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Posts from CIJ Europe.com for 02/02/2017

Daily Commercial Real Estate News from Europe and USA
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In this edition: 02/02/2017

Modern retail stock in Bucharest tops 1 million sqm

Feb 02, 2017 11:58 am
Modern retail stock in Bucharest reached 1.225 million sqm at the end of 2016, with shopping centers (56 percent) and retail parks (33 percent) making up the majority of the total, according to a DTZ Echinox market report. New supply reached 98,500 sqm with the openings of Parklake Plaza and Veranda Shopping Center and the expansion of Militari Shopping retail park....
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Czech Central Bank ready to intervene against quick lending

Feb 02, 2017 11:31 am
The Czech central bank (CNB) is ready to intervene if quick lending continues. The bank claims that the skyrocketing real estate prices seen in 2016 were not in line with economic fundamentals and household income growth. If credit standards stay loose and quick lending dynamics continue, CNB is prepared to adjust the standards and to increase the countercyclical capital...
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Trigema’s turnover up 50% in 2016

Feb 02, 2017 11:17 am
Trigema’s gross profit grew from CZK 127m to CZK 176m last year. Turnover, meanwhile, jumped 50 percent y-o-y to CZK 1.5bn. The developer completed its first SMART Byty project in Prague-Nové Butovice, which cost CZK 1bn and includes a restaurant, shops, services, a Czech Photo Center gallery and a sculpture by Czech artist David Černý. Trigema also launched flat sales at...
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Echo Polska acquires four Polish malls for €166.6m

Feb 02, 2017 11:13 am
Echo Polska Properties is set to acquire four retail assets across Poland from real estate funds managed by the Blackstone investment group in a deal worth €166.6m. The properties include Galeria Twierdza in Klodzko (€40.67m), Galeria Twierdza in Zamosc (€53.51m), Galeria Tecza in Kalisz (€23.21m) and the Wzorcownia shopping center in Wloclawek (€49.17m). The four shopping...
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UK economic growth to slow down over next two years

Feb 02, 2017 11:01 am
Economic growth in the UK is expected to slow to 1.7 percent this year and 1.9 percent in 2018, according to the latest forecast by the National Institute of Economic and Social Research (NIESR). Inflation, meanwhile, is expected increase to 3.3 percent this year, up from an average of 1.2 percent in 2016, which could significantly impact household spending. The UK economy...
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UBM to build resi project in Koliba

Feb 02, 2017 10:36 am
UBM Development is planning to build Rezidencia Na Kolibe in Koliba, one of Bratislava’s most popular residential districts. The project will feature four apartment villas with a total of 32 flats. UBM has launched sales, with prices starting at €172,000 for a 68 sqm, two-room flat and rocketing to €620,000 for the largest units. This represents prices ranging from €2,800...
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Hungary’s commercial RE investment market doubled in 2016

Feb 02, 2017 10:29 am
The investment volume on the Hungarian commercial real estate market hit €1.54bn in 2016, up 107 percent from the previous year, according to the latest figures published by CBRE. Growth in the office market was up 129 percent y-o-y, bolstered by increasing demand for second- and third-class properties. Investment turnover of retail properties also increased by a...
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Sales volume at Galeria Katowicka up 13% in 2016

Feb 02, 2017 10:12 am
The sales volume at Galeria Katowicka increased by 13 percent and footfall was up 8 percent y-o-y in 2016, bucking the national trend in Poland which sits at -0.1 percent. Meyer Bergman’s asset management team worked to strengthen the shopping center’s retail and family offerings, introducing brands such as Martez Sportswear (1,000 sqm) and Matras (500 sqm) as well as a...
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Savills named manager of Wratislavia Tower in Wrocław

Feb 02, 2017 10:10 am
Savills has been appointed to manage the 16-story, mixed-use Wratislavia Tower on behalf of Cinema Tower Sp. z o.o. The 20,000 sqm building is located in Wrocław’s Old Town at the intersection of Kazimierza Wielkiego and św. Antoniego streets. It offers 11,000 sqm in office and service space and also feature an 8,000 sqm Helios cinema. There is parking for 140 cars. Tenants...
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RWN Development selling ten properties around downtown Baltimore

Feb 01, 2017 04:25 pm
Richard Naing of RWN Development Group has announced the sale of ten prominent buildings, mostly in downtown Baltimore. The properties include historic buildings such as The Hotel Brexton and The Court Square Building. Many have undergone significant restorations or are currently being renovated. Also included in the sale are the Mount Vernon Apartments at 902-904 St. Paul...
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Mack-Cali Realty assigns Holliday Fenoglio Fowler to sell 1.2m sqf NJ portfolio

Feb 01, 2017 04:22 pm
Mack-Cali Realty Corporation has tapped Holliday Fenoglio Fowler for the disposition of a 26-building, 1.2 million-square-foot office/flex portfolio in Moorestown and Burlington Townships, New Jersey. The portfolio encompasses 24 buildings in Moorestown and two buildings in Burlington Township that are 91 percent leased. Tenants include businesses in health care services,...
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Coleman named VP of Transwestern's NJ office

Feb 01, 2017 04:11 pm
Kevin Coleman has joined Transwestern’s New Jersey office as vice president. In this role, Coleman will provide leasing and sales services on behalf of owners and occupiers of office and industrial properties. Coleman has spent 13 years in the industry, having served most recently served as director at Colliers International. Previously, he worked at Commercial Property...
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Tom Sullivan named Executive Director in C&W's Boston office

Feb 01, 2017 04:09 pm
Cushman & Wakefield's Boston office has announced that Tom Sullivan has joined the firm as an Executive Director. Sullivan, who brings 14 years of capital markets experience to the job, spent the previous five years at Cantor Commercial Real Estate where he most recently served as Managing Director heading the firm's Boston office. He has also held positions...
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Quadrum begins $95m senior home in South Fort Myers, FL

Feb 01, 2017 04:05 pm
Quadrum Global and its development partner DeAngelis Diamond of Naples have kicked off construction of a new senior housing community in South Fort Myers, FL. The $95 million project, Avida, is located at 7650 Gladiolus Drive close to Lakes Regional Park on a 32 acre site. The 488,265 sqf community will offer 125 assisted living apartments, 35 memory care apartments and 272...
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Russians dominate foreigners on Miami real estate market

Feb 01, 2017 04:01 pm
Russians were the most active foreigners on Miami's real estate sector during 2016, according to the Miami Association of Realtors. It was the first time this result had occurred since the association began tracking the statistic in 2013. Colombians and Venezuelans finished second and third, respectively. The association credits The Miami city of Sunny Isles Beach,...
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