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Posts from CIJ for 05/13/2016

Daily Commercial Real Estate News from Europe and USA
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In this edition: 05/13/2016

Golden Star takes over Oxygen Park from Yareal

May 13, 2016 12:05 pm
Golden Star Estate has acquired Oxygen Park from Yareal in a deal brokered by BNP Paribas Real Estate. The value of the transaction was not disclosed. Located in Warsaw’s CBD on Aleje Jerozolimskie street, the building is fully leased to tenants like Grupa Wirtualna Polska, Merck, Lionbridge, Fujitsu Technologies, Sodexo and Agfa Graphics. The 18,000 sqm project has...
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Procisa splits business activities into two companies

May 13, 2016 11:37 am
Procisa, renowned for its luxury La Finca urbanization scheme in Pozuelo de Alarcón, will separate its activities into two companies. The residential development business will be called La Finca Procisa, while the RE asset business will be called La Finca Global Assets. The new RE asset company will be converted into a listed real estate investment corporation (SOCIMI)....
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Globus to invest CZK 4bn into network small format shops

May 13, 2016 11:25 am
Hypermarket chain Globus plans to invest CZK 4bn over the next three years into a chain of small grocery stores in city center. It also plans to give its hypermarkets a facelift, expand the network and launch a new e-shop. In order to cut costs, it will be installing self-service Scan & go machines in all 15 of its hypermarkets, which have seen rising profits over the...
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NSI Bulgaria: 2,291 new resi units hit Bulgarian market in Q1

May 13, 2016 11:06 am
More than 2,200 newly built residential units hit the Bulgarian market between January and March, up 62.6 percent from the previous year, according to preliminary data published by the National Statistical Institute. The majority (713) of the new units went up in Burgas, followed by Varna with 500 units and Plovdiv with 261 residential....
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Renovation work halted at Marinela Hotel in Sofia

May 13, 2016 11:05 am
Renovations were made to the Marinela Hotel in Sofia without technical approval, according to inspectors from the Regional Department for National Construction Control. A permit for the building’s conceptual design was issued at the beginning of 2015. However during an inspection of the project, officials found that construction was done without technical approval and...
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Macedonian builders secure €41.4bn in international projects

May 13, 2016 11:04 am
International construction contracts secured by Macedonian builders in the first three months of the year totaled €41.4bn, according to the State Statistical Office. The figure represents a 18.2-percent jump from the previous year. Macedonian construction companies completed €2.4bn worth of international projects in Q1, down 66.2 percent from the first quarter of 2015,...
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ParkLake 95% leased six months before opening

May 13, 2016 11:00 am
The ParkLake shopping center in Bucharest is now currently 95 percent leased six months ahead of its planned opening. The €180m scheme, a joint venture between Sonae Sierra and Caelum Development, will offer 70,000 sqm of leasable space in more than 200 retail units. The project was 70 percent leased at the end of March....
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Judita Middleton new leasing and asset manager for Portland Trust

May 13, 2016 10:39 am
Portland Trust has appointed Judita Middleton as leasing and asset manager for Praha City Center. She will also be responsible for new projects and marketing. Judita joins Portland Trust from Erste Group Immorent, where she was the letting and asset manager. She also gained experience at DTZ and spent many years with King Sturge/JLL Prague in various positions including...
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HB Reavis and J&T revive Nové Lido project for Bratislava

May 13, 2016 10:31 am
HB Reavis and J&T Real Estate are trying to revive Nové Lido, a vast development in Bratislava on the right side of Danube opposite Eurovea. The new district would include modern public space and a waterfront area. Architects from architectural studios Compass, Jakub Cigler Architekti and Marko & Placemakers are currently trying to drum up support for the project in...
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CCC opens at Budapest’s Pólus Center

May 13, 2016 09:45 am
CCC expanded its store at Pólus Center in Budapest. The Polish shoe retailer now occupies 930 sqm of retail space in the CBRE-managed shopping center. “The significant expansion of CCC confirms the optimism following the refurbishment of Pólus. Tenants and customers alike are satisfied with the shopping center,” said Zsolt Kákosy, head of asset services at CBRE. “In 2015,...
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Construction output falls again in March

May 13, 2016 09:36 am
Construction output fell 5.1 percent in March compared to February this year, with employment and remuneration figures also suffering declines. According to data released by the National Statistics Institute, the value of buildings and civil engineering continued in a negative direction. Building construction output fell by 3.1 (worse than the 2.6 percent fall in February)....
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Office absorption in Lisbon rose 23% until April

May 13, 2016 09:35 am
The absorption of office space between January and April this year rose 23 percent compared to the same period of 2015. In fact, in the month of April, the figure was 133 percent higher than April 2015. According to a new study published by the consultancy Aguirre Newman, the total volume of office space for which leases were concluded between January and April 2016 was...
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Lisbon experiments with Intelligent Neighborhood concepts

May 13, 2016 09:34 am
As part of its planning for the future, the city of Lisbon has made two of its top priorities the creation of a center for social innovation and of an intelligent neighborhood that would serve as a laboratory. "City Lab Lisbon”, a project by a team from the German Fraunhofer Institute, established 12 priority projects that Lisbon should undertake with a view to...
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Hochtief Projektentwicklung plans new central Berlin hotel

May 12, 2016 04:23 pm
Hochtief Projektentwicklung is set to build a hotel Capri by Fraser with 144 rooms located in Petriplatz, in the historical center of Berlin. The seven-storey building is to be handed to its operator and owner Frasers Hospitality in February 2017. The hotel with approximately 7,700 sqm of space will stand on a 1,500 sqm plot where the former city hall Cölln was once...
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Coresis acquires mixed-use commercial building in Cologne

May 12, 2016 04:21 pm
Coresis Management GmbH has acquired an office and commercial building in Hohenstaufenring, Cologne. The building offers 3,650 sqm of modern office and retail space. The vendor of the building which is leased to several tenants, is DEVK Versicherungen. The purchase price was not disclosed. Capital Markets Team von Bilfinger Real Estate acted as advisor in the acquisition....
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Renaissance Properties grabs Aventura Corporate Center for $105.2m

May 12, 2016 03:57 pm
The Aventura Corporate Center in Aventura has been acquired by Renaissance Properties for $105.28 million. The Class A office park consists of 252,244 sqf of space in three buildings on Biscayne Boulevard. The campus-like setting offers tenants an on-site café, three parking garages and a Coconut Grove Bank branch. Major tenants include Morgan Stanley, South Broward...
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Alliance Residential wins $50m construction loan for West Palm Beach scheme

May 12, 2016 03:51 pm
Alliance Residential, based in Phoenix, has obtained a $50.38 million construction loan for an apartment project in downtown West Palm Beach. The funds will be used to build Broadstone City Center, a mixed use development that will feature an 8 story building with 315 apartments and 7,040 square feet of retail. Citizens Bank of Pennsylvania provided the loan for the project...
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LandSouth lands $25m residential order in Jacksonville

May 12, 2016 03:49 pm
LandSouth Construction has won a $25 million tender from Birmingham, Ala.-based LIV Development to build a luxury apartment community on Jacksonville’s Southside. The 260-unit apartment complex, Portiva Residences, will consist of eight, four-story buildings located near the intersection of J.T. Butler Boulevard and Belfort Road. The architect designing the development is...
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Bill Edwards named senior VP at Rockefeller Group

May 12, 2016 03:47 pm
Bill Edwards has joined the Rockefeller Group as Senior Vice President, Core Holdings. Edwards will be responsible for leading all aspects of the strategy, leasing, capital improvements and market positioning for the company’s Rockefeller Center portfolio, which consists of an ownership interest in approximately six million square feet of Class A office space. Prior to...
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Bank of America backs Skyline Developers' Manhattan luxury project

May 12, 2016 03:44 pm
An affiliate of New York-based Garden Homes Development, Skyline Developers, has secured $26 million in construction financing from Bank of America. The funding will be utilized to build a 24 story luxury rental building located at 1050 Avenue of the Americas between 39th and 40th Streets in Midtown Manhattan. The project calls for a 56,784 square feet of ground up...
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