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Ikea offers personalised design service in Ireland

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Ikea is piloting a home design service in Ireland. The Swedish furniture giant opened the new service in Naas on Monday.

Customers will be able to consult the retailer’s in-house home interiors specialists at the new store. The company said the service would be free, personalised and one-to-one.

It said people would be able to talk through ideas for upgrading their kitchen, living room or wardrobes with a designer. They will also be able to order any Ikea products from the store for delivery. Unlike Ikea’s other smaller store in Carrickmines, south Dublin, there will be no items available on site to bring home on the day.

The company said Ireland was one of eight markets worldwide in which it is piloting the new service.

“This new service allows us to bring our home furnishing expertise to the many, with bespoke design solutions that best reflect our customer’s unique style and design challenges,” said Martyn Allan, Ikea’s market manager in Ireland. “At the same time, we get the opportunity to listen to and learn from our customers to continue to develop our store formats.

“We are so proud that Ireland is part of this pilot, offering us the opportunity to move closer to our customers in towns and cities currently without IKEA stores,” he added.

People looking for a design consultation will need to book in advance online. When the company confirms the booking, it will let the customer know what to bring with them, such as measurements or photographs.

Over one or two consultations – which will not cost anything – the designer will draw up a 3D plan which will be accessible on the Ikea website to the customer up to five days after the consultation.

The store on Naas Main Street will feature some room sets and the company says the consultations will operate in strict compliance with current public health guidelines.

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Hines invests in industrial portfolio in Northern Italy

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Hines has reached a binding agreement for an off-market investment to acquire 20 logistics assets located between Emilia Romagna and Lombardy through the Italian fund HEVF II Italy managed by Prelios SGR on behalf of the Hines European Value Fund 2 (HEVF 2). The transaction involves the acquisition of the real estate portfolio from four different selling companies and the simultaneous 15-year lease of the same portfolio to Snatt Logistica Group, a leader in the third-party logistics (3PL) sector focusing exclusively on the fashion industry. The portfolio of 20 logistics assets provides a total of 200,000m² of logistics space around Milan, Parma, Reggio Emilia, and Bologna. They are strategic, well-established logistic centres that enjoy effective, rapid connections with Italy’s main cities and the rest of Europe.

 

“We are pleased to start 2022 with an important investment in the logistics sector that consolidates our presence in the main intersections in Northern Italy. At Hines, we believe in the potential of the logistics sector in Italy and have set an investment target of around €1bn in 2022,” commented Mario Abbadessa, senior managing director & country head of Hines Italy. “We are proud to collaborate with Snatt Logistica Group, which is an international 3PL logistics leader in the luxury fashion industry, and we are certain that we will be able to develop a shared path for growth, guided by common values, including ESG, which is key to our DNA.”

 

Paul White, senior managing director and fund manager for HEVF 2 at Hines, said: “This is an attractive portfolio of assets with a strong, innovative tenant at the forefront of Italy’s fast-growing third-party logistics sector for the fashion industry. We believe that e-commerce will continue to drive long-term demand for high-quality logistics facilities in Italy’s northern cities, pushing the value of these investments forwards, while there is also a significant opportunity to enhance the sustainability performance of existing assets here. This is aligned with our ESG objectives as recognised by GRESB, with HEVF 2 achieving the award of Overall Global Sector Leader in the Diversified Office/Retail category for sustainability performance in 2021.”

 

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Latest Coveney gaffe shows new knack of ‘making small problems big’

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“Don’t mind your press releases,” a Fine Gael source was told by a more experienced hand on their first day in Leinster House; “If you want something out there, just say it in the PP [parliamentary party meeting].”

It’s a truism of Irish politics that these meetings – especially those of the two larger Government parties – leak like the proverbial sieve. This got worse during Covid, when virtual meetings meant members were unencumbered by the need to even appear interested, and journalists were freely briefed in real time. The content of the meeting, coupled with the observations of parliamentarians – arch, knowing, and unfiltered – populated twitter streams and news copy.

So, when Simon Coveney’s remarks about his surprise at the meeting between the Russian ambassador to Ireland and the head of the defence forces were promptly headline news, it can’t have been too much of a shock. “He knows he’s speaking at the leakiest meeting in Leinster House,” observed a source present.

Still, some in the room thought when Michael Creed raised the issue, Coveney would just “warble on like you normally do”. Instead, after a gap of several minutes while other questions were fielded, the Minister for Defence bit down. He said he was “surprised to put it mildly”, several sources present said, and questioned the judgement of it.

Afterwards, sources close to Coveney quickly asserted the Minister meant the tweet from the Russians, and the accompanying picture, were the issue, not the meeting. But multiple sources at the parliamentary party interpreted it as referring to the meeting, and what’s more, as a direct rebuke to the chief of staff. “The tone I got was he was f***ing livid,” said one source.

Either way, the remark was leaked, it was controversial, and early the next morning, Coveney was mending fences in the Dáil, expressing confidence in Clancy and contrition for having brought him into the line of political fire.

A kind interpretation, offered by some at the meeting, is that he feels honour-bound to respond fully to questions from parliamentary colleagues. There is likely truth to that. But equally, many believe he would have known his comments would have been controversial, open to interpretation as a rebuke to the head of the Defence Forces, and that it was meant as a shot across the bows.

Others postulate that – perhaps more worryingly – he didn’t detect the political risk inherent in the remarks, which the Opposition would say had undermined the Chief of Staff . “Simon should have known this was going to result in public comment,” said another person there.

That, in truth is the bigger concern – that Coveney’s bad run of form is down to a blunted political dexterity. “You’d know by the way he said it he wasn’t trying to cause controversy,” one colleague said – adding that it was, however, evidence of Coveney’s new knack of “making small problems into big ones”.

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Greenman OPEN acquires German retail portfolio for €90m

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Greenman OPEN has acquired three retail parks for a combined value of circa €90m. The newly purchased portfolio includes a retail centre in Sonneberg, Rastal Centre in Hohr-Grenzhausen, and a new supermarket located in Markneukirchen.

 

The retail centre in Sonneberg comprises 33,145m² of lettable space and is one of the largest assets in the fund portfolio. It is fully occupied and anchored by EDEKA Marktkauf. Deriving 84% of its income from “essential” retailers, of which 60% is from grocery retailers, the centre will generate consistent income over its long nine-year WARLT.

 

The new turnkey Rastal Centre in Hohr-Grenzhausen offers 13,793m²,  and is anchored by Lidl and Aldi. The high weighted average remaining lease term (WARLT) of the centre, 12.5 years, will ensure income generation for the fund for the long term.

 

The brand-new supermarket in Markneukirchen is also let to EDEKA on a new 15-year lease term and forms part of the developer framework agreement signed with Schroder.

 

In line with OPEN’s ESG strategy to be carbon neutral by 2040, all newly acquired centres fit into the fund’s ESG framework. In Sonneberg, the centre operates at a reduced energy consumption rate compared to the average for a property of its size and usage. Simultaneously, it is compatible with OPEN’s plans to implement PV solar panels for renewable energy generation. The brand-new development in Hohr-Grenzhausen will be built to a minimum silver DGNB standard.

 

Commenting on OPEN’s acquisitions and growth milestone, James McEvoy, Head of Acquisitions for Greenman, said: “Reaching €1bn of AUM is a significant milestone for the OPEN fund and underlines our sector expertise. As we grow further, we’re paying particular attention to ensuring that all OPEN’s assets are fit for the future shape of the grocery retail sector, incorporating ESG criteria, new technology and innovation to improve how physical assets support the grocery retail model of the future. Having surpassed our €1bn AUM target in 2021, we will continue to use our market-leading expertise in the German food retail sector to source the best opportunities for investors. We have a locked-in pipeline of assets in place to grow the fund further this year and are targeting to achieve €3bn AUM by 2027.”

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