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Posts from CIJ Europe.com for 04/27/2017

Daily Commercial Real Estate News from Europe and USA
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In this edition: 04/27/2017

Dresden’s refurbished Kulturpalast to reopen

Apr 27, 2017 11:47 am
The Kulturpalast concert hall in Dresden is set to reopen following a thorough refurbishment by von Gerkan, Marg and Partners (GMP Architekten). The main concert hall, which is listed as a historic monument, as well as its new building, which has about 1,800 seats, were both renovated. TGMP Architekten won the competition for the project in 2009. The property, which is...
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TMR to invest €22m into ski resort at Štrbské pleso

Apr 27, 2017 10:40 am
Tatra Mountain Resort is planning to invest €22m to 30m into a ski resort it operates at Štrbské pleso in the High Tatras over the next three years. The company, which is part of J&T Group, want to build a new lift and ski track between Areal Snov (Dream Area) and the central parking lot at Štrbské pleso. The investor is currently working on project documentation for...
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Futureal sells Corvin Skypark in Budapest to OTP fund

Apr 27, 2017 10:38 am
Futureal Group sold its Skypark office building located in the center of Budapest to the OTP Prime Property Investment Fund. The complex offers 25,000 sqm of leasable space. Construction was completed at the end of 2016. The class A+ Skypark is BREEAM Very Good certified. The recently closed transaction increased the value of the fund’s property portfolio to more than HUF...
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Prologis completes 42,000 sqm BTS for Agata

Apr 27, 2017 10:35 am
Prologis completed a 42,170 sqm build-to-suit facility for Agata at Prologis Park Piotrków II. The new class A building benefits from cutting-edge sustainability features, including energy-efficient LED lighting fitted to assembly beams, allowing Agata to take a flexible approach to its floorplan. Prologis Park Piotrków II is located on the outskirts of Piotrków Trybunalski...
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Lordship sells NYX hotel in Prague 1 to Vietnamese investors

Apr 27, 2017 10:35 am
Lordship sold the NYX hotel at the corner of Jindřišská and Panská streets, near Wenceslas Square in Prague 1, to Vietnamese investors Do Hong Son and Thai Ngoc Nguyen, who bought the hotel through their company HSTN Holding. The price of the deal was €20m, according to the server e15. The investors established the Sportissimo sports retail chain in the Czech Republic and...
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Penta’s net profit up 25% to CZK 6.8bn in 2016

Apr 27, 2017 10:30 am
Penta Investments’ net profit jumped 25 percent y-o-y in 2016 to CZK 6.78bn. Revenues rose by 4 percent to CZK 151.2bn. The sales of Gimborn and the Florentinum office complex in Prague 1, Penta’s development in the capital, contributed to the positive results. The value of the portfolio increased by 21 percent to CZK 229.5bn, thanks to the acquisition of Sberbank Slovensko...
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Skanska investing €38m in Bucharest office building

Apr 27, 2017 10:28 am
Skanska is planning to invest €38m in the first building of its Campus 6 project in Bucharest. The building will offer 22,000 sqm of space on 11 floors as well as a rooftop running track for tenants, a unique feature for the Romanian office market. The building is scheduled for completion at the end of next year. The project will go up on land formerly used by Pumac in the...
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Echo Polska Properties acquires Zakopianka Retail Park in Kraków

Apr 27, 2017 10:01 am
In a deal worth €53.3m, Echo Polska Properties has acquired the Zakopianka Retail Park in Kraków from a real estate property fund managed by Tristan Capital Partners. The transaction excludes the Carrefour hypermarket and Castorama DIY store. Echo, part of the Griffin Real Estate-Oaktree-PIMCO capital group, was advised by Savills. Zakopianka Retail Park is the 24th...
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JLL to manage Nowa Fabryczna offices in Łódź

Apr 27, 2017 09:33 am
Skanska Property Poland tapped JLL to manage its Nowa Fabryczna office building, part of the Nowe Centrum Łodzi urban redevelopment project. The building will be taken over by JLL management at the end of June. Construction is scheduled for completion in Q2 or Q3. Nowa Fabryczna will offer 21,500 sqm of modern office and service space on seven floors. The project also...
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Pacific Logistics takes 210,000 sqf Prologis shed in New Jersey

Apr 26, 2017 02:48 pm
Pacific Logistics Corp has signed a new 210,600 square foot lease with Prologis. Located at 111 Interstate Blvd, the state of the art industrial building rests within the Turnpike Crossing Industrial Park in South Brunswick, New Jersey. Situated just off the New Jersey Turnpike, the facility is less than 30 miles from the Port of New York/New Jersey and Newark International...
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Friedkin Realty buys $140m apartment complex in Coram, NY

Apr 26, 2017 02:47 pm
San Francisco-based private investor Friedkin Realty Group has acquired the Avalon Pines apartment complex in Coram, N.Y. for $140 million. The sale also included the adjacent Pine Ridge Golf Club, which includes 18 holes, clubhouse, golf shop and the Grill at Pine Ridge Golf Club restaurant. Rebranded as the Point at Pine Ridge, the 450 unit property changed hands for just...
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Brewer hired by Continental Realty for Finance & Capital Markets team

Apr 26, 2017 02:40 pm
Continental Realty Corporation, has named Hunter Brewer as a Financial Analyst in the company’s Finance & Capital Markets department. In his new position, Brewer will support the company’s in-house Finance & Capital Markets team that is responsible for all capital market transactions involving the company and its real estate funds. He will focus on completing...
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Construction gets underway on Vineland Pointe plaza in Orlando

Apr 26, 2017 02:38 pm
The Ft. Lauderdale office of Williams Company Southeast will break ground in July on Vineland Pointe retail center in Orlando. The 447,500 square foot Disney-area shopping center is being developed by New York-based O’Connor Capital Partners. The scheme will be located on 64 acres at the intersection of Interstate 4 and Daryl Carter Parkway near Orlando Vineland Premium...
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Harbor Group acquires The Montage at City Center in Pembroke Pines, FL

Apr 26, 2017 02:36 pm
The Montage at City Center, a 700-unit mid-rise and townhome residential asset, has been purchased for $158.5 million by an affiliate of Harbor Group International. Located at in Pembroke Pines, FL., the complex was completed in two stages made up of 700 units in 12 mid-rise and 28 townhome buildings. Amenities include a LEED Gold-certified clubhouse, two resort-style...
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Rauscher rises to COO at Monument Real Estate Services

Apr 26, 2017 02:33 pm
Monument Real Estate Services has promoted Jaime Rauscher to chief operating officer. Rauscher will lead her team of professionals from the company’s Charlotte, N.C., office from where she will oversee 60 apartment communities across 10 states. As part of the executive team, she will also contribute to setting and leading the strategic direction of the firm. Rauscher has...
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