The largest developer in Saudi Arabia, Jabal Omar Construction Co., wants to take part in a $5.3 billion, hotel and mall development project in the province of Makkah, one of the biggest hotel developments in the country during the previous decade. The holy city of Mecca (also known as Makkah) is Makkah's capital; the largest city is Jeddah, also the major port city in Saudi Arabia. Jabal plans to invest $3.2 billion in 10 new hotels.
Jabal Executive Director General Sameer Al Quraishi states that the enterprise has started building 2.2 million square meters of land near the Grand Mosque (24 million square feet). cheap rental cars
When finished in 2017, the 544 acre property will include 38 hotels and the largest retail complex in Saudi Arabia. Marriott International, Hyatt Hotels, Hilton Hotels and Sheraton will operate the hotel assets.
Warsaw Financial Capital has been awarded an investment of $258 million by the Alliance.
Headquartered in Frankfurt, Allianz Real Estate Germany has purchased an 87.5 percent interest in Warsaw's 33-story Warsaw Financial Center (750 000 square feet) for the cost of 258 million dollars (about 210 million euros). The building is rented to 73 foreign and regional residents to 98%.
The remaining 12.5% were acquired by Curzon Capital Partners III, a Luxembourg investment vehicle operated by Londoner-based Tristan Capital Partners. The joint venture agreement this year is the largest in Poland.
Cerberus Capital, located in New York, closed an investment fund of $200 million.
After closing a $200 million plus distressed real estate fund in July, the new York City billionaire Stephen Feinberg and his private equity firm, Cerberus Capital Management LP, have said that their next distressed real estate fund has been targeted at about $1.2 billion.
Representatives of Cerberus refused to comment on the company's short-term ambitions. Analysts acquainted with comparable organisations, such as Apollo Global Management LLC in New York, have argued that the positioning of American private equity corporations to take advantage of Europe's protracted debt crisis is no secret. They expect sales from European and American banks seeking loans, government bailouts and new regulatory requirements.
Atlanta-based Stockbridge Capital has paid $42 million for Florida apartments.
The 296-unit lakes at the Pembroke apartment development in Pembroke Pines, FL were bought in Atlanta, Stockbridge Capital, GA, from Chicago, IL for $42 million.
According to Avery Klann, the main broker of the deal at Atlanta-based ARA, since 2001, LaSalle has invested $5.5 million on improving its external capital and $3.2 million on interior enhancements. Pembroke Pines is located in the state of Florida, Broward County.
Apartments selling Lake Mary's Sun Lake for $39.6 million.
The $39.6 million was sold at Sun Lake Apartments, a 600-unit, 24-year-old complex in Lake Mary, FL. CBRE's Central Florida Multi-Housing Group handled the deal. The identity of the buyer and seller were not immediately divulged through the brokerage.