Norway’s Telenor sells headquarters building for $587.56 million, Real Estate News, ET RealEstate

OSLO: Norwegian telecom firm Telenor has agreed to sell its headquarters building in Oslo to Norwegian Property for about 5.45 billion crowns ($587.56 million), the company said on Tuesday. The state-controlled company said it would lease back parts of the buildings for 25 years as part of its “simplification” programme, recording an accounting gain of […]

Rental supply surges in Madrid and Barcelona, Real Estate News, ET RealEstate

MADRID: The number of flats for rent has soared 115% in Madrid and 92% in Barcelona since March, one of Spain‘s largest property portals, Idealista, said on Monday, as tourists vanished from the city centres and some local residents followed suit. Nationwide, the number of flats advertised for rent soared 63% between March and September, […]

The We Company reverts to WeWork name, Real Estate News, ET RealEstate

NEW YORK: The We Company, parent of money-losing shared office provider WeWork, which last year yanked plans to go public after harsh criticism over its business model and erratic management, is dropping the “we” moniker to revert to its better-known name, according to an internal memo seen by Reuters. Restoration of WeWork as the official […]

Landlords in US are getting squeezed between tenants and lenders, Real Estate News, ET RealEstate

NEW YORK: When it comes to sympathetic figures, landlords aren’t exactly at the top of the list. But they, too, have fallen on hard times, demonstrating how the coronavirus outbreak spares almost no one. Take Shad Elia, who owns 24 single-family apartment units in the Boston area. He says government stimulus benefits allowed his hard-hit […]

Canada launches new business rent aid program, Real Estate News, ET RealEstate

OTTAWA: Canada on Friday announced a round of new and enhanced support for businesses impacted by the coronavirus pandemic, including a new rent subsidy program to replace its previous, and much criticized, rent-relief program. The Canada Emergency Rent Subsidy program will provide direct support to businesses and other organizations that are facing revenue losses, Finance […]

UK’s PM promises lower deposits to boost home ownership, Real Estate News, ET RealEstate

LONDON: British Prime Minister Boris Johnson pledged on Tuesday to make it easier for first-time homebuyers to take out a mortgage, in an effort to overturn “disgraceful” low rates of home ownership among young people. “We need now to take forward one of the key proposals of our manifesto of 2019: giving young first-time buyers […]

WeWork sells control of China unit to Trustbridge Partners, Real Estate News, ET RealEstate

BENGALURU | SHANGHAI: U.S. office-sharing firm WeWork on Thursday said it will sell control of its China division to one of its investors – private equity firm Trustbridge Partners – as it steps back from a competitive market where it has suffered low-occupancy rates. The deal effectively offloads the China unit away from the parent, […]

Russian landlords feel the pinch as COVID-19 hits incomes and rents, Real Estate News, ET RealEstate

MOSCOW: Before the coronavirus pandemic hit Russia, pensioner Elena rented out her one-bedroom apartment in the Moscow suburbs to help make ends meet. The 18,000-rouble monthly rent, nearly $240 at the current exchange rate, provided her with almost as much income as her retirement benefits. But when restrictions to curb COVID-19 started taking a toll […]

Judge awards tenants $52 million for ‘horrendous’ conditions, Real Estate News, ET RealEstate

KANSAS CITY: Tenants who sued over “horrendous” living conditions at a Kansas City low-income housing development have been awarded $52 million in damages. Jackson County Judge Joel Fehestock on Tuesday found in favor of the tenants, who sued KM-T.E.H. Realty 8 and Michael Fein last year for ignoring complaints about roach and rat infestations, raw […]

Hong Kong eases mortgage rules for commercial property, Real Estate News, ET RealEstate

File photo HONG KONG: Hong Kong’s banking regulator said on Wednesday it would relax commercial property mortgage rules, in a move to boost liquidity in a market that has been hit hard by U.S.-China trade tensions, violent street protests last year and the coronavirus crisis. The change lifts the cap on the loan-to-value ratio for […]

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