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Posts from CIJ for 11/02/2017

Daily Commercial Real Estate News from Europe and USA
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In this edition: 11/02/2017

Czechia is 127th slowest in issuing construction permits

Nov 02, 2017 10:59 am
It takes an average of 247 days to be granted a construction permit in the Czech Republic, placing the country in the 127th spot when it comes to efficiency, according to the World Bank's 2017 ranking. By comparison, Poland's permitting process takes aaround 153 days, while in Denmark, the wait averages 64 days. However, the Czech permitting process could speed up...
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Udo Ramminger to head sales at Cube Real Estate

Nov 02, 2017 10:46 am
Udo Ramminger has been appointed head of purchasing and sales at Cube Real Estate. He is responsible for coordinating all of the company’s transactions. Ramminger previously held the position of head of investment at RheinReal Immobiliengesellschaft. He previously worked for Leonberger Bausparkasse,  HypoVereinsbank and Lammerting Immobiliengesellschaft. Ramminger studied...
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Commerz Real sells Golden House in Frankfurt

Nov 02, 2017 10:44 am
Commerz Real has sold Golden House in Frankfurt. The seller was a joint venture between Finch Properties and Partners Group, which purchased the office building for their institutional investors. The price of the deal was higher than the property’s most recent market valuation of around €94.5m.The scheme, located at Theodor-Heuss-Allee 80, offers approximately 33,000 sqm of...
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Niam continues Scandinavian office sales in Copenhagen

Nov 02, 2017 10:42 am
The Scandinavian real estate private equity investor Niam has completed the sale of an office building in Copenhagen to Slovern, a Swedish listed real estate company. The 19,300 sqm building, located in the Frederiksberg district, is leased entirely to Copenhagen Business School. Kristian Krogh, Senior Director Denmark says, “We have successfully completed our management...
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ZF engineering center opens at Symetris Business Park

Nov 02, 2017 10:26 am
ZF, one of the automotive industry’s largest sub-suppliers, has opened a new engineering center at Symetris Business Park in Łódź. ZF is planning to design electronic safety systems at its new 2,300 sqm center, cooperating with other ZF research and development divisions in Europe, the US, China and India. Symetris Business Park is onwed by Echo Polska Properties. The...
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Goodman building logistics center for BMW in Świecko

Nov 02, 2017 10:24 am
Goodman broke ground on a warehouse for BMW Group in Świecko, western Poland. The car manufacturer will use the facility, which will cover more than 32,000 sqm, as a logistics center for replacement parts for Poland and east Germany. This is Goodman’s first development for BMW Group in Poland, and its fourth project for the automotive giant in Continental Europe. JLL...
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C&W opens portfolio services center in Budapest

Nov 02, 2017 09:55 am
Cushman & Wakefield opened its portfolio services center at the Studium office building, close to Corvinus University in Budapest. The new center, covering 1,300 sqm, is an integral part of C&W’s global occupier services division and helps shape the future strategy of client portfolios as well as provides day-to-day management services. The first phase of the new...
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Citi Service Center Poland expands space at Generation Park

Nov 02, 2017 09:51 am
Citi Service Center Poland is expanding its space at Generation Park in Warsaw, signing on to another 5,200 sqm in the scheme’s Building X. Citi now leases nearly 19,000 sqm at the park, making it the property’s biggest tenant. C&W represented Citi during the lease negotiation. Citi Service Center Poland will begin relocating to Building X in December. Generation Park...
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Prague stock exchange hits 6-year high

Nov 02, 2017 09:48 am
Much like its American and Polish counterparts, Prague's stock exchange is on a roll, hitting levels not seen for six years. The PX index reached 1067.71 yesterday, a number not seen since August of 2011. This peak had been coming ever since a 5-year high of 1065 was achieved last week, but it still has a ways to go before it surpasses the 1092 from the beginning of...
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Optim PM appointed by Portland Trust as a Project Manager for Oregon Park – Building C

Nov 02, 2017 09:44 am
After the successful delivery of Oregon Park’s first phase, Optim PM was retained by the developer of the project, Portland Trust, as Project Manager for the second phase, a 46,702 sqm GBA office building comprising 2B+GF+6F+Technical Floor. The services package provided by Optim PM also includes Cost Management and Health & Safety Coordination. Construction works...
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Frisbie Group buys $30m Palm Beach office building

Nov 01, 2017 03:25 pm
The Frisbie Group has picked up a landmark office building on Palm Beach’s Worth Avenue for $30.7 million. The firm plans to do an extensive renovation of the 50,000 square foot property by upgrading the interior, technological upgrades and new landscaping to the Class A office building at 125 Worth Avenue. The property is currently 83 percent leased to national tenants...
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$84m deal for Towson, MD apartments financed through Pillar Financial

Nov 01, 2017 03:24 pm
Chesapeake Realty Partners has closed on the sale of the Winthrop Apartments to the Bozzuto Group in a deal valued at $84 million. Changing hands for just over $284,745 per unit, the two building, 295 unit community is located at 913 Southerly Road in Towson, MD. The community’s list of amenities includes a culinary lounge, business center and conference room, dog-washing...
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Aulder Capital buys apartments in Newark, DE for $44.5m

Nov 01, 2017 03:21 pm
The Foxwood Apartments, a 414-unit community in Newark, Delaware. has been acquired by Aulder Capital for $44.5 million free and clear of debt. Located at 5 Fox Hall on a 27-acre site, the property encompasses 31 buildings built in the 1970's. Ninety-six percent leased at the time of the sale, the asset is 15 minutes from the campus of the University of Delaware....
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Greystone takes on Ken Rogozinski as Executive MD for structured debt products leadership

Nov 01, 2017 03:17 pm
Greystone has hired Ken Rogozinski as an Executive Managing Director with Greystone Bassuk, one of its real estate advisory companies. In this newly created role, Rogozinski will help build structured debt products and specialized financing solutions for real estate owners and developers seeking debt and equity for construction and portfolio refinancing of multifamily and...
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Wilo building an office and halls building in Otopeni

Nov 01, 2017 11:05 am
Wilo SE is planning to build a two-story office and hall complex with service space, storage and an assembly line for metal parts in Otopeni, about 15 km north of Bucharest. The project will go up on an 11,000 sqm plot. Wilo, a German manufacturer of pumps and water-pumping systems, bought the land from the Romanian subsidiary of the canned meat producer Espina. Wilo has...
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