Redevco Germany has purchased two high street retail properties in the centre of Kassel and Bielefeld from a privately owned company. The Bielefeld property is located at Bahnhofstraße 23 and the property in Kassel at Am Friedrichplatz 19-20. Both properties are fully let to Sinn Leffers and Drogerie Müller.

The property in Bielefeld, constructed in the early 1980s, is situated in the northern part of the city and offers a total of approx. 16,000 sq. m. of retail space over four levels. The building is fully let to Sinn Leffers and Drogerie Müller on long leases. The property in Kassel is situated in a prime location on Am Friedrichplatz, close to Obere Königsstraße and the corner of Friedrichplatz. It offers approx. 12,000 sqm of retail space, spread over five floors. The building is fully let to Sinn Leffers on a long lease.

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UBS Global Asset Management, represented by Savills and Kitchen La Frenais Morgan, has let space at Pavilions Shopping Centre in Birmingham to Wysteria Lane Ltd. The luxury lifestyle emporium based in Shrewsbury has agreed a new two-year lease on the store totalling 1,347 sq ft (125 sq m). Wysteria Lane Ltd was not represented.

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Acting on behalf of Matrix Group, Christie + Co has sold the freehold of Buckatree Hall Hotel near Telford, Shropshire, to Grant Moon, for an undisclosed sum. Situated within attractive grounds and gardens, near the village of Wellington, this 62-bedroom hotel features an 80-cover restaurant; a 50-cover bar; a 200-capacity function room; and a variety of other, smaller meeting rooms.

The business also includes a five-bedroom staff house, which is located at the rear of the site. The new owner, Grant Moon, and his family have owned a variety of leisure-based businesses for many years. Grant has been looking to buy a hotel since he sold the Crewe Arms, in Cheshire, a few years ago. He and his brother now plan to refurbish Buckatree Hall Hotel throughout and add leisure facilities.

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A subsidiary of European Property Investors Special Opportunities, L.P. (EPISO) has sold 5 logistics assets located in Rugby and southwest London to London & Stamford Property Plc for £123 million.

The assets, purchased for approximately £97 million comprise nearly 1,000,000 sq ft of distribution units. Located both in Rugby, close to junction 1 of the M6 and junction 19 of M1, and in prime logistics locations in and around London’s Heathrow airport, the units are currently fully let to a variety of tenants, including Pearson, Royal Mail, Ceva Freight, The Metropolitan Police and Kuehne and Nagel representing a weighted average lease length of 11.91 years.

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CB Richard Ellis (CBRE) today announced nine new hires to its Valuation team in London. The appointments form part of CBRE’s ongoing drive to further strengthen its 200-strong Valuation division, demonstrating the company’s dedication to providing its commercial and residential clients with the most experienced and knowledgeable specialist experts.

In the Investment Valuation team, James Wyldbore-Smith joins as an Associate Director. Senior Surveyor Ben Rosewell joins the Alternative Investments Valuation team. Ben joins from CB Richard Ellis New Zealand where he specialised in Healthcare. James Scoular joins the International Valuation team as a Senior Surveyor from Cushman & Wakefield in Italy. Victoria Baker-Sinclair has moved from CB Richard Ellis’s Leeds office to London as a Senior Surveyor in the Residential Valuation team. Appointments announced today also include Isma Ali, Senior Surveyor to the National Valuation team; Chris Hayes-Hall and Helen Lambert, Senior Surveyors in the Retail Valuation team; Philip Hoodless and Martyn Munford, Surveyor and Senior Surveyor, Central London Valuation team.

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The Budapest shopping centre stock was expanded by the opening of a new scheme on the 27th October. The 35,000 sqm Corvin Shopping Centre is an extremely impressive building with high quality retail tenants. The leasing of the centre was transacted by Jones Lang LaSalle’s Retail Team in co-operation with Ségécé Hungary. The successful leasing is the result of a long term programme carried out under very unfavourable and difficult circumstances due to the economic crisis. During this period many retailers were forced to freeze their expansions or even close existing stores within Europe.

Consequently it was an outstanding result to lease the shopping centre to both well-known local and international retailer. 55,000 people visited the shopping centre on the day of its opening and continues to attract approximately 30,000 visitors per day since then.

In the last two years Jones Lang LaSalle achieved two major leasing success; Allee in 2009 and Corvin Shopping Centre this year. This will be followed by the opening of Köki Terminal shopping centre in 2011. These three buildings comprise of approximately 140,000 sqm leasable retail space in total. With these significant leasing mandates Jones Lang LaSalle is the market leader in terms of volume of leased space on the Budapest retail market.

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Work is now under way on the Colosseum Shopping Centre in Bucharest, Romania, the only shopping centre that will be delivered in the city in 2011.

To be built in two phases by Romanian developer Nova Imobiliare, the first phase will include a 53,000 sq m retail park of which 70% is already leased to important anchors: the first Leroy Merlin DIY store in Romania, hypermarket Carrefour and electronics retailers Altex and Flanco.

The 20,000 sq m Leroy Merlin store will open in summer 2011. Leroy Merlin, a member of French group Adeo and ranked fourth in the global DIY market, owns 236 stores in countries including France, Brazil, China, Spain, Greece, Italy, Poland, Portugal and Russia.

Carrefour will occupy a store of 12,850 sq m and will open its doors in the second half of 2011, as will the retail gallery for which a number of leases have been signed.

The second phase will include a 137,000 sq m mall hosting over 480 stores, 10,000 parking places, a 1,500-seat food court, a state-of-the-art 12-screen cinema, a 20-lane bowling alley and a fresh food market. The space is available for pre-letting.

King Sturge has been advising the developers on the Colosseum Shopping Centre since 2006 and has been actively involved in securing the initial anchors for the scheme. Jones Lang LaSalle is the joint agent on the shopping centre.

Colosseum is located in the north-west of the city, 6km from Calea Victoriei in the city centre. Its total investment value will exceed 350 million euro.

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International fashion retailer Zara, advised by King Sturge, has leased 1,600 sq m, while Norwegian chain Cubus, has leased 850 sq m. Both stores opened for business on 13 November.

Galeria Mazovia, opened by P³ock developer Lewandpol in April this year, is the most modern shopping centre in the city. The two-storey building comprises more than 110 shops, including delicatessen Piotr and Pawe³, Media Markt, H&M, Reserved, Empik, Sephora, Rossmann, Stradivarius, Mango, Tally Weij, Promod, Top Secret, Pompo and Delta Sport. It provides a total trading area of 28,000 sq m and 780 free parking spaces.

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Echo Investment and Tesco announce signing retail space lease agreements concerning Galeria Olimpia in Belchatów and Galeria Veneda in Lomza during the MAPIC fair in Cannes, France.

At the official meeting which took place on November 17th, 2010, Leszek Marchewka, regional expansion manager at Tesco Poland and Marcin Materny, head of the shopping centre department at Echo Investment, made an official announcement about signing retail space lease agreements with regard to the centres being developed by Echo Investment. The event took place during MAPIC, one of the biggest commercial property events in Europe that takes place in the famous Palais des Festivals in Cannes, France.

“Acquiring an operator of a hypermarket has been of crucial importance for Galeria Veneda and Galeria Olimpia. Signing agreements with Tesco has allowed us to make a big step forward in commercialization of these centres. The number of inhabitants of both Lomza and Belchatów does not exceed 70,000, in towns like these one hypermarket of this size satisfies the needs of customers. Another important tenant in Belchatów is Multikino, which will also be the only multiplex in the town. We are happy about the fact that both Tesco and Multikino considered our projects to be the best. The size of the facilities, the location and anchor tenants give us a considerable advantage over potential competitors,” says Marcin Materny.

The Tesco hypermarket in Galeria Veneda will occupy an area of 7,350 sqm while the one in Galeria Olimpia will have an area of nearly 7,800 sqm, which provides each of the shops with a sales floor of approx. 5,000 sqm.

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Panattoni Europe has leased out space in building six at Panattoni Park Poznan I. The new customer is Hendi Polska Sp. z o.o., which will take up 3,500 sqm of warehouse and office space.

The investment on building six at Panattoni Park Poznan I commenced in mid-September and had so far attracted one customer, Navo. The new lessee of the emerging facility is Hendi Polska Sp. z o.o. The warehouse under construction will offer 10,700 m? of industrial space. The building will be commissioned around the end of Q1 of 2011.

Hendi Polska Sp. z o.o. is part of the international Hendi Group, which has been involved in the production and sales of professional catering equipment throughout Europe for over 70 years. The company had never cooperated with the developer before, and will occupy 3,500 sqm in the emerging facility. The space will be used as a modern distribution centre with a 400-square-metre office.

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The Netherlands property investment market has seen a returned focus on retail with €1.5bn invested to end Q310 this year, compared to only €1bn throughout 2009. According to Savills, this focus on retail investment has returned earlier than forecast but is anticipated to remain over the next few years.

Savills reports that four portfolio transactions, each over €100 million, have significantly contributed to overall sales volumes. In addition, Unibail-Rodamco is disinvesting a substantial part of its Dutch retail property portfolio and this is creating buying opportunities for the likes of Wereldhave, Altera and Syntrus Achmea. In fact demand for assets over the past year is such that gross yields have hardened and high street property yields now stand at 5-5.25% (down 40 bps from January 2010), whilst shopping centre prime yields are at 6.25% (down 25 bps from January 2010) and retail warehouses have recorded a slight correction to 7.75%.

Jeroen Jansen, head of research at Savills Netherlands, says: “The most noticeable trend of 2010 within the retail property market was investment moving forward. The increased interest for prime property resulted in a significant hardening of yields. Occupier demand is still limited and awaiting a more robust recovery of the national economy.”

The research shows an increase in retail sales has taken place in 2011 with non food sales beginning to catch up with supermarket sales again and actual growth recorded in Q310. Despite this, retailer demand is not expected to rise significantly until 2012. Take up in the first three quarters of 2010 was 200,000 sq m, 15% lower than in 2009 and vacancy is rising at a current level of 5.9% of retail units available. However the report finds that currently Dutch retailers are focusing expansion abroad with supermarket retailer Albert Heijn to open stores in Belgium and Germany, as well as fashion chain WE considering outlets in China.

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