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Gdańsk · Warsaw · Poland · CEE

The transactions that close
before the market
knows they exist.

Commercial real estate advisory for institutional and private capital — international and domestic — moving into Poland and CEE. And for asset owners who want a buyer, not a process.

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The firm

An advisor
who is also
a principal.

FJORE is an independent commercial real estate advisory built around one conviction: in CEE, the deals that matter close on relationships and discretion — not databases or auctions. We work with institutional and private capital, both international and domestic, on either side of the table.

18+
Years executing CEE transactions
4JD
Jurisdictions structured first-hand
1:1
Senior principal, every mandate
Most of what closes in this market closes before a sell-side mandate is ever signed. The firms that get there first are the firms invited.

We work a deliberately small book. Active mandates are capped, scope is confirmed in writing within 48 hours, and the senior advisor on the first call leads the engagement through to close.

Mandate types

Buy-side. Sell-side.
Never both.

01 · Buy-side

Acquisition

Sourcing, negotiation, structuring, and close on off-market logistics, office, mixed-use, and PRS in Poland and CEE. For international funds, family offices, and PE platforms entering or scaling exposure.

For international capital →
02 · Sell-side

Disposal

Targeted placement to qualified buyers — institutional and private, international and domestic — without a public process. We pre-qualify the buyer, run the diligence, and close. No auction. No market exposure.

For asset owners and developers →
03

Cross-border structuring

Acquisition vehicles, fund-level holdings, and co-investor architecture across the corridors that move capital into Poland today: Luxembourg (SCSp, RAIF), Netherlands (CV, BV), Cyprus, Ireland (Section 110), Germany (Spezial-AIF), and Polish acquisition SPVs. Designed from inside, not reviewed from outside.

04

Due diligence coordination

Polish legal, tax, technical, and ESG diligence managed end-to-end. Coordinated through pre-vetted local advisors. Decision-ready outputs on the timeline the deal requires.

Engagement

From first call
to notarisation.

01

Call · 30 minutes

Mandate type, asset class, geography, ticket, timeline. No documentation required. Scope confirmed in writing within 48 hours if there's a fit.

02

Pipeline access

Buy-side: anonymised profiles within the same week. Sell-side: pre-qualified counterparty within ten days. Full details under NDA on confirmed interest.

03

Negotiation

We lead the table. Indicative offers, site access, term alignment, exclusivity. Direct line between principals — no procedural drag.

04

Structure & close

Acquisition vehicle, diligence coordination, SPA, notarisation. The mandate ends when the deal closes — not before.

I
One party per mandate

Buy-side or sell-side — declared in writing on day one. No conflicts. No quiet representation.

II
Senior, end-to-end

The principal you meet on the first call signs the closing documents. No handover. No junior layer.

III
60–90 day close

From signed mandate to notarisation. The structural reason: one decision-maker with direct access to both sides of the table.

IV
Success-aligned

Performance-based fee on every transaction mandate. We earn when the deal closes — not before.

Mandates

Who we work with.

Buy-side International and domestic capital — institutional funds, family offices, PE platforms, private investors — entering or scaling Polish and CEE commercial real estate →
Sell-side Asset owners, developers, and corporate vendors placing institutional-grade product — to qualified buyers, not the open market →
Cross-border Capital structuring, vehicle design, and counterparty bridging across the active CEE corridor — DACH, Benelux, UK, MENA, and intra-CEE →
Mandate focus

The asset profiles
we engage on.

Indicative profiles of the four mandate types we currently engage on across Polish and CEE commercial real estate. Live transactions, vendor identity, and pricing are disclosed only to qualified counterparties under NDA on confirmed mutual interest.

Request a private briefing →
RefAsset profileGeography focusIndicative ticketIndicative yield / IRR
01
Logistics · Class A, big-box
Single tenant investment-grade · long WAULT · BREEAM Excellent
 A2 corridor · Łódź region Details under NDADetails under NDA
02
Office · Class A, ESG-retrofitted
Multi-tenant · LEED Platinum · 5–7y WAULT post-refurb
 Warsaw, prime CBD Details under NDADetails under NDA
03
PRS · stabilised, core+
Institutional vendor · >90% stabilised occupancy · 12m+ ALOS
 Warsaw & Tricity Details under NDADetails under NDA
04
Mixed-use · forward purchase
Urban regeneration site · retail anchor + PRS component
 Tier-1 Polish metro Details under NDADetails under NDA

Profiles are indicative and reflect the structural shape of mandates we engage on, not specific named transactions. Active mandate detail under NDA.

Coverage

Where the desk
operates.

Active mandate coverage across Poland and the immediate CEE corridor. Direct relationships with vendors, developers, and counterparties in every metro listed.

PL
Primary market
Warsaw · Łódź · Wrocław · Kraków · Gdańsk
CZ · SK
Active corridor
Prague · Bratislava (mandate basis)
Warsaw Gdańsk HQ Łódź Wrocław Kraków Prague Bratislava PL CZ SK
Market context

The Polish commercial real estate market
at year-end 2025.

Three reference numbers that frame the market we operate in. Indicative; transaction-level pricing depends on covenant, WAULT, and ESG profile.

€32B+
Polish CRE investment volume cumulative 2020–2024
Source · Cushman & Wakefield, JLL — public quarterly reporting
~5.75–6.25%
Prime logistics net initial yield, core hub, Q4 2025
Reasoned range based on Colliers, JLL, AXI Immo Q3–Q4 2024 reports
+125–175 bps
Spread vs. prime German logistics — historically anomalous
FJORE desk analysis · cross-reference to public Cushman, JLL data

Numbers are reference points for transaction structuring, not investment advice. Live mandate pricing is shared under NDA on confirmed mutual interest.

From the desk

A view, not
a newsletter.

One brief at a time. Written when there is something to say — not on a content calendar.

Brief Nº 01 · January 2026

Poland logistics 2026: the entry window — and what closes it.

Where pricing actually sits, what international capital is missing, and the three indicators that will close the window. A principal's view, not a sell-side narrative.

Read the brief →
Anika Chojnacka — Managing Partner, FJORE
Anika Chojnacka
Managing Partner
In market since 2007
Track record CEE M&A · PE · RE
Jurisdictions PL · LU · CH · NL
Managing Partner

Anika Chojnacka.

Eighteen years inside CEE M&A, private equity, and commercial real estate — as advisor, as principal, and as fund operator. The seat at the table is the same on both sides.

Off-market access, earned over a decade

Direct relationships with Polish ownership families, developers, and institutional vendors — built before founding FJORE, not after.

Structuring done first-hand

Luxembourg SPVs, Polish acquisition vehicles, Dutch and Swiss holdings — designed and operated, not subcontracted.

Principal experience, not just advisory

Co-investor and LP track record alongside European venture and growth funds. Capital committed, risk owned, outcomes accountable.

The relationships that move assets in this market are not found in databases. They are cultivated over years — and called on once.

Questions

Before
the first call.

How are you different from a national agent or international house?+

National agents run sell-side processes; international houses staff transactions with junior teams. FJORE does neither. One senior principal, one party per mandate, off-market origination — and a deliberately small book. If a deal needs a beauty parade, we are not the right firm.

What asset classes and ticket sizes are you active on?+

Logistics and industrial, Grade A and B+ office, mixed-use, PRS. Single-asset tickets typically €10M–€100M, portfolio mandates above. Geography: Poland primary, broader CEE corridor on a mandate basis.

How is the fee structured?+

Performance-based on transaction mandates — payable on close. Retainer mandates (recurring pipeline access) are quoted separately. Full terms in writing before any work begins.

Direct line

One call.
Senior principal.
No filter.

Thirty minutes. No NDA, no documentation, no commitment until scope is confirmed in writing.

Headquarters
Gdańsk · Warsaw, Poland
Email
anika.chojnacka@fjore.pl
LinkedIn
Anika Chojnacka · FJORE →

Replies within 24 business hours. Strict confidence.

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