INTERNATIONAL
BE AT
Dublin'sÄ
Big Deal
Dublin's largest hotel was sold out of receivership for €67 million, or about
$87 million, to the Blackstone Group, which owns the Hilton brand, among
others. Te Burlington Hotel sold for about one-ffh of what developer
Bernard McNamara paid for it in 2007 — €288 million. Despite the bargain
price, the sale was Ireland's biggest hotel deal since its economy collapsed in
2008, according to the Irish Independent, and seen as a sign of its recovering tourist market. Blackstone plans to spend $20 million refurbishing the
500-room hotel and branding it as a Doubletree.
Direct Commercial
Investment, 2011–2012
Latin America Retail
Countries with the highest 2012 investment
2012
INVESTMENT
(IN BILLIONS)
2011
INVESTMENT
(IN BILLIONS)
% CHANGE
United
States
$163.7
$147.1
11%
United
Kingdom
$50.8
$51.4
-1%
Germany
$31.2
$31.6
-1%
Japan
$21.3
$20.1
6%
France
$20.8
$22.7
-8%
COUNTRY
Largest markets by sf
RETAIL
SPACE PER
CAPITA
(SF)
SHOPPING
CENTER SPACE
UNDER
CONSTRUCTION
Brazil
.60
103.4 msf
18.8 msf
Mexico
.98
99.3 msf
7.9 msf
Colombia
.81
33.6 msf
1.8 msf
COUNTRY
Source: CBRE
Source: Jones Lang LaSalle
Markets to ¬
Watch
With a young population expanding the workforce, Latin America's consumer demand is growing and driving retail growth. A burgeoning middle class makes up 60 percent of the population commanding 40 percent of
the region's total purchasing power, according to CBRE. Almost 33 million sf of shopping center development is
underway, as grocery, luxury, and fashion brands target this area. On average, Latin American countries have less than 1 sf of retail
space per person, compared with the U.S., which has 23 sf per person.
While cautious developers kept Poland's 2012 supply of new retail space recording the lowest deliveries since 2004, nearly twice
as much space is expected to come online this year, according to Jones Lang LaSalle. Sixteen new shopping centers opened last year
with 25 planned for this year. Two new formats, convenience centers and outlet malls, expanded into the Polish market last year.
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May | June | 2013
Commercial Investment Real Estate