Knight Frank's global real estate market annual review reveals that prime office rents in Manchester are now £32 a sq ft, making it the 17th most expensive office address in the world - behind Moscow, London and Paris, but ahead of Rome, Sydney and Los Angeles.
David Porter, head of north west commercial property at Knight Frank in Manchester, said: "These statistics underline the city's high profile and its draw to inward investors. Manchester's culture and lifestyle have proved to be extremely successful in attracting a young yet highly skilled population, putting it on a par with major capital cities across the world."
Friday, July 4, 2008
Wednesday, July 2, 2008
Italian Businessman Arrested In Manhattan Real Estate Scheme
An Italian businessman once romantically-linked to actress Anne Hathaway was arrested today on charges he duped investors in a real estate scheme.
Manhattan prosecutors say Raffaello Follieri portrayed himself as being the Vatican's representative in the United States, and used that status to obtain real estate at below-market prices, as well as money from investors, including millions from a California based equity firm.
He then allegedly spent the money on private flights and extravagant gifts for friends and family.
Manhattan prosecutors say Raffaello Follieri portrayed himself as being the Vatican's representative in the United States, and used that status to obtain real estate at below-market prices, as well as money from investors, including millions from a California based equity firm.
He then allegedly spent the money on private flights and extravagant gifts for friends and family.
Thursday, June 26, 2008
Intesa pulls real estate unit
Intesa Sanpaolo has postponed the listing of its real estate unit, IMMIT, after the initial public offering (IPO) met weak investor demand, market sources told Reuters on Thursday.
IMMIT offered shares in its IPO in a price range of between 2.9 euros and 3.6 euros, to raise up to 534.2 million euros ($824.2 million) for 51 percent of its share capital. It had planned to list shares on June 18 but that has now been postponed until market conditions are more favourable, one source said.
Another source said the offer "was barely covered once," with investors bidding toward the lower end of the range.
IMMIT offered shares in its IPO in a price range of between 2.9 euros and 3.6 euros, to raise up to 534.2 million euros ($824.2 million) for 51 percent of its share capital. It had planned to list shares on June 18 but that has now been postponed until market conditions are more favourable, one source said.
Another source said the offer "was barely covered once," with investors bidding toward the lower end of the range.
Sunday, June 22, 2008
Italease has 15 offers for real estate assets
Newspaper reports have suggested the 41 buildings could be worth 400-500 million euros.
Banca Akros analysts estimated that such a valuation would give a capital gain of about 100 million euros.
Banca Italease has reorganised and restructured under new management with a 700 million euros capital increase after it suffered heavy losses on derivatives contracts last year. It turned in a net profit of 15.4 million euros in the first quarter of 2008.
Banca Akros analysts estimated that such a valuation would give a capital gain of about 100 million euros.
Banca Italease has reorganised and restructured under new management with a 700 million euros capital increase after it suffered heavy losses on derivatives contracts last year. It turned in a net profit of 15.4 million euros in the first quarter of 2008.
Sunday, June 15, 2008
Italian Group Eyeing Stake In NYC's Flatiron
Rome - An Italian property group said Thursday it is in advanced talks to take a majority stake in Manhattan's landmark Flatiron Building - one of the first skyscrapers in America. The family-run Sorgente Group is trying to acquire a 32 percent stake, on top of the 20-percent interest it previously bought from property broker Newmark Knight Frank, the company which controls the building. Sorgente Group said there are plans to renovate the 102-year-old building in the heart of Manhattan and possibly turn it into a luxury hotel. The total value of the building is $180 million, the group said.
The group is also buying the company managing the rights to the name's trademark and the building's distinctive image, which made it a symbol of New York. Sorgente Group, which focuses on buying buildings and landmarks worldwide, also owns a 27.7 percent stake in the Chrysler Building
The group is also buying the company managing the rights to the name's trademark and the building's distinctive image, which made it a symbol of New York. Sorgente Group, which focuses on buying buildings and landmarks worldwide, also owns a 27.7 percent stake in the Chrysler Building
Monday, June 9, 2008
UAE's most innovative property developer Omniyat Properties heads to Expo Italia Real Estate
Real Estate Agents from the UAE and the region who cater to investors in Italy and Europe will bringing their clients to EIRE to take a closer look at the projects being developed by Omniyat Properties.
The fast-expanding Omniyat Properties is determined to make the most of its presence at the Expo and establish close contacts with private and institutional European investors who would like to invest in the Middle East property and benefit from the exceptional growth this market offers.
The fast-expanding Omniyat Properties is determined to make the most of its presence at the Expo and establish close contacts with private and institutional European investors who would like to invest in the Middle East property and benefit from the exceptional growth this market offers.
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