Monthly Archives: September 2010

Ooops…

That, friends, is a building somewhere in China that’s lying down. Not a New Age hotel, not an incredible feat of engineering. A massive screw up.

Some sketches, and then pictures follow. Click on the <continue reading> link below to see them.

This first sketch shows the intact building, with pilings… Continue reading

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C&W tepid on European retail rents

In its corporate blog, Cushman & Wakefield give report about some lukewarm positive signs about retail rents. When you take a hard look at the European trend line in the graph they post, the best that can be said is that at least rents don’t seem to be falling anymore. Come to think of it, how could they, if next to nothing is getting built? Citing the now-famous Next report they warn property owners to think about innovation, rather than counting on tightening supply to firm up rents. Continue reading

Fund managers in the hot seat

All you fund managers and investment consultants out there will no doubt have taken note of the article in the FT about the hot water Henderson Global Investors is in with a bunch of pension funds. If not, here’s the link, and here’s an excerpt. Seeing as the topic came up at CEDEM this year as well, we’d be interested in comments on this, either in the comment section or emails to the usual place…

Investment consultants and lawyers await the outcome of the legal dispute between a group of 30 pension funds and Henderson Global Investors with bated breath.
With an absence of legal judgments on cases between institutional investors and institutional providers, the case is expected to shine a light on the role of investment consultants when advising on complex alternative investments, such as private finance initiatives.

Tesco anchors new Chomutov center

Spectrum stores is opening a 10,000 sqm shopping center tomorow (Sept. 30) in Chomutov, 9,000 sqm of which has been leased. A Tesco supermarket sits on the ground floor, with other tenants including CCC shoes, Dr. Max, Orsay, Takko, Euronics and Apollo Sport.

Cushman & Wakefield, which has been in charge of finding clients, points out it’s one of just four centers which will open this year in the Czech Republic. Continue reading

Outlets in Slovakia

We figured everyone in Slovakia already knew about One Fashion Outlet — and no we don’t mean anything being planned around Senec. Not far up the road though. Think Samsung.

Apparently these guys have been flying under the radar until recently, talking to retailers at the factory and using outlet-specific agents rather than what they call “full price retail specialists.” If this is news to you, all will be revealed in the upcoming CIJ.

How many outlets can Slovakia support anyway?

CEDEM 2010 pictures

Click to go to CEDEM 2010 Gala Party album

Along with a great deal of feedback from CEDEM 2010, we’ve been getting a lot of requests for pictures. We’ll get them all on-line over the coming days, but in the meantime, here’s a taste of the Gala Party which continued on late into the night as per usual. Click here to go to the album, which will be growing in the hours and days to come.

Our thanks to all who participated and in particular to our many partners in the event. The open and often frank discussions this year in many of the panels gave real insight into the state of play for CEE’s property market, and the thinking of some of its most influential players.

AFI Europe seeks €130m via share offering

Having concluded painful debt settlement arrangements with bondholders and banks, and with around €200m in short-term bonds to pay by May 2011, AFI Europe hopes to raise €130m to float a mixture of new and old shares. Haaretz gives the details:

AFI Europe’s ownership equity totaled 198 million euro ‏(NIS 966 million‏) at the end of June. Along with owners’ loans extended by Africa-Israel Properties totaling 265 million euro ‏(NIS 1.3 billion‏), the company’s total economic equity was 463 million euro ‏(NIS 2.26 billion‏).

The intention is to raise 130 million euro ‏(NIS 635 million‏), with the expectation that this will yield 100 million euro ‏(NIS 490 million‏) for new capital, with the 30 million euro ‏(NIS 146.5 million‏) balance being an offer of existing shares from the parent company, to go toward paying down its bond debt and completing projects in Israel.