Patrizia bags German portfolio
Patrizia has acquired a west German retail portfolio for €250m (£187m). The properties include 21 specialist markets in the Bavaria, Lower Saxony and Schleswig-Holstein regions, comprising a leasing area of 1.9m sq ft.
New York office vacancies to rise
The number of office vacancies in midtown Manhattan is set to rise as new premises are completed and tenants move to the outer boroughs. Savills Studley estimates there will be around 21m sq ft of prime office space available by 2017.
JLL expands in Portugal
JLL has acquired Cobertura SA, a Portugese residential agency. Cobertura has 20 full-time employees and an additional network of 25 specialist residential advisers. Cobertura SA will be rebranded as JLL by mid-2016.
Hawksmoor heads to New York
British steakhouse Hawksmoor has signed as the restaurant at Westfield’s new World Trade Center development, New York. Hawksmoor will anchor the Richard Rogers-designed Tower 3 with a 14,500sq ft unit, which is its largest restaurant to date. The restaurant is set to open by the end of 2017.
New phase for Irish property
CBRE says 2016 will see the Irish property market moving to the next stage of its recovery, with a significant escalation in development activity. Marie Hunt, head of research at CBRE, said that as deleveraging efforts slow, more transactions will come from secondary trading.
Hines wins German mandate
Hines has won a €1.3bn (£1bn) mandate from German pension fund Bayerische Versorgungskammer to buy prime high street shops across Europe. The mandate will involve acquiring and managing core-plus, value-add and redevelopment opportunities.
