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Posts from CIJ for 05/27/2016

Daily Commercial Real Estate News from Europe and USA
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In this edition: 05/27/2016

Uber opens engineering center in Vilnius

May 27, 2016 10:53 am
US ride-sharing behemoth Uber opened an engineering and support center in Vilnius this week. The company started operating on the Lithuanian market last fall. The cost of the investment was not disclosed. This is Uber’s second European center. The Vilnius center will develop and support technologies connected with the Uber app. The company, which is active in 70 countries,...
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CEDER 2016 confirms Romania’s strengthening property market

May 27, 2016 10:48 am
CEDER 2016, which took place at the Hotel Intercontinental in Bucharest on May 26, confirmed the growing strength of the Romanian property sector. With almost 300 of the country’s top professionals in attendance, the conference’s enormous success also cemented CEDER as the leading property event in Romania. Over the course of the five panel discussions, a clear picture...
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IKEA testing first e-shop in Prague

May 27, 2016 10:17 am
IKEA is beginning to test the first phase of its e-commerce development in the Czech Republic, with a click-and-collect system that will be implemented at its Zličín store. Shoppers can choose and pay for their goods on-line and then pick them up at the store. By the end of the year, Ikea expects to allow shoppers to pick up their goods at its other stores. IKEA’s General...
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Bulgarian supermarket chains investigated for price fixing

May 27, 2016 10:02 am
The Bulgarian units of Kaufland, Billa, Lidl and Metro Cash&Carry are being investigated by the country’s Commission for Protection of Competition. The retailers are suspected of entering into an unlawful agreement to promote and raise prices of products sold under their own brands, forcing other brands raise prices. Investigators with the Commission for Protection...
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Salaries on Serbian market up 7.6% in April

May 27, 2016 10:01 am
Average net salaries on the Serbian market increased 7.6-percent y-o-y in April, according to the State Statistics Office. The average net salary in April was €400.90, up from 8 percent last year. The average net salaries paid between January and April were up 4.2 percent from the same period in 2015....
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NEPI starts working at Shopping City Piatra Neamt

May 27, 2016 09:59 am
NEPI started construction on Shopping City Piatra Neamt. Completion is set for later this year. With a total built area of 33,000 sqm, Shopping City Piatra Neamt’s tenant mix includes Carrefour, Sensiblu, C&A, CCC, Pepco, Benvenuti, Intersport, Kendra, Orsay and Zoo Center. There will also be a multiplex operated by Cinema City. “NEPI’s investment in Piatra Neamt is...
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Developers association pushes for a say in Czech legislation

May 27, 2016 09:51 am
The Association of developers hopes to gain influence over the passage of legislation in the Czech Republic, according to its chairman Tomáš Kadeřábek. This is a shift in strategy for the grouping, which was launched in November 2015. But with the number of members on the rise, Kadeřábek now believes the organization could soon represent a majority of the developers now...
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Adam Pieńkowski takes over as McDonald’s Polish CEO

May 27, 2016 09:44 am
Adam Pieńkowski is taking over as the new CEO of McDonald’s Polish operations, replacing Kristof Hanko. Pieńkowski joined the company ten years ago as a marketing and research manager and was promoted to head of marketing two years later. In 2013 he was transferred into McDonald’s Germany where he was responsible for developing the company’s business. He came back to Poland...
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Polish labor supports formation of first Ukrainian trade union

May 27, 2016 09:30 am
The growing number of Ukrainian workers in Poland has led to plans to form their first trade union in the country. The aim of the move would be to enable the nearly 400,000 Ukrainians to protect their rights as laborers in Poland. Myrosława Keryk from the foundation Nasz Wybór told the radio press agency IAR that Ukrainian workers encounter the same problems as their Polish...
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YIT starts construction of second phase of Stein2

May 27, 2016 09:25 am
YIT Slovakia started construction of second phase of Stein2, a large residential project in Bratislava. The developer’s decision to move on to the next stage was triggered by sale of two thirds of units in the first portion. Phase II will add 70 additional units to the location along Blumentálska street in Bratislava. Flats ranging from 40 to 76 sqm are on offer at €2,400...
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Benson Elliot to sell Barcelona office scheme to Colonial

May 27, 2016 09:04 am
In a deal worth €200m, UK-based private equity real estate fund manager Benson Elliot is selling its landmark office development Parc Glories in Barcelona to Colonial. The project is fully designed and is expected to break ground in the near-term. Delivery of the 17-story, 24,543 sqm building is scheduled for the end of 2018. Cushman & Wakefield and CBRE advised during...
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Opening of Lisbon's Museum of Art, Architecture and Technology taking place in June

May 27, 2016 08:26 am
The inauguration of Lisbon's Museum of Art, Architecture and Technology is scheduled for June 29. Located next to the Museum of Electricity, the building will have about three thousand square meters for exhibitions and events. It will also include a restaurant overlooking the 25th of April Bridge. The outside staircase descends to the Tejo river, creating a large...
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Century Solar in Viseu set for renovation as hotel

May 27, 2016 08:25 am
The former headquarters of Viseu District Directorate of Roads will be renovated into a hotel while maintaining its architectural heritage. The early 19th century building has been owned by the state since 1927. The renovation will retain many of the building's original properties, including its fountains and gardens. The acquisition and restoration of the building...
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Homes sales rise 17 percent in April

May 26, 2016 03:06 pm
A new report from the Commerce Department shows that sales of new single-family home sales increased 17 percent in April over the month of March. The figure marks the fastest increase since January 2008. With a median sales price of $321,100, new home purchases totaled more than 600,000, accounting for approximately 10 percent of all homes sold. According to the report,...
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Sumitomo buys Miami Tower for $220m

May 26, 2016 03:04 pm
Sumitomo Corporation of Americas has acquired Miami Tower, a Class A office tower in Miami’s central business district, for $220 million. The 47-story, 631,672 sqf office space was 92 percent leased at the time of the sale and traded for just over $348 per sqf. The tower consists of 37 stories of office space situated above 10 stories of parking, a Metromover station and...
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Rivergate KW Residential hires Joya Pavesi as VP of marketing and strategy

May 26, 2016 02:55 pm
Joya Pavesi has been hired by the multifamily property management company Rivergate KW Residential as Vice President of Marketing and Strategy. In her new role, Pavesi will specialize in marketing and brand strategy, customer experience and loyalty, interactive marketing, social media and reputation management. Prior to joining Rivergate she served as Senior Marketing...
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Christine Akins leaves JLL to lead CBRE Capital Markets' multifamily division

May 26, 2016 02:48 pm
CBRE Group, Inc. has announced the addition of Christine Akins as senior managing director, Multifamily, CBRE Capital Markets. Akins will lead the firm’s multifamily investment sales practice in the Americas and oversee 175 multifamily investment professionals. Prior to joining CBRE, Akins worked for LaSalle Investment Management where she held the position of Managing...
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Hampshire Properties acquires Upper West Side rental building for $37.6m

May 26, 2016 02:46 pm
An Upper West Side rental building along with an adjacent commercial building have been purchased for a combined $37.6 million by Hampshire Properties. Located at the corner of West 91st Street and Broadway, the firm paid $22 million for the six-story, 20-unit rental with ground floor retail and $15.6 million for a two story retail and office building. Totaling a combined...
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Construction begins on The Hub, mixed-use scheme near Washington Dulles

May 26, 2016 02:42 pm
Construction has begun on a mixed use development on the Metrorail’s Silver Line less than a mile from Washington Dulles International Airport. The developer of the Hub, as it is called, is a joint venture between Chicago-based Origami Capital Partners and an affiliate of Westport, CT-based Greenfield Partners. The project is approved for 1,265 multifamily residential...
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Third phase of Metro Green in Stamford, CT gets underway

May 26, 2016 02:39 pm
A joint venture between Jonathan Rose Companies, Inc. and Malkin Holdings has begun construction on the third phase of Metro Green in Stamford, CT. The green housing development is located one block from the Stamford Train Station. Metro Green III will be an 11-story high-rise apartment building with a mix of studio, one and two bedroom units. Fifty-eight of the 131 units...
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