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Posts from CIJ Europe.com for 02/26/2016

Daily Commercial Real Estate News for CEE
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In this edition: 02/26/2016

Government aid helping Hungarians buy their own flats

Feb 26, 2016 11:53 am
Young Hungarians are now eligible to buy their first apartment, according to the latest report of FHB. Buying apartment in Hungary has become far easier, thanks to the government’s CSOK support program, which provides up to HUF 20m to families who commit to having or already have three children. VAT reduction took effect on January 1, greatly reducing the price for first...
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€1.4m investment planned for South Macedonian distribution center

Feb 26, 2016 10:59 am
A refrigerated distribution center for fruit and vegetables is being built by Ledra Agro in the Gevgelija village of Negorci, south Macedonia. The investment will cost around €1.4m and is receiving co-funding from IPARD funds (Instrument for Pre-Accession Assistance in Rural Development – European funds). The new 2,000 sqm center will employ over 30 people. “The...
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Fish processing plant to be opened in Smederevo

Feb 26, 2016 10:58 am
Product Trade Centre Germany (PTC Germany) has taken over a new production plant built by the city of Smederevo. PTC plans to open a fish farm as soon as possible and has received promises of government support for the project, according to the Serbian Prime Minister Aleksandar Vucic. The factory will soon obtain the permits necessary for the production and export of...
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EBRD provides €300m for Bosnian highway construction

Feb 26, 2016 10:58 am
The European Bank for Reconstruction and Development (EBRD) will provide €300m for the construction of a new highway in Bosnia and Herzegovina. Chairman of the Council of Ministers of Bosnia and Herzegovina Denis Zvizdic discussed the matter at an EBRD investment conference, held this week in London. The €300m will be deployed within the next three years. “From this...
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Carrefour opens a new supermarket in Bucharest

Feb 26, 2016 10:57 am
The French group Carrefour has opened a new supermarket in the 6th district of Bucharest, near the Chilia Veche area. This is the company’s 19th supermarket in Bucharest. The 750 sqm store has has created 45 jobs. In Romania, Carrefour operates 190 stores and two months ago took over Billa Romania and Billa Invest Construct. The deal was initiated over a year ago, but...
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Altex opens a new store in Bacau

Feb 26, 2016 10:57 am
The retailer electro-IT Altex has opened a new store in Romania’s Moldavia region, in Bacau. The store is located in the former Domo location in the Cora shopping center. "Altex’s network has expanded considerably from 2015, when it took over the former Domo spaces and opening new stores that belong to us instead. After several such releases made last year in...
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Hanner to invest €40m in Lithuania in 2016

Feb 26, 2016 10:48 am
Property developer Hanner is planning to invest €40m in commercial and residential projects on the Lithuanian market this year, down 29 percent from its 2015 investment volume. Hanner chairman Arvydas Avulis said his company intends to focus on residential schemes this year with approximately 60 percent of its budget earmarked for those projects. The remaining 40 percent...
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DBH – Drinks Before Home, 25th February, sponsored by Karimpol

Feb 26, 2016 10:44 am
Karimpol Group is a privately held real estate developer established in 1991 in order to develop commercial real estate in the CEE. Today the group is active in 8 countries in the region (Poland, Slovakia, Czech Republic, Austria, Hungary, Bosnia and Herzegovina, Luxembourg, Russia). The Polish business was set up in 1997. Karimpol Poland realized with success 7 office...
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P3 starts construction of Faurencia plant in Lozorno

Feb 26, 2016 10:39 am
P3 Logistic Parks started construction of a 27,000 sqm manufacturing plant for Faurencia in Záhorie near Bratislava. Faurencia will produce car seats for Volkswagen’s automotive plant in Bratislava in the new factory. The plant is scheduled for completion in summer 2016, with full operations expected to be achieved by next year. This is Faurencia’s sixth plant in Slovakia....
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Estonian pharmacy sales up 6.6% in 2015

Feb 26, 2016 10:36 am
The sales volume for the Estonian pharmacy market grew by 6.6 percent y-o-y to €412.6m last year, according to figures released by the State Agency of Medicines. Sales for general pharmacies amounted to €316.3m (+6.5 percent), while sales for hospital pharmacies totaled €95.6m (+6.8 percent). Veterinary pharmacy sales, meanwhile, came in at €730,000, a level similar to the...
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Babiš questions Supreme Audit Office’s plans to build new HQ

Feb 26, 2016 10:34 am
The Supreme Audit Office in Prague (NKÚ) is fighting with finance minister Andrej Babiš over a plan to develop new headquarters on a site NKÚ owns at Ortenovo square in Prague 7 in the Holešovice neighborhood. The office has CZK 230m to finance the new building, which would cost an estimated CZK 690m altogether. Babiš wants the Antimonopoly office to check the alternatives,...
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Grandi Stazioni may lose lease of Prague’s main train station

Feb 26, 2016 10:31 am
Czech Railways may not extend a contract, under which Grandi Stazioni would lease the Prague’s main train station for another 30 years. The contract, originally signed in 2003, expires in October 2016 without Grandi Stazioni having completed the reconstruction of the Fanta building, part of the station, as stipulated in the contract. Local press outlets are reporting that...
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Latvian P2P startup secures €2.2m in seeding funding

Feb 26, 2016 10:25 am
Mintos, a Latvian fintech startup that operates a peer-to-peer lending marketplace, raised €2.2m in seed funding from Riga-based VC Skillion Ventures. Established in January 2015, Mintos connects investors with loans they can fund or buy from various loan originators looking to liquidate their investments. It's thought to have more than 3,000 registered investors, with...
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Portuguese insurer to build new Lisbon hotel in historic building

Feb 26, 2016 10:07 am
Having served as the headquarters of the radio station Renascença for 80 years, a historic building in in Chiado (Lisbon) will be turned into a 94 room hotel. The radio station is moving to Quinta do Pastor, between Benfica and Buraca (also in Lisbon), by the end of June. The building’s owner, the insurance company Fidelidade Seguros SA, has not revealed how much the new...
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Porto Cruz project attacked by civic associations

Feb 26, 2016 10:05 am
The Porto Cruz Project, located just west of Lisbon, has come under attack from a local civic association which claims the scheme would ruin an area called the Jamor Valley as well as the riverside area in Oeriras county. It also claims the project would ruin the Cruz Quebrada and the Caxias beaches. In all, the project consists of eight buildings, five towers ranging up to...
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Sheraton Cascais Resort opens in Lisbon

Feb 26, 2016 10:04 am
The new luxury hotel Sheraton Cascais Resort has opened in the Cascais section of Lisbon. This followed its acquisition in October 2015, when United Investments Portugal (UIP) paid €50m for the old Vivamarinha Hotel Suites, with 146 rooms. Through the agreement, the hotel joined Starwood Hotels Resorts Worldwide, which has been investing in Portugal for over 45 years....
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Christian Ulbrich appointed JLL President

Feb 26, 2016 10:03 am
Christian Ulbrich will become JLL’s President from the June 1, 2016. As President he will be responsible for managing the regional businesses in Asia Pacific, EMEA, and the Americas and will report to CEO Colin Dyer, who will be in charge of the company’s global strategy, focusing on IT, data strategies, and overseeing LaSalle Investment Management. Ulbrich joined JLL in...
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Prologis to sell industrial portfolio in Spain

Feb 26, 2016 09:47 am
Prologis has sold a 144,320 sqm portfolio of Spanish industrial properties called “Project Iberia” to GreenOak Real Estate’s Continental European Private Equity Fund. The asset covers three properties in Zaragoza and Massalaves, near Valencia. Part of the investment is fully leased with an average lease term of 8.8 years. Currently, Prologis owns more than 854,4000 sqm in...
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Huge differences in residential prices across Russia

Feb 25, 2016 11:20 pm
The top five most expensive regions for residential real estate in Russia are Moscow (RUB 31,295,492), Moscow Region (RUB 24,197,892) and St. sburg (RUB 25,990,421). Included in the top five are Crimea (RUB 29,966,484) and Sevastopol (RUB 11,096,380). "In the past eighteen months, property prices in the Crimea and Sevastopol have begun to grow explosively,...
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Ingrad plans new mixed-use scheme in Moscow

Feb 25, 2016 11:13 pm
Construction of a new mixed-use complex is to begin on Alexeev Street in the west of Moscow in May. Of the 222,000 sqm to be built, 122,000 will be devoted to residential space, while 90,000 is to be a commercial real estate component. Moscow’s Planning Commission has approved the project. The project’s residential premises will be built over three years, but although...
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