Allocations to Central and Eastern Europe are quietly accelerating. Gulf sovereigns and family offices are increasing direct exposure; large European pension and insurance pools are returning selectively after a decade of underweight; US institutional capital is rebuilding conviction around regulated infrastructure and prime real estate.

Poland sits at the centre of this rebalancing. Scale, demographics, EU integration and a deep operating economy combine to make it the most institutionally underwriteable market in the region.

We expect the bid for high-quality real assets to remain disciplined but persistent — and to reward managers with proprietary sourcing and operational depth.