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Posts from CIJ for 03/30/2016

Daily Commercial Real Estate News from Europe and USA
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In this edition: 03/30/2016

Lordship to hold crisis talks with Prague 7 over Palac Stromovka

Mar 30, 2016 12:01 pm
Six hours before crisis talks with top representatives from Prague 7, the developer Lordship warned that failure to reach agreement over the fate of its project Palac Stromovka by July could lead to a protracted court battle. Having received a construction permit in 2013, the developer has been unable to get beyond the construction of a construction pit where the...
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Akamai expands to 7,500 sqm at Vinci Office Center in Krakow

Mar 30, 2016 11:26 am
Akamai has expanded the volume of space it leases at Vinci Office Center Krakow in a deal that was brokered by Cushman & Wakefield. Akamai opened its 900 sqm principal European technology centre in Krakow in 2011 before expanding to 1,400 sqm two years later. In 2015, the company was able to conclude an agreement for even more space in the building, before moving again...
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Court approves restructuring plan for Carrefour in Slovakia

Mar 30, 2016 11:25 am
A Slovak regional court has approved the restructuring plan for Carrefour's network of stores in Slovakia, which is operated by Retail Value Stores (RVS), and owned by the former Carrefour manager Stephane Sellier. The plan calls for the retail chain to be saved at the expense of its suppliers, writes Its creditors have been invited to submit their claims...
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GLL applies to anti-trust board to take over Amazon's second center in Poland

Mar 30, 2016 11:12 am
As reported by CIJ last month, GLL Real Estate Partners is taking over a second Amazon warehouse in Poland in a leaseback transaction worth roughly €70m. GLL, which is reportedly acting on behalf of an undisclosed Asian investor, has applied to Poland’s anti-trust regulator UOKiK this week to acquire the 100,000 sqm facility, developed by Panattoni in the town of Sady, near...
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Bauhaus and Kaufland to open new stores in Mostar

Mar 30, 2016 11:05 am
German retailers Bauhaus and Kaufland will be opening new stores in Mostar, in southern Bosnia and Herzegovina. Both companies plan to start construction for the two stores in the the coming months. Bauhaus is a Swiss-headquartered pan-European retail chain offering products for home improvement, gardening and workshop. The company operates 250 stores and franchises across...
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Macedonian wages reach €528 in January

Mar 30, 2016 11:05 am
The average monthly wage in Macedonia in January 2016 was €528.6, according to data released by the Macedonian State Statistical Office. Compared to January 2015, the index of the average monthly gross wage paid per employee was 101.8. Increases were registered in the agriculture, forestry and fishing sector (13.7 percent), in administrative and support service...
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Two-fifths of Greek hotels threatened by bankruptcy

Mar 30, 2016 11:04 am
Constantinos Brentanos, president of Greece's Confederation of Tourism Accommodation Entrepreneurs of Greece (SETKE) said in a press conference, held on the occasion of the annual general meeting of the association, that 40 percent of hotels are threatened by bankruptcy because of tax obligations, operating expenses, salaries and other running costs. He forecasts...
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AFI Europe acquires 40,000 sqm plot in Brasov

Mar 30, 2016 11:04 am
AFI Europe Romania has completed the acquisition of a 40,000 sqm plot in the center of Brasov, where it plans to develop a mixed-use project, which includes the construction of a new shopping center, AFI Palace Brasov, and a Class A office project called AFI Park Brasov. The company is already in discussions with several retail chains for the anchor hypermarket for the mall...
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Mercur Center Craiova to open June 9

Mar 30, 2016 11:02 am
Mercur Center Craiova, which is currently being modernized, will reopen its doors to visitors on June 9. At the moment, the shopping center is 90 percent leased, according to representatives of Mercur Center Craiova. Craiova Mall will host over 100 stores including a 2-level H&M store along with Oliver S, Rinascente, Magic Shoes, Pepco, Diverta, Sevda, Kendra and...
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IMF official calls for Greek debt relief and cooperation on refugees

Mar 30, 2016 11:02 am
IMF Economic Counselor and Director of Research Maurice Obstfeld has urged the need for relaxing of the strict fiscal measures on Greece in response to the refugee crisis. Speaking to German newspaper Handelsblatt, he stressed that more flexibility is necessary in the short-term regarding fiscal goals, though structural reforms are unavoidable. He also stressed that more...
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Greece targets April for agreement on redevelopment of former Athens airport

Mar 30, 2016 10:58 am
The Greek government is working to conclude a multi-billion euro deal to lease seaside property at the former International Airport Base by autumn, Fin Min Euclid Tsakalotos said. In 2014, Greece signed a €915m agreement to lease the property to a consortium led by Greek Lamda Development together with investors from China and Abu Dhabi. But the deal still requires several...
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Palmer Capital opens Penny market in Zlín

Mar 30, 2016 10:15 am
Palmer Capital Continental Europe opened a new Penny Market in a building it recently refurbished in the center of the Czech city of Zlín. A long term lease for the 1,400 sqm space is one of a series of deals Palmer closed since the acquisition of the former post office in 2012. A Kozlovna restaurant also signed a lease recently in the building. Located adjacent to the city...
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Nile House in Prague 8 awarded LEED Platinum certificate

Mar 30, 2016 10:11 am
Nile House, one of the buildings in the River City Prague office complex in Prague 8 – Karlín has received the first Platinum “LEED for Existing Buildings: Operation and Maintenance” certification. It’s the first one to be awarded in the Czech Republic. JLL´s property management team provided support and coordination in the process. Nile House was built in 2005 as the...
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Valmet includes Hungary in global expansion plans

Mar 30, 2016 10:04 am
Valmet has signed new reseller agreements for the power and process automation sector in Hungary, Spain and India. The agreements are in line with Valmet's strategy to expand its business globally through close partnerships with local recognized engineering, procurement and construction companies. On the Hungarian market, Valmet will start cooperating with the company...
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Alenquer development strategy calls for urban renewal and new business zones

Mar 30, 2016 09:06 am
While it hasn't yet secured EU funds for investment, the president of the Alenquer council, Pedro Folgado, says the city will be focusing on urban renewal in the town. A total of €7m has been earmarked for urban regeneration and the creation of redevelopment zones and industrial areas, the improvement of markets, improvements to the pedestrian network, the creation of...
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Student housing rents growing in Portugal

Mar 30, 2016 09:05 am
Lisbon's student rental market has grown in recent years, with supply now exceeding 10,000 rooms and 3,000 home owners. According to statistics from the Directorate General for Education and Science, the number of foreign students in Portugal has been growing. Between 2009-2010 to 2013-2014, the number of non-national students enrolled in university education increased...
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Hoti Hotels takes over management of Hotel Costa da Caparica

Mar 30, 2016 09:05 am
The Hoti Group has taken over Hotel Costa da Caparica, a 4-star hotel on a beach near Lisbon and will be investing in the business to enhance its ocean-based activities and water sports. Hoti Group director Miguel Proença says his company "is committed to enhancing the development of the beach hotel sector and is geared to the practice of water sports.” With this in...
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Beckham acquires stadium land in Miami for new soccer team

Mar 29, 2016 03:42 pm
David Beckham and his investors have purchased the private land needed for a new stadium in Overtown neighborhood of Miami. The purchase gives the group ownership of approximately two-thirds of the nine-acre site needed to build the stadium. 0101 Miami Properties, managed by Miami Beckham United, closed on the purchase of two properties last week for a combined $18.95...
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Discovery Senior Living opens 126 unit facility in Bradenton, FL

Mar 29, 2016 03:39 pm
Bonita Springs-based Discovery Senior Living has opened its newest senior living center in Florida's west coast city of Bradenton. The new property, Discovery Village At Sarasota Bay, will have 126 units. The facility will feature a state-of-the-art comprehensive wellness center, a Grande Clubhouse with daily tableside service, a bistro and an ice cream parlor, a...
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CBRE hires Alan Vaughan in Richmond as senior VP

Mar 29, 2016 03:36 pm
Alan Vaughan has joined CBRE|Richmond as a senior vice president in Capital Markets. In his new role,Vaughan’s primary focus will be the acquisition and disposal of investment properties as well asproviding capital market solutions for clients. Prior to joining CBRE|Richmond, Vaughan spent 20 years in the investment banking industry, with the last 16 years at Davenport...
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