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CoStar World News for April 27

Bynewsmagzines

Apr 26, 2023
There are five Saudi Arabia giga-projects, including AlUla, covering 9,000 square miles and containing hotels such as Cloud7 Residence, designed to be sustainable and blend in with landscapes. (Kerten Hospitality)


A giga-projects initiative in Saudi Arabia, part of that country’s ambitious Vision 2030 program, is considered by some analysts to be among the world’s largest tourism-related infrastructure projects.

With plans to invest approximately 1 trillion Saudi riyal ($26 billion) by the end of 2026, it is providing potentially huge opportunity for branded hotel companies to either enter the country or scale up existing formats. Ed James, head of content and research for the Middle East at business advisory MEED, said Saudi Arabia has become the “most discussed projects market in the Middle East, a very significant capital expenditure program.”

Hotel News Now>>

Blackstone acquired two of the United Kingdom’s best-known industrial properties — Trafford Park and Heywood Distribution Park in the northwest — from fellow U.S. investment giant Harbert Management Corporation for about £480 million.

The transactions for the two properties, totaling more than 6 million square feet in the Manchester area, closed within the past few days, according to sources. Trafford Park is estimated to be selling for between £275 million and £280 million, while Heywood Distribution Park fetched between £200 million and £205 million.

CoStar News>>

Paris ranked 39th in a global listing of regions that are most attractive to wealthy investors because of real estate with exceptional pricing and growth prospects.

Researchers at Junot Fine Properties and Knight Frank released the 17th edition of their “Wealth Report” tracking 100 global markets. The study said Paris property prices rose 6.2% in 2022, well above the global average of 5.2%, making real estate in the French capital more expensive than Sydney but less pricey than Los Angeles.

Business Immo>>

Pfizer, the world’s second-largest pharmaceutical company, is moving its German headquarters and will pay a record monthly rent of €50 per square meter as it occupies more than 6,000 square meters.

The company is moving from Linkstraße 10 to Friedrichstraße 110 in Berlin this winter, at a rental rate substantially higher than prime rents recently quoted in broker reports. The company declined to give any further details, citing discussions with the regional works council as it negotiates a new hybrid working model for its 650 employees.

Thomas Daily>>

Real estate giant Hines is offering up its wares to Canadian investors with an initiative allowing Canadians access to its investment program featuring a diversified global portfolio of real estate assets, all located outside Canada and carrying a total value of about US$3.83 billion.

Houston-based Hines is providing the Canada wealth management market access through its broker-dealer affiliate, Hines Securities Inc., and through New York-based iCapital, according to a Hines statement. The portfolio is spread across eight countries, including the United States and Europe, with nearly two-thirds made up of industrial and residential properties.

CoStar News>>

Amusement parks near Los Angeles, Minneapolis and Washington, D.C., are just the latest to require teens to have adult supervision late in the day amid a wave of violence at parks ahead of the busy summer season.

At least eight theme parks owned by Cedar Fair adopted policies this month restricting teen access. Kings Dominion in Doswell, Virginia; Knott’s Berry Farm in Buena Park, California; and Valleyfair near Minneapolis are among the Cedar Fair-owned parks that have approved new rules requiring guests younger than 15 to be accompanied by an adult after 4 p.m.

CoStar News>>

This report was compiled from CoStar’s news publications in the United States, United Kingdom, Canada, France and Germany.

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