Catella announces appointment of Sebastian H. Lohmer to its KVG Supervisory Board

Catella Group has appointed Sebastian H. Lohmer to the Supervisory Board of its KVG platform, Catella Real Estate AG (CREAG).

Lohmer has more than 40 years of experience in the real estate and regulated fund management sectors. He currently works as an independent consultant and board member. From 2013 until March 2022, he served as Managing Director of PATRIZIA Real Asset KVG in Hamburg, where he was jointly responsible for managing more than 100 funds with assets under management exceeding EUR 30 billion.

Earlier in his career, Lohmer held senior roles at PGIM Real Estate, including Managing Director of TMW Pramerica Property Investment KAG, where he oversaw portfolio management for the public open-ended fund TMW Immobilien Weltfonds. He also served on the board and real estate committee of the German Investment Funds Association (BVI).

According to Catella, Lohmer’s appointment is intended to strengthen the Supervisory Board’s expertise in fund management, governance and strategic oversight.

Lohmer succeeds Karl Hamberger, with the appointment effective from May 19, 2026. The appointment remains subject to any required approvals from Germany’s Federal Financial Supervisory Authority (BaFin). The composition of CREAG’s Management Board remains unchanged.

Union Investment Sells Manhattan Retail Property as Part of U.S. Portfolio Strategy

Union Investment Real Estate⁠ and its joint venture partner Nuveen Real Estate⁠ have completed the sale of the retail property at 1511 Third Avenue on Manhattan’s Upper East Side in New York City. The buyer is Stockbridge Capital Group⁠, a San Francisco-based real estate investment manager with investments across major U.S. property sectors. Financial details of the transaction were not disclosed.

The property was acquired in 2016 through a joint venture between Union Investment and Nuveen Real Estate, then operating as TH Real Estate, on behalf of the open-ended real estate fund UniImmo: Global, which held a 49 percent stake in the asset.

The acquisition formed part of a four-property U.S. retail portfolio transaction that marked Union Investment’s entry into the American retail market. The sale follows the disposal of another joint venture asset, the 636 Sixth Avenue retail property in Manhattan’s Flatiron District, which was sold in 2024. UniImmo: Global continues to retain 49 percent interests in the remaining two retail assets located in prime shopping corridors in San Francisco and Philadelphia.

The fully leased building at 1511 Third Avenue comprises approximately 1,625 sqm of retail space across four floors and a basement. The ground floor and basement are primarily occupied by Gap Inc.⁠, while the upper floors are leased to luxury fitness operator Equinox⁠.

Kseniya Merritt, Senior Vice President and Head of Retail Investments North America at Union Investment, said the sale was driven by strategic portfolio considerations and would strengthen the fund’s liquidity position. She noted that the transaction was completed despite ongoing challenges in the U.S. investment market, including limited transaction activity and elevated interest rates.

The transaction was brokered by the New York retail team of CBRE⁠, led by Doug Middleton and Jack Stillwagon.

Art-Invest Real Estate Repositions Two Hotel Assets with New Long-Term Lease Agreements

Art-Invest Real Estate⁠ has successfully re-let two hotel properties within its portfolio following the insolvency of the previous operator, securing long-term lease agreements with leading hospitality brands and strengthening the operational positioning of both assets.

The company has appointed Motel One as the new long-term tenant for its hotel project in Kiel. The property will be integrated into Motel One’s portfolio and benefit from the group’s international distribution platform and established brand strategy. Motel One plans to undertake a comprehensive refurbishment programme to align the hotel with its design, quality and service standards.

In Hamburg-Barmbek, the existing hotel will continue to operate under the ibis Styles brand. The property has been leased to a joint venture between The Chocolate on the Pillow Group and Accor⁠, a partnership established in 2021. The arrangement is expected to strengthen the hotel’s market position through experienced operational management and closer integration with Accor’s international distribution and loyalty platforms.

Dr. Peter Ebertz, Managing Director and Head of Hotels at Art-Invest Real Estate⁠, said the successful re-leasing of both properties demonstrates the company’s proactive asset management approach in a challenging market environment. He highlighted the importance of operational hotel expertise and the ability to quickly implement sustainable solutions for investors.

According to Art-Invest Real Estate, the transactions were the result of an early marketing process focused on identifying suitable operators and tailoring concepts to the specific characteristics of each location. Legal advice was provided by GSK Stockmann⁠.

The agreements are expected to enhance the long-term competitiveness and operational performance of both hotel assets while improving the quality of the operator structure within the portfolio.

Sweden Introduces Mandatory ‘Withdrawal Button’ for Online Consumer Contracts

Businesses selling goods and services online in Sweden will soon be required to provide consumers with a dedicated digital function enabling them to withdraw from contracts directly through the platform where the purchase was made.

The new requirement, which takes effect on 19 June 2026, forms part of amendments to Sweden’s Distance and Off-Premises Contracts Act and is designed to simplify the exercise of consumers’ existing withdrawal rights. The rules apply to both financial services and products sold at a distance, as well as a broad range of consumer goods and services offered online.

Under the new legislation, companies must ensure that consumers can access a clear and easily identifiable withdrawal function throughout the entire withdrawal period. The feature must be available within the same website or application used to conclude the contract and should be clearly labelled, for example with wording such as “withdraw from the agreement here.”

Consumers using the function must be able to identify the contract they wish to withdraw from and select how they would like to receive confirmation of their withdrawal. Businesses will also be required to implement a confirmation step to prevent accidental cancellations and must provide consumers with prompt confirmation that the withdrawal request has been received.

The changes are expected to affect a wide range of businesses, including e-commerce retailers, subscription-based service providers, digital platforms, app operators and financial institutions offering products online.

According to legal experts, the amendments do not create any new withdrawal rights for consumers. Instead, they are intended to make existing rights easier to exercise in practice by reducing administrative barriers and streamlining the cancellation process.

The legislation also introduces new information obligations. Before a contract is concluded, businesses must inform consumers about the existence of the withdrawal function and explain where it can be accessed. As a result, many companies may need to update their terms and conditions, customer information pages and onboarding processes.

Companies that fail to provide a compliant withdrawal function could face regulatory consequences. Non-compliance may be classified as unfair marketing practice, potentially resulting in injunctions, penalty payments and market disruption fees.

The Swedish amendments implement provisions contained in the European Union’s updated consumer protection framework for distance financial services and form part of broader efforts across the EU to strengthen consumer rights in digital marketplaces.

Source: CMS

HIH Invest Sells Nuremberg Office Property to TETRIS Grundbesitz AG

HIH Invest has completed the sale of an office property in Nuremberg to TETRIS Grundbesitz AG. The transaction was structured as an asset deal, with the parties agreeing not to disclose the purchase price.

The property, located at Schweinauer Hauptstraße 80 in the Schweinau district of Nuremberg, offers approximately 4,900 sqm of leasable space and 88 parking spaces. Built in 1961, the office building is situated close to the Hohe Marter underground station and is currently almost fully leased.

The tenant mix includes the Free State of Bavaria, a tax advisory firm, and a law office. The property’s weighted average unexpired lease term (WALT) is approximately five years.

According to HIH Invest, the asset attracted strong market interest due to its high occupancy rate, diversified tenant structure, and established location.

“With the sale of the property in Nuremberg, we successfully concluded a structured marketing process,” said Daniel Asmus. “The high occupancy level, diversified tenant base, and established location generated broad market demand. The transaction demonstrates that there continues to be investor appetite for high-quality office properties in attractive and central locations.”

The sale process was supported by Colliers Germany⁠ in Nuremberg, while legal advisory services were provided by McDermott Will & Schulte Rechtsanwälte Steuerberater LLP⁠.

WING Industrial Completes Airport City Business Park with New Built-to-Suit Development

WING Industrial has launched the final development phase of its Airport City Business Park in Vecsés, further strengthening one of the Budapest region’s most established logistics and industrial locations.

The new warehouse building is being developed on a built-to-suit basis for a long-term tenant and will complete the full development of the industrial park. Upon completion, the complex will continue to operate at full occupancy.

The new facility will provide approximately 3,300 sqm of gross leasable area and has been designed to meet the tenant’s specific operational requirements. The building will feature a 12-metre clear height, eight loading docks and office space representing approximately 20 percent of the total area. Completion and handover are scheduled for the second quarter of 2027.

The project will be developed in line with the park’s sustainability strategy. Airport City Business Park operates entirely on renewable electricity, and the new building is targeting BREEAM International “Very Good” certification.

Located adjacent to Budapest Liszt Ferenc International Airport and close to the junction of the M0 and M4 motorways, Airport City Business Park offers direct access to Hungary’s key transport infrastructure. The location is particularly suited to logistics operators, air cargo-related businesses and light industrial occupiers requiring efficient domestic and international distribution networks.

The park also benefits from on-site customs services, providing additional support for companies engaged in international trade. Public transport links serving the area further enhance accessibility for employees.

According to WING Industrial, the location and service offering were key factors in the tenant’s decision to establish operations at the park.

With the completion of the final phase, Airport City Business Park has reached its maximum development capacity. However, WING Industrial retains further growth potential nearby through its Airport City Pro development site, where additional built-to-suit logistics and industrial projects may be delivered in response to future occupier demand.

Polish Consumer Spending Continues to Grow, but Retail Channels Show Diverging Trends

Consumer spending in Poland increased in April 2026, although the overall growth masked significant differences between retail channels, according to data from the Retail Institute. The analysis covers more than 500 million monthly transactions across over 2,050 retail properties, shopping streets and e-commerce platforms in 320 cities, representing approximately 40 percent of all transactions conducted in Poland.

Total consumer spending across all channels rose by 4.7 percent year-on-year in April. The number of transactions increased by 1.7 percent, while the number of shoppers grew by 2.3 percent.

E-commerce remained the fastest-growing retail channel in terms of customer activity. Although total online spending declined by 1.6 percent compared with April 2025, the number of online shoppers increased by 18.6 percent and transaction volumes rose by 16.8 percent. At the same time, the average online transaction value fell by 15.8 percent, suggesting that consumers are increasingly using digital channels for everyday purchases rather than primarily for larger, planned transactions.

Physical retail formats experienced mixed results. Retail parks recorded a 1.4 percent decline in spending and a 1.1 percent decrease in the number of shoppers. Shopping centres saw spending fall by 3.4 percent, while footfall declined by 3.2 percent. However, both formats reported increases in average transaction values, rising by 1.1 percent in retail parks and 2.9 percent in shopping centres. Spending per customer also increased, indicating that while fewer consumers visited these destinations, those who did spent more.

High streets were the only physical retail channel to post clear growth. Spending increased by 2.7 percent year-on-year, while the number of shoppers rose by 1 percent. According to Retail Institute, the results suggest that convenience and proximity continue to play an important role in consumer purchasing decisions.

Anna Szmeja, President of Retail Institute, said the data point to a market increasingly characterised by customer segmentation rather than broad-based growth.

“Shopping centres are losing part of their mass-market traffic but are retaining customers with greater purchasing power and a stronger intention to buy,” she said. “For property owners and managers, this suggests that future success may depend less on rebuilding visitor numbers and more on developing offers tailored to smaller but higher-value customer groups.”

Calendar Effects Influenced April Performance

Retail Institute noted that year-on-year comparisons were affected by calendar and weather-related factors.

Easter fell 15 days earlier in 2026 than in 2025, shifting much of the seasonal shopping activity into March. In addition, April 2025 was one of the warmest Aprils ever recorded in Poland, while April 2026 reflected more typical weather conditions. Both factors likely influenced the year-on-year comparisons and may have exaggerated some of the apparent declines in individual categories.

Fashion Spending Shifts Further Online

The fashion sector remained under pressure in physical retail locations. Overall spending on clothing and footwear declined by 4.7 percent year-on-year, while the number of shoppers fell by 6.3 percent and transaction volumes by 7.6 percent.

Shopping centres recorded a 9.3 percent decline in fashion spending, while retail parks saw an even larger drop of 11.5 percent.

E-commerce was the exception. Online spending on fashion increased by 16.4 percent, accompanied by a 20.8 percent rise in the number of shoppers. Despite declining footfall, average transaction values in shopping centres rose by 2.8 percent, indicating that customers visiting physical stores were making fewer but larger purchases.

Online Grocery Sales Continue Rapid Expansion

The grocery sector presented a more complex picture. Overall spending was broadly stable, declining by just 0.6 percent year-on-year, while the number of shoppers increased by 1 percent.

Beneath these headline figures, however, significant channel shifts are taking place. Online grocery spending surged by 68.4 percent year-on-year, while the number of online grocery shoppers increased by 54.9 percent. Although partly influenced by a relatively low base, the figures suggest that online grocery shopping is gaining broader consumer acceptance.

At the same time, spending on grocery purchases in retail parks declined by 2.4 percent, while shopping centres recorded a 3.1 percent decrease.

Unlike many other categories, average transaction values in online grocery shopping increased by 23.2 percent, indicating that consumers continue to use digital grocery channels primarily for larger, planned purchases rather than impulse buying.

Retail Institute concluded that retailers and property owners should increasingly evaluate their performance against the broader local consumer spending market rather than solely against competing retail formats. Understanding whether spending declines result from category weakness or shifts between sales channels will become increasingly important for leasing, investment and marketing decisions.

Polish Warehouse Market May Tighten as Demand Returns and Development Activity Remains Restrained

Poland’s warehouse market remains broadly balanced, but industry experts are warning that conditions could tighten in selected locations if tenant demand continues to recover while new supply remains limited.

According to data from the Polish Chamber of Commercial Real Estate (PINK), Poland’s modern warehouse stock exceeds 37 million sqm, with a national vacancy rate of approximately 7 percent. At the end of March 2026, around 1.44 million sqm of warehouse space was under construction, with the largest share of new developments located in the Mazowieckie Voivodeship (37 percent), followed by Śląskie (15 percent) and Łódzkie (11 percent).

While the overall vacancy rate suggests that tenants still have options available, market participants note that conditions vary significantly by region and asset quality.

“The biggest mistake today would be to assume that the official vacancy rate guarantees a comfortable situation in the coming years,” said Tomasz Arent, Partner at SQM Advisory. “We are seeing signs of increasing demand, including activity from international occupiers, while developers remain cautious about launching speculative projects.”

Over the past two years, warehouse occupiers have largely focused on cost optimisation and lease renegotiations, while developers have limited new speculative construction, often requiring pre-leasing commitments before commencing projects. This has contributed to a more balanced market following the rapid expansion seen during earlier years.

According to SQM Advisory, demand from logistics operators and e-commerce companies has been gradually improving, particularly for larger units in established logistics locations. However, the consultancy notes that market conditions differ considerably depending on region, building quality and available unit sizes.

The availability of warehouse space remains particularly limited in some regional markets. PINK data show vacancy rates of 0 percent in Podlaskie, 1.1 percent in Opolskie and 1.4 percent in Zachodniopomorskie. However, these figures do not necessarily reflect conditions across Poland’s largest logistics hubs, where availability remains higher.

Developers continue to take a cautious approach to new investments amid financing constraints and economic uncertainty. Financial institutions are also applying greater scrutiny to new projects compared with previous market cycles.

Industry observers note that future market dynamics will largely depend on the pace of tenant demand growth. Should occupier activity accelerate significantly while development remains restrained, selected markets could experience declining availability and upward pressure on rents. However, current national vacancy levels suggest that the market remains broadly balanced overall.

“Tenants should continue to monitor market conditions and plan lease renewals well in advance, particularly in locations where availability is already limited,” Arent said.

While some analysts anticipate tighter conditions over the next several quarters, the extent of any market shift will depend on the strength of future demand, the pace of new development activity and broader economic conditions.

Source: PINK

Polish Manufacturing Sector’s Overdue Debt Reaches Record PLN 8.6 Billion

Outstanding debt in Poland’s manufacturing sector climbed to a record PLN 8.6 billion at the end of March 2026, highlighting growing financial pressures despite signs of a broader industrial recovery, according to data from BIG InfoMonitor and the Credit Information Bureau (BIK).

The value of overdue liabilities increased by nearly PLN 1.6 billion year-on-year, representing growth of 22.7 percent. At the same time, the number of manufacturing companies struggling to meet their obligations fell by approximately 1,800 businesses to 26,263 entities.

As a result, the average overdue debt per indebted manufacturing company rose sharply to PLN 328,000, compared with around PLN 250,000 a year earlier.

The figures present a contrasting picture of the sector. According to Poland’s Central Statistical Office (GUS), industrial production expanded by 9.4 percent year-on-year in March, marking one of the strongest monthly performances since 2022. Food processing, mining and metal products manufacturing were among the sectors driving growth.

However, stronger production activity has not translated into improved financial stability for many businesses.

“The industry is increasing output and the official data confirm stronger activity, but overdue debt continues to grow,” said Paweł Szarkowski. “This suggests that the economic recovery is not yet strong enough to significantly improve companies’ payment discipline and liquidity.”

Food and Metal Manufacturers Face the Largest Debt Burdens

The food manufacturing sector remains the most indebted segment of Polish industry. Companies involved in food production accumulated approximately PLN 1.5 billion in overdue liabilities, an increase of more than PLN 151 million, or 11.1 percent, over the past year.

Food producers continue to face rising costs for agricultural commodities, energy and labour, while also dealing with intense pricing pressure from retailers.

The second most indebted segment is metal products manufacturing, where outstanding liabilities exceed PLN 1.3 billion. More than 5,000 companies in the sector are experiencing repayment difficulties, reflecting persistent cost pressures and weaker demand from industrial and construction-related markets.

Meat Industry Records One of the Sharpest Increases

Among individual subsectors, the meat processing industry recorded one of the fastest deteriorations in payment performance.

Outstanding liabilities in meat processing and preservation increased by approximately PLN 125 million during the year, representing growth of 23 percent. Total overdue debt in the segment reached nearly PLN 665 million, accounting for almost one-tenth of all overdue liabilities within Poland’s manufacturing sector.

Industry analysts note that meat processors are particularly exposed to rising energy costs, higher raw material prices and labour shortages, while operating in a highly competitive market with relatively thin profit margins.

Labour Shortages Add Further Pressure

Beyond financial challenges, manufacturers continue to report difficulties recruiting qualified workers.

According to Waldemar Rogowski, labour shortages are becoming an increasingly significant constraint on industrial growth.

“Companies report that the limited availability of skilled workers is beginning to affect both day-to-day operations and longer-term development plans,” Rogowski said. Research conducted by BIG InfoMonitor shows that one in five manufacturing companies considers workforce shortages a major business risk.

Liquidity Becomes a Growing Concern

BIG InfoMonitor’s SME Scanner survey indicates that Polish businesses continue to operate in an environment of elevated uncertainty. Rising operating costs are cited as the biggest concern by 28 percent of companies, while 25 percent point to tax-related risks and 20 percent identify geopolitical uncertainty as a key challenge.

The latest figures suggest that although industrial production is recovering, many companies remain under considerable financial strain. Rising activity is generating higher operational demands, but for a growing number of manufacturers, maintaining liquidity is becoming as important as preserving profitability.

Analysts warn that monitoring the financial health of customers and business partners is likely to become increasingly critical as companies navigate a still-fragile recovery environment.

China’s Education Surge Highlights Poland’s Competitiveness Challenge

As Polish students collect their end-of-year certificates and graduates compete for university places, experts are increasingly questioning whether the country’s education system is adequately preparing young people for a rapidly evolving global economy.

The debate has intensified following the publication of the 2025 Shanghai Ranking, one of the world’s most closely watched university league tables. Poland placed seven universities among the world’s top 1,000 institutions, with the highest-ranked, the University of Warsaw, appearing in the 401–500 range. By comparison, China now has 222 universities in the top 1,000 and 13 institutions within the global top 100.

The contrast is even more striking when viewed over the past decade. In 2015, China had 32 universities in the Shanghai Ranking’s top 500 and was still widely regarded as a country catching up with Western academic and technological leaders. Today, it has emerged as one of the world’s strongest education and research powers, supported by substantial investment in science, technology and innovation.

According to labour market specialists, the differing trajectories reflect broader differences in educational priorities. China has spent years strengthening mathematics, engineering, science and technology education while maintaining high academic standards. Its national university entrance examination, known as the Gaokao, remains one of the most demanding examinations globally and serves as a gateway to higher education for millions of students each year.

At the same time, China has invested heavily in research institutions and technology-focused universities, helping fuel growth in sectors such as artificial intelligence, semiconductors, robotics and electric mobility.

Krzysztof Inglot, labour market expert and founder of Personnel Service, argues that Poland’s education model remains heavily focused on memorisation and examination performance rather than developing practical skills and adaptability.

“The key question is what kind of world we are preparing young people for,” Inglot said. “The global economy increasingly rewards technological, analytical and problem-solving skills, while traditional education systems often continue to prioritise reproducing knowledge rather than creating it.”

The challenge is becoming more urgent as artificial intelligence and automation reshape labour market requirements. Employers are placing greater value on logical thinking, digital literacy, creativity and the ability to work alongside emerging technologies, while routine tasks are increasingly automated.

Experts warn that future labour market divides may be defined less by traditional distinctions between manual and office-based work and more by the gap between workers who can effectively use technology and those whose roles can be replaced by it.

Inglot argues that strengthening mathematics, programming, critical thinking and project-based learning should become central priorities if Poland hopes to remain competitive in attracting investment and creating high-value jobs.

While Poland has introduced various education reforms over recent years, analysts suggest that broader structural changes may be necessary if the country wants to narrow the gap with global leaders in higher education and innovation.

As international competition for talent, technology and investment intensifies, education policy is increasingly being viewed not only as a social issue but also as a strategic component of long-term economic competitiveness.

Source: Personnel Service

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