Euro execs eye major presence in Brazil, Argentina property According to a new study released by Healey & Baker, the London-based subsidiary of Cushman & Wakefield, European executives expect to establish a major presence in the Brazilian and Argentinian property markets in the next five years. The 10th annual survey of European Cities Monitor 1999 asked senior managers and board members from industrial, trading and service companies.
Of the 502 European companies analyzed, 62 plan Brazil as a future location and 54 chose Argentina. "The survey shows the growing activity by Europe's top companies not only across Europe, but globally," says Edward Joyce, CEO for Cushman & Wakefield Semco. "In this increasingly competitive atmosphere, the South American economies have done well despite turbulent times."
Tokyo 'burb to welcome new themed retail center A new 215,000 sq ft. open-air retail shopping center is now under construction in Minami Osawa, a western suburb of Tokyo. The project is being developed by Mitsui Fudosan and is designed by RTKL/ID8. The expected opening is fall of 2000. The center, called La Fete Tama, is the second thematically designed new concept center created for Mitsui Fudosan by RTKL/ID8, following on the heels of the successful Yokohama Bayside Marina. La Fete Tama two-level design is organized around a central promenade with four themed zones that reinforce a make-believe story about a French family that is transported to a far-away land.
JV partner secured by G&E for new Dominican resort Grubb & Ellis's Atlanta office has secured a joint venture partner to develop Point Discovery Beach Resort, a 1,250-acre Caribbean resort area in the Dominican Republic. The property is located just 35 miles east of the international airport at Puerto Plata. With a buildout value expected to exceed $1 billion, the property is zoned for two hotel casinos, 2,500 residential homes, 600 timeshare units, championship golf courses, a marina, retail shopping center and office building.
Latin America set for major take-off Several recentin Latin America seem to be casting a new eye on development in that global region, after years of neglect and the stigma of recession.
Dallas-based Staubach Co. has been appointed by Cisco Systems, the Internet networking giant, as its Latin American service provider. Staubach specializes in tenant representation.
VOA Associates, an Orlando-based, planning and interior design firm, is working on three new projects in the region with a total value of about $100 million. The first is a $15 million, 80,000 sq. ft. Compensar Family Entertainment Center in Bogota, Colombia. Completion is scheduled for May of 2000.
Another project is the Rio Quente resort development, considered Brazil's largest, located about 200 miles from Brasilia. VOA is providing concept planning services to integrate the existing resort with a new water park, a new entertainment district and new hotels and residential developments.
Also in the works is a site feasibility study for a 5-acre urban entertainment center in the coastal community north of Vina del Mar, Chile. Plans call for a new entertainment center to join the existing timeshare and condominium resort.
And in late-October, Brazil Realty SA announced the formation of REIT Brazil, giving individual and institutional investors alike a chance to invest in large real estate projects in Sao Paulo, Brazil's largest city. The REIT, based on the JK Financial Center, which Brazil Realty is building in Sao Paulo, will sell shares in the project.
Showing its commitment to the region, Cushman & Wakefield, New York, recently opened new offices in Rio de Janeiro, Brazil, and Santiago, Chile. "We have experienced an increased demand from multinationals to supply a full range of services throughout Central and South America, due to population growth and stronger local economies," says C&W executive managing director of international services John Coppedge.
All bets are to keep an eye on this region for much more activity.