Israel is near the middle of a Cushman & Wakefield ranking.
The global economic crisis has not yet affected prime office rent. The 2008 "Office Space Across the World" by Cushman & Wakefield shows a 14% rise in office rent worldwide in 2007, following a 10% rise in 2006. "In 2007, 90% of the countries and 79% of the locations surveyed showed rental growth. Only three locations, or 1% of the sample, showed a rental fall this year, with the remainder experiencing stable conditions."
Israel is ranked 32nd in the 2008 survey, compared with 39th place in the 2007 survey. Israel's prime office space is the central business district of Tel Aviv.
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Sunday, March 30, 2008
Foreigners continue to buy Israeli real estate
The slump in the dollar has not yet affected foreign investment in Israeli real estate.
The slump in the dollar has not yet affected foreign investment in Israeli real estate. Diaspora Jews, especially from the US, UK, and France are continuing to buy apartments either as residences or for investment.
The Bank of Israel reports that foreign residents bought $93 million worth of real estate in February 2008, compared with $167 million in January. The central bank notes the monthly drop in investment, but also notes the lower number of business days in February.
Foreign investors bought $260 million worth of real estate in January-February, an annualized amount of $1.56 billion, about the same level as in 2007. Foreign investment in real estate totaled $4.1 billion in 2005-07.
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The slump in the dollar has not yet affected foreign investment in Israeli real estate. Diaspora Jews, especially from the US, UK, and France are continuing to buy apartments either as residences or for investment.
The Bank of Israel reports that foreign residents bought $93 million worth of real estate in February 2008, compared with $167 million in January. The central bank notes the monthly drop in investment, but also notes the lower number of business days in February.
Foreign investors bought $260 million worth of real estate in January-February, an annualized amount of $1.56 billion, about the same level as in 2007. Foreign investment in real estate totaled $4.1 billion in 2005-07.
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Gertler family expands Tel Aviv hotel holdings
Blue Circle Hotels has bought the Mercure hotel and is reopening the Savoy.
The Blue Circle Hotels Ltd., owned by the German-Jewish Gertler family, has bought the Tel Aviv Mercure Hotel at 14 Ben Yehuda Street from Avner Levy for $16.6 million on the basis of a maximum shekel-dollar exchange rate of NIS 4/$.
The four-star Mercure, a business hotel that is one of Tel Aviv newest hotels, opened last year. It has 103 rooms on 12 floors and is managed by the French Mercure hotel chain.
With this acquisition, the Gertlers become influential players in the Israeli hotel industry. They own 40% of the 270-room Tel Aviv Carlton and half of the 250-room Tel Aviv Metropole. The Gertlers' partners in these hotels are other European Jewish families. In August, the Gertlers will reopen the Tel Aviv Savoy Hotel on Geula Street. The 60-room hotel has been renovated, two floors have been added, and it has been rebranded as a boutique hotel. The hotel was the site of a terrorist attack in March 1975.
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The Blue Circle Hotels Ltd., owned by the German-Jewish Gertler family, has bought the Tel Aviv Mercure Hotel at 14 Ben Yehuda Street from Avner Levy for $16.6 million on the basis of a maximum shekel-dollar exchange rate of NIS 4/$.
The four-star Mercure, a business hotel that is one of Tel Aviv newest hotels, opened last year. It has 103 rooms on 12 floors and is managed by the French Mercure hotel chain.
With this acquisition, the Gertlers become influential players in the Israeli hotel industry. They own 40% of the 270-room Tel Aviv Carlton and half of the 250-room Tel Aviv Metropole. The Gertlers' partners in these hotels are other European Jewish families. In August, the Gertlers will reopen the Tel Aviv Savoy Hotel on Geula Street. The 60-room hotel has been renovated, two floors have been added, and it has been rebranded as a boutique hotel. The hotel was the site of a terrorist attack in March 1975.
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Tshuva sells Eilat hotels
Fattal Hotel Management bought the Golden Tulip Club and Golden Tulip Privilege for $60 million.
Fattal Hotel Management Ltd. has bought the Golden Tulip Club and Golden Tulip Privilege hotels in Eilat from Yitzhak Tshuva for $60 million. The purchases increases Fattal Hotel Management's chain of hotels to 20.
The 282-room Golden Tulip Club was built in 1995, and has been managed by Fattal since 2001. The hotel was renovated four years ago, and a water park, banquet halls, Internet room, library and new restaurant were added.
The 247-room Golden Tulip Privilege is a stolid hotel with no entertainment staff that gives its guests a quiet vacation with an emphasis on health activities.
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Fattal Hotel Management Ltd. has bought the Golden Tulip Club and Golden Tulip Privilege hotels in Eilat from Yitzhak Tshuva for $60 million. The purchases increases Fattal Hotel Management's chain of hotels to 20.
The 282-room Golden Tulip Club was built in 1995, and has been managed by Fattal since 2001. The hotel was renovated four years ago, and a water park, banquet halls, Internet room, library and new restaurant were added.
The 247-room Golden Tulip Privilege is a stolid hotel with no entertainment staff that gives its guests a quiet vacation with an emphasis on health activities.
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Ashtrom plans new high-tech park in Haifa
Market sources estimate the investment in land at $70 million and the cost of construction at $60 million.
Ashtrom Properties Ltd. (TASE:ASPR) and the Haifa Economic Corporation are planning a new high-tech park at the Haifa Bay compound. The high-tech park will be in the same format as Matam.
The new high-tech park is initially planned to cover between 20,000 square meters and 40,000 square meters. Haifa Mayor Yona Yahav brokered the deal between Ashtrom and Haifa Economic Corporation. The new high-tech park aims at creating jobs in the Haifa and Krayot area and for northern residents in general. Market sources estimate the investment in land at $70 million and the cost of construction at $60 million.
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Ashtrom Properties Ltd. (TASE:ASPR) and the Haifa Economic Corporation are planning a new high-tech park at the Haifa Bay compound. The high-tech park will be in the same format as Matam.
The new high-tech park is initially planned to cover between 20,000 square meters and 40,000 square meters. Haifa Mayor Yona Yahav brokered the deal between Ashtrom and Haifa Economic Corporation. The new high-tech park aims at creating jobs in the Haifa and Krayot area and for northern residents in general. Market sources estimate the investment in land at $70 million and the cost of construction at $60 million.
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Euro Trade buys land in the Netherlands
The company will finance 86% of the deal with a five-year loan from a European bank.
Euro Trade Real Estate International (YTB) Ltd. (TASE:ERTR.B1) and a group of other investors have jointly purchased an office building in Groningen in the north of the Netherlands for €27 million. This is Euro Trade's second deal in a week, after it announced it had signed a memorandum of understanding to purchase a property in the town of Zoetermee for €4.4 million. The company will finance 86% of the deal with a five-year loan from a European bank bearing an annual interest rate of 5.5%. Euro Trade will own half the property and the other investors the will own the rest.
Euro Trade locates, purchases and upgrades income-producing properties in Western Europe.
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Euro Trade Real Estate International (YTB) Ltd. (TASE:ERTR.B1) and a group of other investors have jointly purchased an office building in Groningen in the north of the Netherlands for €27 million. This is Euro Trade's second deal in a week, after it announced it had signed a memorandum of understanding to purchase a property in the town of Zoetermee for €4.4 million. The company will finance 86% of the deal with a five-year loan from a European bank bearing an annual interest rate of 5.5%. Euro Trade will own half the property and the other investors the will own the rest.
Euro Trade locates, purchases and upgrades income-producing properties in Western Europe.
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JEC in talks to buy property in France
The Fishman subsidiary completed the purchase of another seven properties in France.
is in advanced talks to buy a property in Nantes, France, for €17.3 million in a buy and lease-back deal. The 15,244-square meter property is located on a 20-acre site. Annual rent is €1.52 million, giving a return on investment of 8.8%.
JEC is in talks with a financial institution for a non-recourse loan for 84% of the purchase price.
In a separate development, JEC completed the purchase of seven properties in France with aggregate space of 221,500 square meters for €72.8 million. The properties will generate a return on investment of 9%. JEC's French properties account for 15% of its revenue.
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is in advanced talks to buy a property in Nantes, France, for €17.3 million in a buy and lease-back deal. The 15,244-square meter property is located on a 20-acre site. Annual rent is €1.52 million, giving a return on investment of 8.8%.
JEC is in talks with a financial institution for a non-recourse loan for 84% of the purchase price.
In a separate development, JEC completed the purchase of seven properties in France with aggregate space of 221,500 square meters for €72.8 million. The properties will generate a return on investment of 9%. JEC's French properties account for 15% of its revenue.
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