business / International Real Estate
Dubai issues new law on rentsDubai tenants whose home or commercial property is less than a quarter below the average price for a similar premises will not have to pay any increase in rent this year, according to a decree issued by the ruler of the emirate. The decree is aimed at curbing the increase in property prices within Dubai to maintain a balance between the interests of both landlords and tenants and to ensure stability of the
real estate sector, said Mohammed Ibrahim Al Shaibani, director of the Dubai Ruler's Court. The decree provides for a freeze of rent prices in 2009 for tenants renewing contracts signed in 2008. It states that the rental value of those properties must be equal to or less than 25% of a corresponding rent average established by the rental index. The guideline for the rental index was issued on Wednesday last week by Dubai's Real Estate Regulatory Authority and is
expected to replace the rent cap.
ameinfo.com Tuesday, January 20, 2009Emaar to raise up to $2bn from bond salesEmaar Properties, the UAE's largest
real estate developer, plans to raise up to $2bn by selling Islamic bonds. A prospectus for setting up a US$2 billion trust certificate programme by a unit of Emaar was approved by the UK Listing Authority, the Dubai-based company said today in a Regulatory News Service statement. A unit of HSBC Holdings will serve as the principal paying agent for the programme, Emaar said.
ameinfo.com Tuesday, January 20, 2009SCD Group acquires 12.6 ha prime development site in Budapest (HU)Hungarian developer SCD Group acquired a 12.6 ha development site for HUF 6.85 billion (24.6 million) in the heart of downtown Buda, the prime residential area of Budapest. The acquisition was financed by MKB Bank, the Hungarian subsidiary of Bayerische Landesbank.
SCD Group acquires the last major development site of the 2nd district of the city following a tender issued by the local municipality last autumn. According to SCD Groups plans favored by the municipality a large-scale mixed
Europe RE Tuesday, January 20, 2009Züblin sells properties in Wettingen, Switzerland (CH)Züblin Immobilien Holding AG today announced that it had concluded the sale of its two investment properties in Wettingen, Switzerland.
The sales prices after tax of both transactions were in line with IFRS fair values as of 30 September 2008. The combined net proceeds, after taxes and transaction costs, were CHF 33.2 million (approx. 20.5 mln.).
Züblin sold its 2,290-m² office property on Landstrasse 115 with a vacancy rate of 14.8% and its 11,186-m²retail property on Lands
Europe RE Tuesday, January 20, 2009Property Market in Japan Japanese Condo Developers Go Broke and Accounting Scandals rifeTwo Japanese condominium developers collapsed Q4 2008 due “mainly to funding problems amid a quickly deteriorating business environment for the industry,” according to Japan’s Corporate News service. (...)
International Property Investment Tuesday, January 20, 2009REDEVCO Poland acquires prime property in Katowice, Poland (PL)REDEVCO Poland has increased its portfolio by acquiring the Pedant property of 2,034 m² in Katowice, Poland. REDEVCO purchased the property from Centrum Development & Investment, a Belgian investor and developer,for a price of 4 mln.
The 7-story building, located at 3 Maja Street, includes 2,034 m² of leasable area. The retail part of the building consists of 1,244 m² and is let to Deichmann. The office part consists of 799 m² and is let to Learning System Poland, a countr
Europe RE Tuesday, January 20, 2009Ærium launches CHF 1 billion Swiss real estate fund (CH)Ærium, the
real estate investment and management group, (Ærium / the Company) announces the successful launch of two institutional real estate funds (the Funds), focused exclusively on the acquisition of investment and development property assets located in Switzerland.
Europe RE Tuesday, January 20, 2009Galeria Victoria 40% leased (PL)Approximately 40% of Galeria Victoria entertainment and retail center in Walbrzych, Poland, developed by Keen Property Partners Retail (KPP Retail), has been leased.
The world-leading commercial
real estate consultants CB Richard Ellis, who are responsible for leasing the mall, have recently signed contracts for the lease of retail space in Galeria Victoria with Choco Cafe, Empik, Everest, Gatta, Greno/Mituu, Pawo, Pierre Cardin, Reporter, Scotch & Soda, Solar, Sping, Swiss, Yes and Willsoor.
Europe RE Tuesday, January 20, 2009IVG Funds consolidates market leadership in the institutional funds business (DE)In the course of the year, the IVG Funds Division of IVG Immobilien AG has significantly improved its position in the German market in its business with institutional customers (e.g.
insurance companies, pension funds) and has thus consolidated its position as the market leader.
One indicator of this development has been the increase in assets under management (AUM) to more than 12 billion currently (beginning of 2008: 10.3 billion) and the increase in the number of management mandates from 3
Europe RE Tuesday, January 20, 2009
Archived international real estate news stories.
Available news archives.
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