Direct commercial property transactions in Europe, the Middle East and Africa (EMEA) tumbled 45% in the first quarter of 2012 to EUR 20 bn, according to preliminary data compiled by Jones Lang LaSalle. A year ago, EMEA accounted for transaction volume of EUR 37 bn in the first three months.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
