• Sat. Apr 20th, 2024

From Our Worldwide Associates for March 9


Mar 8, 2023
The Westin Paris Vendôme occupies a coveted location near the Jardin des Tuileries and Dorchester Collection’s Hotel Le Meurice. (CoStar)


London-based personal equity agency Henderson Park offered its stake in the 428-home Westin Paris Vendôme to Dubai Holding for an undisclosed sum that values the hotel at 650 million euros, or $658.4 million.

Dubai Keeping mentioned it has “acquired total possession of the iconic Westin Paris Vendôme just after buying Henderson Park’s stake in the home,” as the United Emirates-dependent investor expands its European investments. Terms of the offer ended up not disclosed.

Resort News Now>>

Media giant Warner Bros. Discovery hired brokerage JLL to market place for sublease about 200,000 sq. feet of offices that it occupies at two London headquarters structures, as media firms answer to consolidation and a international downturn in shopper and advertiser desire.

The decision will come right after WarnerMedia and Discovery concluded a merger very last year. Welput owns the 134,000-square-foot places of work at 98 Theobalds Street in Bloomsbury, which Warner Bros. Discovery occupies in its entirety on a lease operating by way of 2034. 

CoStar News>>

Law enforcement and prosecutor’s business office personnel have searched offices of Vonovia, Germany’s premier residential serious estate financial commitment team, stemming from a probe of alleged economic crimes.

Quite a few present-day and previous staff members of the Bochum-headquartered business are accused of bribery, embezzlement and fraud. Prosecutors explained they allegedly gave improper preference to sure subcontractors when awarding contracts and gained revenue and non-hard cash advantages in return. The organization is cooperating with authorities.

Thomas Daily>>

Cadillac Fairview, which manages the world-wide true estate portfolio of the Ontario Teachers’ Pension Plan, is getting the remaining stake it isn’t going to previously own in Dallas-centered Lincoln Assets Co.’s residential division.

Toronto-primarily based Cadillac Fairview’s acquisition of Lincoln Household comes right after “a cautiously planned transition” that started off in 2019 when Cadillac Fairview initially purchased a 49% curiosity in the company to assistance its increasing multifamily functions and investments in the United States, officials said in a assertion. Terms of the offer ended up not disclosed.

CoStar News>>

A major government of Paris-dependent expense business Altarea anticipates a drop in money for 2023 owing to the absence of main commercial transactions and a possible slowdown in housing sales, amongst other aspects.

Conditions could last into 2024. “This inflection was bound to come about at some level,” stated Alain Taravella, Altarea’s founding chairman. “Real estate is correlated to interest charges, which have turned about owing to the macroeconomic phenomena we all know about. So values have to modify.”

Business Immo>>

Amazon’s go to indefinitely pause design on the 2nd stage of its headquarters in Arlington, Virginia, could existing a major red flag to builders who have flocked to the space in modern decades.

The e-commerce giant is delaying function, amid dipping real estate values and pressures on tech businesses, on 2.8 million square feet at PenPlace, a planned four-business advancement that would contain the eye-catching, spiral-shaped Helix creating, an Amazon spokesperson said. A groundbreaking was originally scheduled for early 2023, nevertheless the get started day is now up in the air with the job on pause.

CoStar News>>

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

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