The first Rosewood Hotel in Abu Dhabi is scheduled to open on May ,1 executive director of Mubadala Real Estate and Infrastructure Ali Eid Al Mheiri told The National.  

The 189-room five star hotel is part of Mubadala's Al Maryah Island development, which was formally known as Sowwah Island. The 114-hectare project, which is still in the early stages of development, is designed as Abu Dhabi's new financial district, including the home of the Abu Dhabi Stock Exchange.

Designed by Handel Architects, the Rosewood hotel features floor-to-ceiling windows with views of the Arabian Gulf in every room, according to the hotel website. The hotel also includes 1,636 square meters of meeting space and nine restaurants and lounges.  

The hotel will also have 140 serviced apartments according an announcement from Dallas-based Rosewood Hotels & Resorts.  

The hotel opening will represent a milestone for the Dh4 billion ($1.089 billion) Al Maryah project, which has been in development for six years. But the project has progressed slower than expected, faced with the development issues that affected projects throughout the UAE.

The Abu Dhabi Securities Exchange was scheduled to move in to its new headquarters last year, but it still hasn't happened. 

Mubadala, the investment arm of the Abu Dhabi government, hopes to create a financial district similar to Canary Wharf in London or La Défense in Paris. 

Mubadala said this week it has leased 92 per cent of the office space in its 40,000-square-meter Al Silla office tower and 82 per cent of its 45,000-square-meter Al Maqam office tower. 

With Europe still wallowing in recession and the U.S. economy only now showing signs of having turned, hoteliers continue to target Asia for new projects.

China, India and Indonesia are driving record growth, with more than half a million new rooms in development in Asia, according to a new report.

China boasts the largest pipeline in the world, with 407,721 rooms under construction, just under three-quarters of the 557,505 hotel rooms in the works in the region, research group Lodging Econometrics reports. China is home to 21 of the world's top 25 cities for hotel-room growth.

The latest report also matches data from STR Global, which also detailed the volume of hotels in development in China.

Separate research from Cushman & Wakefield showed that Asian hotel investment in 2012 hit $8 billion for the first three quarters in 2012 and was on track to surpass 2011's total - although still some way off the record $12.3 billion investment seen in 2007, before the global financial crisis.

There are signs, though, that China's rampant growth is beginning to lag. Shanghai, with the largest number of hotel rooms in the world, according to the Lodging Econometrics report, has seen two decades of frantic activity - but its growth as of the end of 2012 showed no improvement over the end of the previous year, in terms of projects. The amount of hotel rooms under construction fell 14 percent.

It is Indonesia that is seeing the biggest leap in both projects and room construction, both of which more than doubled last year, albeit off a small base. That fits with a shift by private equity and property developers, who have been reallocating some of the emerging-market risk they had devoted to China to the Southeast Asian nation.

Starwood Hotels & Resorts is the biggest mover in China, with 89 projects under way, providing an added 28,981 rooms. The company, the world's largest hotel chain, focuses on upscale brands such as Sheraton, Westin and the W Hotels.

Hilton Worldwide is not far behind, building 85 projects - and its average size is larger, since they're providing 29,220 rooms, the bulk of them under the Hilton and Doubletree brands.

French chain Accor is also very active in China, with 85 projects under construction, contributing 21,553 rooms for the upscale Pullman Hotels and the economy Ibis brand.

The number of projects is rising faster in China than the number of rooms, the study shows, demonstrating that smaller, midscale hotel brands are growing the fastest, as chains look to appeal to the country's growing middle class.

Although China's economic growth slowed last year and has continued to fall in 2013, the government's response to any economic softening has been to free up bank lending and boost infrastructure development, policies that have contributed to nonstop growth for virtually three decades.

China continues to boast the fastest growth among the world's major economies. But after disappointing first-quarter gross domestic product numbers, economists have been lowering forecasts for 2013. Nomura, for example, now anticipates a growth rate of 7.5 percent this year and next, down from 7.8 percent in 2012.

The Philippines, at 6.4 percent for 2013, and Indonesia, at 6.1 percent, have the next-fastest growth in the region. Nomura predicts Indonesia will sustain that pace into 2014, hitting 6.2 percent economic growth next year, rivaled by India's 6.6 percent pace, while the Philippines is expected to lag to 5.8 percent growth.

The Cushman report indicates those numbers make Southeast Asia the fastest growing part of Asia in terms of international arrivals, with 2012 showing a 15 percent increase over the previous year. South Asia generally also saw decent gains in arrivals, with smaller markets such as Dhaka, the capital of Bangladesh, and Yangong, the biggest city in Myanmar, also attracting recent attention from hotel chains.

The number of hotels opening in the United States is forecast to increase by 42 percent in 2013, after a lackluster 2012, according to new data from STR Analytics

Only 420 hotels opened in the United States, which was near the "lowest level in the current cycle," the research firm said. But more than 600 are scheduled to open this year, the firm said.

"With a limited amount of financing available for new developments, the volume of new rooms entering the market is negligible in most cities," Steve Hennis, director at STR Analytics, said in a statement. "However, with continued improvement in both the general hotel industry as well as the national economy, we are beginning to see the pace of new construction increase."

Industry fundamentals improved in 2012, despite the construction slowdown. Some of the other findings of the firm's 2013 Hotel Development Almanac:

• The majority of new hotels are in the Upscale and Upper Midscale segments, which accounted for approximately two-thirds of 2012 openings.

• The most active market track for development in 2012 was North Dakota, which saw 23 new hotels open.

• The New York City market had the costliest developments last year, averaging $508,000 per room.

• Hampton Inn & Suites and Holiday Inn Express had the most U.S. hotel openings in 2012.

Believe it or not, the sun has a heartbeat. And when the energy from this heartbeat reaches Earth, it results in the most spectacular light show on Earth - the Northern Lights, or Aurora Borealis.

This heartbeat is at its most powerful every 11th year. And this is the 11th year - so this year's light show will be the most spectacular in a decade.

The northern skies will be streaked with vivid, iridescent greens and blues and oranges and purples. The black Arctic skies take on the look of a constantly-changing kaleidoscope. And you're mesmerized by the colors, the "deafening" silence, and the reflections off the water and snow.

A Tahoe City, CA, travel company called AdventureSmith Explorations is offering four "Northern Lights" programs this fall on its small ships, which offer up-close-and-personal looks at wildlife in small inlets and harbors inaccessible to larger ships.   

Along Greenland's West Coast, you'll spot musk oxen, sail past the enormous icebergs of the Jakobshavn Glacier, and climb a nearby hill for an other-worldly view of the icebergs stretching into a silver-blue horizon. You'll visit an 11th-Century Thule settlement, and bathe in a hot spring surrounded by icebergs. And you'll probably see some of the giant humpback and blue whales for which this region is famous.

Scoresby Sund, in East Greenland, is the longest fjord in the world...and the best viewing spot for the Northern Lights. You'll go on shore via zodiac excursions, and be surrounded by native wildlife, among them 50 species of birds, and reindeer. 

Greenland is like no other place on Earth. You'll visit settlements whose only connection to the outside world is by dog-sled. You'll hike on one of the world's fastest-moving glaciers. In the village of Kangaamiut, you'll meet artisans who still craft their work the ancient ways. And as you cruise into the Evighedsfjord (Fjord of Eternity), you'll find yourself surrounded by mountains 6,500 feet high. Nearby is a large crater, made by a meteorite that crashed into Earth three million years ago, the oldest impact structure on the planet.

And, if you're lucky, you'll see the "calving" of a glacier--when a giant piece falls off and the Earth shakes and roars with the impact. It's a sight - and sound - you'll never forget.  

Then...take your seat, because the show's about to begin!

The aurora borealis gets its name from the mythical Roman goddess of the dawn, Aurora, and the Greek name for north wind, Boreas. It often appears as a red glow on the northern horizon, as if the sun was rising in the wrong direction. It's at its best during the months of September, October, March and April.

Among many of the Northern peoples, it was seen as a symbol of approaching doom. One myth of the Inuit people says that the aurora borealis is the spirits of past ancestors, while another myth says it's predicting the future.

One prediction is sure, however: You will never see anything in your life like the Northern Lights--especially if you go in the 11th year!

Editor's Note: In 2006, Rachelle and Ben Smith left their life in Florida behind and bought a house in Panama, on a mountain with views of both the Pacific and the Caribbean. Seven years later they have put the home on the market. In this first column in a series, Rachelle shares their experiences buying--and now selling--a home in Panama.

It was February, 2006, when we got a phone call from a friend who wanted to know if we were interested in flying to Panama and looking at property. She had met a realtor who was bringing a group of retirees to Panama to look at retiring there. We said, why not? We still didn't know where we wanted to retire.

We arrived in Panama on March 3, 2006, three days before we were to meet up with the agent, Marie. I had told my husband that for me to move to a foreign country, I needed to feel safe and know the people accepted us into their country. To start, we booked a hotel downtown, so we could walk all over the city and talk to the people.

Our first morning we took off for a walk down Balboa Avenue, the coastal strip in the city. Wow... I had never seen rush hour traffic quite like this before. I think the road only had four lanes but I swear the drivers made eight lanes out of them. The blowing horns were mind boggling. Then the smell of the Panama Bay hit us and we decided eating along Balboa wouldn't be a wise idea, if we wanted to keep it down.

But I have to say I fell in love with the city and people.  Even if we met someone who couldn't speak any English, as our Spanish was very poco, poco, they always wanted to help us and welcome us to their country.

The morning we met Marie we found out she grew up in Panama, but had married a military man stationed in Panama and moved to the states. She knew we wanted to live near the beach so she had a ReMax realtor lined up to show us properties. We definitely wanted to live on the water after living on a boat three years.

But in 2006 the beaches here didn't have a lot of infrastructure and safety wasn't the best. We looked for three days and decided we probably wouldn't buy on this trip as it was almost time to go. We went to the Remax office on our fourth day, tired of driving 2-3 hours to the beach area then fighting traffic at rush hour coming back into the city. But Marie said they had a property on a lake to show us. The property was about an hour from town and the roads weren't the best, but they are putting in a new highway and it will be finished in a year, she said.

We said okay but we weren't excited about a lake. When we got to the property they had said it had a house but what they meant was a foundation and we weren't interested in building a new house. As we explained out feelings, a member of the family that owned the property said he had a house in an area called Cerro Azul, up on the mountain. It was only 30 minutes away, if you want to look, he said.

We have heard many times "money is king," but in Miami timing is what matters most right now.

About a month ago I was showing properties to a client with a very tight budget. We could find only six properties in his price range. We went out to visit the properties but we couldn't see the one that most interested him and he had to return to his country the next day. So he asked me to inspect the property the following week and report back to him if the property was as it appeared in the pictures so he could move forward with a contract.  First thing in the morning on Monday I called the listing agent to make an appointment and he told me that they already had eight contracts for the property--and none of the potential buyers had seen the property yet.

Three years ago we had an excess of inventory, so prices went down and properties were on the market for long periods. As buyers returned, the inventory started to go down and prices started to go up, and urgency started to build in the market.

The second effect of high demand-beyond rising prices--is properties start to receive several offers--and the third effect is people offer more than the listing price.

What phase are we in now? Well, that depends of what's going on a specific building or community.

How do you know how fast you need to move on a listing? In my experience, there are two components that you have to check. The first one: Is the property within Miami's median price or below? If it's below, the faster the property will move. So if you see something you like you have to be conscious that there are more people looking for the same type of property. The lower the price, the more competition you should expect and the biggest odds that it will not last in the market.

The second component will be the comparable sales in the building or community. If you are seeing the property with the lowest price in the building, then the more likely it will be the first to sell, unless of course the property is not in good condition or has problems that might be a hassle for the buyer. The fewer properties available in the building/community, the higher possibility the target property will sell faster. When you are seeing properties ask your Realtor to inform you about the list of properties available in the building or community, so you know ahead of time how the inventory is behaving and you know how to prepare your decision.

Now, two more things that are important to know--verbal offers won't really hold the property, even though by law we as Realtors are obligated to present it to the seller. Until there is a written contract, anything can happen. If you are really interested in that property writing a contract will be the best way to present the offer. The second thing important to know: if you haven't seen the property, but you know that it might be it, you can you put a contract on the property, contingent on your review after visiting the property. The owner might not accept the contingency, but it is worth to try, if you can't see the property right away.

At the end of the day, the most important thing for you to define what it is that you want and what time frame you want it. That way you will be ready to act as soon as you see something you really like.

Valeria Grunbaum is the founder of The International Real Estate Academy and a Realtor specializing in international clientele in Miami. Her Web site is

Real Estate News | North America Residential News

The number of existing home sales dipped in March from the previous month, but prices continued to rise, according to the latest data from the National Association of Realtors.

The volume of sales slipped 0.6 percent from February, but was still 10.3 percent higher than March a year ago. NAR blamed the month-to-month drop on "inventory constraints," which also pushed up prices.

The national median price for an existing home was $184,300 in March, an 11.8 percent increase from the same month a year ago. The price increase was the largest year-over-year jump since November, 2005, NAR reports.

Prices have now risen year-over-year for 13 consecutive months.

A house labeled as "haunted" could translate into savings for buyers in Hong Kong.

Properties where horrific incidents have occurred -- anything from a natural death or suicide to murder -- are often priced from 10 to 30 percent below market, according to an interesting, some might say disturbing, report from CNN. The homes are listed as hongza, a Cantonese word which translates into "calamity house," although it could also mean "haunted," in the context of Hong Kong property.

Since Chinese buyers are often superstitious and wary of homes with a dark past, making the hongza designation an important property term. Hong Kong real estate agents are required to disclose any information that could affect a property's value, and this is causing problems in the market, CNN reports.

Hong Kong's haunted house market is mostly controlled by online databases that list homes with the hongza designation. But the Web sites, such as the popular hk-compass.com, often don't list specific addresses, which means a hongza listing might affect the values of surrounding homes and, in some cases, entire neighborhoods, according to CNN.

"I think they should make it clear, they should not just state the entire floor as haunted," Patrick Fong, an apartment owner on the same floor as a hongza apartment, told CNN.

The Web sites are unregulated and the government has shown a reluctance to step in to the issue.  The government will not get involved if "they don't think they can handle [the situation] right now," Hong Kong Polytechnic University professor Eddie Hui told CNN.

The responsibility falls to agents, who must inform clients of a hongza designation. In a recent court case, a judge found in favor of a client who sued an agent, charging they didn't tell him of a property's haunted past before the purchase.
  
"If an estate agent acting for a purchaser knows, or ought to have known of the occurrence of a tragic incident in a property, and knew or ought reasonably to have known that this would materially affect the value of the property, that agent would owe a duty to alert its client to that fact," judge Benjamin Yu said in the judgement.  Following a murder or suicide, a property's value could drop by as much as 25 to 30 percent, Mr. Yu added.  

A new wave of timeshares is flooding the resale market, wreaking havoc on an industry trying to woo new customers.

Timeshares in the secondary market are often priced 40 to 60 percent -- or more--below original prices. At a time when the timeshare industry is reporting increasing sales, the resells are undercutting the market and hampering any recovery.

"Resales are having a huge impact," said Simon Jaworski, senior vice president of The Research Intelligence Group. "The resale market has almost doubled in the last three or four years."

Mr. Jaworski was talking during ARDA World, the annual convention for the resort and timeshare industry, where the resale market was a hot topic. Speakers emphasized the need to create a "healthy secondary market," and sessions focused on different ways for the industry to deal with the market.

Resales are nothing new in the industry. But the growing volume has exacerbated the issues in recent years, as more and more owners who bought week deals before the market crash are now attempting to sell, industry executives say. In addition, timeshare owners are growing older--they bought timeshares in their 50s and are now in their 70s, no longer interested as interested in spending a week in Florida.

Dozens of companies have surfaced to help people sell their timeshares, including scammers who see an easy target. The traditional timeshare industry has traditionally viewed the resale market with something between tolerance and contempt.

But pressure is mounting for the industry to embrace the resales.

"So many people want an exit strategy" from their timeshare, Mr. Jaworski said. "If they find a solution, everybody wins."

More than one executive suggested the industry should embrace the term "certified resales," invoking the model in the car business, where manufacturers have belatedly embraced the second-hand market. Several new timeshare operators have already launched resale programs.

"I don't know if it is an issue for every company," said Howard Nusbaum, chief executive of the American Resort Development Association. But older "legacy" players continue to wrestle with resell competition, he said.

ARDA is advocating for more regulation of the resale market, citing unscrupulous operators preying on owners.

More than 211,000 hotel rooms are in development in China, a 13.9 percent increase from the current supply, according to a new report.

China has almost four times the number of rooms in development than India, the country with the second largest hotel development pipeline, according to the STR Global Construction Pipeline Report. India has 54,478 rooms in the pipeline, a 29 percent increase from the current supply.

STR's pipeline report tracks hotel projects that are in construction, final planning and planning stages, but does not include projects in the pre-planning stages.

The largest growth in the Asia/Pacific region, in terms of percentage increase, is in the Philippines, which is expected to grow by 35.7 percent in the next few years, with 14,048 rooms in the pipeline.

Other markets in the region expected to grow by more than 10 percent:

• Indonesia (+24.2 percent with 30,942 rooms)

• Vietnam (+18.7 percent with 8,500 rooms)

• Malaysia (+12.9 percent with 14,245 rooms)

• Cambodia (+12.3 percent with 1,755 rooms)

The region's total hotel development pipeline consists of 1,788 hotels totaling 385,043 rooms, according to STR data.  

Faced with dwindling sales and slumping share price, J.C. Penney made need to turn to its prime real estate to stay afloat. 

Annual sales dropped 25 percent to $13 billion, the lowest level in decades, during the first year of a transformation plan implemented by chief executive Ron Johnson, who was fired this week. Some analysts have speculated the chain may be sold in the wake of the disastrous run.

However, the retailer could turn its top 300 locations into a real estate investment trust to sublease space to other brands, Bloomberg reports.   

A REIT consisting of 300 stores, operating under a different name, could have a value around $40 a share, compared to the remaining J.C. Penney-branded business, which is valued at $6 a share, International Strategy & Investment Group analyst Omar Saad wrote in a note. 

"JCP's most valuable asset is its low-cost real estate, and we believe there are many premium brands that would potentially be interested in subleasing space within the best locations," Mr. Saad wrote, listing Ugg, H&M and Calvin Klein as examples of brands that could be interested. 

The average cost of ownership for most of J.C. Penney's real estate is less than $5 a square foot, compared to $70 a square foot for most retail space around J.C. Penney stores, according to ISI Group analysis.  

The department-store company has lost longtime customers during its boutique-style transformation as it focuses on trendy new brands. As the company looks for a turn around, subleasing real estate could buy it time. However, some say it's not that easy. 

"The logistics of it make it really challenging to do unless there's a more severe distressed scenario whereby Penney's went bankrupt or something," Macquaire Group analyst Liz Dunn told Bloomberg. "I don't think that's happening anytime soon," she said, noting J.C. Penney has agreements with landlords preventing subleasing.  

Caribou Coffee recently announced they are backing out of plans to open shops in J.C. Penney stores, according to Bloomberg. No matter what course the retailer chooses, it's clear J.C. Penney is in repair mode. Last week chief financial officer Ken Hannah said the company aims to reverse its "huge miss."

Malaysian investors are increasingly focusing on London office space.   Since the beginning of 2010, Malaysian funds have invested $3.7 billion into London office buildings, according to data from Jones Lang LaSalle.

Overall, Britain represented 62 percent of the Southeast Asian nation's international commercial property investments in the last three years. China was a distant second for Malaysian investments, with $604 million invested during the same time period.  

The Malaysian funds focused almost entirely on London office buildings, which accounted for $3.7 billion of the $3.8 billion in commercial investments. The funds primarily preferred buildings anchored by tenants taking up half or more of the building with long-term contracts, JLL reports.

"From an institutional point of view, the important thing for them is to have tenants that are not much to manage and who are secure - it's like buying a government bond," director of Asia-Pacific Capital Markets for Jones Lang LaSalle Singapore Chris Hahn said.

State-backed funds were the biggest Malaysian investors in the U.K. including the Employees Provident Fund, pension fund KWAP, asset manager Permodalan and the Moslem pilgrims' fund Tabung Haji, according to the Wall Street Journal.
 
Despite concerns about the long term strength of the London market, Malaysian interest seems to be increasing. This week KWAP purchased the office skyscraper 88 Wood Street, London EC2, tenanted by Mitsubishi, Hewlett Packard, Collins Stewart and National Australia Bank for £200 million, the Star reports.

Last month Lembaga Tabung Haji purchased 151 Buckingham Place for £205 million, which the paper said would provide the fund a yield of almost 7 percent. The government building is occupied by the Department of Health and its regulatory agency.

The emigration of Malaysian funds may be hiding a bigger issue at home with an oversupply of office space and downward-trending rents, the WSJ reported.
In Malaysia three-year tenant occupancy is the norm.

"For institutional investors, that's quite high-risk," Mr. Hahn said regarding the short tenancy term. On the other hand, markets such as the United Kingdom, where occupancy periods typically last a decade, provide a more attractive investment.

Real Estate News | North America Commercial News

Mayor Bloomberg take note! For all of your good intentions--and money spent to fight King Sugar--fast food is the retail category with the most planned openings in the U.S. this year. Subway, Quiznos, Five Guys Burgers and Fries, Papa John's and Dunkin' Donuts are all planning multiple outlets.

"Restaurants/food concepts will account for approximately 40 percent of all new tenancy in the marketplace in 2013," based on unit counts, not square footage, said Atlanta-based Margaret Caldwell, managing director, Jones Lang LaSalle Capital Markets.

Restaurants are leading a strong growth spurt in retail. New store openings are expected to hit a four-year high this year, Ms. Caldwell says.

There are many reasons why fast food chains are planning so many openings, says Lori Schneider, senior vice president, Marcus & Millichap, Ft. Lauderdale. "These fast food tenants are credit worthy, they fared well during the recession and they generate traffic for a shopping center," she said.

According to Retail Lease Trac, a retail tenant director that tracks store openings, the 2,794 retailers in the company data base plan to open 81,467 stores in the next 24 months.

Besides fast food, the other retail categories that are doing well include sporting-related outlets such as LA Fitness and Dick's Sporting Goods. "Health clubs are a social outlet and cheap entertainment, which is why they are so popular," Ms. Schneider said. Plus, fitness centers are excellent co-tenants, she says. "Their parking patterns are counter-cyclical to peak shopping hours and they have as many or more repeat visits as grocery-anchored tenants," Ms. Schneider said.

Discount stores are also doing well. Family Dollar is planning to open 1,000 stores in 2013 and 2014.

The health/fitness/nutrition category is another growing category, with 1,663 stores scheduled to open this year, a nearly 5 percent increase from last year. And the category known as food and beverage-specialty, with 48,887 stores, expects to open 4,576 new stores, a nine percent increase.

Real Estate News | North America Commercial News

Architect Frank Gehry's toned down design for Facebook's expanded headquarters has been unanimously approved by the Menlo Park City Council.

"Where's the 'Like' button?" said the city's mayor, Peter Ohtaki.

Best known for the elaborate Guggenheim museum in Bilbao and the Disney concert hall in Los Angeles, Mr. Gehry's original design for the long 433,000-quare-foot building included many of his trademark flares, including "butterfly wings" on the edge of the buildings. But Facebook executives asked for a simpler look.

"They felt some of those things were too flashy and not in keeping with the kind of the culture of Facebook, so they asked us to make it more anonymous," Gehry creative partner Craig Webb, told the city council.

The new design is amazingly unobtrusive and sedate for a Gehry project. The most dominant feature in the new design is a rooftop park covered with oak trees. The buildings will cover a surface-level car park and range from 45 feet to 73 feet high. The city granted a variance to allow for a slightly larger and taller complex than originally allowed by zoning.

Real Estate News | Latin America Commercial News

A U.S. holding company has purchased 134 acres on the Caribbean coast of Nicaragua as part of a larger plan to develop the country's infrastructure.

Accredited Business Consolidators, a holding company, paid $1.325 million, or $9,842 per acre, for the land on the Bay of Bluefields. The remote bay is only accessible by boat from the Escondido river or air. But it is on travel route to the Bluefields Port.

The company plans to sub-divide the property and develop a fuel dock, servicing station and storage facilities, vice president Andy William told World Property Channel.

"Nicaragua is building a highway to Bluefields that will connect it to the mainland," Mr. William said in an e-mail. "We believe this will significantly increase the value of property in the region.

As access improves, "other parts of the land will prospectively be used for housing and tourism related uses," Mr. William said. 

The purchase was financed by the seller with a 10-year loan, at a 6.75 percent annual interest rate, with no interest accruing until the third year.

Accredited invests in a wide variety of businesses, including lumber and exotic hardwoods in Nicaragua, corporate travel services, Internet domain names, short-term payday loans, and "vintage clothing in Costa Rica," according to its profile on Bloomberg.

Earlier this year the company announced a partnership with Made in Nicaragua to distribute Nicaraguan arts and handicrafts in Managua gift shops.

"We look for opportunities where we can obtain businesses and land at below market value," Mr. William said. "We believe that Nicaragua has many opportunities available and we are looking to expand there."

Real Estate News | Europe Commercial News

With London office prices soaring, U.K. commercial investors are turning to outlying cities like Glasgow and Edinburgh, according to a new report. 

Investors are increasingly priced out in the London real estate market where rent prices are expected to increase by 10 percent in the West End this year, Deloitte Real Estate reported.

Instead investors are looking north to Scotland, where Edinburgh and Glasgow forecasted an increase in rental growth by seven percent and five percent, respectively, Deloitte reports.

In 2012 Edinburgh reported its strongest performance in four years, with rent in the capital remaining at a healthy level, according to Deloitte data.

"Although there are limitations to the extent of market recovery we should expect across Scotland this year, it is the most positive picture we have been able to paint for the region in some time," head of Deloitte Real Estate Alasdair Ramsay said in the report.