulators and professional bodies in the United Kingdom to reconsider how existing procedural rules should apply to AI-assisted documents.

A recent High Court judgment has highlighted the particular risks surrounding witness statements, while a wider consultation by the Civil Justice Council is examining whether new disclosure and accountability requirements are needed for court documents ranging from pleadings to expert reports.

The central challenge is not whether AI can assist legal work, but how courts can ensure that evidence remains authentic, legal submissions are accurate and responsibility for the finished document is clear.

High Court questions AI-assisted witness statements

In Godwin v Godwin [2026] EWHC 923 (Ch), the High Court considered a family dispute concerning arrangements for the burial of the deceased.

The case attracted wider attention because two witnesses acknowledged using ChatGPT while preparing their trial statements. They described the software as a digital assistant used for grammar, spelling and presentation, while maintaining that the original wording had not been altered.

However, the Court was not shown the initial drafts and therefore could not verify the extent of the AI intervention.

His Honour Judge Klein found that the explanations provided did not remove uncertainty over whether the statements remained entirely in the witnesses’ own language. The evidence was consequently treated with caution.

The judgment reinforces the requirements of Practice Direction 57AC and Practice Direction 32, under which factual witness evidence must reflect the witness’s own recollection and wording rather than language created or reshaped by another party or system.

The case does not establish a general prohibition on AI, but it demonstrates the evidential difficulty created when the Court cannot determine precisely how a tool was used.

Proposed declaration for witness evidence

The Civil Justice Council has been considering similar concerns through its consultation on AI-assisted court documents.

Its interim position indicates support for an additional declaration confirming that AI has not been used to generate the substance of a trial witness statement. That restriction could cover not only creating new material but also rewording, strengthening, softening or embellishing a witness’s account.

A comparable requirement has been proposed for witness statements governed by the broader rules under CPR Part 32.

Both the Law Society and the Bar Council have supported stronger safeguards in this area. Their concern is that even apparently limited editing tools may make suggestions or restructure language in a way that moves the statement away from the witness’s own expression.

Until the meaning of AI-generated content is defined more precisely, the lowest-risk approach for legal representatives is to avoid using generative tools in the preparation of witness evidence.

Different treatment for legal submissions

The emerging regulatory approach is less restrictive for pleadings, skeleton arguments and other advocacy documents.

The Civil Justice Council’s preliminary view is that additional procedural rules may not be required where the document identifies the lawyer who accepts professional responsibility for its contents.

This reflects the fact that legal submissions are already drafted on behalf of clients and are not required to reproduce a person’s direct memory in the same way as a witness statement.

Nevertheless, professional responsibility remains unchanged. Lawyers must verify all authorities, quotations and factual assertions, regardless of whether AI was involved in producing the text.

The Law Society has favoured greater transparency over AI use, while the Bar Council has generally supported reliance on existing responsibility and verification obligations for advocacy documents.

AI may improve access to justice

Judicial concerns over accuracy have been accompanied by recognition that AI can also make court materials easier to understand.

During evidence to the House of Lords Constitution Committee, Lady Chief Justice Baroness Carr said AI-assisted submissions from self-represented litigants can sometimes be clearer and more useful to judges than documents prepared without such support.

This is particularly relevant where individuals do not have access to legal representation.

However, courts have also made clear that litigants in person remain responsible for false cases, invented quotations or fabricated citations submitted in their name. Their regulatory position may differ from that of a solicitor or barrister, but inaccurate material is no more acceptable because it was produced using AI.

Expert reports may require disclosure

Expert evidence presents a different regulatory question because AI may form a legitimate part of technical analysis.

Proposals under consideration would require experts to identify non-administrative uses of AI and name the tools used when preparing their reports. Routine transcription and similar support functions may be treated differently from systems used to analyse evidence or generate substantive conclusions.

The Law Society has supported a disclosure requirement. The Bar Council has warned, however, that experts will need clear guidance on how much detail must be provided.

Any future rule will need to distinguish between AI that assists an expert and AI that substitutes its own analysis for the expert’s independent judgment.

First authorised AI law firm tests the boundaries

The debate is also developing through new models of legal practice.

Garfield AI, described as the first fully AI-based firm authorised by the Solicitors Regulation Authority, secured a successful outcome in a small-claims case earlier in 2026. The platform carried out much of the preparatory work, including the case bundle and witness-statement process, while a barrister conducted the courtroom advocacy.

Its model is limited to claims of up to £10,000 and operates under a specific regulatory authorisation. Small-claims proceedings are also subject to less demanding requirements than commercial trial witness statements governed by Practice Directions 57AC and 32.

The case therefore demonstrates that regulated AI-led legal services are possible, but not that the same methods can automatically be transferred into more complex litigation.

Courts warn against AI witness coaching

Judicial concern extends beyond document preparation.

In a recent criminal appeal, the Court of Appeal warned witnesses against using AI to rehearse or prepare their testimony. The Court emphasised that witness coaching is prohibited regardless of whether it is carried out by a person or a technological system.

AI-based preparation could influence how a witness recalls or presents evidence and, in serious cases, could create sufficient unfairness for the Court to consider excluding the evidence.

The same concern is likely to influence civil proceedings, where the integrity and independence of witness recollection are equally important.

Hallucinated authorities remain a major risk

Recent proceedings in the UK and United States have continued to expose the danger of fabricated legal content.

British cases including R (Ayinde) v Haringey LBC and Taiwo v Homelets of Bath Ltd have addressed false authorities produced through AI systems. Other incidents have involved law firms submitting documents containing invented citations and then using AI again when attempting to explain the original mistake.

The recurring nature of these errors suggests that professional verification controls have not always kept pace with the rapid adoption of generative tools.

For insurers and law firms, the exposure includes wasted costs, professional disciplinary action, reputational damage and potential negligence claims.

Confidentiality and privilege concerns

A further risk arises when confidential documents are uploaded into publicly accessible AI systems.

In UK v Secretary of State for the Home Department [2026] UKUT 00081 (IAC), the Upper Tribunal warned that placing confidential material into an open-source AI tool could amount to publishing it into the public domain, potentially breaching confidentiality and waiving legal professional privilege.

The precise legal consequences will depend on the system, its contractual terms and how submitted data are processed. However, the decision underlines the need for firms and clients to understand where information is stored, whether it is retained and whether it may be used to train or improve the service.

Regulation is moving, but responsibility remains unchanged

The Civil Justice Council’s final recommendations are expected later in 2026 and may lead to amendments to civil procedure rules and practice directions.

The likely outcome is not a single rule applying to every form of AI use. Witness statements, legal arguments and expert evidence serve different purposes and will probably require different standards.

What is already clear is that AI does not transfer responsibility away from the person signing, submitting or relying upon a document. Lawyers, witnesses and experts must still be able to explain how material was prepared, confirm its accuracy and demonstrate that it complies with the applicable procedural rules.

Until clearer standards are introduced, the safest distinction is between technology that supports administrative work and technology that changes the substance of evidence or professional judgment.

Source: CMS

Manova Partners Completes Nearly €300 Million of Transactions in First Half of 2026

Manova Partners completed real estate transactions with a combined value of almost €300 million during the first half of 2026, with acquisitions accounting for around two-thirds of activity and disposals representing the remaining third.

The investment manager expanded its international portfolio through the acquisition of two logistics assets in Nashville, Tennessee, and Modena, Italy, alongside office properties in Salt Lake City, Utah, and Dublin, Ireland.

Florian Winkle, Co-CEO of Manova Partners, said the company continues to benefit from longstanding investor relationships, including clients pursuing counter-cyclical investment strategies that enable them to remain active despite ongoing market uncertainty.

He added that the two disposals completed during the period involved core assets that generated internal rates of return exceeding 7.5% over a 14-year holding period and 10% over eight years, reflecting the firm’s strategy of actively managing portfolios through selective acquisitions and sales.

Laetitia Treves, Head of Transactions Europe, said the current market continues to present investment opportunities, particularly in the office sector, where pricing adjustments have created attractive entry points for investors. She noted, however, that successful investments require careful asset selection, with location, building quality and long-term competitiveness remaining the key considerations.

Commenting on the logistics sector, Treves said Manova Partners continues to target assets located along major transport corridors and close to expanding consumer markets. She added that increasing differentiation within the logistics market makes disciplined asset selection more important than ever.

With offices across Europe, North America, Latin America and Australia, Manova Partners said its international presence enables it to compare investment opportunities across multiple markets and sectors while aligning acquisitions and disposals with clients’ investment objectives.

Looking ahead, the company expects to remain active on both the acquisition and disposal side during the second half of 2026 as it continues to adjust portfolios in response to changing market conditions.

Empira Fully Lets BE.YOND OFFICE Berlin Development

Empira Group has completed the leasing of its BE.YOND OFFICE Berlin development, with the final two long-term lease agreements bringing the approximately 8,620 sqm office building at Schöneberger Ufer to full occupancy.

The latest tenants, both operating in the IT and security sectors, join existing occupiers UFA and DATEV eG, creating a tenant mix focused on technology, media and business services.

Marcus Bartenstein, CEO of Empira Group, said the full letting reflects continued demand for well-located office buildings that combine sustainability with flexible workplace design, despite challenging market conditions.

Located at Schöneberger Ufer, the eight-storey development provides approximately 8,620 sqm of lettable office space designed to accommodate modern workplace requirements. The building operates without fossil fuels, using air-source heat pumps and photovoltaic systems for its energy supply. It has also achieved DGNB Gold certification, recognising its environmental and sustainability performance.

In addition to flexible office accommodation, the property includes rooftop terraces, collaboration areas and a range of employee amenities designed to support changing workplace expectations.

Daniel Watzek, Managing Director and Head of Asset Management at Empira Group, said achieving full occupancy shortly after completion demonstrates continued occupier demand for high-quality office buildings and reflects the success of the project’s leasing strategy.

The completion of the leasing programme comes at a time when Berlin’s office market continues to see demand concentrated in modern, energy-efficient buildings that offer strong environmental credentials and flexible layouts, while older office stock faces increasing pressure from changing occupier requirements.

With all available space now leased, BE.YOND OFFICE Berlin adds another fully occupied sustainable office asset to Empira Group’s German portfolio.

P3 Advances Build-to-Suit Manufacturing Facility for SUNGWOO HITECH in Ostrava

P3 Logistic Parks is nearing completion of a 32,600 sqm built-to-suit manufacturing facility for South Korean automotive supplier SUNGWOO HITECH at P3 Ostrava Central, marking the park’s first development specifically designed for advanced industrial production.

The project supports SUNGWOO HITECH’s expansion as the company increases production capacity in response to new contracts and growing demand from the automotive sector. The new facility will manufacture pressed and welded steel components using automated production technologies and robotic systems.

SUNGWOO HITECH already operates in the Ostrava-Hrabová industrial zone and supplies body components to the automotive industry. The new development will enable the company to expand production while supporting future manufacturing programmes.

According to Marek Jaskula, Leasing Manager at P3 Logistic Parks, the project demonstrates the developer’s ability to deliver customised industrial facilities that meet complex manufacturing requirements rather than conventional warehouse specifications.

The building has been designed around the tenant’s production processes and incorporates several technical modifications. The central production hall has a clear internal height of up to 15 metres to accommodate 40-tonne overhead cranes, while floor load capacities have been increased to support heavy stamping and hot-forming equipment. Instead of conventional loading docks, the facility will feature ground-level high-speed drive-in doors and covered loading areas to improve material handling efficiency. Three cranes will be installed throughout the production hall.

The development will also include one of the largest rooftop photovoltaic installations within P3’s Czech portfolio, with a planned capacity of 2.9 MWp, supporting the company’s sustainability objectives.

The facility will provide approximately 29,855 sqm of production space together with 2,700 sqm of office and technical accommodation. Once fully operational, the plant is expected to employ between 60 and 80 people per shift, operating across three shifts.

Production will be introduced in two phases. The first phase, covering 13,755 sqm of manufacturing space, focuses on robotic welding and is currently undergoing equipment installation, with operations expected to commence during August. The second phase, comprising approximately 16,100 sqm, will accommodate hot stamping, pressing and material cutting operations, with installation scheduled to begin before the end of the year.

Jiří Sýkora, General Affairs Senior Manager at SUNGWOO HITECH, said the company selected P3 Ostrava Central because of the developer’s ability to accommodate its specialised technological and logistics requirements while providing capacity for future expansion.

The project further strengthens P3 Ostrava Central as a manufacturing location for automotive suppliers. The park recently welcomed SFI Europe, which established its first European production facility at the site for automotive fluid systems.

Developed on a regenerated brownfield site, P3 Ostrava Central has been designed with sustainability in mind. All buildings at the park have achieved BREEAM Excellent certification, while solar energy systems, landscaped green areas and public amenities, including bicycle facilities and outdoor fitness equipment, form part of the wider development.

The completion of the SUNGWOO HITECH facility reinforces the continued attractiveness of the Ostrava region for advanced manufacturing investment and highlights growing demand for highly customised industrial buildings capable of supporting increasingly automated production processes.

Meal Vouchers Remain Czech Employees’ Most Valued Workplace Benefit

Meal allowances remain the most valued employee benefit in the Czech Republic, with workers placing increasing importance on benefits that provide practical support in their everyday lives, according to a new survey conducted by Edenred.

The study, which gathered responses from 3,731 employees across the country, found that 83% of respondents ranked meal allowances among their three most important workplace benefits. Nearly 48% described the benefit as indispensable in a period of rising living costs, while 37.6% said the absence of a meal allowance could influence them to reject a job offer.

According to Aneta Martišková, Managing Director of Edenred Czech Republic, employees are increasingly evaluating benefits based on their practical value rather than the number offered by employers. She said organisations should focus on providing benefits that genuinely improve employees’ daily lives while allowing greater flexibility in how they are used.

The survey found that financial support continues to be an important consideration, but employees also increasingly value benefits that improve work-life balance. Additional annual leave, flexible working hours, home office arrangements and sick days ranked among the most appreciated non-financial benefits, reflecting a growing preference for greater flexibility and personal time.

Employee priorities also vary across generations. Generation Z and Millennials place greater emphasis on flexible working arrangements and the ability to choose how they use their benefits, while Generation X and Baby Boomers tend to prioritise stability and benefits that provide immediate financial value. Despite these differences, meal allowances remain the highest-rated benefit across all age groups, maintaining the leading position they held in last year’s survey.

Mental wellbeing has also become a more prominent consideration for employees. Rather than additional workshops or wellbeing initiatives, respondents expressed a preference for practical measures that allow them to recover from work-related stress. The most popular proposal was the introduction of dedicated mental health leave, supported by 35.3% of respondents. Employees also showed interest in programmes aimed at preventing stress and burnout, financial contributions towards psychotherapy or psychological counselling, and better workload management to reduce excessive pressure.

Klára Krumphanslová, HR Manager at Edenred, said employees increasingly value practical support that enables genuine rest and helps prevent long-term stress, particularly as awareness of mental wellbeing continues to grow in the workplace.

The findings suggest that while financial benefits remain an important factor in attracting and retaining employees, Czech workers increasingly expect employers to provide benefits that support both their financial security and overall quality of life. For employers competing for talent, offering meaningful, flexible and easily accessible benefits may prove more valuable than simply expanding the number of programmes available.

The Edenred survey was conducted online between 16 June and 3 July 2026 among 3,731 employees from the private, public and non-profit sectors across all regions of the Czech Republic.

Lysara Completes Leadership Team with Appointment of Ben Marks as CFO

Lysara has appointed Ben Marks as Chief Financial Officer, completing its senior leadership team as the company continues to expand its fleet infrastructure platform across the UK and Europe.

Marks joins Chief Executive Scott Parsons and Chief Investment Officer Jason Wade, whose appointments established the company’s executive leadership following Parsons’ arrival in May 2025. Wade oversees investment and asset management activities, identifying opportunities to support the platform’s growth strategy.

The wider leadership team also includes Dominic Holmes, Head of Development, who is responsible for the company’s development pipeline across the UK, France and Spain, and Jerome Baudou, Chief Technology Officer. Former BNP Paribas Real Estate UK Chief Executive Andy Martin serves as Chairman.

Marks joins Lysara from Ares, where he became part of the business following its acquisition of the international operations of GLP Capital Partners. During his time with GLP’s European business, he held the roles of Finance Director and later Chief Financial Officer, helping oversee growth in assets under management from approximately $3 billion to more than $10 billion, primarily in the logistics property sector.

Before moving into fund management, Marks spent 15 years with Berkeley Group, rising to Finance Director of St George after beginning his career at PwC. His experience spans multiple property market cycles, including the period following the global financial crisis.

Scott Parsons said the appointment strengthens Lysara’s leadership as the business continues to expand its presence in the European fleet electrification market. He noted that Marks brings experience from professional services, residential development, logistics real estate and investment management, supporting the company’s long-term growth plans.

Marks said Lysara combines expertise in land acquisition, power infrastructure and customer partnerships to support the electrification of commercial vehicle fleets. He added that the company is well positioned to address the capital and operational requirements associated with expanding fleet charging infrastructure across Europe.

Backed by GreenPoint Partners, Lysara launched with an initial £340 million investment commitment. The company develops and operates infrastructure for commercial electric vehicle fleets, combining urban mobility hubs with developments located near major transport and logistics centres, including sites around Heathrow, Lille and the Port of Belfast. Its portfolio includes an income-producing last-mile logistics asset at the Port of Belfast that is leased to Amazon.

As demand for commercial fleet electrification grows across Europe, Lysara continues to build its leadership team and investment platform to support the rollout of charging infrastructure for logistics operators and other large fleet owners.

Hungary Approves Constitutional Changes Alongside Wide-Ranging Tax Reform

Hungary has introduced a significant package of constitutional and tax reforms that reshapes both the country’s legal framework and several aspects of its tax system. The measures combine institutional changes with fiscal reforms designed to satisfy commitments linked to the release of previously suspended European Union funding.

The constitutional amendment, which entered into force on 19 July 2026, is the seventeenth revision of Hungary’s Fundamental Law. Among its most notable provisions is the establishment of a National Asset Recovery and Protection Office, alongside changes affecting the Constitutional Court and the appointment process for the President of the Kúria, Hungary’s Supreme Court.

Constitutional Court Regains Wider Powers

One of the most significant legal developments is the removal of constitutional provisions that had limited the Constitutional Court’s ability to review legislation concerning the state budget, taxation, customs duties and other fiscal matters.

For more than a decade, the Court’s oversight of budget-related legislation was restricted to a narrow range of constitutional issues. Following the amendment, judges may once again examine whether fiscal legislation complies fully with Hungary’s Fundamental Law.

The change is expected to strengthen judicial oversight of future tax legislation and may provide taxpayers and businesses with broader constitutional grounds to challenge disputed fiscal measures.

Tax Changes Linked to EU Recovery Funding

Alongside the constitutional reform, Parliament adopted an extensive tax package implementing commitments associated with Hungary’s Recovery and Resilience Plan (RRP). The legislation forms part of the country’s efforts to meet conditions agreed with the European Union for unlocking previously withheld funding.

The package introduces a broad range of tax measures aimed at simplifying the tax system, adjusting preferential tax treatments and aligning several areas of Hungarian taxation with commitments made under the agreement reached with the EU earlier this year.

Among the reforms are changes affecting trust taxation, corporate tax incentives, retail taxation, value-added tax provisions and environmental charges.

CO₂ Quota Tax to Be Refunded

One of the most notable provisions reverses the carbon-emissions quota tax introduced under emergency legislation during the previous government.

The new law abolishes the levy with retrospective effect dating back to October 2023 and allows eligible taxpayers to recover amounts already paid together with statutory interest.

Businesses seeking reimbursement must submit their applications within 90 days after the legislation enters into force. However, the simplified repayment process is available only where taxpayers have not already pursued compensation through alternative legal channels.

Trust Taxation Revised

The legislation also reshapes the tax treatment of fiduciary asset management structures and private foundations.

The reforms are intended to establish greater tax neutrality while limiting opportunities for tax-free distributions. Under the revised framework, profits generated from assets transferred into trusts will no longer benefit from certain tax exemptions that previously became available after a defined holding period.

The National Tax and Customs Administration will also conduct systematic reviews of trust structures established within the applicable limitation period, with older arrangements scheduled for examination first before broader inspections begin in later years.

Corporate and Environmental Taxes Adjusted

The package introduces several additional fiscal measures affecting businesses.

Certain corporate tax incentives will be narrowed, while the gradual withdrawal of the Growth Tax Credit will continue. Amendments have also been made to VAT legislation, customs administration and local business tax rules governing corporate demergers.

Environmental taxation has also been strengthened through higher pollution-related charges, increasing costs for businesses subject to environmental load fees.

Wider Administrative Changes

Beyond taxation, the legislation contains amendments governing the organisation and operation of Hungary’s National Tax and Customs Administration, including provisions affecting its institutional structure and leadership.

Taken together, the constitutional amendment and accompanying tax package represent one of Hungary’s most significant legislative updates in recent years. While many of the fiscal measures are aimed at meeting EU funding commitments, the restoration of broader Constitutional Court oversight over tax legislation could have longer-term implications for the stability and judicial review of Hungary’s fiscal framework.