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Posts from CIJ Europe.com for 02/20/2018

Daily Commercial Real Estate News from Europe and USA
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In this edition: 02/20/2018

€15m investment for City Clinic expansion in Sofia, Bulgaria

Feb 20, 2018 10:57 am
Acibadem City Clinic Tokuda, a hospital located in Sofia, is undertaking a €15m investment to expand its capacity. The funds will support the acquisition of new equipment and a new data center. The Acibadem has invested €10m in recent months and in 2018 plans new investments for its emergency department. The new data center should be operational in mid-2018. In 2016, the...
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HB Reavis to build in Nowe Centrum Łodzi

Feb 20, 2018 10:49 am
HB Reavis bought a plot on Targowa street in Nowe Centrum Łodzi. According to the local zoning plan for Nowe Centrum Łodzi, the area will feature office buildings with publicly accessible retail and walkable spaces on the ground floors. Buildings with a total leasable area of approximately 30,000 sqm can be developed on the 1 ha plot purchased by HB Reavis. The price of the...
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Yura starts to build new Serbian factory in Leskovac

Feb 20, 2018 10:39 am
The Korean company Yura will start the construction of its new production plant in Leskovac, south Serbia. The value of this investment is about €40m. This new factory will be a sterile 900 sqm environment which must be a completely dust-free environment. The company claims the new facility will be among the most advanced anywhere in Europe, producing sophisticated...
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Flats at JRD's U Pernikářky 7 nearly sold out

Feb 20, 2018 10:16 am
JRD has finished topped out its energy compliant project U Pernikářky 7. The apartment building will feature 10 luxurious flats, with sizes ranging from three to 5-bedrooms, two of which will feature a large terrace. Its residents will also have access to underground garages as well as a private sauna and a relaxtion zone. JRD and its contractor Ridera Stavební plan to...
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Societe Generale expands at West Gate

Feb 20, 2018 10:15 am
Societe Generale European Business Services expanded its space at West Gate Business Park, owned by Genesis Property, to 17,000 sqm. This is the sixth consecutive expansion the company has made at the Bucharest park. The new contract started at the beginning of this year and runs until 2024. West Gate features five office buildings with a total leasable area of 75,000 sqm.
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Skoda Kodiaqs begin rolling off Russian production lines

Feb 20, 2018 10:05 am
Škoda Auto has completed an 18 month investment on a new Russian plant where the company's new SUV, the Kodiaq, will be produced in partnership with the Russian automobile producer GAZ. The €87.5m investment will be producing cars with 1.4 and 2 liter engines with front wheel or all-wheel drive. Volkswagen has already completed a number of projects with GAZ, including...
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Huge tax increase for Czech rental income

Feb 20, 2018 10:01 am
Czechs who depend primarily on income generated by renting out flats or by trading stocks could see their taxes rise by tens of percent. The country's Ministry of Finance is preparing changes to the tax regime that would hit people whose income are freed from social and health insurance payment requirements. "The changes are part of a tax package that it's...
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Audi to set up research and development center in Győr

Feb 20, 2018 09:54 am
German carmaker Audi will set up a research and development center at its base in Győr, northwest Hungary. Investment costs are estimated at HUF 6bn, of which one-fifth will be covered by a Hungarian government grant. The research and development center will employ 30 development engineers, who will focus primarily on electric motors and internal combustion engines,...
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Frasers Property acquires logistics portfolio from Alpha Industrial

Feb 20, 2018 07:07 am
Frasers Property Europe has acquired a logistics portfolio from Alpha Industrial Properties. The portfolio includes 16 logistics and light industrial facilities in Germany and Austria. The deal also includes six logistic projects which were acquired as development and forward purchases, totaling approximately 162,500 sqm. Frasers Property Europe is focused on modern...
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Art-Invest Real Estate acquires two B&B Hotels in Bayern

Feb 20, 2018 07:06 am
Art-Invest Real Estate acquired two B&B Hotels in Rosenheim and Neu-Ulm for its Core Budget Hotel-Fonds. The hotels were acquired in a sale-and-leaseback transaction. The purchase price was not disclosed. B&B Hotels currently has around 100 locations in Germany. The hotel in Rosenheim, located at the main train station, offers 98 guest rooms. B&B Hotel Neu-Ulm,...
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Sarasota Ritz-Carlton sold for $171m

Feb 19, 2018 03:42 pm
The Ritz-Carlton, Sarasota has been acquired by Dallas-based Ashford Hospitality Prime in a $171 million deal. Built in 2001,the 266 room property changed hands for just over $642,855 per room key. The sale of the 17-story tower includes a 26,000-square-foot beach club on Lido Key and a private 18-hole golf course on University Parkway east of Interstate 75. Amenities...
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Roybal Bank of Canada backs Northwood's acquisition of NYC asset with $236m loan

Feb 19, 2018 03:39 pm
The Royal Bank of Canada has approved a $236.6 million loan for the purchase of 1180 Sixth Avenue to Northwood Investors. The firm recently closed on the $305 million transaction of the 22-story Midtown office property. The floating rate loan is worth roughly 78 percent of the purchase price. An undisclosed portion of the loan is being set aside for future funding,...
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C&W to market Tampa Fulfillment Center for Keating Resources

Feb 19, 2018 03:36 pm
Keating Resources has tapped Cushman & Wakefield to market the Tampa Fulfillment Center. When completed, the facility will be the area's first ever specifically designed last mile needs center. Located three miles east of downtown Tamp on a 18 acre site on E. Clark St., the 179,080 square foot Class A industrial building is due for completion in early 2019. Cushman...
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Dahlgren named president of WPM Real Estate Management

Feb 19, 2018 03:32 pm
WPM Real Estate Management has promoted Jim Dahlgren to the newly created title of president. In this new role, Dahlgren will be responsible for the strategic management of the company and focus on planning for long-term sustainability, expansion and growth. Dahlgren joined WPM as an intern in 2005 and in 2007, he became a full-time associate as an assistant property...
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Hungarian GDP grew 4.4% in Q4 2017

Feb 19, 2018 11:23 am
The Hungarian economy grew by 4.4 percent y-o-y in the fourth quarter of 2017, according to the Central Statistical Office (KSH). The main contributors to growth were market-based services and construction. In 2017 as a whole, GDP growth was 4 percent. GDP grew by 1.3 percent m-o-m in Q4 based on seasonally, calendar-adjusted and reconciled data, according to data published...
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Panattoni to build 10,000 sqm factory in Białystok

Feb 19, 2018 11:19 am
Panattoni Europe is set to build a manufacturing plant for Pilkington IGP, one of the leading glass processors and manufacturers of double glazing in Poland. The 10,000 sqm facility will go up in Panattoni Park Białystok. Operations are scheduled to start as early as September, with Pilkington IGP intending to employ a staff of 200. The lease was signed for 10 years....
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