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Posts from CIJ for 05/24/2016

Daily Commercial Real Estate News from Europe and USA
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In this edition: 05/24/2016

New Slovak motorway director reevaluates key contracts

May 24, 2016 11:43 am
The new general director of Slovak national motorway company, Robert Auxt, started reevaluating approximately 40 contracts which he claims are expensive and inefficient, writes He is also investigating alleged corruption that reportedly occurred at the state-owned company. Auxt has been hired as a temporary general director who was given a month to find out...
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Wells Fargo to take over RFE building in Prague

May 24, 2016 11:40 am
Czech billionaire Radovan Vítek, owner of CPI Property Group, lost his fight to keep Radio Free Europe’s headquarters in Prague 10-Hagibor. The modern complex was built by Orco and taken over by Vítek when the developer went bankrupt. The court decided that the RFE headquarters will go to Wells Fargo Bank, which financed the project, and it will not be part of the bankrupt...
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Brno choses winning design for new city center

May 24, 2016 11:39 am
UNIT architects won the European-wide architectural contest for the new Brno city center. The design also includes a new main train station for Brno. The contest proved that the current location of the train station has much greater potential than its critics claimed, thanks to its transport access and location next to the city center. Lengthy discussions about potentially...
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TELUS to open new office, hire 300 people in Plovdiv

May 24, 2016 11:06 am
Canadian BPO solutions provider TELUS International Europe is planning to open a new office in Plovdiv, the second largest city in Bulgaria, next week. The company said it will hire 300 people by the end of the year. This will be TELUS’ second office in the city. The company has more than 2,500 employees in seven delivery centers located in Bulgaria, Romania and England.
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World Bank endorses new partnership framework for Bulgaria

May 24, 2016 11:05 am
The World Bank has endorsed Bulgaria’s six-year country partnership framework (CPF), aimed at strengthening institutions for sustainable growth. CPF is aligned to coincide with the EU programming cycle. “The World Bank Group has been partnering with Bulgaria for more than 20 years in good times and in times of hardship. The new country partnership framework for Bulgaria...
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Mercator Group posts €604.9m in revenue in Q1

May 24, 2016 11:05 am
Mercator Group generated €604.9m in revenue in the first three months of the year, down 3.8 percent from Q1 2015. The Slovenian company posted a net profit of €2.3m in Q1 2016. Mercator Group recently purchased land where it intends to build a logistics and distribution center, an estimated €100m investment. The retailer is active in Slovenia, Serbia, Croatia, Bosnia...
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Coresi Shopping Resort secures BREEAM Excellent certificate

May 24, 2016 11:04 am
Immochan Romania secured a BREEAM Excellent certificate for its Coresi Shopping Resort in Brasov, becoming the first in Romania and the second in the CEE region to achieve this certification level. BuildGreen oversaw the certification process. Coresi Shopping Resort is a urban regeneration project spread over 70,000 sqm. The scheme was designed by Sua Kay Architects in...
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ACI Worldwide leases 3,500 sqm at UBC 2

May 24, 2016 11:04 am
ACI Worldwide signed a lease on 3,5000 sqm at UBC 2, which is part of Openville Timisoara. The company intends to open its new offices there in spring 2017. ACI Worldwide has been active in Timisoara for 10 years. UBC 2 is the first of seven office buildings going up in the Openville ensemble. The 11-story building will offer 18,000 sqm of leasable space....
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Foreign buyers increase interest of Spanish resi market

May 24, 2016 10:37 am
The number of residential properties purchased by non-Spanish buyers increased last year by 12.9 percent to 76,780, according to local news reports. There was a significant increase in UK buyers, accounting for 20.6 percent of all residential sales by foreigners on the Spanish market.The country’s most attractive regions for foreign buyers included Costa Blanca, Andalucia,...
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Four investors submit bids for Amma network in Spain

May 24, 2016 10:26 am
Four investors are vying to take over the Amma nursing home network in Spain. The private equity giant Pai Partners as well as Maison de Famille, Emera and Armonea have all submitted bids. The initial asking price for the nursing homes is €200m, according to media reports. The sale is scheduled to close before summer. The Amma Group manages 30 nursing homes and 27 day...
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Poland continues to attract investors

May 24, 2016 10:18 am
Investor demand rose strongly across all sectors with demand from foreign buyers also rising firmly, according to the latest RICS Poland Commercial Property Monitor Q1 2016. However, expectations for capital growth turn negative for the year ahead following the softer trend in the occupier market. “Numbers speak volumes. This sentence proves to be true when you look at...
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Majman dismissed as president of PAIiIZ

May 24, 2016 09:59 am
The supervisory board of the Polish Information and Foreign Investment Agency (PAIiIZ) dismissed its longtime president Sławomir Majman this week. Bartłomiej Pawlak will replace Majman as head of the national agency. Sławomir Krużmanowski, vice president of PAIiIZ, was also dismissed. In an official statement, the board said it hopes to increase PAIiIZ’s efficiency as it...
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New housing construction begins to grow in Portugal

May 24, 2016 09:15 am
Portugal's housing sector is generating considerable construction activity, with both repairs and renovations along with new housing projects producing growth. The index of new orders currently under construction showed an annual increase of 13.2 percent in the 1st quarter 2016. According to the latest report from the National Statistics Institute, the numbers were...
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New IKEA at MAR Shopping Algarve to open in spring 2017

May 24, 2016 09:14 am
The complex MAR Shopping Algarve now under construction in Loulé will offer a variety of elements when completed, including a shopping center, an outlet and an outdoor recreation area. The design of the Algarve mall is inspired by typical Algarve villages, combining modern Scandinavian style buildings and recreation areas with natural vegetation. The mall and outlet center...
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Home prices in Lisbon recover 22% in three years

May 24, 2016 09:13 am
The price of homes in Lisbon recovered 22 percent between the end of 2012 and the end of 2015. According to the Residential Price Index, the recovery of housing prices in Portugal has been underway for eight consecutive quarters. In 2015 alone, the index grew 11.9 percent compared to 2014, exceeding the already promising recovery of 7.5 percent recorded that year. This...
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HB Reavis grows Hungarian portfolio

May 23, 2016 02:37 pm
Budapest, Hungary, May 23, 2016 – International real estate developer HB Reavis has announced the acquisition of the BEM Palace in Budapest from Europa Property Fund. Located in the heart of Buda, BEM Palace is the company’s third development site purchased in the Hungarian market and their first redevelopment project across all markets. This purchase follows the successful...
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