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Posts from CIJ Europe.com for 03/29/2016

Daily Commercial Real Estate News from Europe and USA
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In this edition: 03/29/2016

Alexela Group posts €204m in sales in 2015

Mar 29, 2016 11:33 am
Alexela Group posted €204m in sales for 2015. However, its €8m operational profit for the year lagged behind its 2014 results thanks to a €6.6m loss reported by the group’s subsidiary Kivioli Keemiatoostus, according to news reports. The Estonian energy, metal and property group posted €195m in revenue and a €23.8m operating profit in 2014. “As of the beginning of 2015...
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Baltic Workboats to build new Saaremaa production facility

Mar 29, 2016 11:23 am
Baltic Workboats is planning to build a new shipyard pool and production facility on Estonia's Saaremaa Island. The shipbuilding company has already submitted its design plans to the local municipality, according to the daily Saarte Haal. Baltic Workboats said its production volume is increasing, and it needs to expand to accommodate the large ships it is now building....
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Latvian 2016 budget surplus hits €148.9m

Mar 29, 2016 11:08 am
Latvia reported a budget surplus of €148.9m in the first two months of the year, according to the Finance Ministry. “The central government consolidated budget had a €82.3m surplus after the two months, and local government budgets showed a €66.6m surplus. The budget surplus was basically ensured by payments received from the European Commission for the projects implemented...
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PST looking to exit Russian market

Mar 29, 2016 11:07 am
Lithuanian construction giant Panevezio Statybos Trestas (PST) is having trouble exiting the Russian market. One of its subsidiaries, Baltlitstroy, is waiting for payment on work it completed on a theater in the coastal resort town of Svetlogorsk worth around RUB 100m (€1.3m), according to the Verslo Zinios business daily. As a result, Baltlitstroy has been unable to pay...
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Chinese raises Starwood bid, again, to USD 14bn

Mar 29, 2016 11:03 am
Chinese group Anbang has raised its offer to buy global Starwood chain to USD 14bn, thereby opening a another round of talks with Marriott. Marriott had previously reacted to Chinese pressure by improving its own offer to USD 13.6bn, leading many to assume the deal was completed. This most recent offer from the Chinese investor represents a price of USD 82.75 per Starwood...
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Accor to open first Sofitel in Prague

Mar 29, 2016 10:58 am
Following the opening of a five star Wilson hotel at the top of Wenceslas square in Prague by the Spanish hotel chain Barceló, Accor announced that it plans to add another five star to the Prague hotel market. The French operator is refurbishing its four-star Old Town hotel at Na Poříčí street in Prague 1 into a five star facility that will be operated under the luxury...
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Ritz-Carlton targets spring opening in Budapest

Mar 29, 2016 10:45 am
The property located on St Elizabeth Square in the center of Budapest is currently undergoing renovation including the addition of Ritz-Carlton Club, new luxury suites and a new concepts at the hotel’s dining outlets. The luxury hotel chain plans to open the new property this spring, but rooms and suites can already be reserved. The pre-modern residential and office...
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Starh Stanislavov architects won Varna residential design tender

Mar 29, 2016 10:39 am
Starh Stanislavov architects have won a tender to design a gated residential complex in Varna. The investor behind the project, Marvel Eood, announced the decision, explaining that the the future complex is located in the city center of the city on a 12,143 sqm plot. The project consists of six freestanding buildings with eight floors plus terrace. The total built up...
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Construction begins on second phase of BSR Sofia One

Mar 29, 2016 10:39 am
BSR Sofia has begun construction of the second phase of the BSR Sofia One business park. The construction company chosen for the project is Cordeel Bulgaria, while the design has been entrusted to Planning Ltd. under the direction of its chief architect Ilian Iliev. The new 17,300 sqm building will have 11 office floors and will be the second building in the complex....
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Ekol Logistics to open Sofia warehouse in April

Mar 29, 2016 10:38 am
Turkish Ekol Logistics will open a distribution facility center next month in Bulgaria as part of its Europe expansion. The company will be entering other European markets as well, including the Czech Republic and Slovakia. With the opening of the Sofia warehouse located near the city’s airport, Bulgaria becomes the twelfth country where the company has begun...
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A-Heat makes €6m expansion of Therme wellness center near Bucharest

Mar 29, 2016 10:38 am
The Austrian company A-Heat, which financed the thermal wellness center Therme in Bucharest, is adding an additional €6m in its expansion. The company will expand the area called Galaxy in an investment that’s been completed six months sooner than was originally planned, according to Christian Weiser, CEO of A-Heat. The deadline for completion is the end of June. Therme...
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Mega Image sells three stores to Annabella

Mar 29, 2016 10:33 am
Mega Image has sold three stores to Annabella, a retailer from Valcea. The three units are located in Bucharest on Icoanei Street, Copilului Street and Stefan cel Mare Street. These stores are part of the old Angst network, taken over by Mega Image in 2014. Mega Image operates stores under brands such as Mega Image, Shop & Go, AB COOL and Gusturi Romanesti in...
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Martin Stratov joins Prologis in Slovakia

Mar 29, 2016 10:25 am
Martin Stratov is taking over as the new senior leasing and development manager for Prologis Slovakia. In his new role, Stratov will support the company's investment projects and leasing activity in its existing distribution parks in Slovakia, reporting directly to Martin Baláž. Prior to joining Prologis, Martin spent five years as head of industrial agency and...
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Prague seeks investor and operator for historic market place

Mar 29, 2016 10:15 am
City of Prague plans to give a complete facelift to a market place in the historical buildings located between Rytířská and 28. října streets in Prague 1. The market place, established in 1894, was later refurbished into a supermarket which is currently operated by Ahold. The city announced that it wants to choose an operator to finance and carry out the reconstruction of...
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Lisbon South Bay promoting 900 ha of investment land

Mar 29, 2016 09:14 am
Lisbon South Bay, in which the municipalities of Lisbon, Almada, Barreiro and Seixal are involved, aims to attract investment to new real estate and industrial projects. In April, these cities will promote a roadshow in four cities in Brazil to promote nearly 900 ha of land now available for investment. In Almada, construction of the Cidade da Água (Water City) is being...
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New hotel opens in downtown Lisbon

Mar 29, 2016 09:13 am
Located in Município square, the AlmaLusa Baixa/Chiado hotel recently opened in Lisbon with 28 rooms and two suite-residences, following the renovation of an 18th century building. The founder and CEO of the new chain of hotels is Miguel Simões de Almeida, a well-known name in real estate circles, particularly in connection with the hotel company Aquapura Hotels Villas...
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Portuguese housing recovery continues at slower pace

Mar 29, 2016 09:13 am
The recovery of housing prices is continuing, according to a new study by RICS / Ci, but the pace is slowing. The Portuguese Housing Market Survey (PHMS) from February 2016 writes that the rental market is demonstrating adequate demand from tenants, but the level of supply has fallen, leading to an increase in the price of rents. Residential sales have moved into positive...
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NXT Capital backs Alta Delray Station apartments with $6.25m construction loan

Mar 28, 2016 03:38 pm
Wood Partners, based in Atlanta, has secured a $42.65 million construction loan for an apartment complex whose construction got underway recently. The new project, Alta Delray Station, is located on a 12.3 acre site at 1720 Depot Ave. The plans call for 284 garden-style apartments, of which 20 percent are dedicated to workforce housing, a 7,500-square-foot clubhouse and 596...
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Miami construction permits peak in 2015

Mar 28, 2016 03:34 pm
The construction sector in Miami surged thanks to public spending in 2015, with the city's building department processing the highest volume of construction in its history. The department oversaw: 23,000 construction permits, 61,000 plan reviews, 96,000 inspections, $503 million worth of construction completions, and $2.4 billion worth of construction underway. The...
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Sun Communities buys Carefree Communities for $1.68bn

Mar 28, 2016 03:31 pm
Southfield, Mich.-based Sun Communities has closed on the purchase of the Carefree Communities portfolio for $1.68 billion. The company took ownership of 103 housing and recreational vehicle communities nationwide, which are primarily concentrated in California and Florida. In the deal, Sun Communities will assume approximately $1 billion of debt, issue $225 million in...
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