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Posts from CIJ for 03/04/2016

Daily Commercial Real Estate News for CEE
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In this edition: 03/04/2016

First Baltics Marriott hotel to break ground in 2017

Mar 04, 2016 11:15 am
Plans to build a €20m Marriott hotel in the resort town of Palanga in western Lithuania are underway. This will be the chain’s first hotel in the Baltics. Construction is expected to start next year, with completion set for the second half of 2018. Developer Vastint Lithuania and hotel management firm Raminora signed a letter of intent with Marriott International. The...
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Gedik to open a new plant in southern Bulgaria

Mar 04, 2016 11:01 am
Turkish company Gedik Welding plans to build a 2,000 sqm production facility in Kurdzhali, in southern Bulgaria. Local authorities announced that the Turkish company, represented by the board chairman Hulia Gedik, already discussed the details of the project with Kurdzali mayor Hasan Azis. Gedik Welding was founded in 1963 and manufactures about 90,000 tons/year of...
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Infrastructure projects could boost Croatia’s sagging construction sector

Mar 04, 2016 11:01 am
Minister of Construction and Physical Planning, Lovre Kuscevic, and the director of the Croatian Employers' Association (HUP), Davor Majetic, have said that the country needs large infrastructure projects to be carried out to aid the country’s construction sector. They were speaking at a construction conference which considered the future of projects such as the...
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Macedonian job vacancy rate 1.5 percent in Q4 2015

Mar 04, 2016 11:00 am
The job vacancy rate in in Macedonia for Q4 2015 was 1.5 percent, with just 6,961 positions for which employers said they were unable to find employees. The highest job vacancy rate was in the mining and quarrying sector (2.5 percent), while the lowest rate was registered in electricity, gas, steam and air conditioning supply (0.16 percent). Business entities with 3-­9...
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CBRE named exclusive agents on Timpuri Noi Square

Mar 04, 2016 11:00 am
CBRE was appointed exclusive agent by Vastint Romania for the first two buildings of its mixed-use project Timpuri Noi Square, a 100,000 sqm mix of office and commercial spaces along with 50,000 sqm of residential space. Construction of the two buildings are progressing rapidly, with delivery planned for early next year. "We are confident that this collaboration...
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IKM starts construction in Piešťany

Mar 04, 2016 10:54 am
Work should get underway on a mixed use project called Mercury at the central square in Piešťany, Slovakia. The developer IKM reality plans to build an apartment building with 13 flats, including commercial space on the ground floor at Námestie SNP at the corner of Kukučínova and Kollárova streets. IKM originally planned to start construction two years ago, but had to apply...
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52HI retail building will be demolished

Mar 04, 2016 10:48 am
Art-Invest has started demolition of a retail property located at Hohe Strasse 52 in Cologne to make room for its retail investment called 52HI. The building being torn down dates back to the 1960’s and will be replaced with modern, four-story scheme. The architect Kuehn Malvezzi is author of the project. The building will offer 3,300 sqm of retail space and will be hosted...
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Dogus Group acquires famous Hotel Villa Magna in Madrid

Mar 04, 2016 10:44 am
Turkish Dogus Group has acquired the five-star hotel known as Villa Magna in Madrid from Portuguese based company Sodium SGPS SA. Market sources didn’t reveal the price of the deal which JLL’s Hotels & Hospitality group advised on. The property is one of the city’s prominent luxury hotels in Madrid and offers exclusive rooms in the city’s fashionable Salamanca area with...
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Thyssenkrupp building new Hungarian car component plant

Mar 04, 2016 10:35 am
Germany-based technology group thyssenkrupp is planning to develop a new automotive components plant in Jászfényszaru located 70 kilometers east of Budapest. The company will invest around €100m in a new production site for engine components and steering systems. thyssenkrupp will start construction of the plant in spring 2016 with completion scheduled for 2018. The new...
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Plaza Centers offloads Liberec Plaza

Mar 04, 2016 10:17 am
Plaza Centers is offloading Liberec Plaza, a shopping and entertainment center the developer operates in Liberec, North Bohemia. Plaza agreed to sell the struggling project it refurbished into a large Dino park a few years ago for €9.5m as part of its restructuring. The undisclosed buyer has deposited 15 percent of the price in escrow, subject to the deal’s completion,...
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Kaufland plans further expansion in the CR

Mar 04, 2016 09:43 am
Kaufland continues its expansion in the Czech Republic. The hypermarket chain increased its revenues to CZK 55.2bn in the fiscal year 2014/2015, and profit jumped 34 percent to CZK 2.1bn. The company plans to extend its network of hypermarkets further by opening several new stores in the Czech Republic. One planned in Brandýs nad Labem is already under construction. In...
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Ipopema prolongs lease at Le Palais offices

Mar 04, 2016 09:25 am
Ipopema has extended its lease at Le Palais office building. The original lease for its 2,500 sqm of space was signed in 2013. Located in the Warsaw’s CDB, at Próźna street, the building offers 5,500 of lettable space. Knight Frank advised the tenant in the transaction, while Colliers acted on behalf the landlord, Triuva, formely known as IVG Institutional Funds....
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Penta, Krockella tighten control of Empik Media & Fashion

Mar 04, 2016 09:22 am
Penta Investments and Krockella Limited took over 37.2 percent share in Empik Media & Fashion (EM&F), owned by Eastbridge. The transaction gives Penta nearly 50 percent in the group, and an equivalent share of voting rights. Penta’s partner in the investment, Krockella Limited, now holds 25.4 percent in EM&F. The companies also announced plans to further...
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Jerónimo Martins plans €100m investment program

Mar 04, 2016 09:06 am
The president of the Jerónimo Martins said that Pingo Doce will make an investment of around €100m this year, including store openings, refurbishments and warehouses. The Jerónimo Martins Group continues to invest profits back into the company, having channeled more than €1bn into its Portuguese operations in the last eight years. "We pay more than 100 million tax...
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Historic Lisbon Athenaeum for sale

Mar 04, 2016 09:05 am
The Lisbon Athenaeum, nearly 140 years old, has slipped back into the danger zone because of insolvency proceedings that have dragged on for four years now. The city-owned property is proving to be an insoluble burden to Lisbon's public budget, and a commercial real estate solution looks to be the likely outcome. Administrators plan to move forward on a development...
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Lenta to anchor Prominent Park shopping center in Moscow

Mar 04, 2016 01:57 am
A new shopping center called Prominent Park is being built 3 km from the Moscow Ring Road on the highway M-4 Don near the town of Vidnoe. It will cover 7 hectares of land, with the total area of the building expected to be 105,000 sqm. Parking for 2,000 cars is planned. Lenta hypermarket will be one of the anchor tenants along with electronics and appliance stores, sporting...
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Bulgari plans Moscow hotel with Marriott

Mar 04, 2016 01:47 am
The Italian company Bulgari will open a branded hotel in Russia once negotiations are concluded with the minority shareholder Magnit Alexey Bogachev and several Russian investors and developers. The jewelry retailer already owns three hotels in Milan, London and Bali. All three hotels are located close to the luxury shopping streets. Further hotels are planned for Shanghai,...
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Slate Property plans Lower East Side luxury scheme

Mar 03, 2016 03:50 pm
Slate Property Group, Adam America Real Estate and Vanke Holdings USA LLC has announced the closing of 45 Rivington Street in New York's Lower East Side for $116 million. The existing six-story, 145,000-square-foot building, will be converted into a luxury residential development. Built in 1898 the building was known as P.S. 20 until 1993 when the property was...
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$140m portfolio of Bronx residential attracts institutional money

Mar 03, 2016 03:47 pm
A three way partnership between Harbor Group International, Emerald Equities and York Capital has acquired the largest portfolio of apartments in the Bronx since 2013. The $140 million transaction encompasses 38 mixed use buildings boasting over 1,000 multifamily units. The portfolio is comprised of walk-up, mixed-use buildings spread throughout Bronx neighborhoods...
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Hello Fresh takes 352,000 sq ft in Newark

Mar 03, 2016 03:44 pm
Hello Fresh, an international meal kit delivery brand, has inked a deal with Prologis for a 352,000 square-foot standalone building in Newark. The warehouse, located a mile from interchange 15E of the New Jersey Turnpike, will serve as a distribution center for the company. With quick access to Port Newark and Port Elizabeth, the property is part of the 3.2 million square...
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