Connect with us

Real Estate

Eastnine acquires €35.5m office portfolio in the Baltics

Published

on

Eastnine has signed an agreement to acquire two office properties from Vastint (Interogo Holding) – the UNIQ business centre in Vilnius, Lithuania, and the Zala 1 office building in Riga, Latvia. The €35.5m transaction is expected to close within Q2 2021.

 

“We are pleased to be growing our portfolio with the acquisition of these two properties. UNIQ and Zala 1 represent desirable, well-located, and high-quality offices that are very complementary to our existing footprint in both Vilnius and Riga. This transaction consolidates Eastnine’s position as the leading prime office landlord and investor in the Baltics, having assembled a portfolio exceeding 130,000m² in gross leasable area and €400m in value over the past four years,” said Kestutis Sasnauskas, the CEO of Eastnine.   

 

The first property, the 6,900m² UNIQ office building, is located at A. Gostauto St. 12A in Vilnius. The business centre is in a strategically convenient location, easily accessible from both Vilnius’s Old Town and its central business district. One of the Lithuanian capital’s most important transport arteries, Geležinio Vilko Street, is beside the facility. Built in 2016, the seven-storey class-A business centre features modern architecture and innovative technical solutions. The property is LEED Platinum certified. Its sole tenant is a Danske Bank IT service centre.

 

“UNIQ is in fact a unique project in Vastint Lithuania’s portfolio. It is the first LEED Platinum project in the Baltic region, built on the site of a demolished inefficient building, notable for exceptional interior elements designed together with the tenant. The development and sale of the UNIQ business centre is a good example of the value-add potential lying within our portfolio, which we will continue to realize. Vastint Lithuania is expanding its activities in Lithuania and aims to renew its portfolio by investing in integrated mixed-use commercial and residential projects,” said Kestutis Vedeckis, the CEO of Vastint Lithuania.

 

The other property is the Zala 1 business centre, with GLA of over 3,600m² class A property located in the historical centre of Riga, Latvia. The property, which had housed a tobacco factory since 1899, was reconstructed in 2009 into a modern five-storey office building with a two-storey underground car park. The property is LEED Platinum certified. The main tenants of the building are Microsoft, iVF Riga clinic, Arvato Systems, Sicor Biotech, and CBRE.

 

“Zala 1 is unique, too, being a combination of heritage building and complex underground engineering (the car park is more than 6,000m² in size, two levels below the surface and 6 meters below the groundwater level). The property is one of a kind in the historical centre of Riga, a.k.a. the Embassy District. We look forward to building a good-neighbour relationship with Eastnine, as we remain the owners of the adjacent AC Hotel by Marriott Riga and continue developing the Magdel?nas Kvart?ls on the other side of Antonijas Street,” added Romans Astahovs, the CEO of Vastint Latvia.

 

The Vastint group, which is owned by Interogo Holding, maintains a strong commitment to ecology and social responsibility in all countries and has taken the decision, in developing real estate projects, to certify all buildings under the BREEAM or LEED international systems. Both of the properties sold in the transaction have LEED Platinum certification for sustainable design and construction.

 

“This deal demonstrates that regardless of the uncertainty caused by Covid-19, the office segment remains one of the most attractive in the Baltics in the eyes of real estate investors. We believe that the office market in the Baltics is poised to benefit in the long run for a number of fundamental reasons, the main one being a continuous influx of office occupants from more expensive Western Europe and the Nordics,” said Andrius Svolka, Head of Transactions at Newsec in the Baltics.

 

By providing financing for the Vilnius property, SEB is contributing to the sustainable growth of class A office buildings in the Baltic capitals. Buildings that receive top certifications reflect a mature real estate market and a socially responsible business community, at the same time showing the efforts of modern business to create long-term value. The credit agreement which has been concluded demonstrates a shared approach to sustainable business values in a successful partnership between SEB Bank and Eastnine. This may become an ongoing impetus for the commercial property investment market in the country and the Baltics,” said Vilius Juzikis, a Member of the Board at SEB Bank and Head of the Corporate Banking Division.

 

 

Source link

Real Estate

Serravalle Designer Outlet unveils new state-of-the-art leisure facility (IT)

Published

on

McArthurGlen has officially launched the “Play Land”, a brand new 6,000m² leisure concept at Designer Outlet Serravalle. The €7m attraction introduces a new state-of-the-art experiential element to the centre that further enhances the shopping experience for guests of all ages. Part of the centre’s €40m investment programme, Play Land launches alongside six new stores that are home to renowned luxury and F&B brands, including Off WhiteValentinoZegna and Starbucks. The iconic names join recent international arrival Givenchy to further elevate the centre’s reputation as one of Europe’s premier luxury destinations. The enhancements have created around 100 new jobs and also delivered wider improvements to the centre’s hospitality offering, including to its VIP lounges, guest services, landscaping and car parks.

 

This latest investment signals McArthurGlen’s commitment to the region that welcomed it over 20 years ago. Situated in the heart of Alessandria, the centre was the first designer outlet to arrive in Italy in 2000, and today has more than 240 stores spread across over 50,000m² of GLA, making it the largest luxury outlet in Europe by retail space. 

 

“We firmly believe in the value of the physical retail experience and that has always been at the heart of McArthurGlen,” said Joan Jove, Co-CEO of McArthurGlen, addingTogether with our long-standing investor partners from the European Outlet Mall Fund, we are thrilled to bring this new experiential element to our customers at Serravalle and introduce a cutting-edge facility that can be of benefit to the whole community.”

 

Anchoring the facility is Lele’s Aqua Park, which is a brand new concept in the McArthurGlen portfolio. Featuring a bespoke design, the 3,500m² waterpark features a variety of activities, including slides, water cannons and a large waterfall, designed to maximise the fun for children and enhance the day-out experience for families. The Playground, inspired by the work of the famous Dutch artist M.C Escher, spans approximately 2,500m² and consists of platforms and hexagonal towers in a labyrinth of interconnected play spaces. The play village includes a structure inspired by the small villages set in the beautiful Piedmontese landscape, aiming to create a world in which children can immerse themselves in exploration and discovery, while at all times remaining inclusive for those with disabilities. Flora’s Baby park is a new service offered to families while they are shopping at the centre. It enables parents and guardians to leave their children to play among a range of adventure activities, including a small vertical maze, which are supervised and assisted at all times by experienced staff. Designed specifically for the whole family is the Picnic Area, which provides a welcoming space set up with comfortable tables and chairs. Guests can relax in this environment while taking advantage of the centre’s excellent mix of F&B operators. 

  

The investment enhances Serravalle Designer Outlet’s sustainability credentials with new green spaces, improved water consumption and solar panels, supporting McArthurGlen’s commitment to reducing its impact on the environment. A newly planted garden comprising perennial plants and flowers encircles the leisure complex, creating a protective green belt around the family area that connects to the centre’s surrounding landscape. An integrated irrigation system reuses the water from the swimming pool, while two photovoltaic systems installed on the roofs of the changing rooms and public toilets provide energy from renewable sources.  

 

McArthurGlen’s long-standing partner Hydea designed the masterplan for the Family Entertainment Area, with sector specialistsCarve creating the Playground and Baby Park, and Cemi designing the waterpark.

Source link

Continue Reading

Real Estate

British ex-pat, 67, is forced to DESTROY his Spanish home two months after his wife died from cancer

Published

on

A British ex-pat has been forced to knock down his £130,000 Spanish home two months after his wife died from cancer.

But the situation for 67-year-old Gurney Davey, from Suffolk, could get worse because he is facing six months in prison after a mayor illegally gave him planning permission for the house.

‘I was distraught at first, my blood pressure was sky high and then I lost my wife,’ Mr Davey said this week as he was demolishing his home near Tolox, Malaga.

Gurney Davey, 67, has been forced to knock down his £130,000 Spanish home two months after his wife died from cancer

Gurney Davey, 67, has been forced to knock down his £130,000 Spanish home two months after his wife died from cancer

Despite Friday’s demolition also costing him €1,600, he added that it had actually come as ‘some sort of relief’ having fought the legal battle since 2004, over the house he built in 2003. 

It was then that legal firm, Manzanares, informed him he would be getting a licence for an ‘almacen’ (or storeroom), which would allow him to build the house.

‘We thought we had done everything right. We got legal advice and went through a lawyer in order to get permission to build the home,’ Davey explained. 

But he was later told that his house was one of around 350 that were illegally given planning permission by the former mayor, Juan Vera, who was eventually handed a prison sentence of his own.

Mr Davey was told his house had to be demolished for himself to avoid a six-month prison sentence, with the news coming just after his wife, Diana, died from bowel cancer at the age of 71.

‘Diana fought breast cancer for six years before bowel cancer – I am sure the stress brought it on.’ 

‘But thankfully it is now over,’ he explained. ‘It has been going on for so long now, I’ve finally come to terms with what needs to be done. 

‘Having it demolished was actually a relief,’ he added.

As he still owns the land, he can still live on it – just not in a house.

Despite Friday's demolition also costing him €1,600, he added that it had actually come as 'some sort of relief' having fought the legal battle since 2004, over the house be built in 2003. Pictured: Mr Davey's home in Spain before it was demolished on Friday

Despite Friday’s demolition also costing him €1,600, he added that it had actually come as ‘some sort of relief’ having fought the legal battle since 2004, over the house be built in 2003. Pictured: Mr Davey’s home in Spain before it was demolished on Friday

Mr Davey was told that his house was one of around 350 that were illegally given planning permission by the former mayor, Juan Vera, who was eventually handed a prison sentence. Pictured: Mr Davey's home in Spain after it was demolished on Friday

Mr Davey was told that his house was one of around 350 that were illegally given planning permission by the former mayor, Juan Vera, who was eventually handed a prison sentence. Pictured: Mr Davey’s home in Spain after it was demolished on Friday

Now, the father-of-three is planning a minimalist life staying in a converted van, so that his five dogs still have the space to roam.

‘This land is my home, it is my life and these dogs are all I have left.’

Whether or not he still faces a prison sentence, is yet to be confirmed.

The ex-pat only found out about the potential six-month sentence when a court document was delivered to a neighbour’s house.

‘I went straight to Tolox town hall with it. They told me I shouldn’t have received it yet,’ he recalled. ‘They said they were going to be sending the notification to me once they had stamped it.’

He had never been told about the court case that followed on from a Guardia Civil denuncia for an ‘illegal build’, but Davey’s two-bed home should never have been built according to the Malaga court.

Now, the father-of-three is planning a minimalist life staying in a converted van, so that his five dogs (pictured) still have the space to roam

Now, the father-of-three is planning a minimalist life staying in a converted van, so that his five dogs (pictured) still have the space to roam

In 2016, and then again in 2017, Davey was ordered to knock down his house, but, in common with a neighbour, he waited for more details.

While his Spanish neighbour, Irene Millan, 29, did eventually hear from the court again, she was given six months to ‘legalise’ her property – an option Davey was never given.

However, his neighbour’s apparent good luck turned into a poisoned chalice.

Having spent €20,000 with the town hall to legalise the dwelling, the court finally refused to accept the new paperwork provided by the council.

Instead, demolition was ordered – which went ahead last week.

To add insult to injury Irene’s 54-year-old father, Manuel Millan, whose name was on the deeds, was also sentenced to six months jail and handed a fine of €6 a day for a year.

Whether or not he still faces a prison sentence, is yet to be confirmed. The ex-pat only found out about the potential six-month sentence when a court document was delivered to a neighbour's house

Whether or not he still faces a prison sentence, is yet to be confirmed. The ex-pat only found out about the potential six-month sentence when a court document was delivered to a neighbour’s house

As he still owns the land, he can still live on it - just not in a house. Pictured: Mr Davey, a former builder, uses a JCB digger to demolish his own home

As he still owns the land, he can still live on it – just not in a house. Pictured: Mr Davey, a former builder, uses a JCB digger to demolish his own home

The couple, originally from Suffolk in the UK, spent £130,000 building their property.

‘It came as a package – a plot with a new home on it.’

Davey admits he and his wife were perhaps naive to follow the advice of their lawyer.

The lawyer, from legal firm Manzanares, told them that planning permission would be applied for as an almacen – or ‘warehouse’.

Mr Davey (pictured) was told his house had to be demolished for himself to avoid a six-month prison sentence, with the news coming just after his wife, Diana, died from bowel cancer at the age of 71

Mr Davey (pictured) was told his house had to be demolished for himself to avoid a six-month prison sentence, with the news coming just after his wife, Diana, died from bowel cancer at the age of 71

This way it would come under the remit of Tolox town hall, which would give permission and later they could ‘legalise’ the property.

The language of one legal letter suggests this would be a mere formality, but the property never got legalised.

In fact, the Tolox mayor of the time, Juan Vera, has since been jailed and fined for his part in a scheme.

In most cases the mayor used the very same ‘lax’ procedure of applying to build an ‘almacen’ to try to keep the prying eyes of the Junta authorities away.

‘We thought that was the way things worked in Spain,’ said Davey, a retired builder. ‘We went to see a lawyer and got advice. It turns out that was not the smart thing to do.

‘Why would we deliberately try to build illegally? It makes no sense that we would sell up everything in the UK and risk it all.’

Mr Davey had earlier said that he was forced to ask the town hall for permission to knock his own property down.

‘I will do it myself. I will borrow a JCB from someone and flatten my home of the past 17 years. I will not let the town hall do it and charge me more money.’

It is not the first time British expats have had their homes demolished in Andalucia, with the Priors, in Almeria, the most famous victims.

They still live in the garage of their house today, over 10 years since the house was knocked down in Vera. 

Source link

Continue Reading

Real Estate

Two teenagers died after separate incidents in Dublin and Waterford

Published

on

Two teenagers have died after separate incidents in Dublin and Waterford on Wednesday.

Gardaí in Ballyfermot responded to a call at an equestrian centre at Tay Lane, Co Dublin, at about 2pm.

Dublin Fire Brigade and the National Ambulance Service attended the scene and provided medical assistance to a 15-year-old girl who was injured during an exercise event.

She was removed to Children’s Health Ireland at Crumlin, where she later died.

Gardaí said the coroner has been notified. The Health and Safety Authority (HSA) has also been notified and will carry out an examination on Thursday.

Gardaí said investigations are ongoing. A file will be prepared for the Coroner’s Court.

Separately, gardaí and emergency services attended the scene of a workplace accident in Dungarvan, Co Waterford on Wednesday afternoon.

A boy was pronounced dead at the scene.

The HSA has been notified and will carry out an investigation. A file will be prepared for the coroner.

Source link

Continue Reading

Trending

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates 
directly on your inbox.

You have Successfully Subscribed!