Showing posts with label government. Show all posts
Showing posts with label government. Show all posts
Wednesday, December 28, 2011
Abu Dhabi’s Government Agreed to Buy Assets Valued at 16.8 Billion
Government Agreed to Buy Assets Valued at 16.8 Billion
The government will purchase 760 three-bedroom to five- bedroom homes in the Al Raha Beach development and retire 5 billion dirhams of debt related to infrastructure on Yas Island,Aldar said in a statement today. It will also buy 5.7 billion dirhams of assets in Abu Dhabi’s city center, known as the Central Market, and finance the completion of the district’s redevelopment.
Developers in the United Arab Emirates are struggling to pay down debts after the credit crisis caused property values to plummet and drove speculators out of the market. The statement was released after the Abu Dhabi market closed. Aldar gained 3.7 percent to 84 fils today, the biggest gain in about two months. The shares have fallen 31 percent in the past six months, while the Bloomberg EMEA Real Estate Indexhas lost 19 percent.
“This will have a positive sentiment in the market, leading investors to buy the stock aggressively,” said Musa Haddad, head trader at National Bank of Abu Dhabi PJSC’s asset management group said.
Wednesday, June 1, 2011
Greece's Government Prepares to Sell Up to $42.9 Billion of Public Property
NNN Lease Market News
The Hellenic Public Real Estate Corp., the government body that manages public property, has a list of about 75,000 individual government-owned properties. The corporation has appointed National Bank of Greece SA to lead a consortium of advisers who are now preparing to sell an initial portfolio of 20 to 30 properties, the first of which could be put on the market in the next few months, according to Aristotelis Karytinos, general manager of the real-estate division at National Bank of Greece.
"Our strategy is to award concessions, long-term leases of 30 to 40 years, depending on the individual property, but the government will retain ownership of the land," Mr. Karytinos said. "The first properties should come to market in the next few months, but certainly by the end of the year."
Whatever the next step is in Greece's plan to privatize public real estate, all eyes will be on how Athens handles the first deals that come to market.
http://online.wsj.com/
Sales of public land by Greece may include a concession to develop a luxury resort on the island of Rhodes, whose harbor and historic city center in 2007 are shown. The first properties could be put on the market in the next few months.
The Hellenic Public Real Estate Corp., the government body that manages public property, has a list of about 75,000 individual government-owned properties. The corporation has appointed National Bank of Greece SA to lead a consortium of advisers who are now preparing to sell an initial portfolio of 20 to 30 properties, the first of which could be put on the market in the next few months, according to Aristotelis Karytinos, general manager of the real-estate division at National Bank of Greece.
"Our strategy is to award concessions, long-term leases of 30 to 40 years, depending on the individual property, but the government will retain ownership of the land," Mr. Karytinos said. "The first properties should come to market in the next few months, but certainly by the end of the year."
Whatever the next step is in Greece's plan to privatize public real estate, all eyes will be on how Athens handles the first deals that come to market.
http://online.wsj.com/
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