| international news
PROPERTY INVESTMENT SPIKES IN EUROPE R
TWO RETAIL PARK ACQUISITIONS
esearch released by Knight Frank in the European Quarterly, Commercial Property Outlook (Q3 2017) proves a strong third quarter last year has put 2017 European investment volumes on course to beat 2016. In fact, a total of €47.4 billion was invested in European commercial property in the third quarter (Q3) 2017; a 13% increase on the same quarter of 2016. Inspired by the strong performance in Q3, which took European commercial investment volumes for the first three quarters of 2017 to €144.4 billion, up by 3% year-on-year, commercial property specialists,
Savoystewart.co.uk sought to uncover the countries stirring the most interest in investment in Europe. In analysing the figures,
Savoystewart.co.uk found several countries experienced a spike in commercial investment in 2017. Most notably in Finland, with a total investment of €5.6 billion, Q1- Q3 – a rise of 121.60% on figures from 2016. Hungary (89.90%), Romania (73.50%), the Czech Republic (43.30%) and Netherlands (41.70%) followed, with considerable increases measured.
Though missing out on the top ten for highest commercial investment volumes, the UK received a gargantuan €37.6 billion in commercial investment, Q1-Q3 2017, which accounts to a 2.80% rise on 2016.
Indeed, the recovery in UK volumes has been primarily driven by the sale of large assets in London to overseas buyers, particularly in Hong Kong. Including a single €1.4 billion deal – the largest noted in the third quarter of 2017. The UK’s position as a strong contender in commercial property therefore, should not be overlooked. Particularly as other European locations experienced catastrophic falls in commercial investment volumes.
TRADE ZONE CLEARED
approval from the U.S. Department of Commerce to designate Miami International Airport’s entire 3,230-acre land parcel as a Foreign Trade Zone (FTZ) magnet site. The magnet site designation allows existing or prospective airport tenants to operate manufacturing, warehousing and/or distribution centers on airport property, and have their federal tariffs deferred, reduced or eliminated – providing time and cost savings for approved importers and exporters. “The MIA FTZ creates an attractive business opportunity for companies to begin or expand their operations directly on-site at the passenger and cargo gateway of the Americas,” said Miami- Dade County Mayor Carlos A. Gimenez. “Congratulations to the MIA team for achieving this significant milestone, which has strong potential for new business revenue and job creation in our community.”
R The new magnet site - an expansion
of Miami-Dade County’s existing FTZ 281 - will allow companies to receive and process materials and merchandise with reduced or eliminated Customs duties upon entry into the country at MIA.
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ecently, the Miami-Dade Aviation Department (MDAD) gained final
XA Investment Managers - Real Assets, announces that it has completed, on behalf of clients, the acquisition of the Dolce Vita Tejo shopping centre in Lisbon, Portugal for €230 million. The asset has been acquired from Baupost and Eurofund Group, who are currently undertaking a redevelopment programme, aiming to reposition the centre as Portugal’s premier retail and leisure destination experience. Eurofund and Baupost will continue to act as operator and development manager for the asset until completion. Dolce Vita Tejo is currently the second largest shopping centre in Portugal totalling 80,000 sq.m, spread across two floors and four adjoining levels of parking. The 274 retail units are over 90% let to a range of retail, leisure and food and beverage tenants.
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The significant redevelopment programme, to be completed in 2019, will deliver additional lettable space and units, reinforcing the asset’s position as Lisbon’s leading retail and leisure destination. On completion, the scheme will provide a first- of-its-kind entertainment offering in Portugal to include a water park, virtual reality games and flight simulators, along with a theme park.
with two new acquisitions - Parque Mondego in Coimbra and Focus Park Canidelo in Greater Porto. This continues Mitiska REIM’s European expansion, which successfully entered the Spanish, German, French and Portuguese markets over the past 16 months.
M
itiska REIM, the leading specialist investor in European retail parks, has today announced its entry into Portugal
Parque Mondego, located just outside the city of Coimbra
next to the main Lisbon-Porto motorway, is currently one of the largest retail park in Portugal, with a gross leasable area of more than 29,000 sq.m. It consists of 23 retail units, with tenants such as Decathlon, Bricomarche
́, Deborla, Minipreço and Ra ́dio
Popular, and parking for 1,300 cars. Focus Park Canidelo is an urban convenience retail park
located in the Greater Porto area. It has a gross leasable area of 8,400 sq.m, comprising 4 retail units, anchored by a Jumbo supermarket, with retail brands Seaside and Espaço Casa, and a Mais Fit gym. The site has parking for 466 cars. Both retail parks have been acquired by Mitiska REIM’s First
Retail International 2 fund (FRI2), which successfully closed at €223 million at the end of 2016.
SHOPPING CENTRE ACQUIRED
NEWS IN BRIEF
Hammerson, on behalf of The Dundrum Partnership, announces that Dublin’s fine food emporium, Fallon & Byrne, is set to open a new flagship food hall, delicatessen and restaurant at Dundrum Town Centre. Fallon & Byrne’s new 10,000 sq.ft (900sqm) speciality food hall will significantly enhance the centre’s food and beverage offer.
Hines, the international real estate firm, has appointed Völkel Company as property manager for the Mira Shopping Centre in Munich. Völkel Company, which specialises in shopping centres, will also take control of the facility management contract (WISAG), which has also been newly awarded.
Madrid’s growing status as a major European investment capital has been given a further boost with the release of new figures from leading real estate agency Lucas Fox. The company has announced a 92% jump in the number of sales transactions and a 311% increase in sales value in the Spanish capital during 2017. The average price of a property sold by Lucas Fox Madrid was €1.4 million, more than double that of the average sales price in 2016.
COMMERCIAL PROPERTY MONTHLY 2018
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