Jerusalem office, hotel project approved

The Jerusalem planning commission rejected residential use for the Jaffa Road lot near the western entrance to the city.
Orit Bar-Gil 16 Dec 07 11:31
The Jerusalem Regional Planning and Building Commission has approved the plan for the lot between Jaffa Road and Shazar Blvd. east of Nordau Blvd. near the western entrance to the city. The lot was the site of the temporary central bus station when Jerusalem's Central Bus Station was undergoing reconstruction. The commission approved construction of buildings up to 12 floors each for stores, offices, institutions, and an apartment hotel. The commission rejected the lot for residential use, as requested by the developers.

The commission noted that it, "attaches great importance to preserving a proper mix of uses in the city center… The commission also considers the lot along Jaffa Road as a clear separation between residential areas in Romema to the north and the Foreign Ministry compound to the south."

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source: globes.co.il

Habas buys Bezeq property in Tel Aviv for $13.1m

Habas believes that the property has redevelopment potential that it plans to exploit.
Globes' correspondent 16 Dec 07 13:24
Habas HZ Investments Ltd. (TASE: HABS) has bought a property owned by Bezeq The Israeli Telecommunication Co. Ltd. (TASE: BEZQ) in Tel Aviv for $13.1 million plus VAT. The property, comprising three lots, is located at the corner of Yehuda Halevy St., Koresh St., and Lincoln St.

The lots are occupied by a 7,086-square meter public building and two residential buildings. Habas believes that the lots have redevelopment potential that it plans to exploit.

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source: globes.co.il

Aspen in talks to buy Black Forest resort stake

he company has also bought two German retail properties.
Ariel Rosenberg and Globes' correspondent 16 Dec 07 11:34
Aspen Real Estate Ltd. (TASE:ASRE) is seeking to expand its German portfolio. The company is in negotiations to buy half of a Black Forest resort at a value of €25 million under a buy and lease-back deal. In a separate deal, the company bought two commercial buildings leased to German retail chains for €3.1 million.

Aspen has not disclosed its partners in these transactions.

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source: globes.co.i

Anglo-Saxon commercial deals in Tel Aviv up 30%

Anglo-Saxon Real Estate Ltd. reports that its commercial deals in Tel Aviv totaled $408 million in 2007, 30% more than in 2006. The agency said that it brokered 82 commercial rental deals with an aggregate area of 160,000 square meters and 25 sales with an aggregate area of 78,000 square meters during the year.

Anglo-Saxon Tel Aviv general manager Amos Glazer said, "Vacating fees that had been customary for areas such as Sheinkin St., Kikar Hamedina, the Schuster Center, and leading malls have spread to main streets such as Rothschild Blvd,, Dizengoff St., Ibn Gvirol St., and corner properties. Almost all contracts are Consumer Price Index (CPI) linked shekel deals, and are not denominated in dollars, because of the dollar's instability."

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source: globes.co.il

Charlemagne Plans to Raise $290M

Emerging markets investment manager Charlemagne Capital said Friday that it hoped to raise 200 million euros ($291 million) for a fund to invest in property developments in Brazil, Russia, India and China.
LONDON - The fund will invest in the office, retail and residential property sectors and is targeting a blended internal rate of return of 30 percent, the company said.

Charlemagne Capital, which is listed on London's AIM exchange, did not specify whether the target was pure equity, or a combination of debt and equity.
"We believe the investment case for such a vehicle is ripe given that [Brazil, Russia, India and China] are in a period of sustained economic expansion with a substantial, and growing, need for modern physical property," the company said.

Charlemagne Capital said the fund would offer different structures for investment.

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source: realestate.moscowtimes.ru