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Posts from CIJ for 02/23/2016

Daily Commercial Real Estate News for CEE
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In this edition: 02/23/2016

Lithuania’s Global BOD Group to build solar farms in Indonesia

Feb 23, 2016 12:18 pm
Global BOD Group, the owner of Lithuania’s high-tech and renewable energy companies, is planning to build two solar farms, totaling 10 megawatts, in Indonesia. The group signed a letter of intent with representatives from Indonesia’s Cirebon region. Costs are estimated at €15m. If the trial project is successful, Global BOD Group will build additional solar power farms...
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BCP's development plans for Braamcamp Farm rejected by Barreiro

Feb 23, 2016 12:03 pm
The municipality of Barreiro has rejected plans by the bank BCP to restore a tidal mill as part of a wider re-development of the Braamcamp Farm, which now consists of a series of fully or largely dilapidated buildings along the Atlantic coast near Lisbon. The investor had envisioned the construction of 185 residential units, the reconstruction of a historic tidal mill, and...
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Douro Atlantic Garden continues in Gaia

Feb 23, 2016 12:02 pm
The Municipality of Gaia has approved the construction of seven residential buildings on Cabedelo Beach, which is the site of the annual Marés Vivas festival. The music festival will therefor move into an urban park along the river Douro that’s been provided by Grupo Espirito Santo. The project, called Douro Atlantic Garden, dates back to 2006, when a set of four buildings...
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Cushman & Wakefield: German retail market to strengthen further in 2016

Feb 23, 2016 11:30 am
According to Cushman & Wakefield’s latest report, Germany’s retail market continued its steady acceleration at the end of 2015. Demand from international and local retailers continued to gain momentum in the last quarter of the year, with strong interest for larger stores in the most popular and sought-after high street markets as well as in shopping centers. The...
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Frontside building Sequoia House in Sofia

Feb 23, 2016 11:01 am
A boutique residential building named Sequoia House is being erected on Krushova Garden Street in the Dragalevci district of Sofia. The developer of the project, Frontside, chose the company Torin Tonchev as its general contractor. Construction work has just gotten underway on the project, which is expected to finish by September 2017. Sequoia House consists of a...
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Moxy hotel opening Gateway Gardens at Frankfurt airport this year

Feb 23, 2016 11:01 am
A 307-room Moxy hotel in the Gateway Gardens commercial quarter at Frankfurt International Airport is scheduled for completion later this year. The hotel is being developed by Vastint Hospitality and Marriott International, while Industriebau Imetaal is overseeing the construction. It will offer 51 underground parking spots. Moxy Frankfurt Gateway Gardens will be managed by...
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Orbis Hotel Group to open two new hotels in Sofia

Feb 23, 2016 11:01 am
Orbis Hotel Group continues its expansion in Bulgaria with the announcement that it will open a new Novotel and a new ibis hotel in Sofia. Orbis Hotel Group took over the AccorHotels brand in CEE last year, including two hotels in Sofia: Novotel Sofia and ibis Sofia Airport. "Bulgaria is a very promising market with great potential for hotels under international...
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Macedonian cities succeed in newest FDI rankings

Feb 23, 2016 11:00 am
fDI Magazine has ranked Skopia first in terms of “Cost Effectiveness” for 2016/17, and listed it as one of the ten best cities in terms of “Foreign Direct Investment Strategy” in the small European cities category. The town of Stip was also named first according to “Cost Effectiveness” in the micro-city category (those with populations of less than 100,000). Stip fared...
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Refurbishment work underway at Sun Plaza in Bucharest

Feb 23, 2016 11:00 am
Six years after opening its doors in the southern Bucharest, Sun Plaza Shopping Center has begun refurbishment work that will result in a change the retail mix and the number of shops at the mall. The construction work now underway will reshape the mall and have a direct impact on 11,000 sqm of space, while leading to an ability to host up to 40 new stores. Work is expected...
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Arctic Group to open largest European fridge factory in Targoviste

Feb 23, 2016 10:59 am
Electronics manufacturing company Arctic SA will open its largest refrigerator factory in Europe near Targoviste, in Ulmi, 80 km from Bucharest. Final talks between Dambovita County Council and the owners of Arctic Găeşti Group are underway and at the end of March the leadership of the group will formally present the project draft. The new plant will be built on 76 ha...
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Demire strengthens property management team through acquisition

Feb 23, 2016 10:22 am
The rapidly growing commercial real estate group, Demire Deutsche Mittelstand has purchased the operations of F. Krüger Immobilien GmbH as part of an asset deal. All employees of F. Krüger Immobilien GmbH will be transferred to Demire and continue working at the Krüger location in Bremen which will be a new location for the Demire real estate group. Demire had begun to...
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Marcin Purgal, Katarzyna Laszkowska join leadership of Knight Frank CM team

Feb 23, 2016 09:53 am
Marcin Purgal has joined Knight Frank Warsaw’s office as capital markets director, after working for Savills for the past ten years. Over that span, he’s advised on some of the biggest transactions in the country, including the Echo takeover, as well as the closing of the BZ WBK FRN FIZ 2 open-ended fund. At the same time, Katarzyna Laszkowska has been promoted to...
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Neinver names Bożena Gierszewska - Mroziewicz country manager for Poland

Feb 23, 2016 09:49 am
Neinver in Poland has made Bożena Gierszewska - Mroziewicz its new country manager for the company’s local operations. She’ll be responsible for managing the company’s portfolio and handling investor relations. Gierszewska - Mroziewicz has been working for Neinver Poland for the last ten years. Before taking over at the developer, she was an international asset management...
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Hispania plans to convert into a Socimi

Feb 23, 2016 09:42 am
The real estate company owned by the billionaire George Soros, Hispania Activos Inmobiliarios is planning to convert itself into a Spanish REIT (Socimi), after closing 2015 with a net profit of €73.4m. The result represented a four-fold increase in its earnings compared with 2014. The company’s management will propose the conversion into a real estate investment trust, in...
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Petra Kůlová new marketing director for Cimex

Feb 23, 2016 08:16 am
Petra Kůlová has been appointed a new marketing director of Cimex. She joins the property investment group after 20 years in marketing in the Czech Republic. She worked previously for the mobile operator Vodafone as well as for Markland, the Irish investor and owner of the Kotva department store. In her new position, Petra will be responsible for the marketing activities of...
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RKN Global to build new production facility in Banska Bystrica

Feb 23, 2016 08:15 am
RKN Global Europe will invest €89m in Banska Bystrica in Slovakia and create 1,200 new jobs in the process. The company will produce secure documents along with equipment for checking documents and identities in the new facility. The Slovak government should decide on the incentives package the investor will be offered before parliamentary elections are held in May. Slovak...
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JLL: Record supply to hit Prague resi market in 2016

Feb 23, 2016 08:14 am
Work began on 2,300 flats in 34 projects across Prague during the second half of 2015, according to JLL’s latest research. In 2015, construction began on 5,000 units, which was a fall of 19 percent y-o-y. In 2016, the number of construction starts will increase again to 5,500 flats. Blanka Vačkova, head of research at JLL, says that a record number of flats – 6,700 – are...
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Blue Rock Premier Properties acquires Jacksonville apartments

Feb 22, 2016 03:40 pm
Blue Rock Premier Properties, based in Tampa, has acquired two apartment buildings in the Southside submarket of Jacksonville. The company picked up the the 284-unit Landmark at Hampshire Place on Belle Rive Blvd. along with the Landmark at Sage Commons, a 248-unit complex located on Southside Blvd. Blue Rock will invest $3.4 million in improvements to the properties and...
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Miller Legg names Michael Kroll president

Feb 22, 2016 03:38 pm
Fort Lauderdale-based real estate engineering and consulting firm Miller Legg has promoted Michael D. Kroll to president. Kroll has been with the company for 25 years, most recently serving as vice president. Kroll holds an architecture degree from the University of Florida and is a graduate of the American Council of Engineering Companies’ Senior Executive Institute program.
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Financing for Canvas condo scheme in Miami

Feb 22, 2016 03:35 pm
Construction got underway in Miami on the Canvas condominium in Miami’s Arts & Entertainment District, following the approval of financing for its developer NR Investments. The $70 million facility meant work could get underway on the 513-unit project located at 1630 N.E. 1st Ave., which includes pools, a racquetball court, a spa, along with ground floor retail and...
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