CEE TOP 100: The 100 most influential people in CEE real estate

ROMANIA - UPCOMING DEVELOPMENT

Zbigniew Juroszek

Ferenc Kis-Szölgyémi

Vlaho Kojakovic

Omar Koleilat

Milan Kratina

INTERVIEWS

INTRODUCTION BY RICS

At RICS, we are honoured to support Property Forum’s The 100 most influential people in CEE real estate initiative, celebrating those who drive excellence, innovation, and sustainable development across the real estate industry. As a global professional body committed to setting and upholding the highest ethical and professional standards in land, property, infrastructure, and construction, we recognise the critical role of thought leadership and professional integrity in shaping the future of this dynamic region.

Central and Eastern Europe continues to show remarkable resilience and adaptability in a constantly evolving global market, one that is not without its challenges. This list not only highlights the talent and dedication of professionals who have made significant contributions to the built environment, but it also underscores the region’s potential in leading sustainable, value-driven change within the sector.

We extend our congratulations to the outstanding professionals recognised in this edition. Your achievements serve as an inspiration to all, especially the next generation, exemplifying the values of ethics, quality, and expertise that RICS champions. Together, we look forward to building a more resilient, responsible, and forward-thinking real estate sector for generations to come.

Chair of the RICS Europe World Regional Board

ANNA ORCSIK

SUSANNE EICKERMANNRIEPE FRICS

FOREWORD

Property Forum is proud to present the first edition of its annual publication which introduces and celebrates the movers and shakers of the ever-evolving CEE real estate market.

Within these pages, you’ll discover a curated list of the 100 most impactful figures in CEE’s real estate landscape, along with insightful interviews and articles covering a wide array of relevant topics. This list was meticulously compiled based on factors such as market share, both local and global rankings, historical and current market activities, plans for growth, participation in the major deals of 2024, and presence in the media, at events, and in social media.

Additionally, for a deeper perspective, we’ve included a special list highlighting the most active marketing professionals in real estate. Their tireless efforts to promote their companies — both within the industry and to the wider public — are instrumental in shaping the sector’s reputation within the business community. We felt it was time to give them an opportunity to introduce themselves and their work.

We hope you find as much enjoyment in reading this publication as we did in putting it together, and we look forward to updating this list in 2025, as even more dealmakers and thought-leaders rise within the industry.

CSANÁD CSÜRÖS Publisher

OVIDIU NICOLAE Editor

MARIA NOVÁKOVÁ Editor

PÉTER FUTÓ Editor

ATTILA BACSA Head of Sales

FULVIA MEIROȘU Sales Manager

ELA TOMASIK Sales Manager

GÁBOR BALATON Sales Manager

ALIZ MCLEAN Copy Editor

MACIEJ TIL Graphic Designer

VERA TÓTH-TESZÉRI Graphic Designer

ÁKOS BUDAI Editor-in-Chief

MICHAŁ PORĘCKI Editor

THE 100 MOST INFLUENTIAL PEOPLE IN CEE REAL ESTATE

Hubert studied real estate and finance at the European Business school in Oestrich Winkel and was accredited as chartered surveyor by RICS in 1995. Over the last 35 years Hubert has built a career in real estate initially as a developer and later in the land banking sector, providing equity and Mezzanine capital for various real estate projects. In 2012, Hubert founded New Work Offices, now one the most awarded and recognized flex office operators in CEE.

New Work Offices supports landlords in activating office space and creating amenities linked with the space as a service model, boosting footfall in office buildings. New Work is growing against the trend and plans to open 5 new locations by end of 2025.

ABT

Listed as RICS TechPartner, worklcoud24 is already present in Germany, Poland, and Hungary, with plans to expand to the UK, Romania, and Bulgaria in 2025. The company is also working toward implementing of green energy services, like storage and grid balancing software for shopping malls and logistics facilities.

Hubert is a creative thinker with a keen interest in technology and future market trends. With over 11,000 followers on Linkedin, he is one of the real estate sector’s most active voices, sharing insights and educating the community. Outside of work, Hubert is passionate about outdoor sports like biking, swimming, golfing and skiing, along with his regular workouts in his own “HUBERT” gym. He also has a deep appreciation for excellent wines and food.

HUBERT ABT, FRICS

GÜNTHER ARTNER

Head of Group Commercial Real Estate, Erste Group Bank AG

Having worked for Erste since June 2000, Günther assumed the responsibilities of Head of Group Commercial Real Estate at Erste Group in July 2022.

Erste Group’s Commercial Real Estate loan book has grown to over €23 billion over the last year, with a focus on supporting clients active in Austria and CEE. The loan portfolio has proven to be very crisis resistant, and Erste positions itself as a knowledgeable and reliable banking partner in the region. It focuses on the decarbonization of its portfolio of financed assets, with a target of reducing CO2-emissions by 50% from the base year 2022 until 2030 and basically to net-zero until 2050. Using a newly developed Financial Health tool, Erste not only analyses the typical financial parameters of financed properties, but also goes way beyond this by providing a detailed technical analysis. This helps the client and the bank to understand and discuss energy efficiency and capex needs and to ultimately estimate the reletting risk in case of tenant fluctuation.

Günther is a passionate tennis player and regularly plays league matches for his home club team in Vienna, for whom he also coaches one of his sons and other younger players at the club. Other than that, he spends most of whatever free time he has with his family, which includes three kids.

Eric is an American entrepreneur, builder and real estate investor. He founded Gnome Group in 1988, an international design-build firm developing telecommunications infrastructure and data centers, which was later merged into MetroNexus, a part of Morgan Stanley’s global data center platform. In 2002, he founded Revetas Group, an institutional real estate investment firm in Europe.

Revetas has achieved some significant successes in the past 12 months. The company has exited a number of investments at or above business plan, including residential land for development, the Landmark office complex in Bucharest and the sale of TriGranit, while also securing some significant refinancings and major leases across its portfolio. Revetas has also created strong partnerships with Korean investors to support their overseas real estate investments. Additionally, the company launched its fourth real estate fund, focused on distressed opportunities and special situations.

Eric Assimakopoulos is Chairman, CEO, and member of the Investment Committee of Revetas Group. He serves on the boards of Keystone Holdings, Promotorio, BTS Cargo, and Peach Property Group. Through Revetas Charitable Adventures, he supports underprivileged children through adventures and sports experiences. He is an avid hunter, skier, pilot and technical diver.

ERIC ASSIMAKOPOULOS

Founding Partner, Revetas Group

ASSIMAKOPOULOS

LUCIAN AZOIȚEI

Founder & CEO, Forty Management

Lucian is Founder and CEO of Forty Management, managing the company’s long-term development strategy. He is a recognised executive with over 20 years’ worth of experience in the local real estate market.

The company recently completed Central District Lagoon Park, the first phase of a larger scale mixed-use green urban regeneration project, Lagoon City. This is an investment of over €120 million and is the first project in CEE to use the Crystal Lagoons man-made turquoise lagoon. The developer is preparing to build up this concept in Budapest, Prague and Sevilla in 2025 and in Rome, Milan, Toulouse and Warsaw in the next years.

The company’s portfolio includes 510 apartments under construction, 3 five-star hotels with 705 rooms (Radisson Lagoon Bucharest, Crest Collection Bucharest and Swisshotel Lagoon Budapest), as well as 2 lagoons in Budapest and Sevilla.

Lucian enjoys travelling, interacting with new people and cultures. He also got involved in a foundation that helps young musicians, together with his brother, a famous violinist.

BAJGAR&DEJAN

Radim has played a pivotal role as a Founding Partner at Mint Investments, leveraging his extensive background in finance and real estate. Sebastien co-founded Mint Investments in 2004 and currently serves as Partner for New Business.

In 2024, Mint celebrated key achievements, including the completion of landmark projects for its BTR fund and a further expansion of its asset management portfolio, now exceeding €1 billion. Mint has grown the Mint Residential Fund investor base and penetrated leading Czech banks’ fund distribution channels. Despite the challenging market, Mint has maintained over 95% occupancy of its office portfolio and close to 100% occupancy of its residential portfolio. Looking to 2025, Mint will grow its investor base, and has new office and BTR acquisitions in its pipeline. The company plans to concentrate on acquiring sustainable projects, and enhancing the value and energy efficiency of its assets.

Radim is a generous long-term sponsor of many nonprofit organisations and their programmes, such as People in Need, Lunches for Children, Hospital Clown and many others. Radim and Sebastien value their time with their families. Radim enjoys hiking and climbing the mountains, glaciers, and riding MTB in summer, and freeride skiing in winter. Sebastien plays tennis, and explores new travel destinations that broaden his horizons.

RADIM BAJGAR & SEBASTIEN DEJANOVSKI

DIDIER BALCAEN

CEO & Co-Founder, SPEEDWELL Development

Didier boasts over 25 years of extensive experience in the international construction and real estate industry. Notably, he has dedicated more than 15 years of his career to CEE-based markets, with a special focus on Romania. In 2015, alongside his business partner and friend, Jan Demeyere, he co-founded SPEEDWELL Development, establishing a significant presence in the Romanian market.

The company’s extensive portfolio extends across Bucharest and regional cities, covering approximately 150,000 sqm of offices and retail spaces, 6,000 apartments, and 23,000 sqm of industrial space, with a combined value nearing €1.5 billion. Since June 2024, Speedwell has expanded its operations in Poland, targeting a development portfolio to match its Romanian one.

The developer is currently working on a portfolio of residential projects in Bucharest and Timisoara, is preparing the imminent launch of a carbon-neutral mixed-use development in the capital and other new residential projects in Brasov and Cluj-Napoca.

Didier has a passion for speed, whether it is behind the wheel of a car, navigating the waters on a boat, or cruising on a motorcycle.

KRISTÓF BÁRÁNY

Managing Partner, Adventum

Kristóf is the Founding Partner of Adventum Group, a Budapest-based fund manager that is entirely owned by the management and focuses on CEE investments, with a current asset value exceeding €1 billion.

With a 700,000+ sqm portfolio, Adventum has been focusing on green investments in the core CEE markets for years and this has become a clear advantage as regulations catch up with the need for profitable ESG focused investments. In later 2023, the company made headlines with the first ever euro-based share issuance on the Budapest Stock Exchange. Through the IPO, Shopper Park Plus raised a total of €37 million, placing its shares into the BSE Premium Category. The company’s objective is to emerge as one of the leading retail operator entities in CEE in the field of retail parks, both in terms of size and brand recognition. Kristóf believes that properties with an inadequate ESG assessment will no longer be a viable option for sale within a 3-5 years. Adventum’s green strategy includes aiming to achieve a BREEAM In-Use rating for all buildings.

In his personal life, Kristóf is a devoted supporter of child protection services and foundations. He likes playing tennis, squash and football.

DANIEL BIENIAS, MRICS

Managing Director in CEE, CBRE

Since joining CBRE in 2010, Daniel has made a significant impact in the real estate industry in Poland. Since his appointment as Managing Director in Poland in 2015, the Polish branch has grown substantially, becoming a market leader with over 500 advisors. In 2023, Daniel’s contributions were recognized with his promotion to Managing Director for the CEE region.

Before CBRE, Daniel was the Head of Marketing and Leasing at CA Immo. His educational background includes a degree from the University of Szczecin and post-graduate studies at the Warsaw University of Technology. He also enhanced his skills at Sheffield Hallam University, Ashridge Business School, ESADE, and Harvard Business School.

Daniel aims to strengthen collaboration across regional operations, believing that a unified approach is key to delivering better, solution-driven experiences for clients. He values local presence and characteristics, combined with a multidimensional perspective and international expertise, as CBRE’s competitive advantage in the region.

Outside of work, Daniel leads an active lifestyle. He is an avid skier and cyclist who enjoys commuting to work by bike. His adventurous spirit extends to motorcycle riding and water sports.

VLADIMÍR BOLEK

Vladimír studied at Comenius University in Bratislava and at Nottingham Trent University. In 2010 he became a portfolio manager in IAD Investments. In 2015 Vladimír was promoted to Member of Board responsible for the portfolio management department and the entire real estate portfolio management.

BOLEK

In 2024, IAD opened new funds focused on the development of logistic parks for new professional investors. The main transaction, connected with the Volvo automotive production site, was an acquisition of 80 ha of land in the east of Slovakia. It will be developed as a logistic - industrial zone for suppliers and logistics operators for Volvo automotive production. The total size of this project could reach up to €200 million. This year the fund has entered the Croatian market. Currently, the building permission for the development of a logistic and light production warehouse near Zagreb is being processed to start construction in March of 2025.

Vladimír mentors younger professionals entering the field, helping them navigate the complexities of RE fund management. He cooperates with the University of Economy in Bratislava. He is an avid traveller, he enjoys hiking, skiing and is a member of the local hunting society.

CHARLES BOUDET

CEO, iO Partners

Charles, CEO of iO Partners since January 2024, is a seasoned industry leader with deep expertise spanning real estate and supply chain management.

Over the past year, iO Partners has expanded its footprint across the CEE region by entering new markets in Serbia and Croatia, while strengthening its team with strategic hires. The integration of advanced technologies and solutions has enabled the company to deliver consultancy in a smarter way, more efficiently and at a higher quality. In the coming 12 months, iO Partners aims to broaden its geographic reach, introduce new business lines and address new sectors, in alignment with evolving market needs, ESG priorities, and technology. Focused on leveraging the opportunities brought by a new real estate cycle, the company plans to deepen automation efforts through a tech-forward approach, by building on its strong data culture.

Outside the realm of real estate, Charles is an avid cook, having trained at L’atelier des Chefs and earned a CAP in cuisine. He also has a deep passion for cycling and actively participates in amateur races, enjoying the thrill of competition and the camaraderie of the community.

Zorana has been General Manager of Belgrade Waterfront, one of the largest mixed-use developments in CEE, since February 2021.

ZORANA BURLIĆ

General Manager, Belgrade Waterfront

BURLIĆ

Over the past 12 months, Belgrade Waterfront has completed works on the St. Regis Belgrade, broken ground for the public school and kindergarten, launched 8 and handed over 2 residential buildings, opened two new streets and brought the Observation Deck on top of Kula, as well as the Selfie Bridge, to the residents of Belgrade. An exciting year ahead will bring the reconstruction of the Old Post Office which will house a theatre and museum, the transformation of the Old Paper Mill into a Nikola Tesla Museum, the opening of the restored Bristol Hotel, the restoration of the Bristol Park and the construction of a public garage underneath, and the transformation of the Old Railway Bridge into a pedestrian bridge. The company is also looking forward to handing over an additional 7 residential buildings this year, alongside welcoming children to the most modern public school and kindergarten in the city in September 2025.

Zorana is a passionate skier, she loves nature and mountains. She is a mum of a 10-year-old girl and enjoys that role in her life more than anything else.

VICTOR CĂPITANU & ANDREI DIACONESCU

Co-Founders and Executive Directors, One United Properties

Victor and Andrei are the Co-Founders and Co-CEOs of One United Properties. They also serve as Executive Members of the developer’s Board. Both bankers by profession, they have been working together since 1999 and established One United Properties in 2007.

Andrei holds an EMBA from ASEBUSS and an International Law Degree from the University of Macedonia, Thessaloniki. Victor is a CFA charter holder with a degree in Financing & Banking from the Bucharest Academy of Economic Studies.

Last year, the company completed 1,430 residential units and leased 34,200 sqm in its office and retail projects. It also entered the hospitality segment by announcing the opening of the first Mondrian hotel in Romania. At the same time, the developer has a building restoration portfolio valued at €260 million.

Moreover, the total gross development value of the residential and commercial portfolio that was under construction in 2023 exceeds €1.5 billion.

In 2024, Victor and Andrei will continue to develop the skyline of Bucharest by focusing on developments that target the medium, upper-medium, and high-end segments.

EVENT CALENDAR 2025

BRATISLAVA PROPERTY FORUM 26 March Bratislava

ZAGREB PROPERTY FORUM April Zagreb

SOFIA PROPERTY FORUM April Sofia

BUCHAREST BUSINESS FORUM: FOCUS ON ESG 20 May Bucharest

SPRING NETWORKING PARTY

Publication of our TOP 50 ROMANIA 20 May Bucharest

PRAGUE PROPERTY FORUM

Publication of our TOP 50 CZECHIA & SLOVAKIA 28 May Prague

FUTURE OF REAL ESTATE: FOCUS ON ESG June Warsaw

EUROPEAN PROPERTY INVESTMENT UPDATE September London

CEE PROPERTY FINANCING UPDATE

Publication of our TOP 50 POLAND September Warsaw

PORTFOLIO PROPERTY INVESTMENT FORUM September Budapest

SEE PROPERTY FORUM & AWARDS GALA October Bucharest

CEE PROPERTY FORUM & AWARDS GALA

Publication of our CEE TOP 100 24-25 November Vienna

BALKANS PROPERTY FORUM 9 December Belgrade

BŁAŻEJ CIESIELCZAK

Regional Director CE, GLP

Błażej has over 20 years of experience in real estate and business development. Throughout his career, he has been instrumental in building logistics real estate businesses from scratch and transforming them into market leaders. Błażej was one of the key creators of Segro, Goodman and GLP in the CE market. His expertise and leadership have been pivotal in establishing these companies as prominent players in the industry.

During his tenure at GLP, the portfolio of properties in the region doubled to 2.5 million sqm within just three years. Under Błażej’s leadership, GLP developed some of the first speculative warehouses in CE with a standard storage height of 12 meters. The company is also renowned for its advanced ESG practices, implementing solutions such as wooden structural elements, heat pumps, low-emission steel and biodiversity.

Błażej holds a degree in Business Management from the Poznań University of Economics. In his free time, he enjoys football, triathlon and rock music.

Looking ahead, Błażej plans to continue the qualitative growth of AUM, including potential purchases. He aims for the company to remain a trendsetter in the real estate market, focusing on quality in buildings, management, and processes, using modern IT technologies.

TOMÁŠ CIFRA

Tomáš has been overseeing investments in the Czech Republic, Slovakia, Romania, and Bulgaria since 2017. Based in Belgium, Tomáš holds a Master’s in Financial Management from Vlerick Business School and previously spent 10 years in investment banking at KBC Securities.

Mitiska REIM achieved significant milestones in the past year. Tomas played a pivotal role in both investment and divestment strategies across CEE, including the landmark sale of Mitiska REIM’s 25-retail park Romanian portfolio for €220 million at the end of 2023, providing substantial liquidity to the Romanian investment market.

Mitiska REIM’s latest fund, Mitiska European Real Estate Partners 3 (MEREP 3), launched in 2022 with €300 million in capital, is positioned for new acquisitions and developments across Europe, focusing on the accelerating opportunity created by the converging trends in retail, multi-let light industrial logistics, selfstorage, and the increasing demand for urban infill sites that offer accessible locations and buildings, flexible design and sustainable solutions.

Tomáš frequently speaks at real estate conferences in CEE. When it’s not about family or real estate, he is surfing the beaches around Lisbon or playing ice hockey for the Brussels Capitals.

Partner and Managing Director for CEE,

Mitiska REIM

CIFRA

PETR ČÍŽEK

After studying at the University of Economics in Prague, Petr worked for HSBC Bank plc. In 2007, he co-founded Bohemia Real Estate Investments (BREI), which a year later acquired more than 300 properties located across the Czech Republic from Telefónica O2. In 2015, Petr co-founded INVESTIKA investment company and INVESTIKA real estate fund. Since the company’s inception, Petr has served as Chairman of its Board of Directors.

This year, INVESTIKA has surpassed €1 billion under management, consolidating its position as one of the top three non-banking domestic investment companies, having almost 100,000 clients. Starting this year, Czech money managers are benefiting from DIP – tax deductions applying to investment products beyond traditional pension funds. Among 30 DIP providers, INVESTIKA garnered a more than 10% share of the market by mid-2024.

In the months ahead, INVESTIKA real estate fund plans to spend as much as €300 million on new real estate in Central and Western Europe. INVESTIKA investment company aims to broaden its portfolio of investment funds and start attracting clients from some of the other countries where it owns assets.

MICHAŁ ĆWIKLIŃSKI MRICS

Principal, Managing Director for EMEA Region, Avison Young

Michał took the role of Principal and Managing Director at Avison Young and Member of European Executive Committee in 2017 and launched the brand in the Polish market. He was appointed to manage Avison Young’s operations in the EMEA Region in March 2024, while also being a member of the Executive Committee for the company globally.

He has worked within international investment and corporate finance teams in London and Warsaw. He has closed numerous investment transactions with a total value significantly exceeding € 5 billion. He has been acting for companies such as CBRE IM, Silverstein Properties, Starwood Capital, Aviva Investors, Hillwood, Deka, Skanska and many others.

Over the past 7 years, Michal has proved to be a charismatic leader, consequently carrying out the company’s development strategy – by expanding Avison Young locally with new hires and launching new business lines. He has been constantly enhancing the firm’s performance and with these contributions to Avison Young, he was promoted in 2024 to become a Managing Director for the EMEA Region.

In his personal life, Michal is a proud husband and a father of two daughters, as well as a tennis and skiing enthusiast.

CONSTANTINESCU

Victor is the Managing Partner of Kinstellar’s Bucharest office and the Co-Head of the firm-wide real estate practice. With almost 20 years’ worth of experience in real estate focusing on Romania and the wider region, Victor represents an array of international real estate funds and other real estate players across all sectors.

A Canada-born, native English speaker, Victor began his career in the US. He completed his undergraduate studies at the University of Pennsylvania, a graduate degree in Russian and East European Studies at the University of Toronto, and law degrees from McGill University in Canada. He is admitted to the New York and Bucharest Bars.

This year, the team has advised Globalworth on its strategic exit from the Romanian logistics market, through the sale of two significant logistics portfolios to CTP (signed in May 2024) and WDP (signed in July 2024), making these the largest logistics transactions in Romania for 2024.

Victor further anticipates growth across all practice areas, with Romania set to attract new investments in renewable energy, nearshoring, agriculture and real estate.

Outside work, he volunteers his time for the Canadian Business Exchange Association (CBEX) that he co-founded.

VICTOR CONSTANTINESCU

RÜDIGER DANY

CEO, NEPI Rockcastle

Rüdiger has been CEO of NEPI Rockcastle, a company with an over €7 billion investment portfolio spanning 8 CEE countries, since early 2022. His 30-year international career has included working for ECE, Atrium and Multi Corporation.

In almost three years, Rüdiger has seen the group’s net operating income grow by some 40%. This strong performance looks set to continue into 2024 with the company achieving a 13.5% increase in NOI in the first half of 2024 to €274 million. Recently, NEPI Rockcastle has acquired the 100,000 sqm Magnolia Park shopping centre in Wroclaw, Poland, for €373 million. Furthermore, the group installed solar panels at 27 Romanian properties which now produce 25% of the company’s and its tenants’ energy needs. In October 2024, the Group announced the successful €300 million equity raise completed through an accelerated bookbuild (ABB). The funds will support the robust pipeline of development and acquisition projects, ensuring that NEPI Rockcastle remains agile and wellpositioned to seize new opportunities in core markets.

Professionally, Rüdiger’s passion is to nurture teams and see his colleagues achieve their full potential. He keeps fit by cycling at the weekends and owns and rides a KTM motorbike.

IULIAN DASCĂLU

President, IULIUS Company

DASCĂLU

Iulian has over 25 years of real estate experience as founder of IULIUS, the company that introduced urban regeneration mixed-use projects on the Romanian market. As President of IULIUS, he is actively and directly involved in all the development and operation phases of the company, whose investments now exceed €1.3 billion.

In 2023, Iulian opened Palas Campus, a €120 million mixed-use investment that revitalised and reconnected a decaying area in downtown Iași. This is now an attractive urban hub, the largest office building in Romania that spans 60,000 sqm, accommodating 13 global IT & automotive companies and 5,000 employees.

The reconversion project of a former industrial platform in Cluj-Napoca is now in the final permitting phase. The €500 million RIVUS project was designed based on the local community’s vision and experience, integrating the largest retail area in Romania, office & residential components, as well as leisure facilities and extensive green spaces.

In late 2023, IULIUS also announced a partnership with Oil Terminal for developing a mixed-use project of around €800 million in Constanța. The group’s developments are market leaders in their respective regions, drawing 70 million visits annually.

HADLEY DEAN

Founder, MDC 2

Hadley has been operating in CEE for 25 years, where he is recognized for growing businesses and outperforming the marketplace. Hadley, together with his co-founders, Maciej Madejak and Jeremy Cordery, established a warehouse development company, MDC 2 , that focuses on ESG-aligned buildings.

The company has a growing portfolio of warehouse parks consisting of three projects in Łódź, Kraków and Gliwice, which are over 80% leased. All projects are fully financed by institutional fund managers such as Invesco, Generali and Fortress. All MDC 2 developments are cutting-edge, sustainably designed projects that lead the market in the race to build carbon-neutral warehouses.

In 2024 MDC 2 plans to launch new locations in Poland in key logistics hubs such as Tricity, Warsaw, Kraków, Poznań and Silesia.

Before establishing MDC 2 , Hadley Dean was the founding CEO of EPP – the largest owner of shopping centres in Poland. Prior to EPP, he was a Managing Partner for Eastern Europe for Colliers International.

DEAN

Robert graduated from the Faculty of Management at the University of Warsaw. In 2005, he founded Panattoni Europe. After 19 years of rapid growth, the company is the largest industrial developer in Poland and Europe. Additionally Robert is the Co-Owner and Founder of such businesses as Blue Assets, Harden Construction, Newport Logistics Fund, Panattoni Income Fund, Panattoni Investment Management and D&D Devco.

To date, Panattoni has completed over 23 million sqm of space in Europe, including over 15 million in Poland. In 2023, the company sold 12 industrial parks for €500 million. In the first half of 2024, Panattoni also began constructing its first industrial park in India and a major investment in Swindon, UK, worth £900 million. The developer has also recently entered Saudi Arabia and the Baltic countries.

In 2024, he launched the Robert Dobrzycki foundation, whose mission is social development and the promotion of Poland and Polish entrepreneurship in the international arena. His passions include golf and football, as well as literature.

ROBERT DOBRZYCKI

CEO & Co-owner, Panattoni Europe, UK, Middle East & India

DOBRZYCKI

BOGDAN DOICESCU

Group CEO, Bog’Art

Bogdan has lifelong experience in the Bog’Art group of companies as a family business executive, and currently serves as CEO of Bog’Art Holding Management. His main responsibilities are to oversee Bog’Art’s group governance and reporting, with involvement in all partnerships, investments and marketing initiatives.

He is a graduate of Columbia University with a Major in Financial Economics & Business Management and also has a Masters in Real Estate Development from New York University. He is a member of RICS and a Board Member in AREI.

In the last year, a notable achievement for the Bog’Art group of companies is the transition towards a higher ratio of public works of national importance. This includes airports, military bases, hospitals, schools, roads and public utilities – all of which will contribute to the growth of Romania’s economy and infrastructure in the coming years.

The company aims to be a sustainability champion in the Romanian construction industry and has published its first ESG report in 2024.

Outside of work, Bogdan spends most of his time with family. He is also a fitness fanatic and an art collector.

Anna has over 20 years of experience in the real estate industry, having worked for such companies as KPMG, Central European Retail Property Fund, AIB Polonia Property Fund and Colliers International. For the past decade, she has been a prominent figure at Invesco Real Estate, a global investment manager with an over €15 billion European portfolio.

Anna set up Polish operations and has been successfully developing the business in the region, growing the team and overseeing the asset management of the portfolio now exceeding €1.6 billion. In 2020, she was asked to work with a Pan-European team of experienced asset managers across 13 countries. In 2023, Anna took on an Investment role for the region.

Anna is an active member of the European Investment Committee and European Executive Council. She is also a member of the European Talent Development Committee. In July 2024 she was appointed a member of the Executive Committee for the Urban Land Institute in Europe, having already served as their Global Governing Trustee.

Anna is a graduate of the Executive MBA programme at the University of Minnesota and holds ACCA certification. She is also committed to promoting gender diversity and supporting female professionals within the real estate investment world. Her hobby is kitesurfing.

ANNA DUCHNOWSKA

Managing Director - Investments,

CEE, Invesco Real Estate

DUCHNOWSKA

MACIEJ DYJAS & NEBIL ŞENMAN

Managing Partners & Co-Owners,

Griffin Capital Partners

Maciej and Nebil are the Managing Partners and Coowners of Griffin Capital Partners. Before joining Griffin, Maciej was a Managing Partner and CEO at Eastbridge Group, an evergreen investment vehicle. Nebil held senior roles at Oaktree’s private equity and real estate funds, where he oversaw investments and operations worth several billion euros in Germany and Poland.

Since 2014, under their leadership, the company has become the largest privately owned investment and asset manager in private equity and real estate in CEE. Until now, Griffin and its partners have deployed over €4 billion in equity into more than 30 deals. The gross asset value of Griffin-managed investments across 18 different platforms exceeds €8 billion.

Griffin introduced several innovative concepts to the Polish real estate market. Over just the past 18 months, Griffin together with WING acquired Bauwert, a leading Berlin developer. Griffin’s platform Murapol, held together with ARES, successfully debuted on the WSE. Griffin, together with Redefine Properties, acquired Stokado and TopBox, creating the second-largest selfstorage operator in Poland. Additionally, together with Signal Capital Partners and Echo investment, Griffin launched StudentSpace, a new student housing platform.

Founded as a Hungarian real estate brokerage firm by the Dymschiz brothers in 1998, the company has steadily diversified its activities over the years and in 2010, it started the process of international expansion.

The Group currently operates in 4 countries with nearly 4,000 financial and real estate professionals. It is involved in the intermediation of more than €2 billion of loans and assists in 14,000 real estate transactions per year. Thanks to international growth, the share of the group’s turnover generated outside of Hungary is steadily increasing and has now reached 80%. In 2022, the company has created a single international financial brand, Credipass, in Italy, Poland and Hungary. Duna House has increased its revenues sevenfold and its EBITDA fourfold since being listed on the Budapest Stock Exchange in 2016.

The Group attaches great importance to the role of sustainability and energy efficiency in the Hungarian housing market, so in 2024 it further expanded its service portfolio with its new energy business, DH Energy Zrt., initially only in Hungary, but later it plans to introduce the service in other markets as well.

The group is a member of the Hungarian Franchise Association, and the National Association of Independent Financial Intermediaries was founded on its initiative. They also support the work of similar organizations in Italy and Poland.

GUY DYMSCHIZ & DORON DYMSCHIZ

DYMSCHIZ

JANUSZ DZIANACHOWSKI

National Managing Partner, Linklaters

Janusz is a Polish-qualified lawyer with over 20 years of experience, who specialises in acquisitions, disposals, joint ventures, and development. Beyond his role as a National Managing Partner at Linklaters Warsaw, Janusz co-leads a real estate team of over 20 professionals, ranked Band 1 by Chambers Europe and Tier 1 by The Legal 500.

Over the past year, Linklaters has supported clients on major regional deals, including advising NEPI Rockcastle on the €373 million acquisition of the Magnolia Park shopping centre in Poland, the largest single-asset shopping centre transaction in CEE in recent years. Additionally, the firm advised Signal Capital Partners on a joint venture with Echo Investment and Griffin Capital Partners to develop StudentSpace, a student housing platform in Poland. The firm also counselled Stena Real Estate on their €86 million acquisition of the Studio B office building in Warsaw from Skanska, one of the key office deals in Poland in 2024. For the next 12 months the firm’s goal remains the same – to consistently deliver the best results to their clients and each other, focusing on innovation, efficiency, and agility.

On a personal note, Janusz is a music enthusiast and an electric guitar player.

JOSEF EIM

Josef is responsible for the development of the real estate business, the strategy of the ČMN Group on the financial markets and the search for investment opportunities. He holds a Master’s degree in Law and Legal Science and in Finance from the Masaryk University in Brno. He also studied at the London School of Economics and Political Science.

At the end of 2023, ČMN increased its stake in the Churchill Square premises from 50% to 75% through a transaction worth €40 million. By early November 2024, ČMN became the 100% owner of the Churchill Square complex, completing the acquisition with a total investment of €160 million. The second major change was the strategic divestment of the Zirkon building in Karlín, which ČMN bought in a package of buildings at the end of 2021 together with Apeiron and Corso. By the end of 2024, the company aims to acquire a portfolio of 16 properties, consisting of 5 office buildings and 11 retail parks. This transaction will establish ČMN as one of the three largest office space landlords in the Czech Republic.

Josef is a pro bono lecturer at the University of Finance and Administration in Prague and the regular speaker at various Real Estate forums. He spends his free time with his family traveling, skiing, sailing or scuba diving.

MARTIN ERBE

Head of Real Estate Finance

DACH - CEE – Benelux, Helaba

Martin has almost 35 years of experience in various real estate markets, including 25 years in the CEE region. In his current position as Head of Real Estate Financing DACH, CEE & Benelux, he and his teams are responsible for a loan book of approximately €20 billion in these regions.

At Helaba, together with his CEE team, led by Georg Blaschke, Martin has built up a significant loan portfolio of €2.5 billion in the office, retail, logistics and residential sectors. The current financing portfolio includes such notable properties as the Varso Tower and The Spire in Warsaw as well as The Flow Building and Churchill Square in Prague. Under his leadership, Helaba was the first international bank to finance PRS projects in Poland.

The most important goals for the coming months are to get the financing portfolio through the current challenges without defaults, to increase the loan volume with more significant transactions by financing outstanding properties and to contribute to the overall ESG goals.

In his spare time, Martin enjoys traveling to foreign countries, South Africa being one of his favorite places with its great people and beautiful nature, and playing golf, sometimes with more passion than talent.

JAMES FIFE

James has played an integral role in the growth and international expansion of LCP Properties since joining the company in 1994. Appointed as Director in 2004, James was instrumental in LCP’s 2005 entry into Poland, where he became CEO of LCP Properties Poland in 2007. Over the past year, James has led LCP’s rapid expansion across Poland, marked by the acquisition of land for six additional retail parks totalling nearly 50,000 sqm and the successful opening of four retail properties amounting to 20,000 sqm.

FIFE

In addition to his role in Poland, James has been a pivotal figure in LCP’s CEE growth strategy. Leveraging his expertise, he guided the M Core group in its strategic entry into Romania, alongside co-CEO Sebastian MacDonald-Hall. The landmark transaction, finalised in December 2023, established LCP as the largest retail property owner in Romania through a €219 million acquisition comprising 25 managed retail assets with 132,000 sqm of leasable space. This acquisition led to James’ appointment as Co-CEO of LCP Properties Romania.

Outside of his professional pursuits, James values family time and enjoys watching sporting events and spending time on the golf course..

HORAȚIU FLORESCU

Chairman & CEO, Knight Frank CSEE

Horațiu’s career in the property sector spans over 27 years, having advised key developers and large multinational companies operating in the CSEE (Central & South Eastern Europe) region.

He founded the Romanian office of Knight Frank in 2009, while in 2018 he coordinated the launch of the office in Budapest and in 2021 another three Knight Frank offices were added under his direct management: Bulgaria, Greece and Serbia.

Throughout the years, Horațiu has leased over 1.1 million sqm of office space. Across the region, he is reputed for his cutting edge and professional consultancy services to tenants, developers, and investors alike.

Some key achievements last year were signing over 80,000 sqm of deals across the region and being involved in three of the top 10 office transactions in Bucharest, each of them over 10,000 sqm.

Aside from his work in real estate, Horațiu is involved with several NGOs in Romania and is a member of the Aspen Institute, CoreNet, Club of Rome and Athens Club.

He enjoys walking around Bucharest or the cities he is in, to feel the vibe and take calls during these moments. Other hobbies are basketball, cars, especially old cars, and fruits.

GÁBOR FUTÓ

Co-Founder and Co-Owner,

Gábor co-founded Futureal over two decades ago with his father and later founded Cordia, HelloParks and Finext Capital. Gábor has been leading the combined real estate group since 2003, transforming it into a European real estate powerhouse with over 240 projects and 4 million sqm of developments across seven countries, generating around 30% IRR over 20 years.

This year, Futureal successfully sold two buildings within the Lipowy Office Park in Warsaw. The company’s flagship office project, Budapest ONE, has achieved WELL Platinum certification. Cordia, the residential development arm of the group, recently launched the Marina City waterfront project In Budapest which will revitalize the former rust belt area and will include 3,500 new apartments, as well as retail and office spaces. HelloParks has become Hungary’s third-largest industrial real estate developer, delivering around 400,000 sqm of industrial space in under four years. The company is currently working on three large-scale developments in Hungary.

Gábor has a passion for mathematics and is a former gold medallist in the International Mathematical Olympiad. He is dedicated to promoting sustainable urban development and is passionate about regeneration projects, with a focus on environmentally conscious real estate solutions.

ZIV GIGI

Executive Director SEE, GTC

Ziv is GTC’s Executive Director for the Southeast Europe region, responsible for all operations of the office sector in Bulgaria, Romania, Serbia and Croatia.

With more than 15 years of executive expertise in the CEE-based real estate markets, he has built and overseen 450,000 sqm of office and retail projects during his time with GTC.

He is a qualified public accountant (CPA) with more than ten years of financial management experience focusing on capital raising and strategic planning. Ziv previously held positions as a finance manager for a private developer in Hungary and Turkey as well as an auditor for Ernst & Young Israel.

In all of its CEE market, GTC has maintained a longstanding commitment to developing human-centric properties with a focus on environmental protection. For instance, the company’s portfolio in Romania is entirely powered by renewable energy sources. During 2023, GTC managed to secure new additions to its tenant portfolio, fully leasing out its office buildings in Bucharest.

GTC now actively manages a commercial real estate portfolio of 43 commercial buildings providing around

GIGI

740,000 sqm of lettable office and retail space in the region, with another 440,000 sqm of retail and office properties in the pipeline across CEE.

YITZHAK HAGAG

A law graduate with a demonstrated interest in real estate, Yitzhak co-founded the Hagag Group in 2003. After 14 years of operating in Israel, the investor made his first visit to Romania in 2017, only to immediately establish Hagag Development Europe.

The developer was busy during 2023, starting with the inauguration of H Private Arghezi, and continuing with the kick-off of the construction works on H Știrbei Palace. The company continued working on all its five ongoing projects, making significant progress with the development of H Pipera Lake, and breaking ground on the commercial component of the complex earlier this year.

Hagag is now focused on pushing forward with the construction works for H Știrbei Palace and complete the consolidation and refurbishment works of the Palace’s building by the end of Q3 and deliver the 1,000 sqm retail project currently under construction in Pipera. At the same time, the company launched a new residential project in Eastern Bucharest.

A sharp-minded entrepreneur, devoted father, husband and philanthropist, Yitzhak has been placing considerable investments into green initiatives related to electric and non-polluting smart transportation and other cutting-edge technologies.

Chairman and Board Controller, Hagag Development Europe

JONATHAN HALLETT, MRICS

Executive Partner, Head of CEE, Cushman & Wakefield

Jonathan has over 32 years of international real estate experience, working in Brussels, Paris, London and across CEE. He manages operations across the CEE region, overseeing over 2000 staff in 4 core markets, as well as 10 alliance offices in the region.

Over the past 12 months, under Jonathan’s leadership, C&W facilitated the largest single-asset shopping centre acquisition in CEE with the purchase of Magnolia Park in Poland, and the sale of Arkády Pankrác, the largest sale in the Czech market. C&W also maintained its market leadership in other sectors, securing a 100,000 sqm agreement with LX Pantos, marking the largest warehouse transaction in Poland this year; the largest office renewal lease in five years for Morgan Stanley in Hungary; the first Primark store in Budapest and completing Primark’s market entry into the Czech Republic and Slovakia; and the largest Croatian hotel transaction, among others in the hotel sector. Looking ahead, the company aims to strengthen its market position, enhance its ESG platform, and support institutional investors as the market improves in 2025.

Jonathan is actively involved in various professional organizations including RICS, International Business Forum, British General Managers Club and International Council of Shopping Centres.

Erwin has been an integral part of international law firm Taylor Wessing since 2000. In 2007, he became partner and heads Taylor Wessing Czech Republic with its offices in Prague and Brno. He is the CEE head of the firm’s Real Estate & Construction team and ESG group.

The long-term vision is for the law firm’s continued growth, both in the Czech Republic and worldwide. An example is the Turkish desk project, established from an idea that originated in the Czech Republic. Today, its worldwide activities are managed by the CEE Turkish desk. One of the most interesting and sizeable projects in which Erwin has been involved in recent years, and one of the office’s most important mandates is its well-publicized representation of the House of Liechtenstein in defending its international property and hereditary rights. At issue is the extensive property of the House of Liechtenstein, which includes UNESCO listed monuments.

Erwin is a member of RICS. He is Vice-President of the Real Estate Commission and National Representative Czech Republic at the Union Internationale des Advocats (UIA). He serves as President of the Association of Austrians in the Czech Republic.

When not at work, Erwin spends time with his family, but also his dream came true when he passed his yacht captain exam. Another enduring passion of his is running.

ERWIN HANSLIK, MRICS

Partner and CEE Head of Real Estate & Construction, Taylor Wessing

HANSLIK

MARIÁN HLAVAČKA

CEO, Corwin

Marián studied at the University of Economics in Bratislava, in Vienna and St. Gallen. He was one of the key managers and a minority partner at HB Reavis. In 2010, Marián started his own development company in Slovakia, Corwin, soon growing into a major regional player.

Corwin has become a market leader in Slovenia. Its first project, Kvartet, received five international awards for architecture and sustainability. The company secured a loan for their groundbreaking office project Vilharia. Corwin also launched a new residential project, Nordika, in Ljubljana, designed by the Norwegian architectural studio Snøhetta. The company also expanded in Prague successfully. In Bratislava, Corwin is developing its most important project, the transformation of the devastated Palma factory into a new neighbourhood that will be a showcase of people-centred urbanism.

Marián is a supporter of multiple nature preservation NGOs. He is an avid cyclist, art collector and hiker. His passions, values and his respect for the natural environment are translated not only into Corwin’s business philosophy and projects but also into everyday life in the office.

HEDWIG HÖFLER

Group Head of Investment, CA Immo

Between 2016 and 2024, as head of Investment Management for AT/CEE at CA Immo, Hedwig was responsible for 53 transactions worth €2.9 billion in 13 countries. In February 2024, she took over the role of Group Head of Investment and since then has signed 10 deals with further 8 deals in exclusivity.

HÖFLER

In 2024, CA Immo continued its active capital rotation strategy, which focuses on the disposal of non-core properties, the simplification of the business model and value-enhancing reinvestments in order to maintain the high quality and sustainability of the portfolio. This includes the exit from seven non-core countries (Romania, Bulgaria, Slovakia, Slovenia, Croatia, Russia, Ukraine). In September, CA Immo began construction of the Anna Lindh Haus, a timber hybrid office building near Berlin’s main railway station. Over the next 12 months, the company intends to continue this strategy, focusing on the disposal of non-core properties while reinvesting in value-enhancing, prime office development projects in inner-city locations in Berlin, Munich and Frankfurt.

As a balance to her demanding job, she enjoys hiking in the mountains, often with overnight stays in charming chalets, usually traveling by train.

PETER HUNTLEY

CEO, White Star Real Estate

Peter joined White Star Real Estate as CEO in 2015 during the management buy-out of the business from AIG/Lincoln. Prior to joining WSRE, Peter was a member of the executive management team at Acelity, a $2 billion revenue healthcare company. He graduated from Stanford Business School in 1989, as an Arjay Miller scholar (top 10% of class).

White Star Real Estate core activities include the acquisition and development of real estate and the provision of asset and property management services. The company has been present in the CEE region since 1997 – it developed over 50 real estate projects and is currently managing more than 100 buildings with an area of more than 2 million square metres. The company’s portfolio includes a large proportion of office properties, as well as several warehouse, retail, leisure and residential developments. With offices in Poland, the Czech Republic, Hungary and Romania, the White Star Real Estate team consists of more than 300 people.

In 2024, White Star Real Estate entered into a joint venture with the Greykite European Real Estate fund, selling it a portfolio of three Polish logistics properties in Warsaw, Stryków and Gliwice. As part of the JV, White Star Real Estate will remain involved in these investments as an asset and property manager.

HUNTLEY

NIKODEM ISKRA

CEO, Murapol Group

ISKRA

Nikodem has been with the Murapol Group since 2007. From 2013 to 2017, he held the position of Vice President of the Management Board, and on 1 January 2018, he became chair of the Management Board, responsible for matters of strategic management at the Murapol Group and overseeing its development. He obtained a Master’s degree in Law from the Faculty of Law and Administration at the University of Silesia in Katowice (1997- 2002). He served his legal training at the Regional Chamber of Legal Counsels in Katowice, obtaining the title of legal counsel (2005-2009).

The Murapol Group is one of the most experienced and largest residential developers in Poland in terms of the number of flats sold and units delivered to customers. From the beginning of its operations in 2001 until 30 September 2024, the Murapol Group has completed 85 multi-stage real estate investments, in which 441 buildings with more than 29.9 thousand units inhabited by approximately 89.7 thousand people were constructed. Since its inception, the Murapol CG has been present in 21 cities in Poland. On 15 December 2023, the shares of Murapol SA made their debut on the Main Market of the Warsaw Stock Exchange.

DÁNIEL JELLINEK

Founder & CEO, Indotek Group

Dániel is the founder, majority owner, and CEO of Indotek Group. An economist, he and his partners founded the company’s predecessor during his college years. Today, Indotek is a dominant player not only in Hungary but also across Central and Southern Europe.

Indotek currently has an office, residential, hotel, retail and logistics portfolio in 12 countries throughout Europe and has further strengthened its position in 2024. This year has seen a particular emphasis on the expansion of international retail and hotel operations. Alongside international expansion, the Group has focused on its hospitality and residential real estate segments in 2024.

While new investments and transactions continue, Indotek also aims to modernise its properties, considering the ever-changing needs of its tenants. The Group is firmly committed to energy efficiency, so several retail properties are continuously being renovated. Furthermore, sustainability and corporate social responsibility are of the utmost importance to the Group, which is why Dániel Jellinek is personally and actively involved in Indotek’s corporate social responsibility activities. He considers it particularly important to support the recognition of young real estate professionals with the Real Estate Talent of the Year Award, which was established in 2019 in partnership with Portfolio.

JELLINEK

DAVID JENKINS

In his current role since 2015, David oversees Eastern Europe, the Balkans, Georgia, and Central Asia. With over 30 years in the industry, David excels in hotel development, owner relations, and financial analysis.

The Group has significantly expanded its presence in CEE recently. Key achievements include the openings of Radisson RED hotels in Belgrade, Berlin, Kraków, and Tbilisi; Hungary’s first Radisson-branded hotel in Budapest; and the expansion of the Romanian portfolio under the Radisson and Radisson Blu brands. The group also introduced the Prize by Radisson brand to the Polish market. Looking ahead, the Group looks forward to opening its first luxury-lifestyle Radisson Collection hotel in Budapest, as well as a strong push into diverse destinations across the region. While sustainability remains a priority, with ongoing efforts to achieve Net Zero targets, the focus will be on diversifying offerings and enhancing its presence in CEE also through resorts and serviced apartments.

David is passionate about promoting Scottish culture, having served as ‘Chieftain’ of the St Andrew Society of Russia. He enjoys cooking, collecting cookery books, hiking, wild water swimming, playing golf, and spending time with his family.

Vice President Business Development,

Radisson Hotel Group

JENKINS

STUART JORDAN

CEO Savills CEE

Stuart’s real estate journey began after he graduated with an honours degree in Real Estate Management from Nottingham Trent University. He moved to Prague in 2006 to continue as a valuer, his career taking a different direction after he joined JLL as Head of Capital Markets for the Czech Republic, and later for Central and Eastern Europe.

In 2017, Stuart accepted a new challenge, when he helped to establish the Prague office for Savills, marking the company’s entry into the Czech market. Today, the Prague office has grown to a full-service operation with close to 80 people covering all commercial property sectors.

In 2023, he was named CEO for CEE. In this role, he now leads Savills’ wholly owned offices in the Czech Republic and Poland, while also coordinating cross-border activities with Savills associate offices in Hungary, Romania, Bulgaria, and Serbia.

Over the past 12 months Savills CEE has continued to grow its overall headcount and expand its business offering to clients. Looking forward, the business aims to expand the depth of its offering from its Polish regional offices whilst the Czech operations will move during Q1 2025 to new, much larger offices in the Masaryčka development.

ZBIGNIEW JUROSZEK

JUROSZEK

Zbigniew is an experienced entrepreneur, founder and main shareholder of ATAL Group, which has been operating since 1990. He is also a shareholder in many companies through his family foundation, including Entain CEE, to which STS S.A. belongs.

ATAL operates in the eight largest agglomerations in Poland: Warsaw, Kraków, Katowice, Wrocław, Poznań, Łódź, the Tricity and, as of this year, also in Szczecin. Since 2015, the company has been listed on the Warsaw Stock Exchange, and in 2019 its affiliate ATAL Development GmbH started operations in the German market. ATAL operates in three real estate sectors: residential, office and investment apartments. By mid-2024, the company had completed more than 160 development projects across Poland, selling more than 30,000 apartments with a total area of more than 1 million square metres.

In 2023, the company delivered 2,806 residential and commercial units, generated consolidated revenues of PLN 1.5 billion and consolidated net profit of over PLN 341 million. This year, it plans to contract at a similar level to last year, i.e. around 2,500- 3,000 flats. ATAL is focusing on the company’s organic growth, on the regular launch and sales of new development projects, and increasing the land bank as well.

MARCIN JUSZCZYK

Managing Partner, Capital Park Group,

ULI Poland Chair

Marcin is Managing Partner and Vice President of the Board of Capital Park Group with over 20 years of experience in the real estate sector. He has played strategic roles in Capital Park since its formation in 2003, starting as CFO and then as Head of Investment Department since 2006. He has taken part in over 100 transactions involving properties all across Poland, secured over €700 million in bank financing and raised over €100 million in bonds and shares issued on the Polish capital market.

After taking Capital Park Group private in 2023, together with Jan Motz, Marcin successfully closed a management buyout transaction with respect to a significant part of Capital Park’s business. Currently, CPG business is focused on premium residential, mixed-use and urban development projects including the Polski Hak project in Gdańsk and Nowy Wełnowiec in Katowice as well as active asset management with respect to Royal Wilanów and Norblin Factory mixeduse projects.

Marcin has been the Chairman of the Urban Land Institute in Poland since October 2023. He is a proud father of three children, an avid mountain hiker and climber, recently focusing on discovering new via ferratas in the Dolomites with his daughter.

When Ferenc purchased B+N in 2007, the company had 500 employees and was focused on cleaning activities. The new owner responded quickly to the market demand and expanded the range of services. Today, the company employs nearly 27,000 people and covers the entire spectrum of facility management.

By acquiring the CEE interests of ISS Group and Inwemer in Poland, B+N has become the leading FM company in the region. In the last year, the company has further expanded its international portfolio by adding the Czech and Italian markets. The company currently provides facility management services in eight countries, with nearly 27,000 employees on 30 million square metres of space. Among its major projects, B+N Referencia Zrt. has been charged with the full building management of the MOL Campus, Hungary’s tallest office building, and the cleaning of several major car manufacturing plants in the region. In 2024, B+N also became the strategic supplier to one of the world’s leading real estate service companies. The plans for 2025 include further expansions within Europe.

Sport has always played an essential role in Ferenc’s life. He has been sailing since childhood and has achieved fourth place in the world championships.

FERENC KIS-SZÖLGYÉMI

Owner and CEO,

B+N Referencia Zrt.

DORON KLEIN

Deputy CEO, AFI Europe

Doron is the Deputy CEO of AFI Europe and CEO of AFI Europe Romania & the Czech Republic. He holds an MBA from the University of New York in Prague and is fluent in Hebrew, English, and Czech.

Under his leadership, AFI Europe Romania expanded significantly, completing major acquisitions, including a €310 million standing office portfolio transaction and further land acquisitions expanding the company’s pipeline project development. Key upcoming developments include delivering the AFI Loft office project in Q4 2024, the first residential-for-rent project, AFI Home North in 2025 and a comprehensive transformation of the recently acquired Bucharest Financial Plaza into a Class A sustainable mixed-use project.

In the Czech Republic, the company delivered the second phase of its AFI Home Kolbenova project which was added to the AFI Home CZ portfolio spread over three locations, comprising 850 units, and secured additional acquisitions, including two residential projects as well as a strategic partnership to develop up to 1,700 BTR apartments in Prague over the next four years.

Doron’s regional development pipeline includes additional office buildings, residential projects, and mixed-use developments in the region, with a strong focus on sustainability and long-term growth.

Dieter is a highly experienced international real estate professional with over 25 years in the global financial sector. He has a track record in commercial real estate debt origination and credit structuring with strong leadership skills.

DIETER KNITTEL

KNITTEL

Dieter is Managing Director and Head of International Real Estate Finance for Central and Eastern Europe at pbb Deutsche Pfandbriefbank. He is responsible for the bank’s lending portfolio in the region. The regional focus is on Poland and the Czech Republic, and selectively Slovakia, Hungary and Romania, as well as pan-CEE portfolios. He has been active in the CEE market for more than twenty-five years, including five years based in Warsaw as Head of Credit and Senior Risk Management. pbb is a leading, listed commercial real estate lender and a leading issuer of Pfandbriefe (covered bonds) in Europe. The bank plans to expand its business in its Continental European markets, with CEE as a key market. pbb’s Central and Eastern Europe loan book has a share of around 10% and comprises a well-diversified loan portfolio.

Dieter enjoys spending time with his family and meeting the real estate community at regular real estate events in the CEE and European markets.

VLAHO KOJAKOVIC

Director of Real Estate, European Bank for Reconstruction and Development (EBRD)

Vlaho is the Director of Real Estate at EBRD, where he has worked since 2011. He brings more than two decades of banking and real estate expertise.

In the last year, the EBRD’s Real Estate Team has made substantial progress in supporting housing and decarbonisation initiatives. Key achievements include addressing Poland’s housing shortage by financing the private rented sector to alleviate pressures exacerbated by the influx of Ukrainian refugees. Additionally, EBRD has promoted energy-efficient upgrades across Czech residential properties and extended green financing to the logistics sector. Looking forward, EBRD aims to deepen its role in the green transition through increased financing for climate-resilient projects and initiatives in corporate climate governance. It will continue scaling up investments to alleviate housing shortages across CEE and introduce innovative solutions for housing affordability. Further goals include supporting urban regeneration, enhancing supply chain resilience with sustainable logistics investments, developing human capital, and strengthening capital markets with new asset classes, such as data centres, to foster inclusive economic growth.

Vlaho is deeply passionate about holistic health, sustainable organic agriculture, and practices that promote well-being, including yoga and mindfulness.

In 2001, Omar founded HUTS development, which became Crestyl in 2004 and expanded into residential development through a joint venture with GE Capital. Omar later bought out GE Capital’s position and consolidated Crestyl with a focus on prime mixed-use developments.

OMAR KOLEILAT

Founder, Crestyl Group

KOLEILAT

In 2023, Crestyl completed the 100% acquisition of the Polish residential platform Budimex Nieruchomosci, including its rebranding as Spravia and launching its integration into Crestyl. In parallel, and the most significant task Omar has been working on in the last 24 months, was developing and cementing institutional governance within Crestyl without being dependent on him as a founder. A team of professionals has been formed, led by Simon Johnson as the CEO, taking over from Omar in November 2024.

Omar expects the next 12 months to be a very strategic period, working hand in hand with the new leadership to prepare Crestyl for the next economic cycle, expand into new markets and further institutionalise its investor base.

Omar was one of the key founders of the Association of Developers in the Czech Republic. Sports are an inseparable part of his life. He used to play professional basketball before starting his real estate career and spends most of his free time waterskiing.

TRANSFORMING REAL ESTATE, CREATING VALUE

INDOTEK

GROUP

SETS

NEW

STANDARDS ACROSS EUROPE’S REAL ESTATE LANDSCAPE

From Sicily to Barcelona, Milan to Warsaw, Indotek Group reshapes real estate through strategic, sustainable investments.  With a portfolio of over 350 properties spanning 12 countries,  we are dedicated to revitalizing retail spaces, hotels, and other high-potential assets. Focused on delivering superior returns and meeting evolving market demands, Indotek Group continues to redefine environments that inspire investors and tenants while fostering lasting value and sustainability.

See an opportunity? Let’s connect. Email: info@indotekgroup.com

Milan started his professional career at CzechInvest, later joining VGP. He is CEO of Accolade, which he founded in 2011 to invest in modern industrial infrastructure. In 2014, Milan co-founded the Accolade Industrial Fund, now one of Europe’s largest real estate funds for qualified investors.

MILAN KRATINA

CEO, Accolade Group

KRATINA

Accolade transforms overlooked areas and maintains high sustainability standards. It currently manages a portfolio comprising 62 industrial parks with a total value of €3 billion. The group has completed more than 3.4 million sqm of commercial properties, which are leased by more than 200 tenants. More than 7.7 million sqm are in the pipeline.

Celebrating its 10 th anniversary in 2024, the Accolade Industrial Fund reached 3,400 investors and over €100 million in annual rent. The new Accolade Funds platform now unites all existing and upcoming investment opportunities under one brand.

Milan is a former club-level soccer player and still plays actively. He engages in the Coaches in School program promoting inclusive physical education in Czech elementary schools and is committed to supporting local communities across the countries Accolade operates in through various philanthropic initiatives.

JÁN KRNÁČ

CEO, CRESCO Real Estate

Ján’s career has been closely tied to CRESCO Real Estate, most notably with Slovakia’s largest residential development project, the Slnečnice district. Since joining the company in 2002, he has held several key management roles, serving as CEO since 2010.

Since 2023, CRESCO Real Estate has delivered nearly a thousand apartments across Slovakia and the Czech Republic. In Slnečnice in Bratislava (covering almost 100 hectares), CRESCO Real Estate is preparing an additional 8,000 apartments. In Prague, the company successfully completed the first phase of the SO-HO Rezidence brownfield project in Holešovice. In the upcoming year, the company is preparing to launch a high-end residential project directly on the Danube riverbank in Bratislava. In Košice, a residential complex is being developed in the heart of the city. In Prague, CRESCO Real Estate, in a partnership with Wood & Company, has begun acquiring a major project to construct over 500 apartments in the Žižkov district.

Ján is a frequent speaker at both local and international real estate conferences. He draws inspiration for his work from travel, finds balance through family, and enjoys relaxation through sports—especially running, skiing, and swimming.

STAN KUBÁČEK

Stan joined Heimstaden in 2020 as a Managing Director. He is responsible for sourcing and executing residential investments, as well as portfolio management in Central Europe. Previously, he oversaw residential investments in Europe at Round Hill Capital. Before that, he worked as an investment banker on Goldman Sachs’ European real estate team in London. Stan holds a master’s degree in Finance and Business Strategy from Sciences Po University in Paris.

In recent years, Heimstaden has assembled a portfolio of newly built PRS properties, comprising 2,300 apartments in Warsaw and Kraków, and expanded its presence in the Czech Republic with several modern PRS properties, building on an already substantial base of older apartment stock. Heimstaden is also introducing BREEAM certification and EU taxonomy standards to the PRS sector in CEE. Additionally, the company has developed an innovative approach to involving commercial and public banks in its large-scale renovation programme for older housing stock, aimed at significantly improving energy efficiency.

Stan is a member of the praesidium of the Czech Association for Rental Housing. Outside of work, he enjoys cycling and skiing with his family.

Managing Director | Head of Investment,

Eastern Europe, Heimstaden

KUBÁČEK

DUŠAN KUNOVSKÝ

Owner, Central Group

Dušan studied law at Charles University in Prague and at Cambridge University in England, receiving a scholarship from the current British King Charles III and a Master of Laws degree. His company, Central Group was founded in 1994 and has been the largest residential builder in the Czech Republic.

During its 30 years on the market, Central Group has sold 20,000 new apartments, houses and plots. In 2024, the company will sell more than a thousand new apartments, which is a year-on-year increase of more than 60%. Currently, it has around 2,500 apartments under construction throughout Prague. In 2024, Central Group purchased more than five hectares of land in Prague 8 - Karlín. In total, the company owns more than 1.5 million sqm of land and brownfields for the construction of more than 35,000 apartments, a quarter of all the apartments being prepared in Prague. Central Group has been involved in the long-term discussion on the support of construction development and the improvement of housing availability. Dušan’s lifelong hobby is adventure travel, such as the Himalayan Snowman trek, an expedition to the North Pole, and he has participated in the prestigious Dakar Rally as a competitor.

NICKLAS LINDBERG

President of the Board & CEO, Echo Investment

LINDBERG

Nicklas was appointed CEO of Echo Investment in 2016. Under his leadership, the company has significantly increased the scale of its operations. At present, the company’s priorities are large-scale investments such as Browary Warszawskie, Fuzja in Łódź and the new urban quarter at Towarowa Street in Warsaw, which is being implemented together with AFI Europe.

To date, the company has delivered 790,000 sqm of office space, and this segment continues to be a solid pillar of Echo Investment’s business. The Group is currently developing new office space in Warsaw, Wrocław and Kraków. The Group is also responding to the growing housing needs in Poland – both for sale under the Archicom brand, as well as for rent. The Resi4Rent platform is the leader in the PRS market, with more than 4.1 thousand flats in six cities. In 2024, Echo Investment also entered the PBSA segment – together with Signal Capital Partners, the company plans to deliver beds for around 5,000 students in the country’s largest academic centres.

Until 2015, Nicklas Lindberg was employed by the Skanska Group, where he held several top positions. He is a graduate of Lund University.

MARTIN MAKOVEC

Managing Director, M&A, Central Europe,

Unibail-Rodamco-Westfield

Martin started his career with KPMG and EY. After 12 years in various positions at Unibail-Rodamco-Westfield he was appointed Managing Director M&A in Central Europe and Member of the Regional Management Team in July 2024 .

Unibail-Rodamco-Westfield managed to stabilise the business post Covid and to return it to ordinary operations over the past 12 months. The company re-established large destination shopping centres as must-be places for the retailers and URW centres specially as gateways for new brands to enter the market.

Key goals for the upcoming year include delivering a development project in Hamburg and the extension of Centrum Černý Most in Prague. URW will continue the disposal programme with further planned transactions and deliver the next year’s business plan for the benefit of the shareholders.

Martin is a Member of the Executive Committee of Czech Council of Shopping Centers. Since 2013 he has been a Member of Royal Institute of Chartered Surveyors, currently with his membership interrupted. Martin lectures at the MBA Real Estate programme at University of Economics in Prague. Martin is a passionate tennis and football player, and is actively involved in triathlon and traveling.

Hubert is the General Manager CEE at Aareal Bank, with over 24 years of experience in banking, with a focus on commercial property in CEE and corporate financing, including five years of bank branch management in Poland.

He is a graduate of the Private College of Business and Administration in Warsaw and SGH Warsaw School of Economics. He has a master’s degree in economics and he is a member of RICS. During his career at renowned institutions such as BRE Bank SA. Nordea Bank Polska SA, CBRE Poland and altogether more than 16 years at Aareal Bank Group.

Since 2018, Hubert has been General Manager at Aareal Bank in Warsaw, responsible for all operational aspects of the branch, business development and budgeting/ planning. Leading a team of highly qualified people, Hubert has been successful in the acquisition of new business in CEE and in line with Aareal’s strategy, he plans to dynamically expand the business even further. The focus of Aareal Bank is on large portfolio transactions and on building strong and long-lasting relationships with the clients.

Regarding his personal life, he is married and the proud father of a girl and a boy. He enjoys family life with travelling and exploring new interesting places.

HUBERT MAŃTURZYK

General Manager CEE, Aareal Bank AG

MAŃTURZYK

GEO MĂRGESCU

Co-Founder & CEO, Forte Partners

In 2024, Geo celebrated 10 years as CEO and co-founder of Forte Partners, during which time he coordinated the development of a real estate portfolio worth over €550 million, consisting of office and residential projects.

The projects developed and coordinated by Geo since the founding of the company in 2014 have contributed to the urban regeneration and economic revitalization of Bucharest. For instance, the Sector 0 initiative, comprised of the Tandem building and Millo Offices, completed the urban landscape of Calea Victoriei with its art deco architecture harmoniously integrated with that of the iconic Palatul Telefoanelor building.

In 2023, under the executive management of Geo, Forte Partners completed and inaugurated the second phase of the U•Center office project in the Tineretului area of Bucharest. The 35,000 sqm building is fully leased, mostly to large IT & Technology companies. U•Center 2 was developed in line with Forte Partners’ ESG policies and related objectives and became a carbon neutral building in operation.

Geo believes that sustainability and the integration of digital resources in modern real estate projects are elements for efficient buildings that are attractive for employees.

Christopher joined W. P. Carey’s European Investments Team in 2011 and was appointed Managing Director and Head of European Investments in 2021. Chris oversees W. P. Carey’s European investment activity including the sourcing, underwriting, negotiating, and structuring of all European transactions.

W. P. Carey has invested over €1.3 billion in CEE since its first investment in the region in 2006. In 2024, the company announced the sale-leaseback of 123 retail stores in Poland. 114 stores were acquired in July, with the remaining 9 stores acquired in September. The portfolio is triple-net leased to Żabka, a leading Polish convenience retailer, for a term of 20 years.

The company remains focused on investing primarily in single-tenant, mission-critical industrial, warehouse and retail properties located in the U.S. and Europe. W. P. Carey’s goal has remained consistent since inception – generate meaningful growth and create long-term value for its shareholders through the execution of its strategy.

Real estate is a passion for Chris, and he frequently speaks at conferences across Europe on the benefits of sale-leasebacks for corporate real estate owners. Outside of work, Chris enjoys spending time with his family, and building wooden furniture.

CHRISTOPHER MERTLITZ

Managing Director, Head of European Investments, W. P. Carey

MERTLITZ

ÁLMOS MIKESY

CEO and Chairman of the Board, Gránit Asset Management

Álmos became Deputy CEO and a member of the board of Hungarian firm Gránit Asset Management in April 2021, and he has been the CEO and Chairman since February 2023.

Gránit Asset Management became a majority-owned subsidiary of Gránit Bank in 2023. Since January 2024, the company has operated under its new name. This year the company reached a significant milestone, surpassing €2.5 billion in assets under management. Gránit’s strategic expansion continued in 2024 with the launch of Grandum, a new and international brand for its real estate services. With Grandum Property Management, the company has taken management of its Hungarian properties in-house. Additionally, Gránit’s portfolio grew significantly with the acquisition of 11 prime office buildings in Belgrade, now managed by Grandum Serbia. The company is committed to sustainability and has taken steps to position itself as a green investment powerhouse. Looking ahead, it aims to strengthen its digital capabilities and expand its operations both domestically and regionally.

Supporting female employees and their career progression is a top priority for Álmos. This is reflected in the company culture as the gender ratio is nearly balanced (49/51%), an impressive figure within the Hungarian financial sector.

Starting his career in 1991 as an undergraduate, initially brokering luxury apartments, Tibor is the owner of vertically integrated Hungarian real estate group, Biggeorge Holding (BGH); the CEO of property development and investment company Biggeorge Property (BGP); and the founder of Otthon Centrum, a real estate agency network with 300 offices in Hungary and Poland.

BGP’s key achievements in 2024 include the launch of 8 new residential developments, bringing this year’s total residential offer to 1,400 apartments in 11 projects; starting construction of Paris Maison – a 100-room 4* downtown boutique hotel – in a joint venture; and completing the infrastructure of LogStar Park Fehérvár’s 100 ha development area. With over €200 million dry powder in place, the company recently announced its international expansion plans, seeking new investment and collaboration opportunities in residential, logistics and hotel developments in the EU.

ESG and CSR are top priorities for BGP, with ESGreporting introduced in 2022; a charity foundation active in BGH; and BGP colleagues participating in volunteer activities, including building homes for the homeless.

Tibor enjoys cycling, running, skiing and playing poker in his spare time.

TIBOR NAGYGYÖRGY MRICS

CEO, Biggeorge Property Plc

NAGYGYÖRGY

ANGELINA NEKIĆ

CEO, Delta Real Estate

Angelina has been the CEO of Delta Real Estate, one of the largest property developers in the ex-Yugoslavia region, since 2021 and also holds the position of VP at Delta Holding.

The company recently fully refurbished Sava Centar Belgrade, the largest congress, business, and cultural centre in the area, representing an investment exceeding €120 million. Under Angelina’s leadership, Delta Planet shopping malls in Serbia, Bulgaria, and Bosnia and Herzegovina have performed remarkably well. The company expanded its hospitality portfolio by acquiring the Radisson Collection Old Mill Hotel in Belgrade. Additionally, Delta Real Estate signed a major contract with IHG Hotels & Resorts to build and manage the InterContinental hotel within the upcoming Delta District complex. The entire portfolio, valued at over €1 billion, also comprises office buildings and logistics. The company has embarked on an €850 million investment cycle, initiating three new projects: the Delta District mixed-use development in Belgrade, the Delta Iron office park in Novi Sad and the Delta Land mixed-use project in central Belgrade.

Angelina is dedicated to empowering women in real estate and mentoring young leaders. Her passions include hiking, skiing, traveling and spending time with family and friends.

Miklós has been the Managing Director of the Special Financing Directorate of OTP Bank for almost 30 years. He is responsible for the support and coordination of the business activities of the regional banking group covering 11 countries.

MIKLÓS NÉMETH

NÉMETH

Miklós also holds positions in the management bodies of several OTP Bank subsidiaries. He has been a member of the Board of Directors since 2019 at OTP Ingatlan, one of the largest players in the Hungarian real estate market. Since 2002, he has held various positions in the professional supervision of OTP Real Estate Investment Fund Management Ltd., and since July 2020, as Chairman of the Board of Directors, he has been involved in the day-to-day management and coordination of fund management activities.

This year, the fund manager has already committed a significant part of the HUF 30 billion (ca. €75 million) awarded from the Baross Gábor capital programme. Two energy-efficient logistics properties have already been developed, and the remaining sum will be used for the technical renewal and energy efficiency improvement of the existing property portfolio. Reflecting the persistence of problems in the office market, the conversion of several properties, mainly office to residential, is under preparation.

IMMO L AB

Immo lab is a real es t ate market exper t specializing in s trategic ad v is or y on inve s t ment land for log is t ic s , indus t r ial , s er v ice s , office, retail, living and hotels.

We facili t ate c api t al trans ac tions , by br inging together the bes t t alent s and comp e tencie s in t he P olish real e

ad vant age is comprehensi ve k now le dge and

IMMO LAB

MI

OSZ MICHALSKI

DANIEL PUCHALSKI

With more than 21 years of experience across various sectors of real estate, Costin began his career at BNP Paribas Real Estate Romania as Head of Property Management and advanced to the role of Managing Director. In 2021, he assumed leadership of Fortim when he did a management buyout with 2 partners.

COSTIN NISTOR

Managing Director, Fortim Trusted Advisors

NISTOR

Fortim Trusted Advisors, the exclusive BNP Paribas Real Estate Alliance member in Romania, has been actively operating in the region for the last 22 years. Since its acquisition by the current shareholders, the company has experienced continuous growth. Between 2021 and 2024, Fortim’s turnover has tripled, and for the current year it is expected to surpass the €2.2 million mark. Specializing in office, industrial & logistics, property management, residential, retail, and real estate marketing & PR services, Fortim develops one-stop-shop relationships with business partners, institutional investors, occupiers/owners, developers, and private investors.

Costin has become involved in various educational projects to share his expertise. He also participates in CCIFER’s volunteering activities, contributing to the CCIFER Forest initiative, which aims to plant over 100,000 trees across Romania within five years.

PETER NOACK

Co-Founder of ZEITGEIST

Asset Management

Peter is Co-Founder of ZEITGEIST Asset Management. Prior to ZEITGEIST, Peter worked in institutional real estate in Germany, Central Eastern Europe and Turkey for HOCHTIEF Development and Rödl & Partner in Germany and Czech Republic. Peter is registered as a licensed attorney at law in Germany and the Czech Republic and holds a Law degree from Goethe University in Frankfurt, Germany.

ZEITGEIST built up the first residential for rent portfolio owned by an institutional investor in CEE. It currently manages 60 projects in five countries, with a total value of €1.2 billion of assets under management.

The list of 2024 projects includes the modernisation of the Palac Dunaj, an A-class office building in Prague, in the spirit of the 1920’s, LEED & WELL certified. The company has launched the project of residence for rent Delta Hagibor in Prague. ZEITGEIST also renovated an office building Solec in Warsaw to become the flagship project of Zeitraum Student Housing in Poland, offering 222 beds. Zeitraum is the daughter company of Zeitgeist that is today operating 2,000 beds in CEE.

Peter Noack participates in GRI Club and in Asociace developerů. His hobbies include traveling, cooking and boxing.

NOACK

ANDRZEJ OŚLIZŁO

CEO, Develia

Andrzej has been CEO of Develia since December 2020. Develia is one of the largest residential developers in Poland, having acquired the Polish Nexity companies in 2023, which significantly strengthened the company’s position in the market.

Andrzej has extensive managerial experience in companies from various sectors. He has held the position of president and member of the board in companies in sectors such as ICT, TSL, aviation, finance and banking (among others in Schenker, LOT, Aviva and Expander Advisors).

For Develia, 2023 was a record year in terms of both sales and financial performance. The developer sold 2,674 flats, an increase of 63% year-on-year. The company also continued to successfully implement its strategy of divesting commercial properties. By the end of 2023, the developer had plots of land available to build more than 10,000 units. Develia’s priority is to continue to grow in the residential sector, aiming to increase sales to 4,500 units per year and build a land bank of around 16,000 units by 2028. The company also plans to diversify into the PRS and private student accommodation segments.

In his free time, he enjoys spending time with his family, playing sports and travelling.

TOMÁŠ PARDUBICKÝ

CEO, FINEP Holding

Tomáš started his career at Expandia banka, the first online bank in the Czech Republic. He continued at PriceWaterhouseCoopers and Komerční banka. At FINEP he has been successfully connecting the real estate business with banks, investors and RE funds for almost 20 years.

In recent months, FINEP has successfully managed growth in challenging conditions, adapted to the challenges in the area of affordable housing and diversified its offer, expanding in cooperative and rental housing, responding to changing market demand and high interest rates.

In the following period FINEP will celebrate its 30th anniversary of operation on the Czech market. The emphasis remains focused on the development of 3 pillars on which FINEP stands – cooperative, rental and owner-occupied housing. The key goal will be the support of meaningful initiatives promoting sustainability and effective cooperation with city districts.

Tomáš enjoys building relationships and connections between the real estate, financial and investor sectors and identifying strategies for improving the availability of housing in the Czech Republic. He loves time with his family and recharges his batteries scuba diving and skiing in open terrain.

Radim set up the Passerinvest Group in 1991. As an investor and developer, the company is primarily associated with the extensive urban project of Brumlovka District, and the Roztyly District, a former brownfield changing into a modern quarter, both in Prague.

RADIM PASSER

Founder & CEO, Passerinvest Group

PASSER

In May 2024, Passerinvest Group began the construction of a mixed-use building, Hila, in Prague’s Brumlovka, providing 20,500 sqm of offices, 71 rental flats and 2000 sqm of retail spaces. In March 2024 the Roztyly Plaza building opened offering 21,700 sqm of offices on seven floors. After nearly 26 years, Passerinvest Group acquired another brownfield in the Brumlovka district with plans to develop the office building and expand the public park.

Radim is grateful to God for his success in business, having embraced Him after his first-born son died in 1998. This decision, in his opinion the best in his life, has dramatically changed his private life as well as his entire view of life’s priorities. He is behind a number of missionary and charity projects, along with founding the Maranatha Civic Association. His favourite activities include playing football, tennis, golf, as well as skiing and spending time with his family.

KARINA PAVĂL

Vice President, Pavăl Holding

As Vice President of Pavăl Holding, one of Romania’s largest real estate owners, Karina is responsible for the strategic development of the family business across multiple sectors, including real estate. A graduate of Queen Mary University and the University of Cambridge, she oversees the group’s most significant real estate and corporate M&A transactions.

Over the past 12 months, Pavăl Holding’s real estate division has made substantial strides in strengthening its portfolio. Notably, Pavăl Holding expanded into the hospitality sector in Switzerland with the acquisition of the Waldhaus Flims Wellness Resort in 2024, marking the company’s second international acquisition following the Grand Hotel Gardone in Italy in 2023. Looking forward, Pavăl Holding’s priority will be to actively explore high-potential opportunities in commercial real estate sectors within Romania and internationally.

Karina Pavăl sits on the boards of portfolio companies such as Farmacia Tei, Cemacon, and Promateris, as well as Endeavor, a nonprofit dedicated to supporting highimpact entrepreneurship in Romania. In her free time, she enjoys traveling, reading, and spending quality time with family and friends.

PAVĂL

Łukasz manages a team that oversees 1.15 million sqm of office and logistics across 9 countries. Advocating for decarbonization and ESG, his work exceeds norms, focusing on sustainability.

With Macquarie Asset Management recently announcing the spin-off of the majority of its Core/ Core Plus real estate activities into Manova Partners, an independent real estate investment manager with €11.4 billion of assets under management, Łukasz will continue as a Partner to support the new entity in its focus on sourcing and managing investments across various sectors, including office, industrial, residential, and retail. Manova Partners, headquartered in Munich, will continue to provide tailored client solutions across the risk-return spectrum.

Łukasz prioritizes his business relationships and the needs of clients, both investors and tenants, and invests the time, resources and care to understand and meet these needs. Fueled by a relentless pursuit of excellence and professional dedication, his commitment is reflected in his enthusiasm for cycling – a conscious decision made 5 years ago to lower his carbon footprint – where he bikes to work under any and all weather conditions and undertakes solo journeys of over 1000 km.

ŁUKASZ PAWIKOWSKI

Vice President - Head of Asset Management

CEE & Nordics, Macquarie Group

PAWIKOWSKI

PAVEL PELIKÁN

Deputy Chairman of the Board and Executive Director, JTRE

Pavel graduated from the Faculty of Civil Engineering of the Slovak Technical University in Bratislava in 1995. In 2000, he joined JTRE as a project manager, later becoming a technical director, and since 2005 Pavel has been JTRE’s executive director and deputy chairman of the board.

In Bratislava, JTRE completed the project of Eurovea 2, including the expansion of the shopping centre, office buildings and housing on an extended promenade with the first Slovak skyscraper. The JTRE London branch completed the mixed-use Triptych Bankside and the Appleby Blue senior housing. JTRE also launched a new flagship project in Bratislava, Downtown Yards, which was the best-selling residential project in Slovakia in Q1 2024. Construction works also started on the new London project, 220 Blackfriars Road and the first Berlin project, Nordhafen Living & Office. These projects, together with boutique mixed-use Ganz House in Bratislava, are the main focus for the coming months.

JTRE is a member of the Association of Construction Entrepreneurs of Slovakia, the Slovak Green Building Council, the American Chamber of Commerce in the Slovak Republic, and the Institute of Urban Development. Pavel’s passion is his family. He is a keen skier and enjoys city breaks around Europe.

MARTIN POLÁK

Managing Director CEE,

GARBE Industrial Real Estate

With a long-standing career in logistics real estate, Martin has been leading expansion into CEE countries as Managing Director of CEE at GARBE Industrial Real Estate since February 2020. Currently, Garbe is active in Poland, Czechia, Slovakia and Romania.

POLÁK

In the past 12 months Garbe has been completing four new developments in four different locations, started three BTS developments in České Budejovice including a supermarket, acquired two new sites and onboarded two new JV partners for developments. Garbe has been also executing its first disposals in both Czech and Slovak markets to core domestic investors Patria and Fio. Disposal of two completed buildings in České Budějovice and another one in Klášterec nad Ohří are expected. From a total pipeline of around 400,000 sqm Garbe has 50,000 sqm ready to start construction. The rest of the pipeline is planned to be in the same position in the coming 12 months.

Martin is at a stage in life when his kids are his priority. Together they ski a lot, swim, travel, and spend a lot of time in the mountains or exploring Mediterranean islands.

SORIN PREDA

CEO, Global Vision

Sorin is the CEO and Founder of Global Vision, a real estate investment and development platform overseeing projects primarily situated in Romania and across CEE.

In the past two decades, Global Vision has developed over 1.8 million sqm of commercial spaces. In the past year, the company’s portfolio has undergone significant expansion, encompassing industrial, retail, office and residential.

In mid-2024 Global Vision’s joint venture with Globalworth completed the divestment of 136,374 sqm of leasable area and a plot of land in Constanta with 300,000 sqm development potential to WDP Romania. This transaction includes assets in Bucharest, Constanța and Târgu Mureș, totaling an investment of roughly €110 million.

Following this deal, Global Vision plans to launch a new division within the group dedicated to the investment and development of green energy projects.

Outside of his professional endeavors, Sorin channels his passion for sports into volunteer initiatives and campaigns aimed at supporting local communities.

Monika is in charge of the strategic and operational activities of Colliers in the CEE region, leading the crossborder team to manage clients and business partners. She has over 20 years’ worth of experience in the real estate market.

During her 3-year tenure as CEO of the CEE region, she helped to create the Define platform, a service providing advisory, design and build services integrated with the team of experts in research, strategy, architecture and engineering. Monika also launched the Energy Advisory service to help clients to optimize electricity procurement and build energy independence. In 2024 she introduced the Renewable Energy Investments line to support investors in diversifying their portfolios and an additional service focused on property decarbonization, aimed at increasing property value.

Monika is a Member of the EMEA Board group at Colliers, which is in charge of defining the development strategy of the company and supervising operational decisions for the EMEA region. She also acts as the Diversity & Inclusion Ambassador at Colliers, initiating and supporting many activities focused on women’s rights and their professional and personal development. Monika is also an active member of YPO, RICS and a mentor in ULI.

MONIKA RAJSKAWOLIŃSKA, MRICS

CEO – CEE region, Colliers

FRANK REUL

VP Development, Accor Premium Midscale Economy - Eastern Europe, Italy & Greece

REUL

Frank began his career in hotel operations in 1988. He has held senior management roles in Belgium, Russia, the UK, Turkey, and the Baltics. He joined Accor’s development team in 2017 and has held the position of VP Development Accor Eastern Europe since 2018.

Accor is expanding its footprint across Eastern Europe and the Balkans, adding key properties and bringing new brands in the region. In the last 12 months, the focus has been on further strengthening the presence of Accor’s premium brands while consolidating the eco and midscale portfolio in existing and new markets. Notable projects include openings in Hungary, Poland, Romania, Croatia. Over the next year, Accor aims to continue its expansion in key growth markets, with a special focus on developing sustainable properties in line with global ESG initiatives, while targeting both urban hubs and leisure destinations.

Frank is passionate about history, wine, and football, supporting Arsenal FC. He is multilingual, fluent in Dutch, English and French. He actively participates in hospitality conferences across Europe to share his industry insights.

JAN ŘEŽÁB

Owner and Founder, JRD Group

Jan has dedicated his life to ecological technologies in housing, renewable energy sources and the management of non-recyclable waste. He is the author of the first active house in the Czech Republic. By founding JRD Jan fulfilled his dream of establishing a sustainable development.

In 2024 JRD managed to sell out residential projects Vital Kamýk and premium project Císařská vinice, apartments and villas worth CZK 1.8 billion (€71 million). In 2025, JRD plans to complete the Bella Vista Residence project and start the construction and sale of the Prague projects Horizont Kamýk and Terra Barrandov. As part of the medium-term goal of selling 500 apartments per year, JRD is working on projects and city quarters that will provide approximately 10,000 apartments. JRD also maintains its position as one of the most important renewable energy source developers in Czechia, Slovakia and Hungary.

Jan’s passion is sports (dancing, callisthenics, cycling), gardening and everything supporting a healthy lifestyle. Family is a fundamental value for him. He lectures, writes and founded the Biodiversity Support Fund. He is a member of the Board of Directors of the nonprofit organisation Kokoza helping urban people with composting and gardening.

PAWEŁ SAPEK

Senior Vice President and Regional Head for Central Europe, Prologis

Paweł is responsible for Prologis’ full portfolio in Poland, the Czech Republic, Slovakia and Hungary totalling almost 5 million sqm. He boasts more than 28 years of experience in the real estate and management sector. He has been with Prologis since 2015. Prior to that, he worked at Segro Poland as business development director for CEE.

He graduated from the University of Economics in Katowice with a degree in Marketing and Management. He also holds a postgraduate degree in logistics management from the Warsaw School of Economics. In 2019, he was awarded the prestigious title of Fellow of RICS (FRICS). Pawel’s priorities for the next 12 months include further growth in key locations and regions, expanding Prologis’ portfolio of build-to-suit (BTS) facilities and maintaining an upward trend in rents and high levels of customer retention. To this end, the company is focusing on providing customers with added value from their cooperation. Asset management activities and supporting customers on their journey towards zero carbon are key.

Privately, Paweł is passionate about sports, especially tennis. He loves active leisure and travelling. He sails, hikes in the mountains and skis.

SAPEK

Sándor co-founded Market Építő CC., one of the leading players in the Hungarian construction industry, in 1996. The company has completed over 850 projects in its 28year history. These include logistics and industrial halls, hotels, sports facilities, as well as office and residential buildings.

SÁNDOR SCHEER

SCHEER

In the past year, the company has collaborated with renowned clients such as Telekom, McDonald’s, LIDL, and contributed to the renovation of the Hungarian Formula 1 racetrack. Market’s urban development project in Budapest is BudaPart, where several residential buildings, the Radisson Hotel, and the city’s tallest building, the FIABCI-awarded MOL Campus, have been completed.

This year, Market Építő CC. also published its third Sustainability Report, achieving an improvement of 1015% through digitalisation, BIM and LEAN methods.

In order to overcome the shortage of skilled workers in the construction industry, Sándor and the company have created a dual training site in the framework of an industry partnership, using their own resources, with three major Hungarian industry players.

DENNIS SELINAS

CEO, Globalworth

Dennis has been CEO of Globalworth, one of the largest office landlords in CEE, active in Romania and Poland, since January 2023. He has over 20 years of experience in finance and property, specializing in executive management, financial restructuring, M&A, and private equity.

A key achievement during his tenure was the bond exchange in April 2024, which established a sustainable capital structure and opened opportunities for valueadded investments and shareholder value creation.

In the past year, the group leased over 93,000 sqm in Poland and 221,000 sqm in Romania. Furthermore, the group sustained its policy of securing 100% of the energy used in its Romanian office portfolio from renewable sources. Globalworth plans to enhance its portfolio by upgrading properties and strengthening tenant relationships, focusing on advanced technology and sustainable solutions.

Dennis is also the President of the Board of Directors for the Association of Real Estate Investors in Romania (AREI) and holds a strategic role in Globalworth’s CSR programs. In his free time, he enjoys photography and mountain climbing.

MARTIN ŠMIGURA

Martin has been with WOOD & Company since 2004. With a Financial Management degree from Comenius University in Bratislava, he focuses on strategic portfolio management and serves as investment director for both Slovak real estate and waste management assets.

Over the past year, WOOD & Company has expanded and diversified its portfolio. The company completed the acquisition of Aupark Shopping Center and entered the residential development segment with projects like Millhaus, Nová Merina, and Lakeside Park 3. The recent sale of Westend Tower, WOOD’s first office building in its Office sub-fund, demonstrated the company’s capacity to generate value through strategic asset management.

Looking ahead, WOOD & Company aims to further diversify its portfolio, focusing on innovative real estate projects and expanding its waste management operations. WOOD & Company is committed to strengthening its position as a leader in CEE real estate markets through strategic acquisitions and partnerships.

Martin is passionate about travel and food tourism, exploring high-quality restaurants. He maintains an active lifestyle with an affinity for various sports. These pursuits complement his professional life, providing fresh perspectives and work-life balance.

Local Partner | Head of Slovak Real Estate Operations, WOOD & Company

MARTIN ŠRAMKO

CEO, Immocap

Martin has worked as Immocap CEO since 2014. Before that, he was financial and investment director of Immocap. He studied at the University of Economics in Bratislava and the University of Reading in Real Estate Investment & Finance. Martin started in Deloitte gaining skills in due diligence, financial analysis, and real estate transactions.

Immocap is a Slovak developer that has been bringing projects to Bratislava for almost 30 years creating space for a better, healthier, and higher quality life. Thanks to an exceptional team of professionals, Immocap is able to transform neglected areas and thus expand the city center with vital zones, where people can comfortably work and live. Under Martin’s leadership the Immocap co.re approach empowers the company to work responsibly aiming for carbon neutrality while meeting ESG criteria. It is reflected in the pipeline of Immocap aiming to deliver 100,000 sqm of office space and 2,000 flats in the next 10 years.

The flagship project of Immocap is Istropolis - a largescale urban redevelopment project in the attractive area of Trnavské mýto in Bratislava. The zone will offer spaces for living and working, as well as a multifunctional cultural hall, along with 3 new squares and generous greenery.

Since the founding of WING in 1999, Noah has been the company’s top executive and he is responsible for the management of the entire group. Celebrating its 25th anniversary in 2024, WING is the majority owner of ECHO Investment, the largest real estate developer in Poland, listed on the Warsaw Stock Exchange, and Bauwert, a leading German real estate developer based in Berlin.

In Germany, Poland and Hungary, WING has developed a total of 5.5 million sqm of floorspace. During the past 12 months, WING has completed the Liberty hoteloffice complex, refurbished the historical Liget Center which now hosts RTL Hungary’s HQ and redeveloped the HOP project into a Technology Office Park, while LIVING delivered its 1,000th apartment. In Germany, Bauwert completed the Berliner Sparkasse HQ and the LIV Berlin project, six months ahead of schedule. The Segelflieger Quartier Berlin project also launched, covering 21 ha. In Poland, Echo secured €103 million for the Office House project in Warsaw, due by 2025, and began two StudentSpace developments in Krakow. Despite a changing market, WING aims to adapt and thrive across all segments, working towards becoming a leading CEE developer.

Noah graduated from Princeton University where he also rowed on the crew team, and from the Diplomatic Academy of Vienna.

NOAH M. STEINBERG, FRICS

Chairman and CEO, WING Chairman of the Supervisory

Investment and Bauwert

STEINBERG

Boards of Echo

PAVEL STREBLOV, MRICS

Business Director, Penta Real Estate

Pavel has more than 18 years of experience in the real estate sector, with the last 12 years spent in Penta Real Estate. In his current role as a Business Director and a board member, Pavel leads all of the commercial aspects of projects in the Czech Republic.

Penta’s nearly €1.5 billion portfolio consists of 40 projects of more than 1 million sqm. The highlight is the recent completion of the Masaryčka office building. After leading the largest ever portfolio acquisition in the CEE region at the end of 2023, Pavel has extended the development potential of the Masaryčka project by the current central bus terminal.

The major challenges for the coming year are to progress new development sites such as the Fourth Quadrant district and a central district with up to 300,000 sqm of new space on top of Prague’s main train station.

With Pavel’s wide academic background, he is a regular guest lecturer internationally and teaches a course in urbanism as part of the MBARE Programme at the University of Economics Prague. He is also an active member of the RICS in Prague. His passion lies in all kinds of water sports and he also enjoys skiing and ski mountaineering.

SVOBODA&IDES

Lubor and Robert have been Co-Founders & Managing Partners of the investment and real estate group ARETE since its founding in 2014.

Lubor has 25 years of experience in top executive positions in real estate, investments, and corporate acquisitions in the financial and regulatory environments. Robert has over 20 years of advisory and international management consulting experience focusing on complex MA and strategic projects.

Over the past decade, they have achieved significant success and have become pioneers in closed-end real estate investment funds in the Czech Republic. ARETE is the only investment group in the country that has successfully closed two real estate funds and paid out its investors. Currently, ARETE group has its third fund, ARETE INDUSTRIAL SICAV, open. In line with the ongoing and substantial growth of the fund’s portfolio, while maintaining the stability of its assets, the group plans to pursue new acquisitions and expand further in the CEE region and Western Europe to strengthen its market position.

ARETE is a member of the international Alternative Investment Management Association and the Czech Capital Market Association (AKAT CR).

Lubor’s passions include motorcycles, art, and literature. Robert is keen on diving, golf, and art.

LUBOR SVOBODA & ROBERT IDES

DUŠAN SÝKORA

CEO, REICO ISČS

Dušan has been the CEO of REICO ISČS since mid-2023.

REICO is a subsidiary of Erste Group, where Dušan has spent his whole professional life since 1996, with a wide range of responsibilities in Financial Markets, Finance and Retail. He has become the CEO of REICO after being a member of the Supervisory Board for 8 years.

He has brought a new approach to REICO from the perspective of a Retail investor. Over the past 12 months Dušan managed to change the trend of liquidity from a monthly loss of €8 million to gaining €20 million every month.

REICO also entered the residential rental market for the first time when signing the forward funding transaction with FINEP. The construction of 170 apartments has recently started, and the first tenants will move in early 2027. This transaction will bring a new real estate segment to investors and thus higher stability. In the near future Dušan plans a further extension to new segments of real estate, such as schools and hospitals.

Dušan’s great passion is sports: he plays ice hockey and football, and enjoys hiking and exploring new trails. In calm and relaxed moments, he likes to dive into history, with Ken Follett being his favourite author.

Piotr joined Dentons in 2010 as the Head of the Real Estate practice in Poland. In 2020 his role was extended to the CEE region.

PIOTR SZAFARZ

Partner, Head of Real Estate in Poland and CEE, Dentons

SZAFARZ

His team of over 30 lawyers has maintained its strong market position over the past 12 months, which was a challenging period for the industry. In the first half of the year alone, the group advised on investment transactions worth €757 million, representing a market share of 42 percent. The group’s leading market position is reflected not only in the value and significance of its deals, but also in international and local rankings and the industry recognition of individual lawyers.

The positive outlook, reinforced by the rising number of transactions and investment volumes so far this year, is a good sign and should continue in the coming months. He expects to see a visible increase in office transactions – both in Warsaw and in regional markets – as well as more retail investments, including shopping centres and convenience projects.

Piotr is a recognized lawyer, who has received numerous awards and distinctions in international rankings. He is passionate about mountains and travelling in general. He is keen on discovering new landscapes and cultures.

PÉTER SZÁMELY, MRICS

Head of Department for Real Estate Project Finance, HYPO NOE Landesbank AG

Péter joined HYPO NOE Bank in Austria as Head of Team for Real Estate Financing in CEE in 2008. Under his leadership, the team has strengthened its presence in the Czech Republic, Hungary and Slovakia and expanded to new countries such as Poland, Romania and Holland. In 2021, Peter became Head of Department for Real Estate Project Finance. Since then, he has been responsible for lending in 8 countries, including Germany and Austria, as well as the countries listed above. He and his department of 11 colleagues successfully managed a healthy debt portfolio in excess of €1 billion, even in the recent, turbulent years.

Péter has been a member of the RICS since 1999 and has contributed to the development of a more transparent property market in Hungary, which was acknowledged in the form of a deed by the Hungarian Real Estate Association. Peter has served RICS and its members in various roles, such as Chaiman of RICS Hungary from 2000 for 6 years, and as Member of the European Board for a further 6 years. He also served on the Austrian Board for 6 years. He has been acting as an ambassador of the profession, committedly organizing annual CPD events with RICS Österreich & RICS CEE at the British Embassy in Vienna.

Péter is practices tai chi passionately and likes horseback riding.

Magdalena has been with SEGRO since the company’s entry into CEE in 2005. She started her career as Regional Director. From 2008 to 2009 she held the position of Country Manager. In 2009, she has been appointed a Managing Director for Poland and the Czech Republic.

She is responsible for managing operations in the region and for implementing the company’s strategy based on the development and expansion of its logistics and industrial property portfolio in key locations. She has more than 20 years of experience in the real estate industry, confirmed by her RICS certification. Magdalena Szulc also manages activities in CE within the scope of the company’s strategic programme Responsible SEGRO, whose priorities include lowcarbon growth, investing in local communities and the environment, and nurturing talent.

SEGRO utilizes 100% renewable energy sources to power its parks in Poland and the Czech Republic. Since 2022, all new developments have been constructed to achieve a minimum BREEAM Excellent certification.

As part of its Responsible SEGRO initiative in Poland, the company engages in various activities, including educational programs and the installation of contactless drinking water dispensers in schools and sports facilities.

MAGDALENA SZULC, MRICS

Managing Director, Poland and Czech Republic, SEGRO

SZULC

ION ȚIRIAC

Founder, Țiriac Group

Ion is the Founder of Țiriac Group, comprising over 40 companies in various sectors ranging from automotive to real estate, air transport and energy. Ion graduated from the National Academy of Physical Education and Sport, specializing in tennis and basketball.

He retired as a tennis player in the 1970s and started his coaching career. After the fall of communism in Romania, he began his investment career and founded Țiriac Imobiliare, the real estate arm of the group, in 1994. Since then, the company has completed 45 residential and commercial projects with a built area of close to 500,000 sqm.

Țiriac Imobiliare’s portfolio comprises three residential projects, including the built to rent complex Stejarii Collection in northern Bucharest. In recent years, the group has delivered Țiriac Tower, a 30,969 sqm office building based in central Bucharest.

Ion’s group has also developed the largest dealer and car service network in Romania as well as Țiriac Collection, a 4,300 sqm gallery housing cars and motorcycles amounting to more than 30,000 horsepower.

He has held leadership roles in local olympics and sports bodies and received state distinctions for his efforts to promote the Romanian sports scene abroad.

Piotr has 20 years of experience in the real estate sector. Throughout his career, he has been involved in many transactions for institutional and private equity investors. He has also overseen the performance of €2.5 billion of assets across all sectors. Piotr is a graduate of Wharton School and the Tuck School of Business, Dartmouth College. He is a Certified Commercial Investment Member and a member of ULI.

Piotr joined Savills IM in 2017, to build the firm’s operations in Poland. Under his supervision, the Polish business of Savills IM grew to €1.8 billion AUM and 9 professionals in less than five years, establishing Savills IM as one of the leading investment managers in the country.

The portfolio overseen by Savills IM in Poland comprises 16 retail, office, and warehouse properties. Over the past year, the firm has concentrated on enhancing the value and lowering the carbon footprint of its properties. After successfully raising capital in recent months, the firm will look to deploy capital in key European markets in the sectors of urban logistics and living, while expanding its debt offering in the U.S.

Piotr relaxes when traveling, particularly when combined with the exploration of new wine regions and sporting challenges. His hobbies include road cycling, hitting the gym and running.

PIOTR TRZCIŃSKI

Head of Poland, Savills Investment Management

TRZCIŃSKI

TOMASZ TRZÓSŁO

CEO, EPP

Tomasz has over 25 years of experience in CEE real estate. He holds the position of CEO at EPP, one of the largest real estate investment firms operating in Poland. EPP is the largest asset manager of retail real estate located in Poland, with the company’s portfolio consisting of 29 retail properties and 6 office complexes, with a total value of €3 billion and a total GLA of over 1.25 million sqm.

EPP is owned by Redefine Properties, one of the largest South African REITs. EPP is one of the leaders in the ESG field, measuring and managing the environmental footprint of its operations and aiming to increase the positive socio-economic impact across all Polish cities it is present in.

In 2024 EPP took over the management of nine M1 shopping centers and three Power Parks from Metro Properties Poland. The company plans to develop the assets through leasing activities as well as space rearrangements and upgrades.

Prior to joining EPP in early 2020, Tomasz spent over two decades with JLL, in the last few years as Managing Director for JLL in the CEE. He is a graduate of the Kraków University of Economics and London’s City University Business School. Professionally and privately, he is always on the move, leading an active lifestyle.

RADOVAN VÍTEK

Radovan is the founder of CPI Property Group (CPIPG), which owns the largest real estate portfolio in the CEE region. Conceived in the Czech Republic during the 1990s, CPIPG grew through large-scale acquisitions and became a leader in the international capital markets. Radovan stepped away from the daily management of CPIPG about ten years ago and left the board of directors in 2020.

CPIPG continues to be closely held by the Vitek family trust and Radovan’s experience remains integral to the company’s success.

The Group owns €18.6 billion of real estate including offices, retail parks, shopping centres, hotels, and residential properties. Over the past year, CPIPG has maintained the excellent performance (rents, occupancy) of the Group’s diversified portfolio, which generates more than €900 million of contracted rent annually. In the coming years, CPIPG will be focused on optimising the portfolio after a long period of expansion, which included the acquisitions of Austrian landlords IMMOFINANZ and S IMMO.

In retirement since the passing of his father during COVID, Radovan Vítek has enjoyed spending time with his family, being outdoors and exploring other athletic pursuits.

Founder & Primary Shareholder, CPI Property Group

REMON VOS, FRICS

CEO, CTP

Remon came to the Czech Republic in the mid-1990s and was quick to recognise the country’s growth potential. He launched CTP in 1998 as CEO and led the company’s expansion to ten countries across Europe. Following an IPO in 2021, CTP is Europe’s largest listed developer of industrial & logistics properties.

Key CTP achievements in the past 12 months include signing lease agreements for more than 2 million sqm of space; surpassing the 12 million sqm threshold for the standing portfolio; generating stable cash flow with €679 million in annualised rent; maintaining above 10% yield on cost for new projects; raising €300 million in new equity; further expanding the portfolio in Romania, acquiring 270,000 sqm of GLA and 30 ha of landbank, and opening an office in Asia. CTP received a “Negligible Risk” score of 9.3 from Sustainalytics, ranking CTP 74th of 1,036 real estate peers. CTP improved its GRESB developer score from 69 to 74, as well as its standing portfolio score from 69 to 70. Key company goals include achieving an annual rental income of €1 billion by 2027.

Remon is an avid sportsman and in his free time enjoys auto racing, competing in triathlons, yachting, skiing, and cycling.

VOS

Waldemar is the CEO of the Victoria Dom Group – a Polish-German residential development company that has established its presence in several markets in both countries. Over the last 10 years, Waldemar facilitated expansion from a small, local family-owned company into Poland’s leading residential developer that specializes in affordable living projects. In Poland, Victoria Dom is currently working on projects within the Warsaw and Kraków and is preparing to expand its offer to the Tricity area.

Waldemar created and has successfully expanded German operations, first in Berlin and later in Leipzig, in a very volatile and challenging environment. The consolidated Victoria Dom Group revenue during his tenure grew from €15 to €200 million, setting the scene for further expansion in CEE.

After a record year for the company in 2023, when the developer sold over 2,000 apartments, in 2024 it expects to sell between 1,200 and 1,500 units. Priorities for the next 12 months include beginning further development projects in current and new locations, growing human resources and upgrading IT infrastructure to facilitate further expansion.

Waldemar is a passionate golfer and board member of the Polish Development Companies Association in Warsaw (PZFD).

WALDEMAR WASILUK

CEO/Vice President, Victoria Dom Group

WASILUK

LEV WEISS

CEO, BIG CEE

Lev has been with the BIG Group since 2015. After a successful tenure with BIG Israel, he joined BIG CEE in January 2019 as COO and became CEO in August 2021.

Recently, BIG CEE reached a significant milestone by finalising the purchase of the Promenada Novi Sad Shopping Mall, marking the biggest retail transaction in both the company’s and the country’s history. This transaction further underscores BIG’s unwavering commitment to Serbia and the broader region, reinforcing its leadership in the market. Over the next 12 months, the company will focus on completing three new retail parks in Serbia, further expanding its footprint. In addition to growth, there is a strong commitment to sustainable development, fostering deeper relationships with tenants and communities to create vibrant, thriving retail spaces that meet the needs of today’s consumers. BIG aims to enhance the shopping experience by promoting both environmental responsibility and strong community ties.

Lev is committed to community growth, focusing on job creation and supporting local businesses. Under his leadership, BIG CEE backs education-focused organizations through donations and volunteer work for lasting social impact. In his spare time, he enjoys traveling, especially exploring the former Yugoslavia and its cultures.

Pınar has been the CEO of Belgrade-based real estate owner MPC Properties since March 2023. Before joining the company, she served as the CEO and Board Member for both Multi Corporation and ECE Group’s subsidiaries in Türkiye.

MPC Properties has focused on strategic planning and strengthening its position in the market through redevelopment projects and service excellence over the past 12 months. The ongoing transformation of the UŠĆE Shopping Center in Belgrade is well under way. It will continue throughout 2025, in addition to new refurbishment and extension projects at another two shopping centres in its portfolio: Mercator Beograd and BEO Shopping Center. MPC Properties has successfully completed the project management service of BRANKOV Business Center, a modern business building in Belgrade’s city centre. MPC Properties is also committed to employee development, increasing its workforce and launching new programs aimed at enhancing employee satisfaction and retention while its ESG commitment grows stronger with ongoing investments in sustainability initiatives.

Pınar enjoys doing sports as well as taking trips to new places, always seeking fresh experiences that spark creativity and enhance her life.

PINAR YALÇINKAYA

CEO, MPC Properties

YALÇINKAYA

JAROSŁAW ZAGÓRSKI

Managing Director, Ghelamco Poland

Jarosław has over 26 years of experience in the Polish real estate market. He specialises in the commercialisation, marketing and development of office projects. He has been with Ghelamco for more than 17 years, where he has held the positions of Commercial and Development Director and Board Member. Since April of 2023, he has held the position of Managing Director of Ghelamco Poland. Previously, he worked at PwC, Cushman & Wakefield, Healey & Baker Polska and CBRE.

One of his greatest achievements is the commercial success of the Warsaw Spire and the victory in the MIPIM Awards 2017 competition, in which the mentioned skyscraper was named the best office development in the world. In 2022, he completed Google’s acquisition of The Warsaw HUB complex from Ghelamco for €584 million, setting a new record in the office sector in CEE. His priority for the coming years is to maintain Ghelamco’s position as a leader in the office market in Poland. As part of the ongoing ESG strategy, the company’s goal is to achieve full energy neutrality by 2025.

Jarosław is also president of the “Sztuka w Mieście” (Art in the City) foundation, founded in 2014, which aims to promote, support and disseminate artistic initiatives and organise cultural, sporting and entertainment events.

Katarzyna is the President and CEO of Skanska’s commercial development business unit in CEE. She is responsible for strategy and operations in ten cities in the region: Warsaw, Prague, Budapest, Bucharest, Wrocław, Poznań, Łódź, Katowice, Gdańsk and Kraków.

Under her leadership, the company has invested in the flexible office sector (Business Link’s acquisition) as well as sustainable and innovative solutions. Katarzyna has been one of the pioneers of the LEED certification system in Poland and CEE, certifying Skanska office buildings in line with this system. She also decided to develop Skanska offices in line with the WELL Building Standard™.

During a period of a supply gap, Skanska’s office company completed Studio B in Warsaw in November 2023, and began construction of the second phase of the complex – Studio A. Despite the difficult capital environment, Skanska sold two buildings this year: Studio B in Warsaw and Nowy Rynek E in Poznań. Additionally, the company is expanding its network of flexible office spaces under the Business Link brand.

Katarzyna is actively involved in improving ethical standards in the CEE region, serving as a member of program councils at UN Global Compact as well as the Civic Congress. She is married with two daughters.

KATARZYNA ZAWODNA-BIJOCH

President

and CEO, Skanska’s commercial development business unit in CEE

ZAWODNA

MEET OUR TEAM IN CEE

BDPST GROUP

Founded in 2015, BDPST Group is a dynamic investment company with a diversified portfolio spanning tourism-oriented real estate, finance, and logistics sectors. Our core areas include capital investments, real estate development, hotel management, brand strategy, and consultancy.

BDPST Group’s approach to tourism investment is uniquely integrated. We unify real estate development, concept creation, brand strategy, communication, and hotel operations within one corporate structure, delivering cohesive and innovative solutions across our portfolio.

ZOLTÁN KECSKEMÉTHY

Managing Director, BDPST Real Estate Development kecskemethy.zoltan@bdpstingatlan.hu

CEO, BDPST Hotel Management somlyai.zoltan@bhmzrt.com

RÁHEL ORBÁN

Founder, BDPST Koncept branding and communications agency rahel.orban@bdpstzrt.hu

THE MOST ACTIVE MARKETING PROFESSIONALS IN REAL ESTATE

ROXANA BAIAS

Group Head of Marketing, NEPI Rockcastle

BALÁČOVÁ BAIAS

Roxana has nearly three decades of expertise in FMCG, retail, and telecoms. In the past 2 years since joining the company, she has achieved notable results, including a five-fold increase in marketing income.

Roxana introduced a consumer-focused strategy based on scale and synergies, a group platform rollout and customer centricity & digitalization. Key elements of this strategy are an in-depth analysis of consumer research, initiatives to differentiate offers by attracting sponsorship from major brands and transforming retailcentric experiences to social hubs for communities. She leads a high-performing team of 70, advancing NEPI Rockcastle’s position as retail shifts to entertainment-focused spaces in CEE.

In her free time, Roxana enjoys visits to contemporary art galleries, exploring city breaks around the world or discovering remote cultures such as Japanese culture.

MARIE BALÁČOVÁ

Head of Business Development Services, CEE & Nordics, Cushman & Wakefield

With an academic background in International Relations and previous experience at the Czech Institute of Sociology, Marie brings a unique perspective to her role. Since joining C&W in 2017, she has progressed from leading research activities to spearheading marketing and communications strategy across five markets. Currently, Marie focuses on presenting CEE as a unified region of opportunities, developing integrated marketing campaigns, and ensuring the delivery of actionable intelligence to clients. Her passion for connecting data with storytelling helps bridge the gap between market research and business development.

A dedicated musician in her free time, Marie finds harmony not only in data but also in playing piano and cello, singing, and dancing –bringing the same creativity and precision to her professional endeavours as she does to her musical pursuits.

ALEXANDRA BUCUR

Marketing and Communication Director, Skanska

BUCUR IONESCU

Alexandra Bucur is the Marketing & Communication Director at Skanska’s commercial development business unit in CEE. She joined Skanska in 2016 as Marketing & Communication Manager for Romania and Hungary, later on adding the marketing and communications initiatives for the projects in the Czech Republic and Poland and being promoted to her current position this year. The most rewarding thing for her is to be part of a diverse and multicultural environment, to act as an enabler for the people in her team and together with them to identify the best ideas and solutions. She pays great attention to details and puts all her energy into making things happen. Outside the professional sphere, Alexandra loves to travel and always gets great energy while spending time with her loved ones. Jewellery design is one of Alexandra’s passions, as an artistic way of expressing her creativity.

RĂZVAN IONESCU

Marketing Manager, SPEEDWELL

Răzvan Ionescu is a marketing & communication professional with 25 years of experience in marketing and advertising, blending knowledge from agency and client work. A lover of words and stories, Răzvan enjoys ideas that zag where others zig. After 18 years in advertising and almost 6 years leading CBRE Romania’s marketing department, Razvan has been overseeing since mid-Q2 2024 all marketing & communication efforts of SPEEDWELL Development in Romania & Poland, following the expansion in this country, encompassing residential and commercial developments. He combines strategy, creativity, teamwork, and project management to strengthen the brand image of the company and its real estate projects and fuel sales through focused marketing and collaboration with sales and partner agency teams. And despite hating acronyms, he believes that in both marketing and life, everyone should K.I.S.S.

ALEXANDRA IONIȚĂ

Head of Marketing, iO Partners Romania

KOZMA IONIȚĂ

ESZTER KOZMA

Chief Commercial Officer, iREMS

Alexandra oversees the company’s marketing and communication strategies. Over her three years with the company, she played a key role in the rebranding of the local business from JLL to iO Partners, guiding the transition during the company’s shift in its operating model across the CEE markets.

In addition to her responsibilities in Romania, Alexandra occasionally leads communication projects across the CEE region, leveraging her expertise to support broader business goals. Prior to joining iO Partners, she held various marketing and communications roles across various sectors such as energy, pharmaceuticals, and hospitality, gaining a versatile, audiencefocused approach.

Outside of work, Alexandra is passionate about travel, constantly seeking new experiences and drawing fresh perspectives from every journey.

Eszter is a sales and marketing professional with 25+ years of experience. Known for her strategic mindset, she excels in go-to-market strategy, demand generation, and customer acquisition, using her deep understanding of customer personalities and market trends to craft impactful campaigns that resonate and convert.

With experience across industries, Eszter has honed her ability to optimize the sales funnel from lead generation to customer success, driving growth and market share. She is passionate about nurturing relationships, both with customers and cross-functional teams, to ensure cohesive efforts in reaching business objectives.

She holds an MBA in Marketing from Corvinus University of Budapest and a CEMS Master from LSE. She enjoys creative activities and outdoor sports for relaxation.

Marketing Manager CEE, GLP Europe

KRYŃSKA OLTENESCU PAULINA KRYŃSKA

Paulina Kryńska is a seasoned marketer with in-depth experience in the real estate sector. She has worked across the business, including residential, offices, retail, and her latest passion, industrial. Currently, she works as the Marketing Manager CE at GLP. She finds the industrial sector particularly fascinating and challenging to marketers’ creativity.

Paulina’s focus is on creating a customer-facing, relatable brand in a very business-oriented sector, and her personal ambition is driving the change in the common perception of industrial real estate among both local communities and logistics sector workers. Paulina holds a Public Relations diploma and has a background in literature from Warsaw University. In her free time, she enjoys performative arts, especially dancing. Paulina’s financial success is measured in the abundance of purchased plane tickets, as travel is her biggest passion.

GEORGIANA OLTENESCU

Head of Marketing and Communications, Globalworth Romania

Georgiana is a highly experienced marketing and communication professional with over 20 years of expertise across the telecommunications, banking, and real estate industries. Since joining Globalworth in 2017 as the Head of Marketing and Communications, Georgiana has positioned the Globalworth brand as a leader in the region, with multiple campaigns recognized internationally. She oversees the development and execution of Globalworth’s marketing and communications strategy, working closely with both internal and external teams to enhance the company’s visibility and reputation across CEE.

Georgiana holds a Bachelor’s degree in Economics and Business Law and a Master’s in Social Communication. Additionally, she serves on the Globalworth Foundation Board, where she contributes to advancing the company’s CSR efforts. Beyond her professional endeavors, she is passionate about literary fiction and ballet.

ANITA PIETRYKOWSKA

Head of Marketing & Communications Europe, India & Saudi Arabia, Panattoni

At Panattoni since 2009, as Head of Marketing & Communications, Anita supports the company’s dynamic development in foreign markets and in Poland. Additionally, she is responsible for the creation of new group brands and their current marketing strategy such as Newport Logistics Fund, Blue Assets, Panattoni Income Fund and Harden Construction. Anita runs the company’s marketing and PR activities from the Warsaw headquarters, supervising the work of teams in 17 European countries, India and Saudi Arabia. Together with the ESG department, she develops the sustainable development strategy for the entire Panattoni group.

PIETRYKOWSKA

PATRYK STATKIEWICZ

Group Head of Marketing & PR, CTP

Patryk, with over a decade of experience in the transport and logistics industry across various countries, joined CTP as Head of Marketing & PR in 2022. He is a visionary and performancedriven commercial leader, known for his strategic market positioning and brand-building expertise. Patryk’s work focuses on establishing CTP as a leader in sustainable and innovative industrial development across Europe. Leveraging his digital expertise, he drives digital transformation for revenue growth. Passionate about growth, Patryk is committed to enhancing CTP’s brand visibility and fostering strong stakeholder relationships to build lasting brand value.

She has gained previous experience at Prologis and DPD and is a graduate of the Warsaw School of Economics, majoring in International Economic Relations. She describes herself as a passionate marketer with a strong PR background.

Outside of work, he enjoys following a strict fitness regimen with daily workouts to help manage stress and maintain focus. He also loves to unwind with a good book, and, since recently becoming a father, treasures time with his son.

Head of Marketing & Communications CEE, CBRE

TÓTH WASILEWSKA BARNABÁS TÓTH

Barnabás Tóth leads CBRE’s Marketing & Communication team for CEE and Hungary, managing over 20 professionals across 13 countries. With nearly 20 years of experience, he has worked in international roles at FMCG companies like Kraft Foods (now Mondelez), British American Tobacco (BAT), and Imperial Tobacco. Before CBRE, he was at an advertising agency handling interim marketing management, focusing on launching domestic products in foreign markets, especially in LATAM and MENA regions.

Since 2016, Barnabás has led CBRE Hungary’s Marketing & Communications department. In 2022, he was promoted to oversee operations in the CEE region. His objective is to create a strong network of marketing professionals and boost awareness of CBRE in CEE. In addition to his work, he is an aviation enthusiast. Also enjoys gardening and swimming in his free time.

ALEKSANDRA WASILEWSKA

PR Director, EMEA, Colliers

With over 25 years of experience in communication and marketing, Aleksandra has co-created and executed numerous projects in consumer and B2B marketing, market research, and corporate communication. As a PR professional, she is responsible for developing impactful communications across CEE, collaborating with local marketing leads to deliver profile-raising campaigns. Her work includes creating communication strategies for social media and media outlets, driving client engagement, developing thought leadership content, and promoting research reports. She has gained experience at companies such as Skanska and Apsys where she was in charge of internal and external communications, profiling product-focused campaigns and development of crisis communication policy. Outside of her professional commitments, she enjoys combining her passions for travel and wine experiences.

INTERVIEWS & ARTICLES

RAPID GROWTH IN POLAND’S PRS AND STUDENT HOUSING MARKETS

The Polish residential market is experiencing rapid growth, attracting significant investor interest, with Griffin Capital Partners actively developing thousands of rental units through platforms like Resi4Rent and LifeSpot. Maciej Dyjas & Nebil Șenman, Managing Partners & Co-Owners of Griffin Capital Partners talked to Property Forum about their plans in the sector and market expectations for other segments.

The residential market in Poland, particularly the Private Rented Sector (PRS), continues to attract significant interest from investors. As Griffin Capital Partners, you are heavily active in these segments. How do you assess the market situation, and what plans do you have for it?

Maciej Dyjas: Over the past few years, we’ve witnessed the rapid growth of the PRS segment in Poland. This has caught the eye of investors and opened up attractive investment opportunities. Last year, the sector concluded with over 16,000 rental units, highlighting the increasing demand for professional, convenient, and flexible housing solutions. We anticipate this trend to persist and for the market to expand even further. At Griffin Capital Partners, we are actively engaged in this market and are developing two platforms. Resi4Rent, the first of its kind in Poland, currenty operates 4,400 units, with an additional 4,500 under construction and 1,900 in the advanced approval stage, set to be delivered in the next 18-24 months. The second platform, LifeSpot, launched in 2021, now has 2,019 units in operation, 2,072 under construction, and more than 2,000 in the permitting phase, expected to be delivered in the next 1-3 years. Given the market’s dynamic growth, we have ambitious plans to significantly expand our platforms with thousands of additional units to meet the rising demands and high expectations of our tenants. Our strategy emphasizes not only increasing the number of available units but also enhancing the quality of our services and offering greater flexibility in rental options.

Nebil Șenman: Beyond the growing demand for PRS, we also see significant potential in the Purpose-Built Student Accommodation (PBSA) market, which is why we’ve reentered this sector.

DYJAS ŞENMAN

Right, let’s focus on that – this year you announced the launch of a new platform for private dormitories. Can you tell us more about the plans for it?

Nebil Șenman: Together with Signal Capital Partners and Echo Investment, we have launched a new student private dormitory platform in response to a significant need in the market and the attractiveness of this segment to investors. Poland currently has 1.2 million students, and 115,300 beds are available in public dormitories, meaning that only 9% of the student population can find a place there. With the new platform, we aim to fill this gap, building on our previous successes in the PRS sector. Our goal is to build 5,000 modern and energy-efficient beds across key academic cities in Poland over the next three to five years. We have currently secured land for our first investments, which will provide space for more than 1,200 students. We are looking at investment opportunities in the largest academic centres in Poland, focusing on Krakow and Warsaw. We plan to deliver the first student residences before the start of the 2025/2026 academic year. This will involve the construction of high-quality, well-designed, and sustainable buildings that meet the evolving needs of students. Additionally, we intend to incorporate advanced technological solutions to enhance the living experience, making our dormitories not only a place to live but also a conducive environment for academic and personal growth.

Let’s talk more broadly about the investment market. After visible investment growth in 2022, we saw a slowdown in 2023. How do you think it will look in 2024?

Nebil Șenman: In 2023, we recorded the lowest investment volume since 2010, presenting a significant challenge for many companies and investors. However, we are optimistic about the future and expect an improvement in this situation in 2024. Our observations indicate that logistics will remain attractive to investors. Additionally, the residential sector shows substantial growth potential – over 60,000 housing units were initiated in the first quarter of 2024, reflecting the increasing demand for new properties, as seen in our development companies, – Echo Investment and Murapol. As discussed, we are convinced of the great potential in the PRS and PBSA sectors in the coming years.

Maciej Dyjas: It is worth noting that the Polish real estate market has undergone significant transformation over the past 20 years, particularly since Poland’s accession to the European Union. Integration with European economic structures has contributed to the increased stability and investment attrac-

tiveness of our country. These positive changes have drawn the attention of foreign investors, resulting in Poland being ranked third among countries with the highest expected return on real estate investments. For our team at Griffin Capital Partners, monitoring these trends is crucial for making strategic decisions. Investments in the logistics and residential sectors will be a priority, but we remain open to other opportunities presented by the dynamically developing Polish market, such as data centres, self-storage, and green energy. Our goal is not only to respond to current changes but also to proactively create value for our investors through informed and deliberate investment decisions. We believe that Poland has enormous potential for further growth, and we are ready to actively participate in this process, leveraging our experience and knowledge of the market.

You operate mostly in Poland, but also throughout the CEE region, Germany, and other Western European markets. Which markets and industries are key for you? What are your plans?

Nebil Șenman: At Griffin Capital Partners, we pride ourselves on maintaining a highly diversified portfolio and are always on the lookout for new growth opportunities across various industries. Despite our many activities in many fields, real estate remains a sector in which we are particularly active. Our involvement spans the living sector (Bauwert, Echo Investment, Murapol), PRS (Life Spot, Resi4Rent), PBSA, warehouse (ELI, IIProp, Trademarc) and shopping centres (EPP, Horse). In our continuous efforts to broaden our interests, last year we made a notable investment in Poland’s self-storage market by acquiring Stokado. Additionally, we ventured into the thriving green energy market, propelled by the ongoing energy transition. We have established two platforms, PAD RES and Hymon, to explore and manage assets in this sector actively. These ventures reflect our commitment to sustainability and our proactive approach to meeting the growing demand for renewable energy solutions.

Maciej Dyjas: We have strong confidence in Poland as a prime investment location with promising long-term economic growth. However, our activities are not limited to Poland; we are also engaged in Western markets, including Germany, the Netherlands, and Spain. Germany holds particular appeal for us, and we are planning to significantly boost our presence there by opening a new office in the coming months. Our extensive expertise and experience across multiple sectors keep us open to opportunities in any industry, always ready to adapt and grow.

GROWTH, GREEN INNOVATION, AND ROMANIA’S EMERGING MARKET POTENTIAL

Sorin Preda, CEO and Founder of Global Vision, talked to Property Forum about the company’s ongoing developments in Romania, shared his market outlook for 2025 and provided insight into the company’s investments into sustainability and technology.

What is Global Vision’s business outlook for 2025, and what have been some of the highlights from 2024?

In 2024, we achieved a major milestone with the €110 million sale of over 136,000 sqm of prime industrial space. This transaction included four Class A warehouses and light industrial facilities that Global Vision has built over the last four years. This achievement highlights Global Vision’s success and supports our vision and strategy for 2025. Global Vision’s outlook for 2025 is strategically focused on accelerating growth through its new real estate investment platform, open to other investors and designed to finance both acquisitions and the development of innovative projects. The investment pipeline for 2025 has a value of over €300 million for commercial, residential, industrial and logistics but also for green energy projects. By blending sustainable energy projects with traditional real estate, the investment platform drives growth within Romania while creating diverse investment opportunities across Central and Eastern Europe, providing investors with access to highpotential, resilient projects.

What sectors are likely to drive demand for investment projects in 2025?

Our growth strategy includes a strong retail development pipeline across 15 cities, aimed at expanding access in key urban areas and meeting rising consumer demand. In the industrial sector, we’re prioritizing strategic locations like Târgu Mureș, Craiova, Constanța, and Bucharest, with plans to deliver approximately 45,000 sqm of new industrial space in 2025 to support regional business growth. Additionally, we’re entering the residential market with two new projects planned for the northern part of the capital, addressing the strong demand for high-quality housing options in this expanding area.

PREDA

How can Romania attract more industrial occupiers from CEE?

To attract more companies from Central and Eastern Europe, Romania should prioritize infrastructure improvements by modernizing roads, railways, and ports to streamline goods movement and establish itself as a reliable European distribution hub. Competitive tax incentives, subsidies, and simplified regulations would also make Romania a more appealing nearshoring destination within the CEE region. Positioned strategically between Western Europe and emerging Eastern markets like Ukraine, Romania offers distinct logistical advantages. Enhanced connectivity to key transport routes can further encourage companies to establish distribution hubs, serving both eastward and westward markets.

Investing in workforce development programs tailored to manufacturing, logistics, and technology sectors will ensure a skilled labor pool aligned with industrial demands, strengthening Romania’s long-term appeal for industrial investment. By proactively improving infrastructure, incentives, and workforce capabilities, Romania can build a solid foundation for sustained industrial growth, positioning itself as a top choice for companies looking to establish regional distribution hubs.

The industrial sector has driven Romania’s transaction market in 2024. What does this say about the segment’s influence in the local commercial real estate ecosystem?

The industrial sector’s prominence in Romania’s 2024 transaction market underscores its rapidly growing impact on the commercial real estate landscape. This expansion is largely driven by increasing demand for logistics and warehousing facilities, encouraged by the rise of e-commerce and the trend toward nearshoring as companies look to bring production and distribution closer to European consumers. As a result, industrial assets—such as distribution centers, warehouses, and manufacturing facilities—have become integral to Romania’s economic strategy, surpassing the growth and significance of traditional office and retail sectors.

Romania’s integration into the broader European supply chain has accelerated this demand, drawing interest from multinational corporations, logistics firms, and e-commerce leaders. Its advantageous geographic location, combined with improving infrastructure, enables efficient distribution to both Eastern and Western Europe, making it a compelling choice for industrial occupiers.

Additionally, Romania’s industrial parks are evolving to support advanced manufacturing, automation, and green logistics, aligning with broader European trends in sustainability and technology-driven operations.

Looking forward, the influence of the industrial sector is expected to further solidify, shaping not only real estate values but also economic policies aimed at enhancing Romania’s logistics network. This momentum suggests that industrial real estate will remain a primary driver of Romania’s commercial market, influencing investment strategies, land use planning, and workforce development for years to come.

What role will sustainability play in Global Vision’s future developments?

Sustainability is a core priority in Global Vision’s development strategy. Future projects will integrate green building practices, focusing on energy-efficient warehouses and logistics hubs that adhere to international environmental standards. By focusing on significant energy savings and reducing our overall carbon footprint, these initiatives are expected to enhance the long-term value of our assets while also meeting and exceeding the growing global expectations for sustainable and responsible building practices. Through these efforts, Global Vision is not only cultivating an environmentally conscious brand image but also contributing positively to the communities and ecosystems where we operate, positioning us as leaders in sustainability within the industry.

How does Global Vision plan to deploy its new technology and innovation division across its property portfolio?

Our Technology and Innovation Division is already playing an instrumental role across the property portfolio, aligning with our broader goal of creating long-term value through the Global Vision Investment Platform. Focused on deploying custom AI models trained specifically for real estate and energy applications, the division provides real-time insights into ESG metrics such as energy consumption, carbon footprint, and regulatory compliance. Key initiatives include implementing smart building technologies to improve energy efficiency and security, optimizing logistics for streamlined warehousing, and adopting sustainable energy solutions such as solar installations. Additionally, digital tenant services are enhanced through a centralized platform for seamless lease management, maintenance, and service coordination, improving transparency and the tenant experience. This techdriven approach not only boosts operational efficiency but also strengthens our commitment to ESG goals, advancing sustainability and innovation throughout our portfolio.

2024 WAS A BUSY YEAR ON ALL FRONTS

Victor Constantinescu, Managing Partner & Co-Head of firm-wide Real Estate at Kinstellar Romania, talked to Property Forum about the key deals of 2024 and shared his expectations for the year ahead.

What are the plans for Kinstellar in 2025 and what were some of the key deals you worked on in 2024?

2024 was a busy year on all fronts with transactions across all asset classes. We had the privilege of advising on some landmark transactions. Notably, we supported Globalworth in its strategic exit from the Romanian logistics market, through the sale of two major logistics portfolios—one to CTP (signed in May 2024) and the other to WDP (signed in July 2024)—making these the largest logistics transactions in Romania this year, with a total value nearing €300 million.

In addition, we successfully closed the acquisition of the Hotel Ambasador in Bucharest by the Julius Meinl group. This was one of the most difficult transactions I have worked on in my career, but one of the most satisfying for the impact it will have on the market.

Besides our clients, a key deal for Kinstellar in 2024 was our takeover of the Bucharest, Prague, and Bratislava offices of German law firm Noerr, who all formally joined the Kinstellar family. The Bucharest office was by far the biggest: we are excited with this considerably larger team including real estate.

We very much look forward to mobilizing all of these resources in 2025.

Which market segments are going to drive demand for your real estate practice in the next year?

I have said this on multiple occasions and still believe in it: geopolitics rather than market economics are increasingly influencing investments. Defence spending, uncertain supply chains, energy independence, the war in Ukraine, “less-thanfriendly” governments vis-à-vis the European Union: Romania can only benefit.

CONSTANTINESCU

And one sector is logistics and industrial. The country’s location and West-leaning mind-set make it a natural focus for manufacturing and industrial production. “Nearshoring” is a thing as companies are looking to build robust supply chains.

Retail continues to be strong, as Romania’s purchasing power is beginning to rival or exceed that of many countries in the region. The office market will also remain relevant, particularly in Bucharest, where vacancy rates are low, signalling sustained demand for quality office space.

Additionally, investors are starting to explore new asset classes that are not yet fully developed in Romania, such as data centres and student housing. These emerging sectors present exciting opportunities for first-movers. Renewable energy and agriculture likewise for geopolitical reasons will continue to be strong.

Industrial was a deal driver in Romania’s property market during 2024. Can this shape future industrial investments in the next few years?

Without a doubt. For the reasons described above, which are primarily geopolitical in nature, industrial will continue to drive many sectors of the economy. It is clear that industrial production must be returned to some extent to Romania: the Covid-19 pandemic, fraying relationships and the war in Ukraine has made it clear countries still must produce things. It will also have knock-on effects on various sectors, such as infrastructure (the highways must be built) and the like.

What are some of the trends recorded in the CEE-based real estate investment market? Is Romania also seeing some of these developments?

The geopolitical side of things I won’t repeat here, where Romania is clearly becoming a leader.

But in terms of other trends in CEE, local capital is important: you’re increasingly seeing local investors taking advantage of opportunities and while Romania does not have the large funds like in Czechia, Slovakia or Hungary, that will change as high-net-worth individuals are increasingly turning to real estate.

Another area is the need to add more depth to real estate offerings: offering new asset classes. Data centres, student housing, mixed-use developments—these are all areas that are very much in their nascent stage in Romania, but they’re gaining traction.

It’s a fascinating time to be involved in the market because we’re seeing both steady growth in traditional sectors and the early stages of something new.

What is the sentiment of regional property investors going into 2025 considering falling interest rates coupled with continued geopolitical tension?

As we approach 2025, the sentiment among property investors in the CEE region, including Romania, remains cautiously optimistic. Romania benefits from its geopolitical location and security guarantees. Romania however needs to offer more depth: more product, more asset classes and aligning buyer-seller expectations. But opportunities are available, with tenacity and creativity. Coupled with an increasingly favourable climate of interest rates and what we hope will be a new US administration favourable to Romania, Romania will continue to attract new investors.

LEADING WITH STRATEGY: GLOBALWORTH’S KEY MOVES IN ROMANIA’S REAL ESTATE MARKET

Ema Iftimie, Globalworth Romania’s Managing Director, delves into the most pertinent aspects of Globalworth’s Romanian-focused developments, answering key questions that showcase the company’s vision and future in this market.

What were the key asset disposals in Romania, and why did Globalworth classify these assets as non-core?

In line with its strategic focus, Globalworth disposed of several non-core assets in Romania during the first half of 2024. The most notable transactions included the sale of its fully owned Romanian logistics portfolio to CTP in May, which netted Globalworth €72.4 million after standard adjustments. This sale underscores Globalworth’s shift away from certain logistics assets to sharpen its focus on office and mixed-use properties that offer higher value over the long term. Following this transaction, Globalworth also divested its remaining Romanian logistics interests, held through joint ventures, to WDP, securing an additional €57 million in net proceeds. By selling assets deemed non-core, Globalworth is concentrating on properties that align with its core strategy and meet the company’s goals for sustainable, high-growth investments within Romania.

How has Globalworth positioned itself in Romania’s commercial real estate sector?

Romania remains a cornerstone of Globalworth’s investment portfolio, particularly within the office segment. The company signed lease agreements with 87 tenants across 90.1k square meters of commercial space in H1-2024. This leasing activity, combined with Globalworth’s consistent property management efforts, brought the company’s standing commercial occupancy in Romania to a stable level, highlighting the demand for quality office spaces within the Romanian market. While Globalworth’s overall annualized contracted revenue reached €192.3 million by mid-year, the Romanian portfolio remains a significant contributor, particularly as the company exits non-core segments like logistics to sharpen its focus on high-performing commercial properties. Rental levels have trended upward over the past year, largely driven by indexation, despite market challenges and tenant caution around lease renewals. This rise reflects our properties’ quality and proactive asset management. While further rent increases

IFTIMIE

depend on tenants’ perceived value and economic conditions, our focus on long-term portfolio management and financial health enables us to navigate shifts and balance growth with tenant needs.

How has Globalworth sustained operational efficiency within its Romanian portfolio?

Operational efficiency has been critical to Globalworth’s Romanian strategy, where the company has increasingly internalized property management to maintain better oversight and quality control. As of mid-2024, approximately 97% of Globalworth’s office and mixed-use properties by value are managed in-house, a move that enhances operational transparency and efficiency, crucial in a market as dynamic as Romania. Additionally, the company maintained a strong leasing base, with 95% of the annualized contracted rent sourced from office and mixed-use spaces and with 95.3% of leases being active. This internal management approach allows Globalworth to control costs, improve tenant engagement, and reinforce the quality of its Romanian assets, which remain key pillars in its regional portfolio.

What steps has Globalworth taken to strengthen its capital structure, especially in relation to its Romanian assets?

Globalworth made strides in strengthening its capital base during H1-2024, ensuring it is well-positioned to make further investments in Romania as opportunities arise. The company maintained a robust liquidity position of €397 million, including €187 million in undrawn secured and revolving credit facilities. This financial foundation allows Globalworth to reinvest in its Romanian assets and explore growth options within the country’s real estate sector. Additionally, Globalworth refinanced €850 million of its existing notes, issuing new 5-year and 6-year notes totaling €640 million. By securing long-term financing, Globalworth ensures that its Romanian projects remain well-capitalized, even amidst fluctuating market conditions. The company’s financial stability was reinforced when Fitch reaffirmed Globalworth’s investment-grade rating with an improved stable outlook, while S&P maintained a BB+ rating.

What is Globalworth’s approach to sustainability within its Romanian portfolio?

Sustainability remains a core component of Globalworth’s strategy in Romania, where the company is committed to developing green-certified buildings and promoting health and wellness in the workplace. As of H1-2024, 85.3% of Globalworth’s standing commercial portfolio, including Romanian assets, is green-certified. The Romanian properties, which form a significant part of this portfolio, are valued at €1.3 billion, underscoring Globalworth’s

commitment to environmentally responsible development. Additionally, around 96% of Globalworth’s office and mixeduse properties hold a WELL Health-Safety certification, a testament to the company’s dedication to tenant wellbeing and high-quality building standards. Globalworth’s emphasis on sustainability within Romania has earned the company a low-risk rating from Sustainalytics, with a score of 11.1%, and an “A” rating from MSCI, further validating its ESG commitment.

How has Globalworth’s Romanian portfolio contributed to the company’s financial performance in H1-2024?

Romania has been a strong contributor to Globalworth’s revenue, which reached €125 million in H1-2024, reflecting a 5% increase over the same period last year. Despite broader economic pressures, Globalworth’s Romanian assets continue to show resilience, especially within the office and mixed-use segments. Adjusted normalized EBITDA for the company stood at €63.6 million, a slight 3.6% decrease year-over-year, reflecting the impact of external economic conditions. Globalworth’s Romanian portfolio, however, remains a high-performing segment within its overall holdings, contributing to stable cash flows and revenues. Additionally, in April 2024, the company issued Scrip Dividend Shares covering 98.6% of its total share capital, while also paying a cash dividend of €0.4 million (€0.11 per share) to remaining shareholders. These results highlight the Romanian portfolio’s role in underpinning Globalworth’s solid financial foundation.

What challenges does Globalworth face in Romania, and how is the company prepared to manage these risks?

Like many companies in the region, Globalworth faces risks from economic volatility, interest rate fluctuations, and geopolitical instability, all of which have the potential to impact asset values, leasing activity, and capital costs in Romania. Nevertheless, Globalworth is well-equipped to navigate these challenges. With €397 million in liquidity and an improved debt profile, the company has the financial strength to withstand potential disruptions. Globalworth’s exit from non-core logistics assets in Romania has also allowed it to concentrate on its most profitable office and mixed-use properties, reducing exposure to more volatile segments. Additionally, the company’s commitment to sustainability and tenant wellness enhances its appeal to tenants and investors, who increasingly prioritize environmentally responsible assets. Through prudent financial management and a focused portfolio strategy, Globalworth is well-positioned to mitigate these risks and drive long-term growth within the Romanian market.

RESIDENTIAL DEVELOPERS IN POLAND NEED SIMPLIFIED PROCEDURES

Waldemar Wasiluk, CEO of property developer Victoria Dom, compared the Polish and German housing markets for Property Forum, identified the biggest current challenges for the residential sector by the Vistula river and commented on the current ESG requirements for new projects.

The slowdown in the Polish residential market, which has been hot in recent years, has become a reality. How long do you think this situation will last?

August ended on the development market with around 2.62.7 thousand flats sold. Compared to July, sales of new flats fell by less than 0.5 per cent, while year-on-year they fell by as much as 43 per cent. In August, more than 3.6 thousand new flats came onto the market, about 750 less than in July this year and 800 more than in August 2023.

For something to change in this area, a normalisation of monetary policy by central banks across Europe is needed. This is because the property market is very much linked to the level of interest rates. With a good situation in the Polish economy and a large deficit of flats in the larger agglomerations in Poland, I assume that a slight rebound of the market will take place in the fourth quarter of this year, and we expect a more dynamic one in the second half of 2025. If the Polish government introduces measures to support first-time buyers, the market may enter the recovery phase a little earlier. Indeed, one of the reasons for the slowdown in sales is the postponement of the implementation of the government’s mortgage subsidy programme, which Polish consumers are eagerly awaiting.

What goals are you setting for yourself for 2024?

After a record-breaking year for us last year, when we sold more than 2,000 flats, we are assuming sales in 2024 in the range of 1,200 to 1,500 flats as a result of the cooling of the market and delays in the introduction of new projects due to protracted administrative procedures. We are working on new projects in locations where we have multi-phase development investments and in new locations, which we will successively introduce to the offer this year and next year. We are focusing on projects and solutions that will improve our

WASILUK

organisation on the market and back-office side. The Green Deal and improving the energy performance of new buildings are challenges to which we are devoting a lot of attention. We want our customers to feel as little as possible in the price of new flats while remaining beneficiaries of new solutions that will reduce future operating costs when using the property.

Victoria Dom stands out from other Polish developers by realising residential investments in Germany. Please tell us why you have taken this direction?

The German residential market was very dynamically driven by growing housing needs in large urban areas and a limited number of new projects, both for home buyers and investors. We entered this market looking to diversify risk and slowly scale up our business. We feel comfortable there, even though the last two years have been very difficult for housing across our western border. Our property development business in Germany did not have any major problems, but our colleagues did – the period was full of spectacular bankruptcies and numerous restructuring proceedings. We were handing over project after project to our clients, completing construction in accordance with their schedules. At present, the situation is slowly normalising, and we are considering the introduction of new projects to our offer.

How does the German residential market differ from the Polish one?

The markets are remarkably similar, and customer requirements and construction standards are not fundamental yly different. The obstacle limiting a more dynamic development of this market is the bureaucracy, which is much more extensive than in Poland. This not only greatly slows down market dynamics, but also increases the costs of investment preparation and implementation. The average time for obtaining administrative approvals is 12-18 months longer than in Poland. The German government’s efforts to improve the situation are a sham, and the lack of any support for housing construction for buyers leaves the market in a coma despite large unmet housing needs.

Sustainability today is not an option, but an obligation. Please tell us how you implement these ideas in your developments?

Polish technical conditions and reporting requirements reflect the EU directives and set the bar quite high in this respect. We comply with these rules, but we try not to go far beyond the applicable framework. The public sees the need

for sustainability but is unaware of the costs that go with it. Additional obligations, more energy-efficient buildings and additional green solutions are expensive and are passed on to customers in the price of housing. Affordable housing is thus an increasingly scarce resource to bring to market.

What do housing developers in Poland currently need most to be able to increase the supply of new units?

The industry has widely commented on these needs for a long time. We have a limited and shrinking supply of land for development, very long and complicated processes of creating local development plans or administrative regulations that allow blocking the obtaining of development conditions and building permits with impunity. After the pandemic period, the time for processing applications from developers or property owners working with development rights has lengthened considerably. All of this results in higher property prices, uncertainty, greater design risks and this is very costly. I do not know if these issues will be resolved in the near future. Unfortunately, the failure to resolve legislative and administrative issues is increasing project costs and decreasing the availability of affordable housing stock.

What we also need is for individual administrations to understand and make their housing needs more realistic. It is important that they understand the dynamics of their own cities. This is slowly starting to happen, but it would be more beneficial if it progressed faster. The mayors are already beginning to understand what the problem is, what is causing construction and land costs to rise so sharply. For the more the cities pass on to the developers – and in fact it is common today that we are the ones building roads and infrastructure for the residents – the more expensive it is for them. Today, in order to buy a plot of land in a reasonably attractive location, you often have to pay PLN 5 or 6 thousand per square metre.

On top of that, there are high costs of construction and planning procedures. As a result, in the best locations, flats must cost 20 thousand zlotys per square metre. But the point is not to make prices so high that potential buyers cannot afford them. We build for people, they are the ones who are supposed to live in these flats and earn thanks to them.

GRÁNIT ASSET GRÁNIT ASSET MANAGEMENT GOES GREEN

Gránit Asset Management is taking a significant step towards sustainable operation: under a new agreement, its managed properties will be supplied with electricity by ALTEO Energy Trading Ltd. in 2025, with 35 percent of the electricity coming from clean, renewable sources, through its owned or managed solar power plants. In addition, an energy audit of all the Asset Management Ltd’s properties managed by Grandum Property Management will be prepared by 30 September, based on which a series of green energy efficiency projects will be launched in the near future. The aim is for Gránit Asset Management to operate as a true green investment powerhouse and provide a transparent green service to its clients, explains Álmos Mikesy, CEO and Chairman of the Board at Gránit Asset Management.

In the name of sustainability, Gránit Asset Management Plc. has entered into a strategic cooperation with ALTEO Energy Trading Ltd., under which by 2025, ALTEO will provide at least 35 percent of the electricity supply to the properties managed by the Asset Management from clean and renewable energy sources, from solar power plants owned or managed by ALTEO.

„We are taking significant steps to ensure that Gránit Asset Management is recognized in the market as a true Green Fund Manager. Our business strategy and investment decisions are driven by the principle and practice of sustainability, with an increasing focus on ESG developments and investments. Our partnership with ALTEO - a Hungary-based energy service provider which is part of Gránit AM’s portfolio - represents an important milestone towards even greener operations, as more than one-third of the total annual consumption of our managed properties, equivalent to 28 GWh, will come from renewable sources in 2025. This will enable us to provide a tangible green and sustainable service to our customers,” underlines Álmos Mikesy, CEO of Gránit Asset Management.

The use of green energy in real estate in Hungary is steadily increasing but is still relatively low. Currently, renewable energy sources such as solar, wind, and biomass make up only about 15 percent of the country’s total energy consumption, and the share for real estate is about the same. This is why Gránit Asset Management’s commitment of 35 percent is so outstanding. The Asset Management Company aims to be a true „green asset management company” in the market and is taking a number of further steps in this direction. Grandum Property Management, which focuses on Asset Management’s property-related services, has successfully completed an energy audit of all its properties in September, paving the way for the launch of several further green energy efficiency projects and modernization. Among the projects underway or planned, the Green House office building will install solar panels, the Alkotás Point office building will undergo a complete mechanical renewal, and Infopark G will also undergo a mechanical upgrade.

„From the very beginning, ALTEO’s success has been defined by its commitment to sustainability. One of the most important aspects of this is to continuously increase the share of renewable energy and high-efficiency cogeneration in agreement with our customers, taking into account their specific needs and capabilities. We are delighted to be working with Gránit Asset Management in this area and to continue to expand the number of partners whose business and strategic objectives also include sustainability as a key priority,” said Attila Chikán Jr., CEO of ALTEO.

Gránit Asset Management holds more than €2.7 billion in assets under management for institutional and retail clients, while the value of property funds under management exceeds €900 million. Real estate investment is a key segment of the company’s investment activity, as part of which Gránit Asset Management manages Hungary’s 3rd largest retail real estate fund, the Magyar Posta Takarék Real Estate Investment Fund. The portfolio of the real estate funds managed by the company includes exclusive, „A” category office buildings such as Alkotás Point, Green House, V17, and Infopark A, E, and G. In addition, the management of the Gordius Private Equity Fund has made the company the secondlargest real estate player in the Serbian market. The fund’s portfolio of high-quality, Grade A office buildings is located in 5 business parks in the popular Novi Beograd district of the Serbian capital.

Outstanding performance of the light green fund managed by Gránit Asset Management

Gránit Asset Management considers sustainable and responsible investments a matter of the heart, which is why they are particularly proud that the Gránit Jövőkép ESG Equity Fund is one of the best-performing funds in the global ESG equity category based on return (38,5%) and Sharpe ratio over the past year.

The so-called SFDR 8 or SFDR 9 funds (these classifications refer to promoting sustainability characteristics or following sustainability objectives) still represent a relatively small market segment in Hungary, but they are gaining increasing importance globally, and Gránit Asset Management is committed to contributing to the promotion of this category in Hungary.

The goal of the Gránit Jövőkép ESG Equity Fund is to promote environmental characteristics in accordance with Article 8 of the SFDR, by selecting individual stocks and investment securities of collective investment schemes investing in equities that contribute to mitigating climate change or adapting to climate change, primarily in developed markets (typically the USA and Europe).

Jövőkép ESG Equity Fund Historical returns (11 November 2024)

Source: BAMOSZ, Gránit Asset Management

RELATIVELY EXPENSIVE

WILKINSON RE-PRICING HAS MADE CEE & SEE LOOK

Tim Wilkinson MRICS, Head of European Acquisitions at Indotek Group, talked to Property Forum about the company’s investment plans and shared his expectations for the upcoming year.

How would you summarise Indotek Group’s international expansion strategy? What kind of assets are you looking to add to your portfolio?

Our focus is on securing assets with solid underlying property fundamentals, yet in need of fresh capital to realise their full commercial potential. We are bringing liquidity to parts of the European real estate market that have become relatively illiquid, mainly due to the increased cost of capital & more negative general sentiment towards certain asset classes.

We can invest across 4 commercial sectors (retail, office, industrial & hotel) in 12 different European markets.

Which are the European markets where you see potential for investments in the medium term?

The re-pricing of Western European markets over the past 2 years has created a compelling environment for our investment strategy in countries like Spain & Italy. This has made CEE & SEE look relatively expensive in the context of the wider European market, given the more limited re-pricing that we have seen in the region. As an opportunistic investor, we expect those western markets to continue to offer an attractive environment for us.

CEE & SEE will continue to be an important focus for us, but as we feel that the re-pricing of the region is still playing out, it may be more challenging to find the right opportunities in the short term when compared with markets further West.

How are you keeping your property portfolio up to date considering the emerging trends in the real estate sector?

We are an active, hands-on manager of our portfolio and therefore close to changes in the market that can create opportunities or challenges. Our European team is rapidly growing and has strong in-country capabilities, giving us strength in both the understanding of each market and the ability to act fast.

How important are ESG credentials for your acquisition strategy?

We tend to buy assets that need upgrading and repositioning. This gives us the ability to be able to assess ESG compliance & strategy as part of the acquisition process, to ensure that we are building this into our business plan up front. The subject of ESG has also created opportunities for us, where owners seek to divest to transfer future CAPEX needs related to ESG to new capital.

What are your expectations from the financing environment going into 2025 considering the reduction of interest rates?

I feel that debt markets will remain challenging in 2025 for assets other than prime. The cost of debt will drop but given the spectrum of global risks, I maintain a cautious outlook on the debt markets over the next 12 months.

Which real estate segments are slated to generate deal volumes in CEE next year?

I believe that 2025 will be dominated by logistics and retail transactions, with some strategic divestments in the office market driving up volumes in that sector compared to 2024. The former will be due to improving sentiment in those sectors, the latter driven by the on-going price discovery following the overall drop in interest in the office sector and uncertainty around the true level of occupier demand.

POLAND’S RESIDENTIAL MARKET: BUSINESS AS UNUSUAL

Carlos de León, Country Manager at Acciona Nieruchomości, talked to Property Forum about the key trends driving Poland’s residential market and provided insights into the company’s plans.

You are one of the longest-standing foreign developers in the Polish residential market –you have been operating here for almost 20 years. Why does Acciona believe so much in this market?

Poland was defined as a key expansion market almost 30 years ago: in 1999 Acciona acquired a stake in Polish construction company - Mostostal Warszawa and after Poland’s accession to the UE in 2004 the Real Estate division decided to enter the Polish market by merging with MW’s development company, Mostostal Invest. Acciona’s business strategy, focus on customer satisfaction together with relying on a strong local team resulted in our sustainable growth, despite market fluctuations. After 20 years we can confirm that Poland is the most stable and highest growing market within the international activity of Acciona Inmobiliaria. In our team we have people who have been with us since Acciona’s entrance in Poland. They are real experts, with very extensive experience and knowledge. With hard work, we have built a recognizable and credible brand and Acciona’s values are perfectly in line with the housing needs of the Polish people. We keep moving forward under our watchword Business as Unusual.

How have the preferences of buyers in Poland changed over these two decades?

Polish customers are very conscious, with well-defined preferences. Of course, in the early 2000’s the market was highly imbalanced, with a gap in flats of over 3 million, almost no modern buildings, the poor offer of cooperatives still being a strong market player and a few developers making first steps. Clients were focused mostly on price and timeframe, however, the quality of construction materials, the floorplan design, as well as building surroundings appeared as decisive factors relatively soon. As the population has been getting richer a room for upper segment projects has appeared, with requirements of high-end finishing materials, and large apartments

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with different amenities. Due to the specifics of the Polish climate some of these trends, like extensive winter gardens or roof terraces, can cause a real challenge!

At the Covid-19 outbreak, a temporary trend for ground floor units with gardens appeared, as people noticed the benefits of having a private green area in lockdown.

We have always been monitoring customer expectations, trying to come out ahead, offering more. Additionally, Acciona is one of leading firms implementing innovative, pro-ecologic solutions, taking advantage of our international experiences and proven solutions. The focus on ESG and sustainability is with us from the very beginning as an integral part of the business.

For whom does Acciona build flats in Poland? To which groups of customers do you target your offer?

Acciona’s main goal is to deliver flats for a wide range of customers with diverse needs and preferences in terms of space, amenities, location and price. As the expectations of young people, families with children or silvers are very different, we try to include them at the design stage of each of our projects, with the aim of creating a ‘habitat’ for a community and not only another block of flats. We focus on multi-family, preferably multi-phase developments, where we can design landscaping, social spaces, playgrounds, leisure areas, etc. On the other hand, we are not afraid of downtown mixed-use projects like our Apartamenty Pańska in Warsaw or the redevelopment of historic buildings like in our Kamienna Grobla project in Gdańsk.

What sources do you use to finance your investments? Interest rates in Poland currently remain among the highest in the whole of Europe...

This is an issue, the problem is more complex. In Poland we lack REITs, alternative financing is expensive and as there is currently no state policy on financing Real Estate. Pension Funds are not allowed to act on the Real Estate market. We must rely on commercial bank financing or internal corporate loans. In the case of bank financing high interest rates are one factor, another are bank margins – they are relatively high compared to the safeness of the Real Estate industry, at least in Poland – we need to finance residential developments for living, not luxury apartments or second-home/vacational resort projects. The Polish market is far from any kind of bubble as it is in vast majority a primary market of flats for living, and the continuing flats gap is still to be filled by hundreds of thousands of units. Also, population movements are still ongoing, with a continuous inflow of young people to bigger cities, the process that ended outside CEE. Finally, it should be mentioned that we face a huge inflow of foreigners, not only from Ukraine but also from Western Europe, as

Poland gives many opportunities for professional growth. Acciona is known for its emphasis on ecological solutions in its investments. However, buyers in Poland today are not interested in subsidising already expensive flats for their ‘greenness’. When do you think this will change?

Indeed, the economic situation nowadays is not in favour of pro-environmental solutions, also Poland is one of the countries with the lowest rate of meeting housing needs with relatively high flat prices. Changes are taking place slowly, but they are essential. For residents, green building solutions and lower operating costs are very attractive and desirable, there is full consciousness regarding the need to implement them. Today the key problem is the passing of all ‘eco’ costs to individuals. It is difficult to answer when this may change, I would rather answer that the change will take place when there will be some kind of benefit for the customer arising from having a ‘greener’ flat.

Nevertheless, Acciona is particularly focused on the implementation of ‘green’ solutions in our projects from the very beginning, starting from our Osiedle Leśne emblematic project in Warsaw’s Bemowo District, to the latest U-City in Warsaw’s Ursus District. Our specific focus on ESG and taxonomy as well as BREEAM is a commitment made by Acciona to nature, not a marketing slogan. Thus, we incur the vast majority of the costs related to these solutions against our margin, knowing that conscious customers will consider this issue when making a purchasing decision.

What, in your opinion, is currently the biggest barrier when it comes to the supply of new apartments in the largest Polish cities?

There are many barriers, so I would put emphasis on the following: a lack of land for development which results in its high price, instable legal framework with regulations changing unexpectedly, insufficient planning/zoning, prolonged administrative proceedings that extend the timing of predevelopment activities to 3-5 years, and expensive development financing due to high interest rates and no specific financing for Real Estate.

What is needed is a thoughtful, long-term, responsible housing policy by the state. I want to clearly emphasize that private developers’ activities do not contradict social housing, on the contrary, they should complement each other. Occasionally, good ideas and solutions appear in the public space, however, we need consensus regarding housing policy on all levels, starting from the state.

SUSTAINABILITY IS A CORE PRINCIPLE FOR US

Renata McCabe-Kudła, Country Manager at Grupo Lar Poland, talked to Property Forum about the current state of affairs in the Polish residential market, implementing ESG standards in new projects and the development of the PBSA sector.

After years of very dynamic growth, the Polish residential market has started to show signs of slowing down. A momentary breathlessness or the beginning of a downturn?

Grupo Lar Poland has been active in the built-to-sell residential market in Warsaw since 2005. Throughout this time, sales and availability have remained relatively balanced, with lower sales typically corresponding to a decrease in offers. From 2016 to 2021, there was a notable increase in both sales and offers, with each reaching approximately 20,000 units per year. In 2024, sales decreased by about 20%, but this decline was also accompanied by a reduction in offers, resulting in no significant imbalance in the market. With an anticipated drop in interest rates, we are optimistic that the market will return to healthier levels by 2025.

Your company carries out its investments in Poland under the joint venture formula, which is not a widespread method of carrying out residential projects there. What are the pros and cons of such a solution in local market conditions?

We provide management services to investors, while also having skin in the game. This allows us to provide investors with a proposal of investment in projects with attractive returns. To date, we have one JV with a local partner and one with a Lithuanian one, which shows that this proposal has found interest both among Polish and foreign investors.

What are the biggest challenges currently faced by developers carrying out residential projects in Poland?

Regarding residential projects, the main challenge is finding plots in good locations, and obtaining administrative decisions within an acceptable time frame. The regulatory environment is complex and involves taking into account the increasing costs of infrastructure. On the other hand, there is a good

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availability of financing and construction costs have stabilized in the last 12 months. Having a professional project management team is essential for navigating these challenges, as they can effectively address new trends and requirements while ensuring that projects are delivered on time and within budget.

Your investment in Warsaw, the Lizbońska estate, is one of the more successful residential projects in Poland in recent years, with many solutions increasing the comfort of the residents and the environmental performance of the property. Are buyers in Poland able to accept higher apartment prices in exchange for their ‘greenness’ ?

Grupo Lar is firmly dedicated to a robust ESG approach, considering our investment in sustainability as a core principle rather than simply a strategy to increase apartment prices. We prioritize compliance with the highest ESG standards across all our projects. By embracing eco-friendly practices, the company seeks to minimize its environmental impact, reduce energy consumption, and promote the efficient use of resources.

Additionally, Grupo Lar is committed to initiatives that positively impact local communities. For instance, we are facilitating the establishment of a psychological counselling centre for children by transferring a unit to the City of Warsaw.

Our focus on building an excellent reputation and fostering trust has enabled us to maintain long-term relationships with many of our suppliers since we began operations in Poland in 2005.

Grupo Lar recently announced plans to enter the PBSA segment in Poland. Why do you have such faith in this market?

We see the PBSA segment as highly attractive because Poland has a significant student population of 1.2 million, yet there are only 12,000 modern dormitory beds available. The growing middle class in Poland is increasingly interested in providing their children with accommodation in modern dormitories. Additionally, there is a rising influx of foreign students, both from Eastern Europe, studying usually in Polish, and from Asia/Africa, eager to study in English.

What would you wish for yourself for 2025 in terms of business plans?

In 2025, we plan to advance our work on four residential projects in Warsaw, focusing on obtaining the necessary administrative approvals. Additionally, we aim to finalize agreements for our first plots to facilitate our entry into the PBSA market.

More than 30 years in the FM sector.

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