International
MIPIM Coverage: UK double dip?
Fearing a double dip in the face of upcoming elections, the UK property market appears to be stalling.
Marriott Sets 2015 Deadline to Double its Footprint in Europe
The European hotel market continues to reel from the impact of the global economic crisis, but that isn’t stopping Marriott International Inc. from making big expansion plans in the region. The Bethesda, Md.-based hospitality company recently announced that it will increase its presence in Europe, where it currently operates 174 hotels, from 40,000 guestrooms to 80,000 guestrooms by 2015.
Latin America’s Data Center Market to Experience 61% Growth Spurt by 2014
The data center real estate sector in areas across Latin America will grow by an average 61 percent by 2014, according to a recently released report by London-based international consulting firm BroadGroup.
Hines Nabs Tenant for an Entire 112,800-SF Building at its New Office Complex in Madrid
U.S. office property owners with international portfolios have been assaulted by high vacancy rates at home and abroad, so Houston-based Hines’ latest news out of its Madrid office is no small matter.
Tata Consultancy Takes 180,000 SF At Tishman’s Hyderabad Project
In Hyderabad, India’s second-largest office lease in the past year, Tata Consultancy Services has inked a five-year lease for more than 180,000 square feet at Tishman Speyer’s WaveRock project.
Whiterock Wraps Up Purchase of Interest in 1.1M-SF Toronto Office Portfolio
Toronto, Ont.-based Whiterock Real Estate Investment Trust has just enhanced its office holdings with the acquisition of a 49.9 percent equity interest in a $214 million office portfolio located in the greater Toronto area.
Foreign Investment Fund to Acquire $1B in U.S. Retail Properties
Elbit Plaza USA L.P., a joint venture of Tel Aviv-based Elbit Imaging Ltd. and Amsterdam-based Plaza Centers N.V., have entered into an agreement with New York City-headquartered NCH Capital Inc.’s Eastgate Property L.L.C. subsidiary to form a real estate fund that will target retail properties across the continental United States.
Economy Watch: Bailout for Greece
It may not be pleasant to contemplate the bailout of an entire nation–Greece, of course–but at least the U.S. Treasury isn’t expected to foot the bill on this one. Rather, “Europe” is going to take on the job, which is to say Germany, with other euro-zone nations along for the ride.
Power Supply Problem Shuts Dubai Tower
A month after the At the Top observation deck opened at the world’s tallest man-made tower, a malfunction at the deck has shut the tower to the public.
Economy Watch: CBRE Profits From Asian Rebound
Los Angeles-based CB Richard Ellis Group Inc. has reported net income of $64.3 million, or 21 cents a share, for 4Q09. That compares quite favorably with the same quarter in 2008, when the multinational brokerage lost $1.1 billion, or $4.70 a share.