The operator has secured financing of 95 million euros, or approximately $102 million, for a new Six Senses resort hotel planned near Athens, Greece.
Hospitality giant IHG Hotels & Resorts is developing a project to build 60 hotel suites and 12 branded residences in Porto Heli, scheduled to open in 2026 in mainland Greece's Argolis region. It will become the first Greek outpost for luxury global brand Six Senses, having secured debt financing through an arrangement between London-based merchant bank CBE Capital and Greek financial institution Piraeus Bank.
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Global property investor Hines is set to significantly expand its UK industrial property holdings with two portfolio acquisitions expected to total more than £110m.
The Houston-based company is in talks to buy Project Iona, a portfolio of six industrial properties sold by Legal & General Investment Management, for about £80 million, according to people familiar with the matter. That's what it means. Separately, Hines completed the acquisition of Project Clover, comprising three light industrial multi-tenant properties, from investor Columbia Threadneedle for approximately £34 million.
Co-star news>>
Thailand-based investment firm Central Group will acquire the Berlin building that houses luxury department store KaDeWe from investor Cigna Prime, following Cigna's recent bankruptcy filing. The sale price is expected to be more than 1 billion euros.
This is nearly 400 million euros lower than the property's valuation a year ago, when Central Group agreed to buy a half stake in the building but the deal was not completed. According to market sources, Central Group also owns half of the shares in operating company Kadewe Group, and is aiming for a complete acquisition. KaDeWe also operates his Alsterhaus department store in Hamburg and his Oberpollinger store in Munich.
Thomas Daly>>
Sales transactions for logistics facilities are surging in France, with investments in the first quarter up 43% from a year earlier, according to data firm GIE Immostat.
Brokerage firm Cushman & Wakefield predicts that the country's logistics transactions will reach more than 2 billion euros in 2024, and could even approach 3 billion euros, due to rising demand. “We are in a transition period and liquidity standards have been lowered from 2022 to 2023, but liquidity is coming back with larger trading volumes, with portfolios of €200 million, €300 million and more being able to trade. “There is,” he said. Cushman's office in Lyon, France.
Business Inmo>>
Developers are planning a waterfront recreation and tourism area, as well as lots of housing and offices, on an industrial site near downtown Montreal. This industrial site was once used by ships plying the Lachine Canal until 1970, when shipping traffic was diverted to the St. Lawrence Seaway.
Canada Lands plans to begin subdivision of a project in the Wellington Basin next year that will include 2,800 homes, totaling 3.2 million square feet of construction on a 1.5 million square foot site. The project requires land cleanup and other approvals from the City of Montreal.
Co-star news>>
Two major U.S. lenders say loan defaults from these properties are piling up, as the downturn in the office market weighs on banks' finances.
Bank of America, the second-largest U.S. bank by assets, quadrupled the amount of bad loans it wrote off in the first quarter to $350 million, driven by commercial loans for office real estate. It was announced that it had become. Troubled office loans are also an issue at PNC Financial Services Group, as non-performing units rose 26% from the previous quarter to $923 million in the first quarter. Banks classify a loan as non-performing if the borrower is at least 90 days late on payments but keeps the loan on their books.
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This report was compiled from CoStar's news publications in the United States, United Kingdom, Canada, France and Germany.