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Posts from CIJ Europe.com for 03/14/2016

Daily Commercial Real Estate News for CEE
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In this edition: 03/14/2016

Two new promotions at JLL in Prague

Mar 14, 2016 11:09 am
JLL Prague promoted Markéta Květoňová to senior property manager, responsible for managing the Metronom Business Center in Prague for HB Reavis, while Nikol Ptáčníková was promoted to consultant for the office agency. Květoňová has more than eight years of experience in property and facility management. Prior to joining JLL, she worked for Impact-Corti, where she...
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33,000 flats to hit Prague in five years

Mar 14, 2016 11:06 am
Over the next year years, 33,000 flats are set to go up in Prague, with Smíchov in Prague 5, Karlín in Prague 8 and Vysočany in Prague 9 the most popular districts for residential development, according to a new research report conducted by the Institute of Planning and Development of Prague (IPR). The construction boom is driven by intense demand: developers sold 7,000...
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M8 Slovakia buys RTVS TV studio in Banska Bystrica

Mar 14, 2016 11:04 am
M8 Slovakia is buying a TV studio on Rudlovska street in Banská Bystrica from the Slovak state-owned company RTVS after offering €1.43m for the property in a public tender. RTVS has relocated all its staff into a building that hosts a radio studio operated by RTVS. The company will use the money from the sale of the old building to modernize its studios in Bratislava,...
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Skanska: CEE office projects attracting more investors

Mar 14, 2016 10:53 am
Office projects located in the CEE region, especially Warsaw, Budapest, Prague, attracted big investor interest in 2015, often finding buyers before construction had been completed. Long-term profitability and high-quality product are must-have features, according to Skanska Commercial Development Europe, which sold 11 office buildings and reported a total transactional...
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Vastint to build offices, hotel near Warsaw airport

Mar 14, 2016 10:42 am
Vastint, the development arm of Ikea, acquired a large-scale plot near Frideric Chopin airport in Warsaw, with plans to add a hotel and office complex to the area, according to the daily Gazeta Wyborcza. The seller, Poland’s Military Property Agency (AMW), offloaded the 16 ha plot at the end of last year for nearly PLN 80m. The developer needs to secure zoning and all...
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Centrum Marszałkowska kicks off this month

Mar 14, 2016 10:40 am
BBI Development is set to start work on a new mixed-use scheme this month in central Warsaw. Korporacja Budowlana Doraco was selected as the general contractor for the project. Called Centrum Marszałkowska, the scheme will replace a historic Sezam store at the corner of Świętokrzyska and Marszałkowska streets, adding 11,000 sqm of offices and 5,500 sqm of retail space....
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TM Grupo to invest €100m in Orihuela Costa

Mar 14, 2016 10:24 am
TM Grupo will invest €100m into developments in Spain’s Orihuela Costa region. Over the next few years the company is planning to create between 600 and 700 new homes in the Pablo Picasso area of Playa Flamenca, creating what it is describing as the “Golden Mile” for mixed residential and tourist real estate. TM Grupo is based in Torrevieja, and has developments in 16...
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Petit Bateau opens second store in Bucharest

Mar 14, 2016 10:13 am
Le Manoir Group, the franchise owner of the Petit Bateau network in Romania, opened a second store on Calea Dorobantilor, a well known area in Bucharest for exclusive shops. The investment into the new store amounted to €175,000, and Le Manoir is estimating the new location will have a turnover of €250,000 in its first year of operation. The company opened its first...
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Calzedonia opens first Tezenis store in Romania

Mar 14, 2016 10:12 am
Calzedonia opened its first Tezenis store in Romania at AFI Palace Cotroceni. The 220 sqm store required a €400,000 investment. The Italian company said it plans to open another two Tezenis stores in 2017 at AFI Palace Ploiesti and in Brasov. Calzedonia, which reported €6m sales in 2015, operates 500 Tezenis stores in more than 18 countries....
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Macedonia to invest €1.5m into Goce Delcev dorms in Skopje

Mar 14, 2016 10:11 am
The Macedonian Ministry of Education is planning to invest an additional €1.5m into the reconstruction of the Goce Delcev student dormitory in Skopje. Block A is set to undergo modernization work just a few months after the reconstruction of Block B was finalized. The modernization will be done in stages, allowing students to live there during the process. The work...
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Avintia looking to sell 75% stake in Aelca

Mar 14, 2016 10:11 am
Avintia, a company specializing in public and private construction projects, is planning to sell its 75-percent stake in the Madrid property developer Aelca. The founder of Avintia, Antonio Martín Jiménez, said he wants to take advantage of Madrid’s recovering residential market. The sales process was launched a few months ago and several big investment funds have shown...
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Dogus Group to invest €80m into hotel project in Zadar

Mar 14, 2016 10:10 am
Dogus Group will invest €80m to convert the Maraska factory building in Zadar, a city on Croatia’s Dalmatian coast, into a five-star 120-room hotel. The Turkish company is also planning to build 80 luxury apartments and a commercial zone with several shops, restaurants and bars next to the hotel. Completion is set for 2018. Burak Baykan, Dogus’ regional director for...
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HAIX Obuca expands Croatian factory

Mar 14, 2016 10:10 am
Footwear manufacturer HAIX Obuca opened two production halls in Mala Subotica, near Cakovec, in northern Croatia. The two halls, representing an investment of €5m, have expanded the HAIX production site to 15,200 sqm and added 170 new jobs to the local labor market. “By building the new halls in Mala Subotica we have confirmed that our decision to invest in Croatia was...
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Grivalia Properties wins tender for Queen Sofia's Ave. 68 in Athens

Mar 14, 2016 09:57 am
Grivalia Properties has been declared the higher bidder at a public auction for the acquisition of Queen Sofia's Avenue 68 in Athens. The multi-storey building offers a mix of retail and office space, with underground parking. A total of 3,900 sqm of the 4,500 sqm on offer is currently leased, primarily to international companies and organizations. Considered a primer...
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Portimão City Hall presents action plan for urban rehabilitation

Mar 14, 2016 08:58 am
The public presentation of the Urban Regeneration Action Plan that the Municipal Council of Portimão (Algarve) has developed for the Urban Rehabilitation (ARU) in the region is scheduled for March in the Municipal Theatre of Portimão. The preparation of the plan is a required step in the implementation of the town's intervention strategy for its historical center area....
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Jerónimo Martins Group targets 600 stores in Colombia

Mar 14, 2016 08:57 am
The Portguguese Jerónimo Martins Group currently has 142 stores in Colombia, including 101 in the Eixo Cafeteiro region and 41 in the Caribbean coast. The company has revealed that it expects to reach 600 stores by 2018. It’s currently present in 69 locations in Colombia and the accumulated investment between 2012 and 2015 is around €120m. Last year, the supermarket...
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Hotel boom continues in Portugal sparking fears of bubble

Mar 14, 2016 08:56 am
During the course of 2016, 29 new four and five star hotels are expected to open, 13 of which will be in Lisbon. Seven more are scheduled to open in the north of Portugal, along with another in Porto. The speed at which they're opening is leading some investors to ask if there aren't more hotels than necessary in the country. "We are starting to get to a...
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Citizens Financial building new HQ in Johnston RI

Mar 11, 2016 05:11 pm
Citizens Financial Group has announced plans to build a new corporate campus in Johnston, RI to be built on an undeveloped parcel of land on the west side of Interstate 295. The 420,000 sq ft campus will house more than 3,200 employees, with most of the workers coming from a soon to be closed office in Cranston. It will feature office and meeting space including a call...
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NYC construction starts jumped 53 percent in 2015

Mar 11, 2016 05:07 pm
According to a new report from Dodge Data & Analytics the value of New York City construction starts rose substantially in 2015. Thanks to a huge uptick in major residential development projects and the start of three major office towers, the total dollar value of all construction projects started in the five boroughs reached $40.9 billion in 2015. This represents a 53...
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€55bn invested in German property in 2015 as European volume hits record high

Mar 11, 2016 04:04 pm
In the past year, investors have spent €55bn on office towers, shopping centers, hotels and other commercial properties across Germany, according to Cushman & Wakefield. Market obsevers are now questioning how long this volume of investment can be maintained. In 2015, reports Cushman & Wakefield, investors spent a total of €246bn in commercial property acquisitions,...
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