Union Investment sells the “Hilton Garden Inn” Hotel in Innsbruck to the Current Operator

Press Release

Union Investment has sold the “Hilton Garden Inn” hotel in Innsbruck to its current operator, Schiehser Hotels. The buyer will continue to operate the hotel under the “Hilton Garden Inn” brand. The parties have agreed not to disclose the specific purchase price..

The hotel had been part of the portfolio of the open-ended real estate fund immofonds 1 since 2015; which is distributed exclusively in Austria. Completed in 2011, the building was operated as a Ramada Hotel until July 2021, before being taken over by the HR Group—now Revo Hospitality—in 2022 and temporarily operated as the Tivolihotel Innsbruck. Since late 2024, it has been operated under the “Hilton Garden Inn” brand, after Union Investment invested approximately EUR 4 million to modernize the hotel and bring it up to the higher standards of the Hilton brand. Schiehser Hotels took over operations of the hotel at the beginning of the year and will now continue to manage it as the owner on a long-term basis.

“Innsbruck is an attractive market for operators and investors due to stable demand and a limited project pipeline. With 159 rooms, the hotel also has a very attractive size. We therefore seized this opportunity to sell it profitably to the current operator,” said André Pinto Gomez, Senior Investment Manager for Hospitality at Union Investment.

“During the 11-year holding period, the hotel increased its market value by approximately 20 percent and made a positive contribution to the fund’s performance. The sale is being made for portfolio strategy reasons and strengthens the liquidity position of immofonds 1,” said Petia Zeiringer, fund manager and member of the Executive Board of Union Investment Real Estate Austria AG.

The Hilton Garden Inn is located in a building with exceptional architecture south of Innsbruck’s Old Town, directly across from Olympia World. The Olympia ice arena and the Tivoli soccer stadium are also just a few steps away. The airport, the train station, and the city center—with its numerous attractions—are all within a few minutes’ reach.

Union Investment was advised by the real estate service provider Christie&Co, as well as by Vavrosky Heine Marth Rechtsanwälte GmbH and TPA.

Scope Ratings reaffirms Futureal’s BB- credit rating with stable outlook

Scope Ratings has reaffirmed the BB-/Stable issuer ratings of Futureal Development Holding Kft. and Futureal Holding B.V., citing the group’s diversified real estate portfolio, stable operating performance and solid liquidity position.

According to the rating agency, Futureal’s portfolio continues to support its market position through a balanced mix of income-generating assets across multiple property sectors. The company’s holdings are distributed across office properties (35%), industrial assets (34%) and retail real estate (31%), providing diversification that helps mitigate market-specific risks.

Scope Ratings also highlighted the company’s predictable financial performance and liquidity profile as important factors underpinning the rating. The agency identified HelloParks, Futureal’s industrial and logistics platform, as the group’s main driver of future growth.

Commenting on the reaffirmation, Csaba Zovát, Chief Financial Officer of Futureal, said the rating reflects the quality of the company’s portfolio, its diversified business model and its financial discipline. He added that Futureal will continue to prioritise liquidity management and maintain a balanced capital structure.

Futureal has developed and managed real estate investments with a combined value exceeding EUR 3 billion over the past two decades. The company operates in Hungary, Poland and the United Kingdom, with activities focused on office, retail, mixed-use and industrial real estate.

The reaffirmed BB-/Stable rating indicates that Scope Ratings expects Futureal’s credit profile to remain broadly unchanged over the medium term, supported by recurring income from its diversified asset base and continued portfolio management.

Flanders Business Park adds new dining facility in Warsaw

Flanders Business Park has expanded its on-site amenities with the opening of a new bistro in Building A of the office complex, continuing a programme of upgrades aimed at enhancing the workplace environment for tenants.

The new dining facility, which opened in June 2026, is operated by Ever Catering, part of Ever Group, and is available to both office tenants and the general public.

According to the property’s owner, Liebrecht & wooD, the opening forms part of a broader modernisation strategy that has been underway across the business park in recent years. The programme includes renovations of common areas, the creation of additional green and outdoor relaxation spaces, and investments designed to improve the buildings’ energy efficiency in line with the company’s ESG objectives.

Located in Warsaw’s Włochy district, Flanders Business Park comprises three office buildings offering nearly 22,000 sqm of office space. The complex benefits from direct access to Łopuszańska Street and Aleja Krakowska, with convenient connections to the S2 and S8 expressways as well as Warsaw Chopin Airport.

The property’s tenant roster includes the Polish Civil Aviation Authority (Urząd Lotnictwa Cywilnego), Simba Toys Polska and Transprojekt Gdański.

The new bistro offers breakfast, lunch and hot meal options designed for office workers, reflecting the growing importance of food and amenity services in modern office environments. Property owners increasingly view hospitality and convenience services as part of a broader strategy to improve employee wellbeing and support office occupancy.

Flanders Business Park also holds BREEAM certification, reflecting the sustainability standards of the office complex. The addition of the new catering facility follows a wider trend in the Polish office market, where landlords continue to invest in building amenities and workplace quality to meet evolving tenant expectations.

Supply chain resilience takes priority as companies prepare for recurring disruptions

Global supply chains are increasingly being designed around resilience rather than cost efficiency, as companies adapt to a business environment shaped by geopolitical tensions, trade disputes and transport disruptions, according to CEVA Logistics.

The logistics provider says recent years have demonstrated that supply chain resilience is determined long before a crisis occurs. Rather than creating resilience, disruptions expose weaknesses, operational dependencies and risks that may have accumulated during periods of stable economic conditions.

According to Ewa Włodarczyk, General Manager for Eastern Europe at CEVA Logistics, the ability to maintain uninterrupted cargo flows increasingly depends on diversified transport networks, a global operational footprint and the capacity to quickly reroute shipments between ports, airports, rail corridors and road transport.

Industry priorities have shifted accordingly. While reducing transport costs and improving operational efficiency remain important, companies are placing greater emphasis on ensuring continuity of supply and reducing vulnerability to unexpected events.

The changing approach reflects a series of disruptions affecting international trade over recent years, including geopolitical conflicts, trade restrictions and capacity constraints on major shipping routes. Such events have affected manufacturers across sectors ranging from automotive and food production to electronics, leading to component shortages, production interruptions and higher logistics costs.

Rather than relying on a single transport corridor or gateway, many businesses are increasingly developing alternative logistics options that combine maritime, rail, road and air freight. Multimodal transport strategies allow supply chains to be adapted more rapidly when disruptions occur, reducing dependence on individual ports or trade routes.

CEVA Logistics points to its response during the recent disruption affecting the Strait of Hormuz as an example of this approach. Instead of replacing one route with another, the company implemented a network of alternative transport solutions, including corridors through Türkiye, sea-air services, rail connections and TIR road transport operations supported by its road network across the Gulf Cooperation Council (GCC) region.

According to the company, the objective is to provide customers with multiple routing options that can be activated quickly as circumstances change, rather than relying on a single contingency plan.

The growing focus on resilience is also influencing long-term supply chain planning. Companies are increasingly evaluating transport flexibility, network diversification and operational responsiveness alongside traditional cost considerations when selecting logistics partners.

As global trade continues to face geopolitical uncertainty and periodic disruptions, logistics providers expect resilience, multimodal capabilities and the ability to rapidly reconfigure transport networks to remain key competitive advantages across international supply chains.

Garbe Industrial leases around 31,000 square metres to Alstom

Garbe Industrial has secured rail vehicle manufacturer Alstom as the tenant for a new logistics property in Salzgitter, Germany. The company will use the facility to store and distribute spare parts and new components for locomotives and trains. Garbe Industrial invested a total of around 40 million euros in the new-build project, which was completed in the first quarter of this year.

“The decision to build our logistics property in Salzgitter with a view to future demand, without securing a lease commitment in advance, has proved to be exactly the right one. This was the only way we could meet Alstom’s short-term space requirements promptly,” says Luisa Elfendahl, Regional Head Central / Development at Garbe Industrial. “Going forward, it will be essential for project developers to build with future demand in mind and provide modern space for companies with short- and medium-term space requirements.”

The logistics property, with a total floor area of 31,200 square metres, has been fully leased to Alstom, which has already moved in. The new building has a warehouse area of approximately 27,700 square metres and a mezzanine area of around 1,900 square metres. In addition, there are approximately 1,600 square metres of offices and staff facilities. For the loading and unloading of trucks, the property is equipped with 29 loading bays and twelve ground-level sectional doors. An important feature for Alstom is that nine of these sectional doors at the rear of the building allow for side loading and unloading. This is particularly important for large-volume railway components. The doors are also protected from the elements by a canopy covering a total area of around 2,000 square metres. The outdoor area features six truck parking spaces and 112 car parking spaces. Some of these have been pre-fitted with electric charging points.

The new logistics facility was built on a 51,000-square-metre industrial brownfield site that Garbe Industrial had acquired from Alstom four years earlier. The site, formerly home to a munitions factory, required extensive remediation before construction could begin, including the clearance of unexploded ordnance and other contaminated materials. The foundations of former buildings were demolished, concrete slabs removed, and shafts and underground bunkers cleared away. The soil was then excavated and disposed of properly. The property company was able to draw on its many years of experience in dealing with areas formerly used for industrial purposes. Luisa Elfendahl: “By revitalising brownfield sites, we are enhancing their value in a sustainable way while creating attractive opportunities for businesses to establish operations through modern developments.”

In terms of transport links, the Salzgitter site stands out thanks to its favourable location south of the Hannover–Wolfsburg–Braunschweig urban triangle, with excellent connections to the motorway network. It is only a few kilometres to the A39 motorway, which connects Salzgitter to the north with Wolfsburg and the A2 Dortmund – Berlin motorway and to the south with the A7 Hamburg – Ulm motorway.

Garbe Industrial has developed the property in accordance with recognised ESG criteria. The building will be heated by district heating. The roof surfaces are pre-fitted for the installation of a photovoltaic system. Garbe Industrial is aiming for the new building to achieve Gold Standard certification from the German Sustainable Building Council (DGNB).

Building permits emerge as a key driver of residential land values in Warsaw

Prolonged administrative procedures for obtaining residential building permits are reshaping Warsaw’s development land market, with plots that already have planning approvals or valid building permits commanding increasing premiums as developers seek to reduce project risk.

According to an analysis by real estate advisory firm Walter Herz, the average time required to obtain a building permit for a multi-family residential development in Warsaw has extended to approximately 18 months, making permitting one of the most important factors influencing land valuations.

The consultancy says the market has shifted significantly from previous years, when location, acquisition price and development potential were the primary determinants of land value. Today, developers are placing greater emphasis on investment certainty and the likelihood that projects can progress through the planning and permitting process without significant delays.

Data compiled by Walter Herz from Poland’s General Office of Building Control (GUNB) indicates that the average time required to secure a building permit has risen from around 82 days in 2016 to 488 days in 2025. Excluding amended permits, the average processing time increased from 88 days to 531 days over the same period.

The consultancy also notes that permit processing times accelerated sharply over the past two years, rising by around 30% in 2024 and a further 35% in 2025.

Although Polish regulations generally envisage building permits being issued within one month in standard cases or within two months for more complex applications, large residential developments often require substantially longer due to documentation requirements, environmental approvals, infrastructure coordination, consultations with neighbouring property owners, suspended proceedings and appeal procedures.

Walter Herz estimates that, in some cases, the entire administrative process from submitting an application to the point construction can begin now takes between two and three years.

The longer preparation period increases financing costs for developers, delays project launches and reduces the volume of new housing entering the market. The consultancy argues that this contributes to slower residential supply growth, with completed apartments reaching the market several years later than originally anticipated.

The prolonged permitting process is also influencing acquisition strategies. Developers and investment funds are increasingly targeting land covered by Local Spatial Development Plans (MPZP), while sites with final building permits have become some of the most sought-after assets in Warsaw’s residential market.

Walter Herz says investors are increasingly pursuing two strategies: acquiring land with the intention of obtaining a building permit before selling the site at a higher valuation, or expanding long-term development land banks. As a result, competition is extending beyond construction-ready projects to include sites that offer a clearer and more predictable path through the planning system.

The consultancy also reports a decline in the number of residential building permits issued in Warsaw. After reaching a peak of 281 permits in 2017, the number fell to 143 in 2025, including just 112 newly issued permits.

The findings reflect broader challenges facing Warsaw’s residential market. Demand for new housing remains supported by population growth and urbanisation, while the supply of development land with clear planning status has become increasingly limited. Industry participants have repeatedly identified lengthy permitting procedures as one of the principal obstacles to increasing housing supply.

As uncertainty surrounding future planning regulations also grows with the introduction of new general spatial plans, investors are placing greater emphasis on regulatory stability, infrastructure availability, environmental considerations and the overall feasibility of development projects when assessing land acquisitions.

According to Walter Herz, these factors are making legally secured development rights increasingly valuable. In Warsaw’s most established residential districts, land acquisition costs now account for as much as one-quarter of the final selling price of newly built apartments, reinforcing the importance of planning certainty in determining land values.

Prague’s housing shortage persists despite continued growth in Czech construction

Construction activity in the Czech Republic continued to expand in May, but developers and market analysts say the pace of new housing approvals in Prague remains well below the level needed to ease long-term supply pressures.

According to the Czech Statistical Office, construction output increased 4.4% year-on-year in May, marking the nineteenth consecutive month of annual growth. Both building construction and civil engineering contributed to the increase, while the number of building permits issued nationwide also rose compared with a year earlier.

Despite the positive national figures, the situation in Prague’s residential market remains constrained by a slow permitting process. Industry participants argue that the capital continues to approve too few residential projects to keep pace with population growth and housing demand.

According to CENTRAL GROUP, only 122 apartments were approved in Prague during May. The developer estimates that the city now faces a housing shortfall of around 100,000 homes and says approximately 10,000 new apartments need to be completed annually over the long term to stabilise supply. These figures reflect industry estimates rather than official government calculations.

Official statistics support the broader trend. During the first quarter of 2026, Prague recorded the sharpest decline in new residential construction starts among all Czech regions, while the number of building permits issued in the capital also fell year-on-year, making Prague the only region to report a decline in overall permitting activity during the period.

Developers argue that the principal obstacle remains the lengthy approval process. Although a substantial pipeline of residential projects is under preparation across the city, many schemes require years to progress through planning and permitting before construction can begin.

The Czech Parliament is currently considering amendments to the Building Act intended to simplify and accelerate permitting procedures. Property developers have welcomed the proposed reforms, arguing they could help increase housing delivery over time. However, market specialists note that legislative changes alone are unlikely to resolve Prague’s housing shortage, which is also influenced by infrastructure capacity, land availability, municipal planning and the speed at which approved developments move into construction.

While national construction activity continues to improve, the contrast between rising output and limited residential approvals in Prague highlights the continuing imbalance between housing demand and supply in the Czech capital.

Addleshaw Goddard renews lease at Warsaw’s Q22 office tower

nternational law firm Addleshaw Goddard has renewed its lease at the Q22 office building, extending its presence in the Warsaw tower owned by Invesco Real Estate.

The firm occupies more than 3,200 sqm across three floors of the building. The office has been occupied by the Warsaw legal team since 2016, when it operated as part of Linklaters. The team began operating under the Addleshaw Goddard brand following its separation from Linklaters in April 2025.

The lease renewal will be accompanied by the refurbishment of the office space. The planned works will adapt the premises to Addleshaw Goddard’s corporate identity and workplace standards.

Savills represented Addleshaw Goddard during the lease negotiations and will also oversee the refurbishment through its Building & Project Consultancy team.

The building owner, Invesco Real Estate, was advised by CBRE, which also manages the Q22 property.

According to the parties, the transaction reflects continued demand for centrally located, high-quality office buildings that offer modern technical specifications and environmental, social and governance (ESG) features.

German Monopolies Commission calls for greater focus on competition in economic policy

Germany’s Monopolies Commission has called for economic policy to place greater emphasis on competition, innovation and productivity rather than sector-specific support measures in its 26th main report presented to Federal Minister for Economic Affairs Katherina Reiche.

The report argues that the challenges facing German industry cannot be addressed through additional targeted interventions alone and instead recommends policies that strengthen competition and improve the business environment.

According to Tomaso Duso, chairman of the Monopolies Commission and head of the Firms and Markets Department at German Institute for Economic Research (DIW Berlin), many of Germany’s largest industrial companies continue to grow, but an increasing share of their expansion is taking place outside Germany. The report identifies this trend, together with declining domestic productivity in manufacturing, as a signal that Germany’s competitiveness as an industrial location needs to improve.

The commission recommends reducing state-related energy costs, accelerating the transfer of research into commercial applications and simplifying administrative procedures to encourage investment and innovation.

It also argues that subsidies for individual industries or companies should be used only where market failures or strategic investment gaps can be clearly demonstrated. According to the report, any such support should be transparent, time-limited, open to competition and subject to regular evaluation.

The report highlights Germany’s system of electricity support schemes, including electricity price compensation, industrial electricity subsidies, electricity tax reductions and grid fee assistance, arguing that these measures primarily benefit larger industrial users while smaller businesses often receive limited support. The commission instead recommends broader measures to reduce electricity costs across the economy and improve the overall efficiency of the power system.

The report also addresses the adoption of artificial intelligence, stating that Germany is lagging behind due to a combination of regulatory uncertainty, organisational barriers within companies and compliance burdens that particularly affect smaller businesses and start-ups.

To support greater competition in digital markets, the commission recommends consistent enforcement of EU competition rules and the Digital Markets Act, while also calling for simplified AI regulation and the avoidance of overlapping regulatory requirements.

Source: DIW

PRIMESTAR acquires Berlin serviced apartment property for June Stay brand

PRIMESTAR Group has acquired a serviced apartment property in Berlin City West from the insolvency proceedings of Revo and will rebrand it as June Stay Berlin from September 2026.

The property, located on Goethestraße in the Charlottenburg district, was previously operated as Townhouse Berlin and comprises 47 serviced apartments. It will become PRIMESTAR’s third June-branded property in Berlin and the second addition to the platform in 2026, following the opening of June SIX Salzburg – A Tribute Portfolio Hotel in March.

The acquisition forms part of the expansion of PRIMESTAR’s June hospitality platform, which combines boutique hotels, extended-stay accommodation and flexible workspaces under the June SIX, June Stay and WorX brands.

June Stay Berlin will complement the existing June SIX Berlin City West and will operate alongside the planned June SIX & Stay Warschauer Platz development, which is expected to provide around 350 keys.

PRIMESTAR plans to invest in the property through a phased refurbishment and rebranding programme that will include upgrades to the building, integration of the group’s operating systems and implementation of its digital guest platform. The property is scheduled to begin operating under the June Stay brand on 1 September 2026.

The June Stay concept targets guests seeking longer stays by combining apartment-style accommodation with digital services, including mobile check-in, AI-supported guest assistance and app-based in-house services.

According to PRIMESTAR, the acquisition also demonstrates its strategy of repositioning existing hospitality assets through refurbishment and operational integration.

The transaction was advised by Hogan Lovells and Marc P. Werner.

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