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Emaar ends talks for Egyptian project; Intu hit by HMV's collapse


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Emaar ends talks for Egyptian project; Intu hit by HMV's collapse

* Dubai-based Emaar Properties PJSC and Egyptian officials have called off discussions to develop a 1,500-acre site in the country's new administrative capital due to price disagreements.

Dubai-based Emaar had intended to acquire the plot at a price below the set range of 3,500 Egyptian pounds to 4,000 pounds per square meter. The Egyptian government plans to transform the site into a multibillion-dollar administrative capital and business hub.

* The (U.K.) Times reported that British retail landlord Intu Properties PLC is the most affected by the collapse of music retailer HMV, which occupies 15 of the real estate investment trust's sites in the U.K. According to the publication, Intu has more sites leased to HMV than any other retail property group.

HMV's collapse could see the shuttering of its 128 stores across the U.K., The Times added.


* Lar España Real Estate SOCIMI SA divested for €28.8 million the Joan Miró office building in Barcelona to global investment manager AEW. The price represents a 27% increase over the sum Lar España paid for the property in June 2015.


* In the case of a soft Brexit, home values in Ireland are estimated to rise by 4.2% in 2019, while prices in capital Dublin are expected to increase within the range of 2.8% and 4% in the new year, the Irish Independent reported, citing a survey of estate agents.

However, the estate agents cited by the publication believe the future could be ambiguous for Irish markets if Britain leaves the European Union without a deal, the report added.

Middle East

* Israel-based Gazit-Globe Ltd. will merge with its wholly owned and fully consolidated shopping center unit G Israel Commercial Centers Ltd. after having secured approval from its board. No consideration is payable for the merger, and the unit will cease to exist as a separate legal entity after merging with and into its parent.

* Pantheon Development commenced work on the 180 million dirham Pantheon Elysee luxury residential project at the Jumeirah Village Circle in Dubai, Arabian Business reported. Plans for the development includes 268 residential units and retail outlets, with delivery slated for the final quarter of 2020, the publication added.

* Dubai World Trade Centre delivered earlier than expected The Offices 4 and 5 sectors at its One Central development in the emirate's central business district, marking the overall completion of the commercial and retail project, Arabian Business reported. The entire development features 1.72 million square feet of space, as well as 4,380 parking spaces, the report added.

Other real estate news

* General Shopping E Outlets Do Brasil SA entered a deal to transfer all its stakes in 11 Brazilian shopping malls to an undisclosed real estate investment fund.

The company also approved payments totaling 829 million reais in dividends to shareholders, which will be paid through roughly 207 million reais in cash, with the rest to distributed in quotas of the investment fund receiving the stakes.

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