Golub-Europe develops $50M Prague office building Golub-Europe LLC, an affiliate of Chicago-based Golub & Co., is scheduled to start construction at year-end on a $50 million, Class-A office building in central Prague, Czech Republic. The nine-story, 325,000 sq. ft. building will be named Charles Square Center and will sit on land leased from the city of Prague. Michael Glazier, managing director of Golub-Europe in London, has appointed Colliers International of Prague as joint leasing agent on the project, along with Golub-Europe. The building should open in second-quarter 2001.
European hotels up, Asia down reports Jones Lang LaSalle Hotel investment in Europe continues to look upbeat, while Asian prospects continue to flounder, according to the new International Hotel Property Digest published by Chicago-based Jones Lang LaSalle.
The Digest profiles European and Asian markets. London is a European standout with sound long-term fundamentals, while Paris and Barcelona are both improving steadily. Managing director Douglas Hercher notes that Asian economies will have to wait until at least 2000 before economic revitalization is realized.
Dutch fund invests $40M in Donahue Schriber of U.S. One of Europe's leading pension funds, Netherlands-based BPMT, is investing $40 million in shopping center REIT Donahue Schriber, based in Newport Beach, Calif. The private REIT owns and operates 51 neighborhood, community and power shopping centers in California, Nevada and Arizona. It now has a market value of about $600 million.
AEW, DTZ create JV alliance:Curzon Global Partners Boston-based AEW Capital Management and London-based Debenham Tewson & Chinnocks Holdings plc, parent of the DTZ group of real estate services companies, have created a joint venture called Curzon Global Partners.
The new London-based entity will provide AEW and DTZ clients with access to international real estate investment opportunities in North America, Europe and the Middle East.
No word yet on how much the venture will actually invest in these markets.
Lend Lease global invests $50M in Portuguese center Lend Lease Global Properties, a Luxembourg-based global real estate opportunity investment company, purchased a 50% interest in the Arrabida Shopping Centre in Porto, Portugal. The center will be jointly owned with Lend Lease Europe, which purchased the remaining 50% interest. The fund's investment in the shopping center totaled $50 million. The 610,000 sq. ft. Arrabida Shopping Centre, opened in 1996 and 98% leased, is one of the largest of its kind in Portugal.
South Africa's new stability bodes well for markets According to Gil da Silva, head of research at Old Mutual Properties, the return of business confidence to South Africa will usher in improved trading conditions for local retailers and manufacturers. "Greater global stability and falling interest rates are spurring a widespread revival," says da Silva. "All property sectors will most likely benefit, but office space should benefit most because of shortages of prime and A-grade accommodation."
Old Mutual Properties is the real estate arm of Old Mutual, Africa's largest life assurance company which has substantial holdings in South Africa and elsewhere on the African continent. Currently the firm is undertaking a major development program including $1 billion in new shopping centers.
Knight Frank publishes new Global Office Report London-based Knight Frank has released its latest Global Office Report, providing profiles of leading world centers. Here are a few of its findings:
Europe: There is increased investment within Europe, and non-European investors are finding a more transparent and less-risky market. Strong demand coupled with slow new supply is putting pressure on rental rates. Investment activity has been restricted by a shortage of good-quality investment stock on the market.
Asia & Australasia: Southeast Asia may have passed the worst of its crisis. Most cities still suffer from office space oversupply. Australia is expected to see a slowdown in its economy and overall property markets.
Africa: Development is limited to pre-let schemes, which has led to rental growth in certain locations.