Nhood appoints Tomasz Oktaba as Development Projects Director in Poland

Nhood has appointed Tomasz Oktaba as Development Projects Director in Poland, strengthening its local development team.

In his new role, Oktaba will oversee the management and delivery of the company’s development projects in Poland and lead the local Development team.

He brings 25 years of experience in the real estate sector, covering project management, development processes and investment delivery across multiple asset classes. During his career, he has worked with international developers, investment funds and advisory firms.

Before joining Nhood, Oktaba served as Director of Project Management at Accolade Group, where he was responsible for the technical and development management of the company’s Polish investment portfolio, coordinating key development processes and overseeing new projects.

Earlier in his career, he held positions at JLL, CBRE, Dubai World, Prologis, First Property Group and Mace Group. He has also operated his own consultancy focused on project management, investment monitoring and technical due diligence.

At Mace Group, Oktaba was involved in the delivery of major Warsaw developments including Złote Tarasy and Rondo 1.

At Nhood, he will be responsible for the delivery of the mixed-use Wilanów Park project and for managing the company’s Development department in Poland. He will work closely with Marcin Klammer, Expansion Director for Central and Eastern Europe, who is responsible for the development of new projects across the region. Oktaba will also be part of the international development structure led by Sebastien Beurel.

Oktaba graduated from the Faculty of Civil Engineering at the Warsaw University of Technology. He holds construction management licences, is a LEED Green Associate and a Certified Commercial Investment Member (CCIM).

Hungary adopts new rules on UBO transparency and AIF regulation

Hungary has adopted Act XVIII of 2026, introducing changes to anti-money laundering (AML) requirements and the regulation of alternative investment fund managers (AIFMs) as part of legislation linked to the country’s access to European Union funding.

The new law amends both Hungary’s AML legislation and the country’s Alternative Investment Fund Managers Act, expanding transparency requirements for ultimate beneficial ownership (UBO) while simplifying certain regulatory procedures for closed-ended alternative investment funds (AIFs).

Under the revised AML framework, the definition of a UBO has been broadened to include additional individuals who exercise effective control over an entity, including those holding preferential voting rights, rights to appoint board members or supervisory board members, or entitlement to at least 25% of an entity’s profits or assets.

For closed-ended AIFs, the legislation introduces additional UBO criteria covering individuals with decisive influence over investment policy, asset allocation, risk management or key governance decisions, including the ability to amend fund rules, replace the fund manager or initiate the fund’s termination. Where no individual can be identified under the new criteria, the manager of the AIFM will be treated as the UBO.

The legislation also introduces enhanced due diligence requirements for financial institutions and other regulated entities providing services to closed-ended AIFs. These institutions will be required to review fund documentation, ownership structures, capital commitments and investor bases, while assessing complex structures such as parallel funds, holding companies and cross-border investment arrangements that could obscure beneficial ownership.

The law strengthens cooperation between Hungary’s Financial Intelligence Unit and the Integrity Authority by allowing the financial intelligence authority to initiate proceedings relating to the supervision of EU-funded projects.

In addition, reporting requirements for Hungary’s UBO register have been updated for closed-ended AIFs, with the first reports under the revised framework due for September 2026. Access to the register will also be extended to additional parties, including media organisations and entities engaged in contractual negotiations with relevant legal persons or arrangements.

The amendments to Hungary’s AIFM legislation simplify several supervisory procedures. Registration of closed-ended AIFs will require additional documentation to be submitted to the National Bank of Hungary, including depositary agreements and fund rules.

However, prior approval from the National Bank of Hungary will no longer be required for amendments to the fund rules of closed-ended AIFs or for mergers by absorption where the fund rules already authorise such actions. In addition, AIFMs will no longer need prior regulatory approval to acquire qualifying holdings, a requirement that will remain applicable only to UCITS management companies.

Alternative investment fund managers must comply with the new requirements by 30 September 2026. The legislation entered into force three days after its publication in the Hungarian Official Gazette.

Source: CMS

Crosspoint: Bucharest residential market recovers in H1 2026

Bucharest’s residential market showed signs of recovery during the first half of 2026, with stronger transaction activity in the second quarter reducing the decline recorded earlier in the year, according to Crosspoint Real Estate.

Citing data from the National Agency for Cadastre and Real Estate Publicity (ANCPI), Crosspoint said apartment transactions in Bucharest were down 16.6% year-on-year during the first quarter. However, activity rebounded in the second quarter, with transactions increasing by 2.2% in April, nearly 16% in May and more than 26% in June compared with the same months in 2025.

As a result, residential transactions in Bucharest totalled just over 21,000 units during the first six months of the year, representing a year-on-year decline of 1.7%. Across the wider Bucharest-Ilfov metropolitan area, 25,634 homes were sold, down 1.3% from the first half of 2025.

According to Crosspoint, the market is becoming increasingly differentiated by location, supply and housing segment rather than expanding uniformly across the city.

The largest number of transactions was recorded in Sectors 3 and 1. Sector 3 also led new housing deliveries between 2022 and 2025, with 11,447 completed units, while Sector 1 recorded the lowest level of new supply during the same period, with 4,627 completed homes. Crosspoint attributed the limited supply in Sector 1 to planning restrictions, high land prices and urban planning requirements, while demand has remained strong.

The consultancy said buyers are placing greater emphasis on location and access to infrastructure, including schools, healthcare, public transport and green spaces, rather than focusing solely on purchase price. Demand remains strongest in areas such as Theodor Pallady in Sector 3 and northern Bucharest, while more affordable southern and western districts have seen comparatively weaker demand.

Following an estimated 20% increase in new-home prices during 2025, price growth moderated in the first half of 2026. The average net residential price in Bucharest exceeded €2,600 per sqm, representing an increase of around 5% since December 2025.

Average asking prices ranged between €1,850 and €2,200 per sqm in western and southern districts, €2,600 to €2,900 per sqm in eastern Bucharest and more than €3,650 per sqm in northern areas. Crosspoint noted that neighbourhoods with constrained supply continued to record stronger price growth than areas with more abundant housing stock.

The report also highlighted broader market conditions influencing buyer behaviour, including inflation, labour market pressures, changes to VAT on residential property and the implementation of Romania’s Law 207/2025, which introduced additional buyer protection measures and stricter financing requirements for off-plan residential developments.

According to Crosspoint, these factors have contributed to more selective purchasing decisions, with buyers placing greater importance on long-term value, location and project quality.

BF.direkt survey shows weaker sentiment among German real estate lenders in Q2 2026

Sentiment among commercial real estate lenders in Germany weakened during the second quarter of 2026, according to the latest BF.Quartalsbarometer published by BF.direkt AG in cooperation with the Handelsblatt Research Institute.

The index fell by 9.74 points quarter-on-quarter to -25.97, indicating a lower willingness among lenders to provide financing. The survey was conducted between 8 and 16 June 2026.

According to the survey, 46.15% of respondents said financing conditions had deteriorated compared with the previous quarter, up from 27.27% in the first quarter. In addition, 23.08% reported a decline in new lending activity, compared with no respondents reporting a decrease in Q1.

The survey also found a shift towards smaller loan transactions. Lending volumes increased for loans below €10 million, while financing activity for transactions between €50 million and €100 million, as well as those exceeding €100 million, declined.

Risk management departments also played a greater role in lending decisions during the quarter. Around 26.92% of respondents said credit decisions were primarily driven by risk departments, compared with 9.10% in the previous quarter, while none indicated that new lending teams had the primary influence over lending decisions.

The survey also pointed to reduced competition among banks for financing transactions. Approximately 26.92% of respondents reported lower interbank competition, compared with 5.88% in the previous quarter. At the same time, 30.77% reported an increase in non-performing loans, up from 18.18% in the first quarter.

Despite the weaker sentiment, lending parameters remained relatively stable. Average loan-to-value (LTV) ratios for existing properties stood at 64.2%, while average loan-to-cost (LTC) ratios for development projects were 66.3%.

Financing margins varied by asset class. For standing assets, average margins ranged from 135 basis points for residential properties to 184.3 basis points for logistics assets. For development projects, margins ranged from 252.7 basis points for residential schemes to 301.1 basis points for office developments.

According to BF.direkt, the survey reflects a more cautious lending environment, with banks becoming increasingly selective in new financing while debt funds continue to provide financing for projects that no longer meet some banks’ lending criteria.

The Quartalsbarometer for Q2 2026 is available for download in German language under the following link: https://www.bf-direkt.de/

Panattoni appoints Sharad Gohil as CEO and Managing Director of its India business

Panattoni has appointed Sharad Gohil as Chief Executive Officer and Managing Director of Panattoni India, as the company expands its operations in the country’s industrial, logistics and digital infrastructure sectors.

Gohil brings more than 25 years of experience in real estate investment, asset management, capital raising and fund management across Europe and the Asia-Pacific region. During his career, he has completed more than US$4 billion in transactions spanning the industrial, logistics, office, residential, retail and hospitality sectors.

Before joining Panattoni, Gohil served as Chief Executive Officer of IndoSpace Capital Asia, where he oversaw a business with more than US$3.2 billion in assets under management. He was responsible for raising capital for development and core funds and managing the platform’s investment performance.

Earlier in his career, he held senior investment and asset management positions with Apollo Global Management, Citigroup Property Investors and AXA Real Estate Investment Managers.

Panattoni entered the Indian market in 2022 and has since launched several projects, including Panattoni Park NH71 in the Delhi-NCR region, a logistics park in Kochi and an aerospace-focused manufacturing hub in Hyderabad.

In his new role, Gohil will lead the company’s growth strategy across India’s logistics, manufacturing, e-commerce and digital infrastructure sectors, including data centres. Panattoni said it intends to expand its presence across the country’s major industrial corridors and logistics hubs, supported by its global development platform and investment partnerships.

Robert Dobrzycki said India is a strategic growth market for the company and that Gohil’s experience in platform development, capital raising and investment management will support Panattoni’s long-term expansion plans in the country.

Berlin logistics market records 211,000 sqm take-up in H1 2026

The Berlin logistics and industrial property market recorded take-up of approximately 211,000 sqm in the first half of 2026, according to REALOGIS.

Warehouse space accounted for 192,500 sqm, or 91% of the total, while office space represented 13,300 sqm (7%) and mezzanine space 5,200 sqm (2%).

Warehouse take-up increased by 21% year-on-year, rising by 33,500 sqm compared with the first half of 2025. However, it remained 31% below the five-year average of 277,180 sqm.

The five largest transactions accounted for 49% of total market activity. These included leases by JD Logistics (41,430 sqm), ASML (27,000 sqm), acut fulfillment (11,520 sqm), Capital Baustoffe (11,400 sqm) and FST Industrie (11,200 sqm).

Prime rents remained unchanged at €10.50 per sqm during the first half of the year, while average rents were stable at €8.10 per sqm. Both remained above their respective five-year averages.

Existing buildings accounted for the largest share of take-up, with 110,400 sqm, or 52% of the total. New developments on brownfield sites represented 91,200 sqm (43%), while new greenfield developments contributed 9,400 sqm (5%).

By property type, big-box logistics facilities led the market with 143,900 sqm, representing 68% of total take-up. Other industrial properties accounted for 34,100 sqm (16%), while business parks recorded 33,000 sqm.

Leased space represented 166,600 sqm, or 79% of the total, with owner-occupiers accounting for the remaining 44,400 sqm (21%).

Within the market, the Berlin urban area recorded the highest activity with 93,500 sqm, representing 44% of total take-up. Berlin South led the city’s submarkets with 47,900 sqm, followed by Berlin West (22,600 sqm), Berlin North (14,400 sqm) and Berlin East (8,600 sqm). Outside the city, southern Berlin’s surrounding area accounted for 87,800 sqm, while the western and northern surrounding regions recorded 15,300 sqm and 14,400 sqm respectively.

By occupier sector, logistics and distribution companies generated the largest share of demand with 78,100 sqm (37%), followed by retail and wholesale occupiers with 56,900 sqm (27%). Manufacturing companies leased 51,000 sqm (24%), while supply and other occupiers accounted for 25,000 sqm (12%).

Large warehouse units exceeding 10,000 sqm remained the dominant market segment, accounting for 102,550 sqm, or 49% of total take-up. Units between 3,001 sqm and 5,000 sqm represented 37,700 sqm, followed by premises between 5,001 sqm and 10,000 sqm with 33,400 sqm. Smaller units between 1,000 sqm and 3,000 sqm accounted for 30,400 sqm, while units below 1,000 sqm totalled 6,950 sqm.

Quadrum relocates headquarters to Stella Office in Kraków

Construction company Quadrum has signed a lease for more than 600 sqm of office space at Stella Office, relocating its headquarters to the office building at 75 Przybyszewskiego Street in Kraków.

The Class A office building is owned by Zasada Group. Real estate advisory firm Walter Herz represented Quadrum during the leasing process. The company’s new headquarters is expected to open in autumn 2026.

Founded in 1987, Quadrum provides general contracting and fit-out services across the retail, industrial, logistics, hospitality, manufacturing, residential and public sectors. The family-owned company has completed nearly 300 projects throughout Poland.

Its fit-out portfolio includes projects such as the Legia Warsaw Stadium, PGE Narodowy, TAURON Arena Kraków, POLIN Museum of the History of Polish Jews, Kraków Airport, Galeria Bronowice, Wroclavia, High5ive, The Park Wrocław, Cosmopolitan Twarda 4, Galeria Kazimierz, Qubus Hotel Katowice and PURO Hotel Kraków.

As a general contractor, the company has delivered manufacturing, warehouse and residential developments, including the MAN Trucks production plant in Niepołomice, the expansion of the Bell Polska production facility in Niepołomice, the Goethe-Institut Kraków and industrial projects in Dąbrowa Górnicza and Michrów. The company also announced that it will begin construction works on the Kwartał Dworcowa project in Katowice.

According to Quadrum, the relocation supports the company’s continued growth and provides modern office space that meets its operational requirements. The company will carry out the fit-out of the new premises itself.

Walter Herz advised the tenant on lease negotiations and commercial terms, including arrangements enabling Quadrum to undertake the office fit-out independently.

Completed at the end of 2025, Stella Office offers approximately 9,900 sqm of office space across five floors. Designed by Q3D Group, the building features a glazed façade and provides more than 250 parking spaces, bicycle facilities and access to public transport. The property is located in the Bronowice district, with connections to central Kraków, the A4 motorway and Kraków Airport.

Skanska Wins NOK 1.1 Billion Contract for Hydro Industrial Facility in Norway

fletcher@cijeurope.com
4 July 2026
Company News, Construction, Deals, Manufacturing

Skanska has secured a contract worth approximately NOK 1.1 billion (around SEK 1.0 billion) from aluminium producer Hydro to construct a new aluminium wire rod production facility at the company’s industrial site in Karmøy, Norway.

The contract will be included in Skanska’s Nordic order bookings for the third quarter of 2026.

The project involves the construction of a new manufacturing facility that will expand Hydro’s aluminium wire rod production capacity. The development includes a production hall equipped with furnaces and a wire rod production line, together with storage facilities, maintenance buildings and office space. The contract also covers civil engineering works, technical installations and integration with the site’s existing infrastructure.

Once completed, the new production line is expected to have an annual production capacity of approximately 110,000 tonnes of aluminium wire rod.

Construction has already commenced, with completion scheduled for March 2028.

The investment forms part of continued industrial expansion within Norway’s metals sector, where manufacturers are investing in modern production facilities to improve efficiency, strengthen supply chains and support demand from industries including power transmission, construction and automotive manufacturing. Aluminium wire rod is a key raw material used in electrical cables and other industrial applications, making additional production capacity strategically important as electrification and energy infrastructure projects continue to expand across Europe.

STRABAG Acquires Landmark Olivia Star Office Tower in Gdańsk

The Austrian STRABAG Group has acquired the Olivia Star office tower in Gdańsk in a transaction valued at approximately EUR 150 million, one of the largest commercial real estate deals completed in Poland so far in 2026.

Real estate investment manager KINGSTONE Real Estate (KINGSTONE RE) acted as transaction adviser to STRABAG, sourcing the asset, coordinating due diligence and supporting negotiations throughout the acquisition process. Following completion, the company has also been appointed to provide long-term asset management services for the property.

Located in the Olivia Centre business district in Gdańsk’s Oliwa district, Olivia Star is the tallest office building in Poland’s regional cities. The 180-metre, 34-storey tower offers approximately 40,000 sqm of premium office space and is currently 98% occupied.

The building also incorporates conference facilities, restaurants, bars and a publicly accessible observation deck under the Olivia Star Top concept. Key occupiers include Nordea Bank, PwC and Olivia Star Top.

The property was acquired from Tonsa Commercial, which developed the building. The transaction was structured as a share deal. While Olivia Star has changed ownership, the remaining six buildings within the Olivia Centre complex remain under the seller’s ownership.

According to KINGSTONE RE, the acquisition reflects increasing interest from international investors in the Polish office market, supported by relatively attractive pricing compared with many Western European markets and Poland’s continuing economic growth. The company believes these factors continue to support investment activity, particularly for high-quality office assets in established business locations.

The Olivia Centre campus is the largest business complex in Poland and among the largest office developments in Central and Eastern Europe. Olivia Star serves as its landmark building and occupies a prominent position within Gdańsk’s principal office district.

Advisers on the transaction included Greenberg Traurig, Pinsent Masons and tax adviser Magdalena Zamoyska for the seller, while STRABAG was advised by Act Legal, Savills and Baker Tilly.

The acquisition is another indication that investor appetite for prime office assets in Poland is improving after a more cautious period across European commercial real estate markets. Institutional investors continue to focus on well-let, modern buildings with strong occupier profiles, particularly in cities where long-term economic growth, limited prime supply and stable tenant demand support investment fundamentals.

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