Mihály Schrancz, the CEO of Hungarian real estate development company Property Market has stepped down. The move was unexpected and no new leader has been announced yet.

Another residential project worth more than a billion crowns (€41 million) is being completed in Prague. This time PSN is building 150 luxury lofts in the former Microna aerospace factory in Prague's Modřany district. The Vanguard project is expected to be completed next year, PSN CEO Max Skala said.

JLL Romania advised Euroest Car, a company specialising in the import and distribution of original car parts, in leasing 9,500 sqm in CTPark Bucharest Chitila, a Class A industrial park owned by CTP Romania in the northwest of Bucharest.

Globalworth has achieved the Access4you certification for its entire portfolio of almost half a million square meters consisting of 16 office buildings in Romania, becoming the first landlord to hold accessibility certification for wheelchair users, the elderly, people with limited mobility, and people with strollers. Colliers, the only Access4you partner for Romania, conducted the audits and completed the audit reports for Globalworth's entire building portfolio.

The area of former factories and industrial halls in Prague 9 will be transformed into a modern urban district. Skanska is now planning to invest more than CZK 1 billion (€41 million) in the Alfred apartment building there. The building, which is part of the second phase of the construction of the district of industrialist Emil Kolben, is expected to be completed in 2025, reports E15.cz.

The European Bank for Reconstruction and Development (EBRD) is extending a €30 million mezzanine loan facility to DL Invest Group, a Polish real estate developer and investor focused on commercial real estate. The mezzanine loan will support the development of sustainable industrial and logistics real estate projects in Polish regions.

KG Group opens another large Atut chain centre in Kraków. This time it will be two retail parks with a total area of more than 20,000 sqm GLA, which will operate under the common name Atut Galicyjska.

Resi4Rent has secured a €50 million loan from the European Bank for Reconstruction and Development (EBRD) for new investments in the institutional rental market in cities hosting refugees from Ukraine, the company said. This is the first EBRD financing for the institutional rental sector (PRS) in Poland.

According to a report prepared by Newmark Polska, at the end of the third quarter, Poland’s total warehouse and industrial stock reached almost 27.4 million sqm, representing a 19.3% increase year-on-year. New supply in the year to date exceeded 3.58 million sqm, up by 15.6% compared to 2021’s total.

The EECFA 2022 Winter Construction Forecast Report has been released and yet another downward revision characterizes the forecast for both Southeast Europe and Eastern Europe. Southeast Europe could see shrinkage on the horizon. This, however, comes after a great period of construction between 2016 and 2021, so the market is foreseen to come down from a peak level. In this respect, the 3% decline until 2024 is no drama, in EECFA’s view. The drama is in East Europe where the peak was reached in 2018 and the market was around 10% below that peak level even before the Ukraine war began. Since then, EECFA has paused issuing forecasts in Ukraine and a status report has been prepared. Without Ukraine, the region is expected to reach its bottom in 2023.