International News

OSI plans the largest growth plan in Central American history In an effort to stimulate regional growth and economic potential in the Province of Limon on Costa Rica's Caribbean coast, OSI Proyectos Costa Rica, S.A. announced plans for an unprecedented development of a port city. The Costa Rica-based development firm has named the 78 sq. kilometer tract of oceanfront land "The Costa Rica Project."

The govenment of Costa Rica granted OSI the permission to develop the project as a full free-trade zone for the next 25 years.

Insignia/ESG delves into German market with Richard Ellis In an effort to extend its venture into Europe, New York-based international financial group, Insignia/ESG will open an office in Frankfurt, Germany. The intermediary Frankfurt office will work closely with the British Richard Ellis Group Ltd., which Insignia recently aqcuired, on pan-European business assignments and with the United States' Insignia/ESG operations on trans-Atlantic assignments.

Cushman & Wakefield goes down under with Laing and Simmons International real estate services firm Cushman & Wakefield, based in New York is establishing its Australian connection through an alliance with Commercial Property Network member Laing & Simmons.

This effort, part of a worldwide expansion program that the company is embarking on with its European associates Healey & Baker, is an effort to broaden its services to reach all sectors of the commercial property market.

Knight Frank announces Kenya venture with First Chartered London-based Knight Frank and First Chartered Securities, a Kenyan investment company, are opening an office in Nairobi. Knight Frank has 15 offices in seven countries in sub-Saharan Africa and manages a large portfolio of property in the region for clients such as Mitsubishi, Mobil and Murray & Roberts.

FIABCI elects Bob Hatcher president of American chapter Bob Hatcher of Hatcher and Eiland Inc. was elected 1998 president of the American chapter of the International Real Estate Federation, known by its French acronym, FIABCI-USA. The organization, a multicultural group that conducts business in countries around the world, acts as an alliance to those in the industry with various worldwide real estate interests. Ninety percent of FIABCI's members are based outside the United States.

Hatcher led the U.S. delegation to Bali at the end of May for the 19th annual World Congress of FIABCI and, throughout his reign as president, will work to further the FIABCI-USA mission.

The international real estate association, operates in over 50 countries and in connection with more than 100 professional associations and 1 million real estate professionals. FIABCI holds Special Consultative Status - Level II before the Social and Economic Council of the United Nations.

AIG plans office building with Dublin Docklands Development American International Group Inc., (AIG) recently announced a joint development agreement by its member companies, AIG Global Real Estate Investment Group and AIG Global Investment Group Inc. (AIGGIG) and the Dublin Docklands Development Authority. The venture is a 70,000 sq. ft. office building to be located within the International Financial Services Centre (IFSC) area of Dublin. AIGGIG will locate its Dublin investment operations to the project at its completion, scheduled for late 1999.

Brooke Hillier Parker-Oncor plans China development Brooke Hillier Parker-Oncor International, an international property consultancy, announced that it is establishing a series of property funds to finance major developments in China's second-tier cities. These will include large provincial capitals and special economic zones. The funds will be the single purpose Real Estate Investment Funds (REIFs) covering China.

Such a focus on second-tier locations contrasts with the traditional concentration on major cities, where an abundance of supply has resulted in high vacancy levels and declining rental values.

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