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China Construction Bank Corp. (939), the nations second-largest lender, bought an office building in London for 110 million pounds ($187 million) as it expands in Europe after becoming the citys first yuan clearing bank.
Construction Bank will use the 122,880 square feet (11,420 square meters), seven-story building on 111 Old Broad Street as its European headquarters, Knight Frank LLP, which advised on the sale, said in an e-mailed statement today. The seller, Belgian bank KBC Groep NV, will remain in the building under a lease agreement.
The lender follows other Chinese financial firms including China Life Insurance Co. and Ping An Insurance (Group) Co. in buying real estate in London, which has emerged as a haven for foreign wealth. Londons prime rents may rise substantially in next three to four years amid an U.K. economic recovery and shortage of office space, according to Knight Frank.
China Life, the nations largest insurer, last week bought 70 percent of an office tower in London in a deal with a total value of 795 million pounds. Ping An Insurance, the second biggest, agreed to buy in July 2013 the Lloyds of London building from a Commerz Real AG-managed fund for 260 million pounds, according to people familiar with the matter.
Beijing-based Construction Bank last week won its first yuan-clearing mandate in London as China seeks to bolster global usage of the currency. The pound also became the fifth major currency to trade directly against the yuan in Shanghai.
At the end of 2013, Construction Bank had operations in 15 countries and regions, including Hong Kong, Singapore, Frankfurt, Luxembourg and New York. Its total overseas assets surged 41 percent last year to 732 billion yuan ($118 billion) while pretax profit gained 23 percent to 3.9 billion yuan, according to its annual report.
(An earlier version of the story corrected the floor area of the building.)
To contact Bloomberg News staff for this story: Jun Luo in Shanghai at jluo6@bloomberg.net
To contact the editors responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net Gregory Turk, Allen Wan
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China Construction Bank Buys London Office for $187 Million
Chicago, IL (PRWEB) June 26, 2014
Gilbane Building Company announced the recent hire of John Eckerle as Project Executive for the Chicago office. He has extensive experience in the management and field supervision of engineering and construction of government and private facilities. In his role, he will be responsible for overseeing the Chicago Metropolitan Pier and Exposition Authority (MPEA) McCormick Place Development projects.
He is the perfect fit for our MPEA McCormick Place Development project. He has worked on various projects for McCormick Place including the New South Building, Lakeside Center Renovations, Hyatt Regency Hotel, Parking Garage, Meeting and Corporate Center, as well as, the relocation of streets and highways to accommodate expansion, said Fred Borich, Gilbane Senior Manager of Business Development.
Eckerle brings more than 47 years of construction experience to his role as Project Executive. Prior to joining Gilbane, Eckerle was Vice President at AECOM, where he began his career as a Field Engineer.
A graduate of the University of Florida and Texas A&M, and a Project Management Professional (PMP), Eckerle has strong industry connections and has served on the Construction Management Association of America (CMAA) Membership Committee as the Chairperson and the American Council of Engineering Companies of Illinois.
About Gilbane, Inc. Gilbane provides a full slate of construction and facilities-related services from pre-construction planning and integrated consulting capabilities to comprehensive construction management, close-out and facility management services for clients across various markets. Founded in 1873 and still a privately held, family-run company, Gilbane has more than 50 offices worldwide. For more information, visit http://www.gilbaneco.com.
Gilbanes Chicago office has been providing building construction management, program management, design-build and general contracting services since 1978. Gilbanes overall approach includes owner and design team support in all facets of preconstruction, construction, move-in, testing, and commissioning. ####
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Gilbane Building Company Hires New Project Executive in Chicago Office
Richardson, TX (PRWEB) June 25, 2014
Window Expo is proud to announce that they have now reached a new milestone with installations of over 65,000 windows. The company has also been experiencing quite a bit of growth recently and has been making changes to accommodate that growth.
Because of the large amount of windows that have been sold, Window Expo has hired more salesmen and more experienced installers to meet the growing demand. The company sold almost 10,000 windows last year, and they are well on track to far exceed last year's results.
In addition to accomplishing the new milestone and in order to accommodate their growing clientele, Window Expo is launching a brand new website next month. The window replacement company is excited to reveal the new website in July and hopes that it will give customers an even better overall experience.
Window Expo continues to strive to do more and be better. They are committed to providing customers higher quality at a lower cost. They offer the best value in the Dallas/Fort Worth area with an emphasis on excellent customer service.
For more information about Window Expos recent accomplishments and increased growth, contact the company by calling 800-980-3976 or visiting http://www.windowexpodfw.com/.
About the company: Window Expo is a Dallas/Fort Worth window replacement company specializing in vinyl replacement windows and doors. Southern Living Sunrooms by Window Expo specializes in sunroom additions, patio enclosures, patio covers and screen rooms.
Their replacement windows, doors and sunrooms are expertly designed and skillfully manufactured to provide customers with cost-saving energy efficiency, exceptional safety and security, greater comfort and amazing beauty. Stop into the showroom in Richardson, TX to view the current selection of replacement windows. Contact Window Expo today for a free estimate on replacement windows and doors, sunrooms, screen rooms and patio covers. For more information, call 800-980-3976 or visit Window Expos website at http://www.windowexpodfw.com/.