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Posts from CIJ for 05/09/2016

Daily Commercial Real Estate News from Europe and USA
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In this edition: 05/09/2016

IMMOFINANZ with new leases for Bucharest office portfolio

May 09, 2016 12:02 pm
IMMOFINANZ, one of the most important office building owners in Bucharest, announces numerous new partnerships and extensions of agreements with tenants in the local office sector, accounting for a total of over 37,000 sqm. The company has attracted new tenants for 19,200 sqm and has prolonged and extended existing contracts for over 18,000 sqm in seven of its class A...
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Latvian industrial output up 2.7% in March

May 09, 2016 11:57 am
Industrial production on the Latvian market was up 2.7 percent y-o-y in March, according to figures released by the Central Statistical Bureau (CSB). Manufacturing drove the increase, reporting growth at 3.7 percent, followed by electricity and gas supply at 0.1 percent. Mining and quarrying, however, reported a decrease of 4.9 percent. Industrial production for the...
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China to invest €20m in Burgas port

May 09, 2016 11:11 am
The Chinese government is planning to invest about €20m to transform the Port of Burgas into a logistics center linking China to 16 countries in the CEE region, according to the Black Sea port’s manager, Dian Dimov. Under the five-year agreement, signed in the Chinese city of Hangzhou, the funds will be invested into the construction of logistics and facility centers....
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Macedonian National Bank boosts interest rate to 4%

May 09, 2016 11:11 am
The Macedonian National Bank has increased the country’s all-time low interest rate of 3.25 percent to 4 percent. “This is a result of the aggravated expectations of economic entities, caused by the unstable political situation in the country. By that, the change of the interest rate is an answer to the effects of non-economical factors,” the National Bank said in a...
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Immofinanz signs new leases, extensions

May 09, 2016 11:09 am
Immofinanz signed new leases on 19,200 sqm and extended existing contracts on more than 18,000 sqm at seven of its class A office properties in Bucharest in the first three months of the year. New tenants include Antena TV Group which took 9,000 sqm at Iride Business Park, Am Grup Agent and Q’s Inn, which signed lease contracts on more than 3,500 sqm at Pipera Warehouse,...
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Average salary in Romania up 5.1% in March

May 09, 2016 11:09 am
The average monthly wage on the Romanian market increased by 5.1 percent m-o-m in March to RON 2,829, according to the National Statistics Institute (INS). The net nominal average earning for the month was RON 2,051. The highest net nominal average earnings were reported in tobacco production (RON 6,347), while the lowest were in hotels and restaurants (RON1,161)....
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Tesco plans further lay offs in Poland

May 09, 2016 11:06 am
Tesco is planning further lay offs in Poland, according to local media outlets, with as many of 160 employees facing the chop. The retailer claims that the move would not affect any employees at the lowest levels of the company but instead is another step towards centralizing the company’s Central European operations. Tesco claims its current management model is obsolete...
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Tomáš Jandík joins Reico as CIO

May 09, 2016 10:55 am
Tomáš Jandík has been made a member of the Board of Directors of REICO investiční společnost České spořitelny (member of the Erste Group Bank AG) and Chief Investment Officer (CIO) of the real estate part of the fund. He replaces Wolfgang Lunardon, who will pursue other projects within the group. Prior to joining REICO, Tomáš was director of the capital markets team in the...
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Ingram Micro and HBPO expand in P3 Park Bratislava

May 09, 2016 10:51 am
P3 Logistic Parks has begun construction of a new warehouse in Lozorno on land it acquired last year to give it expansion space. The IT and mobile phone wholesaler Ingram Micro will occupy 7,000 sqm of the 21,000 sqm hall, including 1,000 sqm of office space. Ingram Micro is expanding its service center for EMEA region after ten years in P3 Park Bratislava in Lozorno. Its...
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Dirty dozen: 12 Czech contractors fined over cartel

May 09, 2016 10:25 am
The Czech Antimonopoly Office (UOHS) has fined 12 Czech contractors a total of CZK 278m over charges of running a cartel. Among the contractors fined are Hochtief, Swietelsky, Colas, Strabag and OHL ŽS, with Hochtief’s fine reportedly in the tens of millions of crowns, the highest of them all. Hospodářské noviny cites Petr Rafaj, chairman of ÚOHS, as saying the companies...
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Unibail-Rodamco pulls out of Złote Tarasy bid

May 09, 2016 10:19 am
Unibail-Rodamco Investments has pulled out its bid to take over Złote Tarasy mall, after Poland’s antitrust regulator refused to greenlight the deal, stating the deal could harm the local retail market. The French giant already owns two other key retail assets in Warsaw: Galeria Mokotów and the Arkadia shopping center. “UOKiK has found that the transaction may lead to a...
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HB Reavis expands leasing team in Hungary

May 09, 2016 09:58 am
Ágnes Kistamás has been named senior leasing manager at HB Reavis Hungary. With more than nine years of experience, Kistamás joins HB Reavis from CBRE, where she served as office space negotiator and tenant representative for numerous global and Hungarian corporations. “We are pleased to welcome Ágnes to our team. We are committed to working with the best professionals in...
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Lone Star to sell Adequa Business Park

May 09, 2016 09:55 am
US fund Lone Star is planning to sell the Adequa Business Park in Madrid, which it acquired after taking over the debt of the inactive real estate company Bami Newco. Adequa offers 120,813 sqm of surface area and is considered one of the largest business parks in Spain. The property covers six office buildings and a service center and includes a gym, restaurants, a pharmacy...
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Hotel FellViana to open at mouth of Lima river in 2017

May 09, 2016 09:20 am
The FeelViana hotel in Viana do Castelo will be opened in April 2017 following a €5m investment. Nearly €3.4m of the total is being covered by European Union funds, as the project will create 27 direct jobs. The hotel sits on a 4,800 sqm plot, where work has already gotten underway on the facility, which will be devoted to water sports, to take advantage of the hotel's...
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Porto's transport company selling assets to clear debts

May 09, 2016 09:18 am
The Public Transport Company of Porto (STCP) has put two buildings on Boavista Aventue up for sale along with three former substations. It hopes to raise nearly €700,000 through the sale, with the minimum it would consider for the two buildings €572,040. The two old subway stations Braz Oleiro and S. Caetano are have been put on the market for €25,200 and €50,715,...
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CEDES Opening Gala Party

May 06, 2016 02:27 pm
The annual property conference CEDES 2016, which took place this year on April 20 at the Radisson Hotel in Bratislava, hosted a star-studded cast of speakers discussing the most pressing and topical themes facing the property industry. The popular conference, which included four panel discussions, was preceded by the popular Opening Gala Party on the evening of April 19,...
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