Weekly CRE Market Commentary

Refinancing Activity Surges as CEE Repricing Completes and Capital Rotates Into Quality Assets

This week produced one of the most capital-intensive deal sequences of the year, with three major refinancing transactions in Warsaw and Bucharest alone totalling €495 million. The Elektrownia Powiśle refinancing at €172 million, the Cerberus and Revetas hotel complex refinancing at €123 million in Bucharest, and CA Immo's oversubscribed €300 million green bond each signal the same conclusion: lenders are back, pricing has stabilised, and institutional-grade assets with diversified income streams are attracting competitive financing terms.

Market Mood

This week's deal flow confirmed that the repricing cycle which began in 2023 is broadly complete for prime assets. Across Warsaw, Budapest, Prague, and Bucharest, completed transactions carried hallmarks of mature institutional confidence: oversubscribed bond issues, refinancings on fully leased assets, and domestic capital completing landmark acquisitions at disciplined pricing. The Lewandpol purchase of Central Point in Warsaw for €107 million was confirmed this week, described as one of the largest Warsaw office transactions of the year, with Greenberg Traurig advising. Wing's acquisition of Capital Square in Budapest from CA Immo was simultaneously confirmed, a 34,000 sqm Váci út prime asset, with the transaction valued at HUF 17 billion (approximately €47.6 million). CA Immo used that capital rotation to partly fund a €300 million green bond oversubscribed at Baa3 from Moody's.

Where Capital Is Moving

DSV expanded its presence at Panattoni Wrocław Campus 2 by a further 20,000 sqm within months of commencing operations, bringing its total to over 65,000 sqm, a direct signal that Polish logistics occupier demand is outpacing initial take-up assumptions. The Polish warehouse market's Q1 2026 rebound was formalised in data released this week: leasing transactions rose 46% year-on-year to over 1.5 million sqm, with total stock exceeding 37 million sqm and 63% of projects under construction already pre-leased.

Panattoni and Eika Asset Management broke ground on Panattoni Park Kraków West IV in Skawina, a 46,000 sqm logistics facility with a first tenant already secured for nearly 17,000 sqm and completion targeted for July 2027. In Prague, Czech fund Aurelia acquired two fully occupied office buildings, Trimaran and City Element, offering over 28,000 sqm of lettable space, in a domestic capital transaction consistent with the Czech market's position as one of the most liquid in Europe. Strabag began construction of Speedwell's Queens District in Bucharest, a mixed-use scheme of 22,500 sqm office, 237 residential units, and 2,500 sqm of retail, with financing secured from Intesa Sanpaolo Bank Romania at €21.5 million.

The EBRD backed a 127 MW / 254 MWh battery energy storage system in Romania with up to €44 million, adding to a growing pipeline of energy infrastructure financing across the region. Logfret leased nearly 4,900 sqm at SEGRO Logistics Park Warsaw Nadarzyn, while Rohde & Schwarz Topex expanded its northern Bucharest office footprint to 10,000 sqm.

In Slovenia, Alfi acquired three logistics centres in Ljubljana, Maribor, and Škofja Loka in a multi-million euro deal, one of the most significant domestic logistics transactions in the country in recent years.

CEE/SEE

Indotek Group completed its acquisition of full ownership of Auchan Hungary, having previously held 47% with management rights since late 2024. CTP announced a 66,000 sqm industrial park in Pécs, Hungary, with a 14,200 sqm BTS Phase 1 already pre-leased and construction underway. In Romania, Hubix and Nexo Group partnered on Abito Pipera, a €28 million nZEB residential project near Bucharest comprising 150 apartments. ATAL acquired the Trójmiasto-based Budner Group for €24 million, strengthening its position in the Tri-City market. In Poland, Alides Polska secured land in Warsaw's Żoliborz district for approximately 10,500 sqm of residential development, and the Czech Ministry of Defence acquired a residential complex in Jince from Invest Gate for military housing. Saint-Gobain Sekurit established a BTS distribution centre at CTPark Česká Lípa, using the park's position between Germany and Poland as a European automotive logistics hub. Echo Investment secured €36.4 million from Bank Pekao for its WITA Kraków project, already anchored by Brown Brothers Harriman and OPmobility.

Slovenia and Adriatic

Alfi's acquisition of three Slovenian logistics centres across Ljubljana, Maribor, and Škofja Loka is the most significant domestic CRE transaction in Slovenia this year and reflects growing institutional interest in logistics assets outside the Ljubljana CBD. Capgemini renewed its 8,400 sqm lease at Business Garden Wrocław, confirming that international corporate tenants in the region continue to extend rather than relocate. Slovenia's June inflation reached 3.7%, with services as the primary driver, adding further upward pressure on operating costs for logistics and retail tenants.

Outlook

The volume of refinancing completed this week is the clearest indicator yet that the financing gap which constrained deal activity in 2023 and 2024 has closed for prime assets. The next signal to watch is whether secondary and value-add assets begin to transact at scale, which would indicate broader market recovery rather than concentrated activity at the top of the quality curve. Poland's logistics rebound, with 46% leasing growth in Q1 and 63% pre-leasing on active construction, leaves little room for complacency on vacancy assumptions. Developers with land banks in under-supplied Polish and Hungarian logistics regions are in the strongest position entering H2 2026.

_Sources

<sub>EuropaProperty
- EuropaProperty — DSV expands its space at Wrocław Campus 2 to 65,000 sqm — https://europaproperty.com/dsv-expands-its-space-at-wroclaw-campus-2-to-65000-sqm/
- EuropaProperty — EBRD backs large-scale battery storage project in Romania — https://europaproperty.com/ebrd-backs-large-scale-battery-storage-project-in-romania/
- EuropaProperty — Logfret Moves into SEGRO Logistics Park Warsaw — https://europaproperty.com/logfret-poland-moves-into-segro-logistics-park-warsaw/
- EuropaProperty — LEWANDPOL Acquires CENTRAL POINT IN WARSAW — https://europaproperty.com/lewandpol-acquires-central-point-in-warsaw/
- EuropaProperty — WING adds Capital Square to office portfolio — https://europaproperty.com/wing-adds-capital-square-to-office-portfolio/
- EuropaProperty — Panattoni and Eika Asset Management launch joint project in Lesser Poland — https://europaproperty.com/panattoni-and-eika-asset-management-launch-joint-project-in-lesser-poland/
- EuropaProperty — Echo Investment secures financing for the WITA project in Kraków — https://europaproperty.com/echo-investment-secures-financing-for-the-wita-project-in-krakow/
- EuropaProperty — Capgemini stays at Business Garden Wrocław — https://europaproperty.com/capgemini-stays-at-business-garden-wroclaw/
- EuropaProperty — MLP Group expands its footprint in southeastern Poland — https://europaproperty.com/mlp-group-expands-its-footprint-in-southeastern-poland/</sub>

<sub>Property Forum
- Property Forum — Wing buys 34,000 sqm office project in Budapest from CA Immo — https://www.property-forum.eu/news/wing-buys-34000-sqm-office-project-in-budapest-from-ca-immo/21673
- Property Forum — CA Immo raises €300 million in oversubscribed green bond offering — https://www.property-forum.eu/news/ca-immo-raises-eur300-million-in-oversubscribed-green-bond-offering/21672
- Property Forum — Strabag kicks off construction of Speedwell's mixed-use project in northern Bucharest — https://www.property-forum.eu/news/strabag-kicks-off-construction-of-speedwells-mixed-use-project-in-northern-bucharest/21671
- Property Forum — Speedwell lands €21.5 million loan for resi development in northern Bucharest — https://www.property-forum.eu/news/speedwell-lands-eur215-million-loan-for-resi-development-in-northern-bucharest/21685
- Property Forum — Czech fund Aurelia snaps up two Prague office buildings — https://www.property-forum.eu/news/czech-fund-aurelia-snaps-up-two-prague-office-buildings/21678
- Property Forum — Rohde & Schwarz Topex expands offices to 10,000 sqm in northern Bucharest — https://www.property-forum.eu/news/rohde-schwarz-topex-expands-offices-to-10000-sqm-in-northern-bucharest/21674
- Property Forum — Warsaw's Elektrownia Powiśle secures €172 million refinancing — https://www.property-forum.eu/news/warsaws-elektrownia-powisle-secures-eur172-million-refinancing/21690
- Property Forum — Cerberus and Revetas secure €123 million refinancing in Bucharest — https://www.property-forum.eu/news/cerberus-and-revetas-secure-eur123-million-refinancing-in-bucharest/21689
- Property Forum — Indotek Group takes full ownership of Auchan Hungary — https://www.property-forum.eu/news/indotek-group-takes-full-ownership-of-auchan-hungary/21679
- Property Forum — CTP to develop 66,000 sqm industrial park in Pécs — https://www.property-forum.eu/news/ctp-to-develop-66000-sqm-industrial-park-in-pecs/21686
- Property Forum — Hubix and Nexo Group partner on resi project near Bucharest — https://www.property-forum.eu/news/hubix-and-nexo-group-partner-on-resi-project-near-bucharest/21687
- Property Forum — ATAL takes over Trójmiasto's Budner Group in €24 million deal — https://www.property-forum.eu/news/atal-takes-over-trojmiastos-budner-in-eur24-million-deal/21698
- Property Forum — Alides Polska secures land for new development in Warsaw — https://www.property-forum.eu/news/alides-polska-secures-land-for-new-development-in-warsaw/21684
- Property Forum — CTP lands Saint-Gobain at Czech auto-glass logistics hub — https://www.property-forum.eu/news/ctp-lands-saint-gobain-at-czech-auto-glass-logistics-hub/21695
- Property Forum — Polish warehouse market rebounds with leasing up 46% in Q1 — https://www.property-forum.eu/news/polish-warehouse-market-rebounds-with-leasing-up-46-in-q1/21680
- Property Forum — Panattoni completes 66,000 sqm industrial park in Kielce region — https://www.property-forum.eu/news/panattoni-completes-66000-sqm-industrial-park-in-kielce-region/21688</sub>

<sub>Finance.si
- Finance.si — Večdesetmilijonski posel: Alfi v nakup treh logističnih centrov — https://www.finance.si/vecdesetmilijonski-posel-alfi-v-nakup-treh-logisticnih-centrov/a/9048793 — Author: Jurij Šimac
- Finance.si — Surs izračunal: slovenska inflacija v juniju znaša 3,7 odstotka — https://www.finance.si/surs-izracunal-slovenska-inflacija-v-juniju-znasa-37-odstotka/a/9048811 — Author: Albina Kenda</sub>

_‍