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Posts from CIJ Europe.com for 05/18/2016

Daily Commercial Real Estate News from Europe and USA
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In this edition: 05/18/2016

Stockmann AS reports 6% sales drop in 2015

May 18, 2016 12:09 pm
Sales at Stockmann AS, the Estonian subsidiary of the Finnish retail chain, dropped 6 percent to €48.9m in 2015, ending its financial year with a €946,000 loss. The company had reported a €744,000 profit in 2014. The decrease comes despite reported growth on the Estonian retail market, which was driven by low inflation and interest rates as well as a jump in average monthly...
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Avia Solutions’ Q1 revenue up by 27%

May 18, 2016 12:03 pm
Avia Solutions Group (ASG) reported a 27.1-percent increase in its consolidated revenue for the first three months of the year, with the total jumping from €45.226m in 2015 to €57.467m. Consolidated profits for the Lithuania-based aviation business group amounted to €559,000 for the quarter. Revenue from aircraft maintenance and repair operations jumped 37.6 percent to...
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Schroder Real Estate acquires retail center in Frankfurt

May 18, 2016 11:40 am
Schroder European Real Estate Investment Trust (SEREIT) has acquired a multi-let convenience retail property located in Frankfurt, Germany for €11 million, reflecting a net initial yield of close to 6 percent. The property is a multi-let retail scheme comprising 4,525 sqm. The asset was built in 2004, was refurbished in 2015 and is located in the growing inner urban region...
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Patrizia acquires Hess Region’s new HQ building in Kassel

May 18, 2016 11:37 am
Patrizia Immobilien has acquired an office building that’s now being constructed in central Kassel. The office space has been leased to the Hesse Region for 15 years, which plans to use the new building as the headquarters of the Kassel Regional Council. The project‘s developer is OFB, however the purchase price was not been published. The new building is located between...
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Bulgarian unemployment rate drops to 9.3% in April

May 18, 2016 11:17 am
Bulgaria’s unemployment rate decreased to 9.3 percent in April, according to the National Employment Agency. This is 0.6 percent lower than March and 1.4 percent lower than April 2015. Bulgarian labor offices reported 23,044 job openings in April, of which 5,658 were in hotel and restaurant services, 5,504 were in manufacturing and 3,118 in retail. Out of 305,162...
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Zhengzhou Yutong Bus Co. to build Bulgarian factory

May 18, 2016 11:16 am
Zhengzhou Yutong Bus Co. is planning to build a factory in Bulgaria, according to the daily Dnevnik. The Chinese company just signed a contract to produce 110 buses for Sofia’s public transport company. The buses are set to be delivered this fall. Kent Chang, the deputy director of Zhengzhou Yutong’s international business department, said the company wants to expand its...
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Air Serbia expands US flight routes

May 18, 2016 11:15 am
Air Serbia is expanding its partnership with German carrier airberlin to offer more connections to five new destinations in the US, including Boston and San Francisco. Under the agreement, there are now eight weekly flights on offer between Düsseldorf and San Francisco and five weekly flights between Düsseldorf and Boston. “Together with airberlin, we now offer...
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BBI identifies buyer for Centrum Marszałkowska development

May 18, 2016 11:14 am
BBI Development has identified a buyer for its Centrum Marszałkowska office development. BBI revealed that an agreement was reached this week with an undisclosed fund manager that has a solid track record on the Polish market. Under the agreement, the transaction will be finalized once the occupancy permit is issued for Warsaw’s Marszałkowska offices. The final price has...
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IKEA to sell off retail parks around Europe

May 18, 2016 11:14 am
IKEA wants to sell off the retail parks it owns around its furniture stores. Bloomberg broke the news about the planned sale of 27 parks around Europe, reporting that IKEA hopes to cash in €900m. Twelve retail parks in Germany, as well as parks in the Czech Republic, Finland, France, Poland, Sweden and Switzerland will be put on the market. The furniture and home...
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Romania loses out on €500m investment from Daimler

May 18, 2016 11:14 am
Daimler had been considering building a €500m factory in Sebes, central Romania. But citing issues with the country’s infrastructure, the German company ultimately decided to build its factory in the Polish city of Jawor. Daimler wanted to be able to transport its car parts to its factory in Bremen in 17 hours, which would have not been possible from Sebes, according to...
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Spanish company building €25m plant in Tecuci

May 18, 2016 11:08 am
Sustainable Waste Treatment S.L. signed an agreement to build a sewage treatment plant in Tecuci, eastern Romania. The €25m investment will create 35 new jobs. The Spanish company specializes in waste recycling and renewable energy production. Sustainable Waste Treatment is currently overseeing more than 20 investment projects in Europe, Asia and South America....
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Quadrio official partner of Czech Olympic Team

May 18, 2016 10:23 am
Quadrio, the mixed-use complex CPI PG developed on top of Národní metro station in Prague 1, has become an official partner of the Czech Olympic Team for 2016-18 period. The Olympic Team will arrange a center for the athletes in Quadrio, as well as a Fan Zone and a shop selling Czech Team merchandise. Chairman of the Czech Olympic Board Jiří Kejval and Pavel Semrád,...
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Low cost carriers driving passenger numbers at Slovak airports

May 18, 2016 10:17 am
Passenger numbers in Slovak airports are going through the roof. At the Bratislava airport, they were up 38 percent in the first quarter 2016 alone, compared to just a 15.4 percent increase for the whole 2015. Košice’s airport reported an increase of 31 percent for Q1 2016 after a mere 15 percent in 2015. Last years growth depended on passengers of regular lines, however,...
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Knight Frank enters spanish office market

May 18, 2016 10:05 am
In an effort to strengthen its presence on the Spanish market, Knight Frank has opened an integrated office management department. The move is part of a three-year plan where the consultancy hopes to triple its net profit to €3m and increase its turnover by 27 percent to €14m by the end of 2018, according to Humphrey White, Knight Frank’s CEO in Spain. The company has 130...
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Luxury flats planned for SottoMayor Residences redevelopment

May 18, 2016 09:23 am
Having begun the marketing of SottoMayor Residences scheme in Lisbon three months ago, 10 percent of the project's units have been sold. Construction is also underway on the project's 97 luxury apartments which are located on Avenida Duque de Loulé. The developer Coporgest decided to renovate a collection of four buildings through an investment that will preserve...
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Residential market peaking in Lisbon

May 18, 2016 09:22 am
Lisbon's residential market is peaking, with demand being driven by a new set of buyers, according to JLL. The most popular areas at the moment are the center of town and its historic areas, though most neighborhoods with high property values are proving to be attractive. In its report "Residential Market - Unmatched Dynamic", JLL writes that “since 2013,...
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Estoril Real Estate invests €60m in Lisbon

May 18, 2016 09:22 am
The Estoril Real Estate has launched its activities in Portugal with the announcement of six residential projects to be located in Lisbon and Estoril with a value of €60m. The company will be developing premium projects through the regeneration and reconstruction of existing buildings. Its plan calls for 130 apartments with an area of approximately 20,000 sqm to be created,...
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Willard Overlock joins Reckson from Cushman & Wakefield in White Plains

May 17, 2016 04:41 pm
Willard Overlock has joined Reckson, a division of SL Green Realty Corp., as vice president of leasing. Based in Reckson’s White Plains office, Overlock joins the firm from Cushman & Wakefield, where he served as an associate director in the company’s Lower Manhattan office. Overlock holds a BA from the University of North Carolina at Chapel Hill along with a MBA in...
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Town Place at Greenbrier, VA sells for $15.5m

May 17, 2016 04:37 pm
Lingerfelt CommonWealth Realty Partners has acquired the Towne Place at Greenbrier retail center in the Greenbrier submarket of Hampton Roads, VA. The 95 percent leased asset traded for $15.5 million, or just over $202 per sqf. Built in 2007, the 76,827 sqf center has tenants such as Taste Unlimited, Jason's Deli, Chico's, Sola Salon, Jos. A. Bank, Moe's...
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The Hampshire Cos acquires 700 Union Boulevard in Totowa, NJ

May 17, 2016 04:34 pm
The Hampshire Cos. has closed on the purchase of 700 Union Boulevard, a life sciences building for approximately $20 million. Located in Totowa, NJ., the 330,000 sqf building consists of cGMP manufacturing and packaging, warehousing, chemical and wet labs and executive offices. The property is located near New York and major transit hubs such as the Newark airport. Jones...
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