Developers Archi and NEXT have officially launched the Swissôtel Kobuleti Beach Resort, a 300 million dollar premium hotel and residential project in Georgia. Situated on the Black Sea coast near Batumi, the three-building complex will feature a luxury hotel, private apartments, a casino and a 3,000 square metre wellness zone. The development aims to elevate regional tourism standards and boost local employment.
A new joint venture backed by major European pension investors has secured $300 million in initial equity to target South Korea's rapidly growing rental housing market. The Korea Living Venture, managed by Tishman Speyer alongside cornerstone investors APG and Bouwinvest, aims to acquire, reposition and develop multifamily assets across the Seoul capital region to address a structural shortage of modern, professionally managed housing.
Global property leader Greystar has finalized the closing of its second pan-European value-add residential fund at over €2.7 billion. The pool of capital represents the largest of its type ever raised for the continent's rental sector. Backed by institutional investors, the vehicle equips the firm with an investment capacity exceeding €6.8 billion to target structural housing shortages across major European cities.
Construction has commenced on Aspen at Greenleigh, a $148 million premium apartment scheme in Middle River, Maryland. The joint venture between St. John Properties and Somerset Companies will introduce 335 high-specification homes by late 2027. Notably, the development is on track to become North America's largest green Insulated Concrete Form structure, setting a new benchmark for regional urban development.
Construction has commenced on King + Park, an ambitious mixed-use masterplan development at the gateway to Burnaby, British Columbia. Joint venture partners Crestpoint Real Estate Investments, Vestcor and Anthem Properties celebrated the milestone alongside local officials. The transit-oriented scheme will deliver vital rental housing across multiple phases and includes the extensive refurbishment of a landmark 50-year-old local office tower.
Warren Buffett's investment conglomerate Berkshire Hathaway has agreed an all-cash takeover of American housebuilder Taylor Morrison. The deal values the firm at an $8.5 billion enterprise value, offering shareholders a 24% premium. Taylor Morrison will delist from the New York Stock Exchange and become a private entity, though the current executive team will continue to run the business operations.
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