Ablon buys Polish land
Ablon Group has bought a 5,290 m2 plot of land in Warsaw, Poland with plans to build up to 13 floors of residential space over 17,000 m2 in a €40m development. Construction will start in the third quarter of 2008 and is expected to last two years. The total revenue from the project is expected to be between €70m and €85m. The plot is Ablon’s first residential venture in Poland.
Facelift for Turkish centre
The Akmerkez shopping centre in Istanbul, one of Turkey’s most successful retail schemes, will receive a $25m facelift. Restoration works will begin in March and take up to a year to complete. The mall is 47% owned by Corio.
Atenor to sell Brussels project
Belgian developer Atenor is selling a €40m office project in Brussels. The 32,700 m2 development, near the capital’s Midi station, is scheduled for completion in late 2009. Work began in December. Around 12,000 m2 of the property is prelet to Belgian public service contractor Smals.
Rockspring sells Brussels asset
Rockspring has sold a prime office asset in Brussels to Standard Life for €34m. Rockspring’s Euroinvest fund sold the 8,900 m2 refurbished Arcadia building to the UK insurer. The asset is let to Fortis Bank. Standard Life also bought a multilet 36,300m2 office and industrial asset in Aartselaar, near Antwerp, from Rockspring. Rockspring was advised by CBRE and Colliers Standard Life was advised by Clifford Chance and Cushman & Wakefield.
