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Sweden’s Scandic Hotels Group is seeking to diversify its rising portfolio, with plans to debut an economy-oriented model referred to as Scandic Go in early September in Stockholm.
Scandinavia’s largest lodge agency by location rely, Scandic lately turned 60 and now operates 269 hospitality properties with almost 56,000 rooms. The Stockholm-based firm has 5 extra accommodations in its growth pipeline, together with a second Scandic Go set to open subsequent summer time, because it goals to “take a leading position” within the financial system class, stated CEO Jens Mathiesen.
Amazon closed three of its tech-enabled “just walk out” grocery shops within the United Kingdom, together with its first department to debut exterior the United States, as analysts query the e-commerce big’s dedication to the idea and its thorny bricks-and-mortar technique.
The Seattle-based firm stated it was closing three Amazon Fresh shops in west London that use scanning applied sciences permitting prospects to invoice purchases on to their Amazon accounts. Amazon’s determination to reduce from 20 to 17 UK shops, with no new shops introduced, suits a wider development of scaling again its bodily footprint amid ongoing difficulties in establishing a brick-and-mortar presence in some areas.
Germany’s 20 greatest business property offers of the primary half had a mixed worth that was lower than one-third of the tally for a similar time in 2022, reflecting financial challenges being seen in most property classes.
The first half’s 20 highest-price transactions totaled €3.5 billion, in contrast with €11.7 billion a 12 months earlier, in keeping with a compilation by Thomas Daily. This represents a landslide change, but additionally reveals that giant offers nonetheless happen regardless of excessive rates of interest and different issues going through business actual property. Three stake transfers from Austrian investor Signa to co-investors for an estimated €1.5 billion accounted for nearly half of the gross sales whole within the first half of 2023.
Icade CEO Nicolas Joly is rethinking the positioning of the funding agency’s business actual property portfolio, with an eye fixed towards addressing customers’ altering priorities significantly within the workplace class.
Paris-based Icade’s first half of 2023 noticed a strengthening of its stability sheet after it accomplished the primary stage of a deliberate selloff of its healthcare division, with different modifications within the works to make its workplace holdings extra accessible and versatile for tenants and prospects. “This is where the cohabitation of our two complementary businesses of investor and developer comes into its own, to support the transformation of our assets and, more broadly, that of tomorrow’s city,” Joly stated.
Toronto-based Choice Properties REIT is pushing forward with a growth plan centered on industrial property as Canada’s largest actual property funding belief offers with an total dearth of gross sales transactions across the nation.
CEO Rael Diamond stated a development of fewer offers in retail and different classes continued within the second quarter, pushed by uncertainty in financing. “We are taking advantage of strong fundamentals in assets we consider non-core and improving the quality of our retail portfolio,” Diamond advised analysts throughout a quarterly earnings name. The give attention to extra industrial investments comes after strikes by Choice Properties to unload giant parts of its workplace portfolio.
Blackstone Real Estate Income Trust’s deal to promote Simply Self Storage to Public Storage for $2.2 billion indicators greater than the vendor amassing $1 billion over what it paid lower than three years in the past.
It additionally signifies that optimism about long-term self-storage demand in sure components of the nation didn’t ease with the pandemic, analysts stated. The sale by the unit of personal fairness big Blackstone Group comes within the wake of a powerful uptick in demand for self-storage properties throughout COVID-19 as individuals moved or downsized and wanted a spot to retailer their belongings.
This report was compiled from CoStar’s information publications within the United States, United Kingdom, Canada, France and Germany.
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