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Posts from CIJ Europe.com for 04/20/2016

Daily Commercial Real Estate News from Europe and USA
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In this edition: 04/20/2016

Residential rents of luxury homes around Moscow set to rise

Apr 20, 2016 12:29 pm
According to a luxury real estate rating by Penny Lane Realty, the most expensive country house in the suburbs of Moscow is leasing for $80,000 per month. The house offers 1,300 sqm and is located in the village of Nikolskaya Sloboda on the Novorizhskoe highway. The house offers not just a wine cellar, gym, and a private cinema but also a refrigerator for furs. The second...
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USC leases 6,000 sqm at Legion II in Moscow

Apr 20, 2016 12:26 pm
United Shipbuilding Corporation (USC) has rented space in the business center Legion II on Bolshaya Tatarskaya street near the Moscow metro station Novokuznetskaya. USC will move into its new 6,000 sqm headquarters this summer. The Legion II office center offers a total of ​​27,900 sqm class A space. Norilsk Nickel acquired about 18,000 sqm in the building for $162m and...
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Former Romanian president investigated for money laundering

Apr 20, 2016 11:12 am
Former Romanian president Traian Basescu is being invested for money laundering. The case involves the 2000 purchase of a 3,700 sqm parcel in Bucharest’s Baneasa district. Basescu reportedly paid $70,000 for the land. Prosecutors argue that Romanian businessman Costel Casuneanu also bought a plot of the same size from the same landowner but paid three times as much as...
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Viadukt, Hering win €22.3m Svilaj bridge contract

Apr 20, 2016 11:11 am
Viadukt and Hering won a €22.3m tender to build a bridge in Svilaj. The three-lane bridge will span 640 meters and is part of a highway that connects Croatia with Bosnia. Completion is set for 2018. The European Investment Bank (EIB) is helping to fund the project. European Funds for Croatia and Bosnia will also contribute to the project costs....
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Sofia apartments average €835/sqm in Q1

Apr 20, 2016 11:10 am
Apartment prices in Sofia averaged €835 per sqm in the first three months of 2016, according to figures released by Bulgarian Properties. “Buyers were much more confident in buying residential property even before the start of construction works,” said Polina Stoykova, managing director of Bulgarian Properties. In the last quarter of 2015, apartment prices rose above...
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CBRE named property manager of Felicia shopping center

Apr 20, 2016 11:03 am
CBRE was named property manager of the Felicia shopping center in Iasi. “We are happy to add Iasi on the CBRE office map in Romania, along with Bucharest and Timisoara,” said Luiza Moraru, head of retail and asset services at CBRE Romania. Felicia opened in October 2007, offering 29,000 sqm of GLA. The tenant mix includes Marks & Spencer, Sephora, Deichmann, Orsay,...
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Catholic Church gets double price for land needed for Jaguar plant

Apr 20, 2016 10:59 am
The Catholic Church received €42 per sqm for land needed to build a connection for R1 motorway as well as a new Jaguar Land Rover manufacturing plant in Nitra, Slovakia. The church owns 4.4 ha of land in the area. The amount is twice as much as other landowners were paid by the Slovak state-owned MH Invest. Other landlords were paid between €15.10 and €17.21 per sqm, writes...
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Otto Fuchs to invest HUF 12.8bn into Tatabánya plant

Apr 20, 2016 10:38 am
German automotive supplier Otto Fuchs is planning to invest HUF 12.8bn into the expansion of its plant in Tatabánya, northwestern Hungary. The company wants to double the factory’s production capacity. The Hungarian government is contributing HUF 1.2bn toward the project costs. Aluminium wheel hub production at the Tatabanya plant could reach 2 million pieces by the end of...
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Petr Brabec joins CPI PG Asset Management

Apr 20, 2016 10:12 am
CPI Property Group appointed Petr Brabec as the new Head of Asset Management Shopping Centers. Brabec will manage and expand the company’s portfolio of shopping centers it manages. He joins CPI from CBRE, where he led the retail property management team for clients such as Invesco, TK Development, Aerium and EPG. Previously, Brabec worked as Senior Asset Manager for ING...
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Penta prepares Florentinum for sale, closes in on residential land deals

Apr 20, 2016 10:06 am
Penta co-owner Marek Dospiva has revealed that the investment group plans to strengthen its focus on real estate, which currently makes up 18 percent of the group’s net value and should increase to 20 percent. Penta‘s real estate arm is close to closing on two plots it intends to use for residential projects: a former brewery in Prague 4 Nusle and an old hospital complex on...
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Habitat Inmobiliaria building Madrid resi scheme

Apr 20, 2016 10:02 am
Habitat Inmobiliaria is planning to build a new housing development in Madrid. The new project will include 115 luxury homes and 272 parking spots. Habitat Inmobiliaria purchased two plots, totaling 18,091, in Valdebebas from Inmobiliaria Espacio, a Grupo Villar Mir company. Project costs are expected to hit €44m, which includes construction as well as the land purchase....
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Santalucíato buys Barcelona office project

Apr 20, 2016 09:46 am
In an effort to expand its office portfolio, the insurance company Santalucía has acquired a 3,000 sqm project on La Avenida Diagonal in Barcelona. The office building was recently completed and is currently being leased out.The cost of the deal was not disclosed. The law firm CMS Albiñana & Suárez de Lezo and Savills advised during the transaction process....
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Bank Popular teams up with Remax and Melom on "Dream Houses"

Apr 20, 2016 09:07 am
The bank Banco Popular, associated with the real estate company Remax and Melom, are providing an an integrated solution for the purchase of “Dream Homes”, at a time of increasing demand from clients interested in building their own homes. The goal is to provide financially advantageous conditions with reduced bureaucracy costs. The solution to this project named “Casa de...
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Portuguese real estate investment increased 225%

Apr 20, 2016 09:06 am
In Portugal in the first three months of the year, the Portuguese real estate investment market transacted €570m, marking growth of over 225 percent compared to the €175m invested in the same period in 2015. Portugal, the Nordic countries, Benelux and Eastern Central Europe saw growth in investments as well for the first quarter of 2016, outdoing the trend in Europe, Middle...
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Renovated Pine Cliffs Hotel to open in Algarve in June

Apr 20, 2016 09:05 am
The renovated Pine Cliffs Hotel, formerly the Sheraton Algarve, will be opened in June, upon completion of extensive renovations which included all rooms and suites, public areas, conference rooms, restaurants and bars. They have been carried out in a contemporary style, that respects Portuguese traditions. The hotel will now be composed of 121 Premium Deluxe rooms, 63...
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Black Spruce acquires $80m multifamily portfolio in Chelsea

Apr 19, 2016 03:53 pm
Black Spruce Management has picked up a multifamily portfolio in Chelsea for $80 million. Totaling 135 units and approximately 80,000 sqf, the 14 building portfolio will trade for $1,000 per sqf. About 30 percent of the portfolio is rent-stabilized and will require extensive renovations. The properties are located throughout Chelsea, from West 19th to 29th streets between...
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Colliers International to lease Bell Works project in Somerset County

Apr 19, 2016 03:51 pm
Colliers International has been retained by Somerset Development as the exclusive retail leasing agent for the Bell Works in the heart of Somerset County. The two million sqf mixed-use redevelopment project is the former Bell Labs office building. The project will include shops, restaurants, community services, healthcare space, a public library, and a hotel, all connected...
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Cote Village affordable housing scheme approved in Mattapan

Apr 19, 2016 03:48 pm
The Cote Village, a 78 unit affordable housing project in Mattapan has been approved by the city. Located on the site of a former Ford car dealership along Cummins Highway, the apartments will be a mix of one, two, and three bedrooms. The five story building will feature 68 affordable units, 56 of which will be restricted to households at or below 60 percent of area median...
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Knott Realty begins Rolling Run Technology Park in Baltimore County on spec

Apr 19, 2016 03:43 pm
Knott Realty Group has started construction on the Rolling Run Technology Park in the Windsor Mill section of Baltimore County. The development will be a single-story 58,000 sqf speculative Class “A” office building situated on 2270 Rolling Run Drive. The building will feature sixteen foot ceiling heights, with adjacent parking providing approximately 4.5 spaces per 1,000...
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March sales of condos fall 33 percent in Naples area

Apr 19, 2016 03:34 pm
According to the March 2016 data from the Naples Area Board of Realtors, existing single-family home and condo sales in Naples were down compared with the same month in 2015. Sales of existing, single-family homes were down 15 percent to 391, while the 403 existing condos that changed hands represented a 33 percent fall from March 2015. On the positive side, the median...
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