CEE REGION Katarina Horváthová of Manova Partners

Nathan North, 'EurobuildCEE': Manova Partners' acquisition of the Vibe A office building in Warsaw is the company's first in Poland since it was established last year. Why did you choose this particular asset?

Katarina Horváthová, Manova Partners: While the Vibe transaction might be our first Polish acquisition under Manova Partners, we have been present in the CEE region and Poland through our predecessors for 21 years, having transacted more than EUR 4.1 bln in the region since our entry. While the Vibe is our first European acquisition since becoming independent in December 2024, it is our second worldwide, bringing our transaction volumes as Manova Partners to EUR 420 mln (note: we also had a transaction closing on 23/9/2025 and its value is included here too). We chose Vibe A on the one hand due to its impressive location in City Centre West, a dynamic live-work-play environment that will see even more positive developments in the coming years, but which is also already well connected in terms of transportation, while offering a range of easily accessible amenities, including shopping and dining opportunities. The second reason for our choice are the qualities of the building itself, its high technical and sustainability specifications, its tenant amenities, and its impressive institutional tenant base.

Are you planning to hold onto this asset? What are your plans for it going forward?

Definitively. Our conviction about Poland and Warsaw remains, and following the acquisition of Vibe A, we now manage over five office assets – altogether over 65,000 sqm – in Warsaw on behalf of multiple clients and vehicles. Our plans are long-term; for now, we are looking forward to further strengthening our relationships with the tenants in the building, and we hope to ensure their comfortable use of Vibe A. We believe in having “boots on the ground” – having dedicated asset managers who are present in their local markets, who understand the local dynamics.

Are you looking at making any further acquisitions in Poland and the CEE region?

We believe in Poland and the CEE region as an investment destination. We are analysing various opportunities across the region, especially in the logistics segment. We own and manage approximately 530,000 sqm of logistics space in Poland and believe in the strong future of this segment. Moreover, there are several meaningful opportunities out there that can be purchased at an interesting re-price compared to the market peak. Of course, certain sub-markets and tenant line-ups are more interesting than others and our “boots on ground” are busy identifying opportunities that provide the best risk-adjusted returns.

Manova Partners was spun off from Macquarie Asset Management and is 100 pct employed-owned – what difference does this structure give to your operations?

Being 100 pct employee-owned has widespread implications across our whole business. With everyone participating in the company’s success, it fosters alignment and accountability throughout our whole operation, from the risk management through the process efficiency to the performance optimisation. It also encourages an entrepreneurial spirit, engendering forward innovative ideas and solutions. In creating a strong sense of community, we have also found that the approach leads to higher employee satisfaction and reduced employee turnover. About half of our employees have been with us for more than five years and we are seeing more interest when hiring as well.