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Posts from CIJ for 04/25/2016

Daily Commercial Real Estate News from Europe and USA
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In this edition: 04/25/2016

Five Moscow highways to see roadside improvements

Apr 25, 2016 12:43 pm
Five Moscow highways are to be improved under the My Street project led by the Department of Competition. The Rublevskoe, Mozhaiskoe, Leningrad, Warsaw, and Kashirskoe highways will be upgraded covering an area of 37 ha, with work being carried out by contractors selected through four open competitions. The work will cost Moscow RUB 780m. Press reports claim that the...
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Shiryaev launches eco hotel network outside Moscow

Apr 25, 2016 12:41 pm
Construction has begun on an ecologically-themed project called Nest Hotel 70 km from Moscow on the Kirzhach River, near the Moscow-Nizhny Novgorod highway. The developer of the project is Alliance De Luxe, which is owned by Vyacheslav Shiryaev. He says the 6 ha site he's building on will accommodate 30 tree homes, as well as 15 cottages on the water. The eco-hotel...
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Moscow sells Book House to Apart Group for RUB 2.4bn

Apr 25, 2016 12:37 pm
The city of Moscow has sold "Book House" on Novy Arbat following the signing of a contract with Apart Group, which was the only bidder and who closed the deal at the starting price, RUB 2.4bn. The 26-storey building offers 28,900 sqm of space, and it's thought the investor plans to convert the building into a hotel. According to the newspaper Kommersant, 90...
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Uni Hobby expanding on the Czech market

Apr 25, 2016 11:32 am
Czech DIY chain Uni Hobby, owned by Jiří Šimáně, is reporting CZK 1.3bn in revenues and CZK 35m in profit in 2015. The positive trend continued in Q1 2016, with revenues up by 25 percent y-o-y. General director Miroslav Res says he believes the company succeeded in attracting former customers of Baumax and hopes to attract customer base of 300,000 client cards from the...
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CBRE GI acquires €92m Jantar center from Tristan

Apr 25, 2016 11:12 am
In a transaction worth €92m, CBRE Global Investors has acquired the Jantar shopping center in Slupsk for one of its separate account clients from Tristan Capital Partners. The price represents a yield of 7.1 percent. CBRE Global Investors was advised by Linklaters, Savills and CBRE Building Consultancy, while Tristan Capital Partners, was advised Cushman & Wakefield and...
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Philip Morris exits Mokotów to move into Gdański Business Center

Apr 25, 2016 11:12 am
The tobacco giant Philip Morris is relocating its Warsaw HQ from Mokotów into HB Reavis’ Gdański Business Center. The company took 3,500 sqm on the 6th and 7th floors of the project’s building D and will open its new office in October. CBRE brokered what’s been called the third biggest lease of the year in Warsaw. Located in Warsaw’s Muranów district, GBC will add nearly...
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Unemployment rate in Croatia falls to 17.2% in March

Apr 25, 2016 11:06 am
The unemployment rate in Croatia fell to 17.2 percent in March, down from 17.8 percent the previous month, according to data released by the Croatian Statistical Office. In March 2015, the country’s unemployment rate was 14.7 percent, 2.5 percent lower than the same month this year. The average monthly net earnings in February amounted to €755....
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BREF to sell 3,616 sqm plot in Sofia

Apr 25, 2016 11:05 am
The Bulgarian Real Estate Fund (BREF) has signed preliminary agreement to sell a 3,616 sqm regulated land parcel in Sofia’s Mladost 4 district for €250 per sqm. The sale must be completed by the end of this month. No other details of the deal were released. BREF posted a net profit of about €1m for 2015, up from a net loss of almost €1.9m in 2014. Growth was driven by...
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9th CEDER Conference Romania brings together Big Name Speakers

Apr 25, 2016 11:04 am
CEDER has grown over the years into the leading commercial real estate conference in Romania, attracting key players in the infrastructure of property development and investment. With a full day of networking and discussions, CEDER 2016 is your ideal partner for entering Romania or for further enhancing your connections and knowledge about the country. This year's...
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Laurentiu Mitrea named expansion manager at Brico Depot

Apr 25, 2016 11:03 am
DIY retailer Kingfisher named Laurentiu Mitrea expansion manager of Brico Depot Romania. Mitrea previously for Decathlon, where he held the same position, as well as for OBI, Praktiker Romania and McDonald's. Kingfisher bought the Bricostore network in Romania in 2013 and began remodeling all 15 stores under the Brico Depot brand. The rebranding process was...
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Mega Image opens two new stores in Romania

Apr 25, 2016 11:02 am
Belgian retailer Mega Image opened two stores last week in Bucharest and Constanta. The 94 sqm store in Bucharest operates under the Shop&Go format. The 84 sqm store opened in Constanta is also a Shop & Go location. The new openings have boosted the retailer’s Romanian network to 466 locations. Mega Image operates stores under its Mega Image, Shop & Go, AB...
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Unemployment in five Slovak regions soars over 20%, Bratislava below 5%

Apr 25, 2016 11:00 am
Unemployment is stuck at more than 20 percent in five regions around Slovakia, with the worst hit area, Rimavska Sobota, crippled by 26.91 joblessness. Bratislava was at the other end of the scale with only 4.27 percent of the working population unemployed. Overall, however, unemployment is decreasing. Even in Rimavska Sobota, it was down by 2.80 percent y-o-y in March,...
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Pleskot unveils new design for Central Group’s Rezidence Kavčí Hory

Apr 25, 2016 10:33 am
Central Group presented new design for Rezidence Kavčí Hory the developer bought in 2012 from Hochtief. Architect Josef Pleskot has redesigned the project (originally drawn up by the architect Jan Aulík ten years ago), which included lower and longer apartment buildings. The new design features three 68 meter towers which Pleskot says will increase the amount of public...
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Norwegian Pension Fund sells stake in logistics assets in Spain

Apr 25, 2016 10:22 am
In a deal worth €25.1m, the Norwegian Pension Fund has sold its 50-percent stake in two logistics properties in Spain, which it held jointly with Prologis. The name of the buyer was not disclosed. The assets are located in Zaragoza and Valencia and comprise 96,000 sqm of leasable space. The investment was brokered by Norges Bank Real Estate Management....
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Tourism boost expected as Greek seaplane transport takes off

Apr 25, 2016 10:06 am
The Greek government has approved environmental terms for the operation of a waterway in the Aegean Sea island of Patmos. Patmos Mayor Gregory Stoϊkos said at the signing that "the Patmos waterway is the first to be granted an environmental permit in the Dodecanese and the Aegean Sea." He said the measure would help in connecting the island with the rest of...
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Finance Minister: Greece is delivering on reform promises

Apr 25, 2016 10:04 am
The Greek government has implemented precisely what it committed to last summer at the conclusion of talks of structural reforms in order to bring its national debt within 3 percent of GDP. Finance Minister Euclid Tsakalotos made the claim during during a press briefing after a meeting of Eurozone’s finance ministers in Amsterdam. "There is nobody inside the...
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German DIW chief says Greek haircut only a matter of time

Apr 25, 2016 10:02 am
Greek creditors will inevitably be taking a haircut, claims Dr. Marcel Fratzscher, the President of the German Institute for Economic Research (DIW), because its current level of debt is unsustainable. Fratzscher, who is an unofficial advisor to Chancellor Angela Markel, made his comments to newspapers of the Funke group. No matter how the problem is addressed, “The...
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C&W to manage Skanska’s Nordic Light offices in Budapest

Apr 25, 2016 10:01 am
Cushman & Wakefield was named property manager of the Nordic Light office building in Budapest. The company will also supervise the facility management services through its contracted partners. The property is located in the Váci corridor office submarket. The first phase of the building offering 6,600 sqm of space will be delivered next month, while the second phase...
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Teixeira Duarte Group launches Villa Torrinha luxury scheme in Lisbon

Apr 25, 2016 09:44 am
The Lisbon residential project Vila Torrinha has been launched by Teixeira Duarte Group. Aimed at the upper-middle class, Villa Torrinha is a private condominium development with three floors, including a pool and garden area for all inhabitants, along with 23 apartments, and seven private gardens. The project's smaller units will range in size from 98 sqm to 129 sqm...
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Reis Campos renews mandate as president of CPCI

Apr 25, 2016 09:43 am
Manuel Reis Campos has renewed his term as president of CPCI (the Portuguese Confederation of Construction and Real Estate) until 2018. Reis Campos was the only candidate for the job to lead a grouping of real estate and construction associations. "The governing entities renew their commitment to continue to demand the adoption of an overall strategic vision for the...
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