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Posts from CIJ Europe.com for 03/21/2016

Daily Commercial Real Estate News from Europe and USA
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In this edition: 03/21/2016

German project Papillon wins at Mipim Awards 2016

Mar 21, 2016 11:49 am
The Düsseldorf project Papillon is among the winners of the Mipim Award, which was announced March 17 in Cannes at the Palais des Festivals in Cannes. The project took first place in the Best Refurbished Building. Three other German nominees at the awards came away empty handed. They were the Universitätsklinikum Frankfurt of the Goethe-Universität in Frankfurt (Health...
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Ghelamco halts Jewish Theatre operations

Mar 21, 2016 11:44 am
Ghelamco Poland has called on the local Jewish Theatre to leave its newly acquired building on Grzybowska street in Warsaw’s CBD. Under an agreement concluded last year with the Social-Cultural Association of Jews, Ghelamco pledged to renovate the Warsaw premises of the Jewish Theatre and the Social-Cultural Association of Jews in Poland. As a strategic investor in the...
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Riga suburban residential prices down 2% in February

Mar 21, 2016 11:25 am
Prices for standard-design apartments in Riga’s suburbs fell by 2 percent m-o-m in February, according to the Latvian Real Estate Dealers Association (LANIDA). Prices for apartments on Riga’s secondary market decreased by 7 percent, while prices in the Riga region were up by 2 percent. Prices for units in new projects in the capital’s city center dropped by 2 percent last...
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Vilnius Airport terminal to undergo €5m expansion

Mar 21, 2016 11:18 am
The passenger terminal at Vilnius Airport will be expanded in a €5m project that will increase its annual capacity from 3.5-4 million passengers to 5 million. Lietuvos Oro Uostai, which operates of Lithuania’s three international airports, is set to break ground in 2017, with work scheduled for completion later that year or in early 2018. “The number of boarding gates...
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Estonian ICT sectors grows by 28% in Q4

Mar 21, 2016 11:17 am
Estonia’s information and communication technology (ICT) sector grew by 28.3 percent y-o-y in the fourth quarter of 2015, posting an overall profit of €49.8m for the last three months of the year, according to Statistics Estonia. The sales volume for ICT companies hit €844.5m, down 12.4 percent from Q4 2014, but up 4 percent q-o-q. The sector posted a profit of roughly €73m...
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Mineco Group to open new Serbian mine by 2018

Mar 21, 2016 11:06 am
British-based Mineco Limited will open the Bosil-Metal mine in the area of Bosilegrad, eastern Serbia, by 2018. “The new mine is expected to become a leading lead and zinc mine in Serbia,” said director Bojan Popovic. Mineco Limited owns two other mines in Serbia: Veliki Majdan near Ljubovija and ROC near Gornji Milanovac. It also owns the Sase mine near Srebrenica in...
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Strabag to build first Serbian Ikea store

Mar 21, 2016 11:05 am
Strabag won the bidding for the construction of the first Ikea store in Serbia. Construction work on the Bubanj Potok site will begin in the next few weeks and the deadline for completion is the summer of 2017. IKEA will invest €70m in the construction of the new store, that will have over 30,000 sqm of retail space and employ 300 people....
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Macedonian unemployment rate hits 26.1 percent in 2015

Mar 21, 2016 11:04 am
The labor force in the Republic of Macedonia numbered 954,924 persons in 2015. Of that total, 705,991 were gainfully employed but 248,933 were out of work, according to data released by the State Statistical Office. Over the course of the year, the activity rate was 57 percent, the employment rate was 42.1 percent and the unemployment rate was 26.1 percent....
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Carrefour strengthening its Romanian logistics network in 2016

Mar 21, 2016 11:01 am
Carrefour continues expanding the logistics facilities it owns in Romania and will reach 10.2 ha of warehouses by the end of this year. “This year we plan new investments in the area of ​​logistics,” said Andreea Mihai of Carrefour. She told ZiarulFinanciar that Carrefour signed a rental agreement with the logistics developer P3 last year for an 81,000 sqm storage facility...
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PPF buys Metropolis Center in Bucharest

Mar 21, 2016 10:57 am
PPF Real Estate, owned by the Czech billionaire Petr Kellner, is the latest Czech investor to enter Romania’s property market through the acquisition of Metropolis Center in Bucharest. The group paid €50m for the office and shopping center, which was completed in 2009, according to the local server Ziarul Financiar. The complex produces rent revenues of €3.9m. Average rent...
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Marriott gets US approval for Cuban hotel investments

Mar 21, 2016 10:40 am
Starwood Hotels & Resorts and Marriott International have each been approved by the U.S. Treasury Department to operate hotels in Cuba. Marriott’s intends to enter Cuba with its Marriott brands, to provide hospitality training for Cuban nationals, and to generate new economic opportunities for businesses supplying the hospitality industry. The company’s policies...
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Residential prices up 6 percent in Prague in 2015

Mar 21, 2016 10:23 am
Residential prices were up 6 percent on average in 2015, according to the residential developer Central Group. The results are based on average price achieved in closed sales. Although there’s been considerable recovery since the market’s crash at the beginning of the decade, prices are still 17 percent below the pre-crisis era. The prices continued to grow steadily...
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Slovak construction down 6% in January

Mar 21, 2016 10:19 am
Construction production in the Eurozone strengthened in January by 3.6 percent compared to December 2015, although it recorded a 6 percent jump y-o-y. The EU as a whole reports an increase of 4.4 percent in construction production, according to the data published by Eurostat. In Slovakia, construction industry lagged considerably behind the EU average, having dropped by 6.2...
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Greek construction remains highly dependent on state projects

Mar 21, 2016 10:08 am
Greek cement giant Titan Group has warned that the prospects for the construction market are poor. It writes that “The small signs of recovery that were visible in the market by the end of 2014 completely vanished in the second half of 2016, mainly due to the enforcement of capital controls and their resulting effect on private consumption and demand for private...
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Greek state acts on pledge to dispose of power production capacity

Mar 21, 2016 10:03 am
The Greek government is working to create new power companies through joint ventures between the Greek Public Power Corporation (DEI) and private firms. This comes following an effort that will avoid having to sell off any production units. A report in Greek newspaper "Ta Nea" suggests that the initiative has come in response to a provision in the bailout...
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CBRE GI launches program for support of Spanish entrepreneurs

Mar 21, 2016 09:25 am
CBRE Global Investors launched a social initiative called the Emprende Plan intended to help entrepreneurs launch new businesses. CBRE GI will collaborate PGS Group, an association of private investors, as well as with CEAJE (an entrepreneurship association), private entities and public institutions. The aim of the plan is to support economic development as well as job...
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Douro Azul plans €15m Wine Lodge Hotel

Mar 21, 2016 06:26 am
The businessman Mário Ferreira, president of Douro Azul, will invest €15m in the construction of a boutique hotel in the hills of Pilar in Gaia. Uniquely, access to the 85 room hotel will be by water. The property overlooks the Douro river and the famous bridge Luis I. The five-star hotel Wine Lodge Hotel will also offer a panoramic restaurant and lounge bar, two meeting...
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REN profits grow to €115m in 2015

Mar 21, 2016 05:58 am
Portugal’s National Energy Network (REN) saw profits increase 3 percent in 2015 to €115m, according to its president Rodrigo Costa, who told investors the company would maintain its present pace of investment during 2015. REN made €200m in investments last year. "We have the level of investment appropriate to the country, but if the government decide to proceed with...
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Domingos Mendes Machado purchases Alfândega Tower

Mar 21, 2016 05:56 am
The iconic medieval tower in Guimarães has been sold for €193,000. The Municipal Council of Guimarães allowed the sale to go through by not exercising its option on the property. The project will be open to the public after restoration work inside is completed. The building, which houses the historic Milenário café, was sold to the businessman Domingos Mendes Machado. The...
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Prelios Immobilien Deutchland plans first German fund

Mar 18, 2016 03:11 pm
Under the guidance of Nico Tates, Prelios is preparing to launch a German fund business. The first planned product will focus on retail properties. Prelios has been established as a fund manager in Italy for many years, handling real estate assets worth of €3.6bn in 26 funds. The company’s first German product could be launched this year in Luxembourg and would be called...
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