Morgan Stanley's real estate trust has acquired a Moscow retail center, the Metropolis Shopping & Entertainment Mall. It is the largest foreign acquisition of Russian commercial real estate. Market sources believe the center was valued at $1.2 billion.
Union Investment, a German fund, acquired Mercado shopping mall in Hamburg from a joint venture between Pirelli & C. Real Estate and Morgan Stanley Real Estate Investing for $235.5 million, the largest investment deal this year in Germany. The 24,000-square-meter mall attracts up to 35,000 shoppers a day.
Recent attacks in Afghanistan show terrorists are shifting toward a new model for inflecting violence. Using the recent attacks in Mumbai, India, as a guide, terrorists in Afghanistan are using small groups and hitting several targets at the same time in an attempt to overwhelm security forces with multiple objectives.
Saks Fifth Avenue snagged exclusive menswear line Kiton apparel just before the recession began, but the department store chain wants the line for the long haul. The chain is opening a Kiton boutique at its flagship Manhattan store. "A store like Saks needs to have the best product available," Saks' president and chief merchandising officer said. "And I do think the man who wants to present himself in a certain way, he's still out there."
Emaar Malls Group has added more than 200 stores at the Dubai Mall in downtown Dubai, United Arab Emirates. It plans to debut soon a corridor devoted to couture fashion, as well as an indoor theme park and a 22-screen movie theater.