Empira Group

We are pleased to announce the successful completion of the leasing of BE.YOND OFFICE Berlin. With the signing of two additional long-term lease agreements, the approximately 8,600 sqm office development at Schöneberger Ufer is now fully let.   This achievement reflects the continued demand for high-quality, sustainable office space in prime urban locations. Together with our tenants - including UFA, DATEV eG, and two additional companies from the IT and security sectors - we have created a diverse and future-oriented business community. BE.YOND OFFICE Berlin combines modern workplace concepts with ambitious sustainability standards, including fossil-free operations, air-source heat pumps, photovoltaic systems, and a targeted DGNB Gold certification. We would like to thank our leasing partners and everyone involved in bringing this project to a successful completion.

Milestone Update: Vertical Construction Tops Out at Enso Miami   Empira’s 8-story, 85-unit boutique multifamily development at 3025 SW 3rd Avenue in The Roads has topped out!   Designed by Revuelta Architecture International with JAXI Builders as general contractor, the project’s top out is a prominent achievement powered by the collective efforts of talented teams across development, design and construction following years of coordination.   As Enso continues to advance toward completion in mid-2027, its presence along the historic Coral Way Corridor – one of Miami’s oldest and most architecturally significant routes connecting Brickell and Coral Gables – underscores Empira’s commitment to investing in long-term growth markets with strong urban demand. Learn more about Enso Miami: https://lnkd.in/eFu7dDZa

Breaking ground for The Bricks Wandsbek   We are pleased to announce the groundbreaking of The Bricks - Wandsbek, our new residential development in Hamburg-Wandsbek. Located on two adjoining plots on Gustav-Adolf-Straße, the project will deliver 168 modern residential units, including 11 subsidized apartments, creating much-needed housing in one of Hamburg’s established residential districts.   Key project highlights: - 12,652 sqm of rentable residential space - 168 apartments - 11 subsidized housing units - KfW 55 EE standard - Approx. 526 sqm photovoltaic area - 86 underground parking spaces - Completion planned for late 2027 / early 2028   The project combines sustainable construction, attractive residential quality and excellent connectivity. Residents will benefit from a future-oriented energy concept featuring heat pump technology, strong public transport connections and convenient access to everyday amenities. The Bricks Wandsbek reflects our commitment to creating high-quality, energy-efficient residential communities while contributing to the long-term housing supply in Germany’s metropolitan regions.   We would also like to thank igb – Ingenieurgesellschaft Burgert mbH, AUG. PRIEN Gruppe, Züblin Spezialtiefbau GmbH and Stefan Fleischhaker Architekten for their excellent partnership and commitment throughout this important milestone. We look forward to continuing our successful collaboration as the project progresses.   We look forward to bringing this project to life over the coming years.

Empira launches German Living strategy with UBS as anchor investor   We are pleased to announce the launch of our EMPIRA German Living strategy, with UBS committing over EUR 158 million as anchor investor. The strategy focuses on building a diversified portfolio of income-generating residential assets across German A-, B- and C-cities, underpinned by a disciplined manage-to-core approach. Leveraging our vertically integrated platform, we aim to drive operational efficiency and create long-term value through active asset management and targeted energy refurbishment initiatives.   Jorge Veiga Juiz, CFA, MBA, Global Head of Client Solutions, Empira Group: “The launch of the German Living strategy marks an important milestone in our growth trajectory. As Europe’s largest rental market, Germany offers a structurally attractive environment for institutional investors. The partnership with UBS Unified Global Alternatives as anchor investor underscores the confidence in our platform and our investment capabilities.”   Ilias Harcha, Executive Director, UBS: “Our investment reflects a high level of conviction in Empira’s integrated platform and its ability to execute a disciplined manage-to-core strategy in the German residential market. The combination of strong local expertise, operational capabilities and a clearly defined investment framework provides a robust foundation for delivering long-term, risk-adjusted returns for our clients.” The seed portfolio will be built across Germany’s top seven cities, with a target fund size of EUR 350 million.

Why Switzerland’s Housing Shortage Is Structural - Not Cyclical The Swiss residential market continues to face persistent pressure: demand remains strong, while supply is structurally constrained. This imbalance is not simply the result of a temporary market slowdown. It reflects deeper regulatory, institutional and capital market dynamics that increasingly limit new residential development. Insights from Empira’s research paper “Real Estate Debt in Switzerland 2025” highlight why housing construction in Switzerland remains under sustained pressure despite relatively stable macroeconomic conditions. Three structural developments are particularly relevant: 1. Regulatory tightening The Basel III “Swiss Finish” and stricter lending standards have materially changed development economics. Financing above roughly 60% LTV has become significantly more difficult and more expensive, with many lenders effectively treating this level as a hard ceiling. 2. Institutional market concentration The UBS / Credit Suisse merger, combined with consolidation in the insurance sector, has reduced the number of active lenders in the market. Financing options have narrowed considerably, especially for development projects. 3. Structural absorption of lending capacity More than CHF 200 billion in annual refinancing volume absorbs a large share of available credit capacity. As a result, new residential developments increasingly compete with existing assets for financing allocation. The impact is particularly visible in the CHF 20 -75 million segment - a critical range for urban and suburban housing supply. These projects are often too large for regional banks, yet too complex for standardized financing structures. The consequence is clear: approved projects are delayed, restructured or not executed at all. The strategic implication is important: Switzerland’s housing shortage is increasingly becoming a structural financing issue rather than a cyclical demand issue. Without adjustments in financing structures, lender capacity and capital allocation, residential supply is likely to remain constrained - even in a stable macroeconomic environment.

Optimal alignment between asset managers and residential real estate operators is becoming increasingly critical.   At this year’s #LivingConference2026 in Frankfurt, our CEO Marcus Bartenstein joined a panel discussion on this topic - and one thing became clear: in residential, the real lever is operational.   A few key takeaways:   - The biggest opportunity is not in transactions or development - but in real estate management. That’s where the largest efficiency reserves sit. - “Boring” wins: success comes from discipline, location focus and deep local presence - not from chasing pricing. - Management cannot be improvised. At scale, it requires professional processes, systems and increasing use of technology. - Vertical integration is emerging as a structural advantage, allowing for better execution and long-term value creation. - The product itself must be built to withstand the next cycle - particularly in a more inflationary environment. - In a more complex and regulated market, value is no longer created through isolated decisions. - It requires alignment across the entire value chain - from investment to execution to long-term asset management.   At Empira, we see this alignment not as an option, but as a prerequisite for sustainable performance.

Empira Group celebrates a proud moment for our U.S. team: Construction at The Perrin Brickell has officially topped out!   At 313 feet and 26 stories, The Perrin reached its top out milestone earlier than planned with momentum progressing swiftly for a 2027 delivery. Achieving this significant milestone less than one year after vertical construction began at 244 SW 9th Street in the heart of Miami’s most walkable neighborhood signifies strong commitment, coordination, and collaboration by all our valued partners. We are grateful for the deep determination in helping bring our vision to life at an inspiring pace.   With 310-rental residences, a 380-spot parking garage, ground-floor retail and elevated indoor/outdoor amenity offerings designed for modern rhythm, The Perrin will answer the call for high-quality apartment living in Miami’s dynamic urban core. Now, onto Phase Two! https://theperrin.com/

Vertical integration is the key to making ESG work in residential real estate. In an increasingly regulated and complex market, sustainable value is no longer created through isolated measures. It requires a fully integrated approach across the entire asset lifecycle. Vertical integration is not an operational detail - it is a strategic necessity. At Empira, we manage assets across the full value chain, from acquisition and development to execution, asset management and financing - within one integrated decision framework. This becomes particularly relevant in the context of Transition-to-Green. Decarbonisation cannot be managed as a standalone initiative. It must be embedded into investment decisions, technical execution, leasing strategies and long-term asset management. The key question is not how to implement ESG - but where transformation is truly viable. Because not every asset is transformable. Not every CapEx program creates value. Not every location supports long-term resilience. This is where vertical integration creates a structural advantage. It allows us to assess transformation feasibility before acquisition, align technical, regulatory and economic factors, and actively steer execution across the entire lifecycle - directly linking ESG to cash flow, valuation and exit outcomes. In a market defined by regulation, decarbonisation and capital discipline, value is no longer created in silos. It is created through integration.

Happy Easter from Empira Group Wishing all our partners, colleagues, friends and families a joyful Easter. Enjoy a relaxing weekend. Empira Group