Building boom in Big Apple
New York city is due to hit a 25-year high in new office space under construction, according to the New York Building Congress.
With 4.3m sq ft of new space expected to start on site in 2015, the report expects a 79% increase from the 2.4m sq ft in 2014.
It would represent the highest level since 1990.
Cording teams up with BNP PRE
BNP Paribas Real Estate Investment Management Germany has teamed up with Cording Real Estate Group to launch a new value-add fund known as Spezialfonds.
The Real Value Fund has a target equity volume of €150m (£109m), and has purchased Düsseldorf’s 97,000 sq ft Media Tower as its first acquisition.
Tesco sells Korean retail brand
Temasek, MBK and South Korea’s National Pension Service have paid just over £4bn for Tesco’s South Korean business Homeplus.
Proceeds from the sale, which includes 140 hypermarkets, 375 supermarkets and 327 convenience stores, will be used to pay down Tesco’s debt and revitalise its UK operations.
JLL buys Swedish firm
JLL has bought Swedish investment adviser Tenzing in a move that will give it a leading share of Europe’s fourth-largest real estate market.
Tenzing chief executive Tom Lindahl will become JLL’s new head of capital markets in Sweden as part of the deal.
Ardian launches RE arm
Independent investment company Ardian has launched Ardian Real Estate as its fifth sector of investment activity.
Ardian Real Estate is intended to manage more than €2bn (£1.4bn) in the next five years.
The new entity will be led by Bertrand Julien-Laferrière and will focus on investing in commercial and other non-residential real estate assets across Europe.
