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Posts from CIJ Europe.com for 05/20/2016

Daily Commercial Real Estate News from Europe and USA
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In this edition: 05/20/2016

Wilson & Partners honored at Corporate LiveWire’s 2016 Global Awards

May 20, 2016 12:02 pm
Wilson & Partners, one of the Czech and Slovak Republics’ leading independent law firms, was recently awarded the prestigious Corporate LiveWire’s 2016 Global Award for Construction & Real Estate in Czech Republic, Europe. The Corporate LiveWire Global Awards recognise the achievements of individuals and companies in the corporate finance sector that have...
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Half of all Czech contractors foresee growth in 2016

May 20, 2016 11:41 am
Czech construction businesses are moderately optimistic at the moment, with 49.5 percent predicting growth in the sector in 2016. Around 30 percent of the companies are betting on at least 5 percent increase in output, while 19 percent foresee growth failing to exceed 5 percent. Just under 18 percent believe their results will remain flat, while nearly 33 percent anticipate...
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Alza.cz splits with Heureka.cz

May 20, 2016 11:35 am
Alza.cz will not offer be submitting its goods to the Czech price comparison on-line engine Heureka. THe Czech e-shop claims Heureka is about to be taken over by Rockaway, an investment group which already owns Mall.cz, the second-largest Czech e-shop. Alza’s marketing manager Karel Kučera told Hospodářské noviny that Heureka now offers its price comparison service a...
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Slovak construction ends 6-year slump

May 20, 2016 11:27 am
A six year slide in construction output in Slovakia ended in 2015, as the total volume of construction work realized rose to €5.4bn. That represented an 18 percent jump y-o-y, according to data compiled by the Slovak Statistical Office. Construction production increased by €900m, but the total was still €1.8bn less than the record set in 2008. Transport infrastructure...
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Wizz Air adds three new flights from Sofia

May 20, 2016 11:04 am
Low-cost carrier Wizz Air will start open three new flight routes from Sofia by the end of the year. The new destinations include Basel, Doncaster and Nuremberg. Wizz Air’s main competitor on the Bulgarian market is Ryanair, which recently announced that its base in Sofia will open in September, and 21 new destinations will be added by November....
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ETEM completes Sofia Med renovation

May 20, 2016 11:03 am
Renovation work on the Sofia Med building in the Bulgarian capital has been completed. Located on Dimitar Peshev street, the building got a new facade. ETEM oversaw the revocation. “ETEM Bulgaria had to cope with the challenge of replacing the old facade without stopping workflow in the building. At the same time they managed to synchronize the work of several different...
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Baumit to build second factory in Bulgaria

May 20, 2016 11:02 am
Building material manufacturer Baumit is planning to build a second factory on the Bulgarian market. The company has a production plant in Elin Pelin, in the country’s central Sofia Province. Baumit is still scouting locations for its second factory, but company officials said it will be at least 300 km from the Elin Pelin base. No other details of the planned investment...
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Robert Paulson to head investment properties team at CBRE Romania

May 20, 2016 11:02 am
Robert Paulson was named director of CBRE’s investment properties team in Romania. He will coordinate consultancy services for banks, funds, investors and developers. Paulson will replace Gijs Klomp, who will leave CBRE at the end of June. “We are happy that Robert is joining our senior leadership team in Romania. We have built a strong team of consultants specialized in...
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Flanco leases 10,000 sqm on A1 motorway

May 20, 2016 11:01 am
Electro-IT retailer Flanco signed a lease agreement with KLG Europe Logistics Romania on 10,000 sqm at a shed at Km 23 on the A1 motorway, which links Bucharest to Pitesti. Starting in October, this will be the new central warehouse for the retailer. Flanco posted €175m in sales in 2015, up 17 percent from the previous year....
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Infrastructure renovations planned for Budapest

May 20, 2016 10:33 am
Major renovation projects are set to break ground in Budapest this year. The list includes the city’s Chain Bridge and the Blaha Lujza tér junction. Upgrades are also planned for the Buda Castle tunnel and the cog-wheel railway in the Buda hills, said Mayor István Tarlos. The European Investment Bank will subsidize the projects. Renovation costs for the Chain Bridge and the...
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Marvipol finds buyer for Prosta

May 20, 2016 10:25 am
Marvipol at last appears to be ready to offload what it once expected to be its flagship office project in Warsaw, having reportedly found a buyer willing to pay PLN 100m. The developer has already signed a letter of intent with the undisclosed international investor for its building on Prosta, located in Warsaw’s CBD. Due diligence is the next step in the transaction....
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Meridia to convert RE fund into SOCIMI

May 20, 2016 10:20 am
Meridia is planning to convert its latest fund, Meridia Real Estate III, into an SOCIMI, Spain’s version of a REIT. The fund will be listed on the Alternative Investment Market. The fund was set up last year and has €250m in available resources. Meridia Real Estate III debuted in April on the Spanish market with the acquisition of eight office buildings and a logistics...
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HB Reavis acquires BEM Palace in Budapest

May 20, 2016 10:19 am
HB Reavis has acquired the BEM Palace, currently under construction along the western bank of the Danube River in Budapest, from Europa Property Fund. The cost of the deal was not disclosed. This is the company’s third development acquisition on the Hungarian market and its first redevelopment project across all markets. When completed, BEM Palace will offer 32,000 sqm of...
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IZA Tower acquired by CBRE GI for Korean investors

May 20, 2016 09:43 am
In what’s being described as the largest real estate transaction in Austria for the last two years, CBRE Global Investors has acquired the IZD Tower in Vienna on behalf of Korean separate account clients. The seller was a German fund managed by Austrian investment manager SIGNA. IZD Tower, which includes a six-storey building next to it, is 94 percent leased with a WAULT of...
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Lisbon, Porto make top 10 list of cheapest European cities

May 20, 2016 09:18 am
Lisbon and Porto are in the top 10 of the cheapest European cities to live, according to a new ranking prepared by the consulting firm Glassdoor Economic Research. Andrew Chamberlain, chief economist at Glassdoor, says that there is no doubt that "there are major differences in cost of living between European countries." According to the publication, the city of...
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Urban renewal activity rises 3.3% in March

May 20, 2016 09:17 am
Activity in Urban Rehabilitation rises 3.3% in March compared to the same period of 2015. According to the monthly survey of companies active in urban renewal conducted by AICCOPN, there was a 3.3 percent increase in activity, far lower than the booming growth recorded in February (23.5 percent). One new project that should be added to the list of investment underway is the...
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French were the ones who most invested in real estate in Portugal

May 20, 2016 09:17 am
The French were the foreigners who most invested in the Portuguese real estate in the first quarter of 2016, surpassing the British and the Chinese, according to estimates of the Association of Professionals and Real Estate Companies in Portugal (APEMIP). It found that foreign investment represents 20 percent of all real estate transactions. Between January and March 2016,...
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Parkwill acquires site for 1 million sqf development in Queens

May 19, 2016 04:10 pm
A 12 acre development site in the Queens neighborhood of Maspeth has been acquired by the Parkwill Management Corporation for $55.8 million. The property is located between Newtown Creek, which separates Queens from Brooklyn, and 57th Avenue just east of the Kosciuszko Bridge. A copper manufacturing operations was located on the site until the 1980s and is located in an...
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Aucello rejoins CBRE Hotels after nine year break

May 19, 2016 04:07 pm
F. Kevin Aucello has joined CBRE Hotels as First Vice President in the company's hotel institutional group and will be based in Honolulu. Aucello will focus on institutional hotel sales throughout Hawaii and the Pacific. Aucello returns to CBRE after nine years as a vice president of Colliers International Hotels. “Kevin’s tremendous knowledge of the hotel market in...
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Hollister Construction begins work on new HQ for Driscoll Foods

May 19, 2016 04:06 pm
Hollister Construction Services has broke ground on a new distribution center and headquarters in Wayne, NJ for Driscoll Foods. The new facility will allow Driscoll to increase its warehouse space and operations areas from 218,000 sqf to 507,000 sqf. and to grow its employee base from 450 to 800 over the course of the next five years. The new refrigerated warehouse will...
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