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Cushman & Wakefield/Forton MKA Appointed as Exclusive Leasing Agent of East Gate Mall

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The leasing process of the largest shopping center in Skopje, East Gate Mall, has started. It will be led by Cushman & Wakefield/Forton MKA.

This “next generation” mall is the biggest mixed-use, real estate project in Macedonia to date, and has a two-level structure with the highest concentration of fashion brands shops, restaurants and food outlets, as well as entertainment areas, all in one place.

The project has already generated market interest and is expected to grow further. “We anticipate over 40 percent of the mall’s tenants to be new comer brands that have just entered the Macedonian market”, explains Vlatko Bogoevski, Managing Partner at Cushman & Wakefield/Forton MKA.

East Gate Mall has a planned 500,000 + square meters total built up area (TBA), which will include the shopping center, a residential complex and an office park. It is also the largest private investment on the real estate market in Macedonia, with an estimated value of over € 350 million (financed by Balfin Group).

Previously, the Balfin Group had also invested in the very successful Skopje Mall in Macedonia.

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Economy

Germany plans to double taxes on short-haul flights

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Berlin plans to nearly double taxes on short-haul flights under Germany’s emissions cutting programme, an official at the Finance Ministry said on Tuesday.

The bigger than expected tax hikes form part of a climate package in Germany aimed making the country carbon neutral by the year 2050 and are accompanied by measures to promote public transport use.

Climate activists and industry groups had criticized the plans as not going far enough to achieve Germany’s 2050 emissions goal.

The tax on domestic and intra-European flights is likely to rise to 13.03 euros from 7.50 euros, while for medium-haul flights it would rise to 33.01 euros from 23.43 and for long-haul flights to 59.43 from 42.18 euros.

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Economy

Government approves financial aid for 170 companies through economic growth plan

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The government endorsed a report on conclusion of contracts awarding financial assistance to 170 companies, including companies from commercial-industrial zones and one from the diaspora, through programs set out in the Economic Development Plan.

Prior to awarding financial assistance, the authorities assessed the investments in 2018 in terms of investments in purchase of new machinery and equipment, and investments in facilities and land.

The financial aid, provided through the Agency for Foreign Investments and Export Promotion, has been granted for completed initial or additional investments. The funds for this purpose are foreseen in the 2019 Budget.

The total value of investments in these 170 companies amounts EUR230 million, adding 4.577 jobs to the labor market, of which, 2.117 jobs were registered in 2018.

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Economy

Adria Airways files for bankruptcy, all flights canceled

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Slovenia’s airline Adria Airways has filed for bankruptcy and canceled all flights, it said in a statement on Monday, after financial problems forced it to ground most of its planes over the last week.

“Bankruptcy proceedings were initiated by the management of the company because of the company’s insolvency,” Adria, which is owned by German investment firm 4K Invest, said.

Adria is the latest in a long line of small European airlines to run into financial trouble amid industry overcapacity, cut-throat competition and high fuel prices.

Since last Tuesday Adria has canceled more than 400 flights affecting more than 15,000 passengers.

Slovenia’s Economy Minister Zdravko Pocivalsek said earlier on Monday the government was considering establishing a new airline company to improve the country’s international connections. Adria’s collapse was very damaging to Slovenia’s economy and tourism industry, the minister said.

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