Operating revenues for the 2nd quarter 2008 amounted to NOK 937 million, up NOK 81 million (9.5 %) compared to the 2nd quarter 2007 (pro forma). EBIT for the quarter was NOK 112 million, up 9.1 %, and the EBIT margin was 12.0 %.

Despite a demanding market situation, the Group increased its operating revenues and operating profit in this quarter as well and achieved satisfactory margins. Production efficiency is good in both the Norwegian and Swedish operations. The Group's intake of orders in the first half of the year was 17.2 percent lower than for the same period in 2007, and the order backlog shows a downward trend. We expect the unstable market situation to continue during the 2nd half of 2008, and it is taking longer than originally predicted to stabilise the demand for new homes, comments CEO Lars Nilsen in BWG Homes.

- We intensify our efforts to match our operations to the market situation going forward. During the second half of the year measures to reduce staffing and other costs will be carried out. A reduced cost level, more production effective products, focused sales and synergy effects in purchasing of goods and services will have an impact in 2009, Lars Nilsen comments further.

Key figures 2nd quarter 2008

*
Operating revenues NOK 937 million (NOK 856 million). Up 9.5 per cent.
*
EBITDA NOK 117 million (NOK 102 million). Up 14.9 per cent.
*
EBITDA margin 12.5 per cent (11.9 per cent).
*
EBIT NOK 112 million (NOK 103 million). Up 9.1 per cent.
*
EBIT margin 12.0 per cent (12.0 per cent).
*
EBT NOK 92 million (NOK 78 million). Up 18.2 per cent.
*
New orders NOK 856 million (NOK 992 million). Down 13.8 per cent.

(Comparable figures 2nd quarter 2007 are pro forma).

Key figures 1st half year 2008

*
Operating revenues NOK 1 795 million (NOK 1 641 million). Up 9.4 per cent.
*
EBITDA NOK 230 million (NOK 198 million). Up 16.0 per cent.
*
EBITDA margin 12.8 per cent (12.1 per cent).
*
EBIT 219 NOK million (NOK 199 million). Up 9.7 per cent.
*
EBIT margin 12.2 per cent (12.1 per cent).
*
EBT 166 NOK million (NOK 153 million). Up 8.9 per cent.
*
New orders NOK 1 592 million (NOK 1 923 million). Down 17.2 per cent.
*
Order backlog NOK 1 731 million (NOK 2 104 million). Down 17.7 per cent.


(Comparable figures 1st half year 2007 are pro forma).


For more details, see the attached interim report.


Further information from:

Lars Nilsen, CEO, BWG Homes ASA, tel: +47 23 24 60 00

Ketil Kvalvik, CFO, BWG Homes ASA, tel: +47 23 24 60 42, +47 90 77 13 15


BWG Homes develops, sells and constructs residential homes in the Nordic region. The present brands owned by the group are Block Watne and Hetlandhus in Norway, Myresjöhus and SmålandsVillan in Sweden. BWG Homes sells and constructs homes through own residential projects and for individual customers. Ranked as a leading residential house builder in its markets, the group annually completes more than 2 000 new homes. BWG Homes has 1 270 employees. In 2007 the pro forma turnover was NOK 3.2 billion.

2 Quarter 2008

source : BWG Homes

Land Securities announces that it has completed the sale of its holding in Empress State, Earls Court, London, to a 50:50 Joint Venture with Liberty International PLC (Liberty).

The prominent 470,000 sq. ft (43,664 m2) building is let wholly to the Metropolitan Police at a current rent of £12.27m, with annual RPI increases. The half share was sold for a sum of £107.75million. At the same time, the new partnership has refinanced the holding through a joint £159million facility with Abbey UK Corporate Banking and Eurohypo.

Richard Linnell, Head of Investment Management for Land Securities' London Portfolio, said:

"We have held the asset for a number of years but saw limited asset management opportunities in the near future. However, the joint venture with Liberty offers us the ability to realise value from the asset while being well placed to benefit from the continued attraction of this part of London and our combined knowledge of the area."

The sale proceeds will be recycled into the Land Securities Group business.

Land Securities was advised by Franc Warwick.

source : Land Securities

Comment ça marche ?

Deux types de contrats sont proposés : Formule Simple ou Formule Plus, les clients de l'enseigne sont protégés des aléas majeurs de la vie moderne tels que mutation professionnelle, perte d'emploi, divorce, rupture de concubinage ou dissolution de PACS, naissance de jumeaux, invalidité, décès… La différence entre ces deux formules résidant essentiellement dans le type d'événements couverts.

L'une des garanties les plus performantes du marché

Particulièrement attractive, la GARANTIE REVENTE vue par AVIS-Immobilier est l'une des plus performantes du marché :

Elle court sur une durée de 6 ans (contre 5 ans pratiqués chez la plupart des acteurs de l'immobilier et de l'assurance), sans franchise et, dans certains cas, sans délais de carence.
Plafonnée à 30.000 €, cette garantie compense à hauteur de 20% la différence entre le prix de revente et le prix d'achat initial du bien immobilier, et couvre 50% des frais d'actes notariés ou d'hypothèque.

Considérée par les banques comme un apport en fonds propres, cette assurance simplifie la démarche des emprunteurs. La perspective d'une revente sécurisée minimise la question inhérente à tout projet d'achat immobilier : le juste prix. La compagnie d'assurance - via Verspieren – garantissant le remboursement de l'éventuelle moins value (dans les limites des termes du contrat évoqué ci-dessus).

Opération Spéciale rentrée

Du 15 septembre jusqu'au 31 octobre 2008, les agences AVIS-Immobilier conduiront une opération spéciale, pour promouvoir ce nouveau service. Durant cette période, les futurs acquéreurs bénéficieront d'un tarif très préférentiel : la « GARANTIE REVENTE » pour 1 € de plus*.

* valable pour la formule simple

Miguel Hernández, Director in DJ's Madrid office has been elected as Chairman of the Madrid branch of the Urban Land Institute (ULI). His election, which was contested with some of the leading figures in the Spanish property industry, is for a period of three years, starting in September 2008.

Representing the organisation at national and international levels, Miguel will have unique opportunities to make new contacts at the highest level in the sector, especially at Government level.

Miguel has several objectives for the organisation during his term as Chairman, which include:

* to increase the organisation's presence in the Spanish property market by promoting its expertise and values;

* to expand and develop its membership and maintain the high quality of conferences and events; and

* cultivate relationships with other organisations.

Congratulations Miguel, and good luck in this exciting new role!

source : Driver Jonas

Echo Capital Group closed the 2nd quarter of 2008 with net profit exceeding PLN 31 million (15% growth as compared to the 1st quarter of 2008). Net income exceeded PLN 91 million and is equivalent to earnings of the 1st quarter of year. Accrued net profit after 2 quarters of 2008 equals PLN 54 million and the value of revenues is PLN 183 million.


Net profit of the 2nd quarter of 2008 is significantly lower than the profit earned during the same period of the preceding year, due to significant appraisal value of the Pasaż Grunwaldzki shopping and entertainment center, which was then opened in Wrocław as the largest project yet executed by Echo Investment Group.

The factors influencing the bottom line during the current period include revenues earned on sales of housing projects and letting of office and commercial space, as well as quarterly adjustment of appraisal of the Group's properties, accounting for changes arising out of EUR and USD exchange rate fluctuations.

Net operating revenues were lower than in the 2nd quarter of last year due to reduced leasable space as a consequence of sale of four commercial projects in Lodz and in Kielce to Catalyst Capital fund of London.

An important factor influencing the bottom line earned during the current period was the booking of revenues under final agreements of sale of a housing project in Warsaw at Inflancka Street (stage 2). Higher value of revenues was further affected by the income earned from letting of office and commercial space.

Overall value of assets exceeded 1 billion EUR and the value of equity reached nearly half a billion EUR, showing over 11% growth as compared to data of the same period of previous year.
As at the end of the 2nd quarter of 2008, Echo Investment Capital Group was holding nearly 240 million PLN of cash and cash equivalents. As a consequence of debt repayment, the proportion of short-term and long-term debt to total assets decreased in comparison to the same period of the previous year and is now 45.5%.

In the 2nd quarter of 2008, Echo Capital Group carried out projects commenced during preceding period, prepared new developments, and signed significant contracts.

A contract was made with a construction company called Fakt Budownictwo Sp. z o.o. of Kielce for execution of core and shell construction of the 2nd stage of the Malta Office Park complex in Poznan. The 1st stage of that project, successfully let to tenants in 98%, will be opened in the 2nd half of 2008.

The scope of project management and general contracting agreement with Modzelewski & Rodek construction company, concerning development of the Park Postępu office complex in Warsaw at the junction of Postepu and Domaniewska Streets in the Mokotów district, was extended.

Echo Capital Group signed a project management and general contracting agreement with Vectra S.A. concerning a prestigious luxury apartment building at Kazimierzowska Street in Warsaw, Mokotów district.

According to the approved development strategy assuming reduction of operating risks, Echo Investment intends to achieve geographical diversification of its contemplated projects and invests in Central and Eastern Europe countries.

It is now preparing to enter a new market – representatives of the Company are working on the opportunities of carrying out new projects in Ukraine and are running detailed studies of the Ukrainian real estate market.

source : Echo Investments

The rental market boomed as housing sales in July diminished, says the RICS Lettings Survey published today. New instructions (an indicator of supply) to let increased at the fastest pace in the survey's history as many would-be-sellers found that becoming a landlord is a better option than selling in the current climate.

43 percent more Chartered Surveyors reported a rise than a fall in landlord instructions compared to 30 percent in the previous quarter. Equally both new instructions to let houses and flats increased at the fastest pace in the survey's history with 47 percent and 39 percent more Chartered Surveyors reporting a rise than a fall respectively. Surveyors report that frustrated vendors have been placing their property in the market to let as they have been unable to agree sales due to a lack of demand in the housing market.

37 percent more Chartered Surveyors reported a rise than a fall in tenant lettings, up from 30 percent in the last quarter. Significantly, demand for family homes remains stronger than for flats. Many would be buyers have been forced to rent as the route to mortgage finance has been blocked. 43 percent
more Chartered Surveyors reported a rise than a fall in demand for houses compared to 34 percent Chartered Surveyors who reported a rise in demand for flats.

Rents have continued to rise while house prices fall, driving gross yields upwards. Rising profits have kept landlords committed to the market. The proportion of landlords opting to sell at the expiry of the tenant lease fell to 2.1, the lowest level on record from 4.2 percent. Rental expectations fell
slightly with some surveyors expecting over-supply to push rents downwards in the next quarter.

RICS spokesperson James Scott-Lee commented: “The lettings market is booming with many vendors opting to rent their property while sales in the housing market continue to dry up. Many are willing to “hold” and await the return of capital appreciation. Becoming a landlord is now an increasingly profitable option with rising rents and yields offering good returns. Established investors
have been reaping the benefits of the housing downturn for sometime and will continue to do so in the short term. However, ever increasing supply could have an impact on rental growth as tenant options increase.”

Source: RICS

Niam will purchase a portfolio of 41 properties located throughout the 5 major cities in Sweden from AP Fastigheter for €750 million. The portfolio consists mainly of properties from AP Fastigheter's acquisition of Vasakronan.

Niam has signed an agreement to acquire a portfolio of properties from AP Fastigheter in connection with AP Fastigheter's acquisition of Vasakronan. Niam and AP Fastigheter have worked together on the Vasakronan acquisition since it was put on the market. Niam was one of the parties who was initially asked to bid for the entire Vasakronan.

The select portfolio Niam is purchasing from AP Fastigheter consists of 41 properties at a purchase price of SEK 7 billion (€750 million). The portfolio is divided across Stockholm, Gothenburg, Malmö, Lund and Uppsala, where 90% of the value lies in the first 3 listed cities.

“We are obviously delighted that our partnership with AP Fastigheter was successful,” comments Johan Bergman, Managing Director of Niam. “We believe we will get a well-balanced portfolio in the five strongest performing real estate markets in Sweden.”

With this acquisition, Niam's funds will have properties located in Sweden, Finland and Latvia valued €1.9 billion under management.

The closing will take place on October 1, 2008.

Source: Niam

Brixton continues to achieve positive rental growth against a market characterised by low and declining income growth levels.

The business model we use is unrivalled: attentive customer and asset management; a dominant position in the industrial and warehousing markets of West London at Park Royal and Heathrow; a preference to upgrade and only redevelop where functionally obsolete buildings have been deliberately
acquired; total focus; experience; and a proven track record of timing the right investment decisions.

read more


source : [Brixton plc]url:http:www.brixton.plc.uk

Best of et rendez-vous : http://www.immotele.net/

Millennium Business Center will be eight storey Class A office building in Tirana

Colliers International Albania has announced that it will be the exclusive leasing agent for the Millennium Business Center in Tirana, the leading office project in the country.

The Millennium Business Center will be an eight storey Class A office building featuring some 18,000 m2 of total built up area, of which more than 7,000 m2 will be offices. It will also feature retail on the ground floor and cinemas on two underground floors, as well as a two level underground parking garage with more than 100 spaces.

It will be strategically located at the intersection of two major boulevards in the heart of Tirana's Central Business District and in close proximity to exhibition and conference facilities.

The building will be constructed to the highest international architectural standards and equipped to the highest international technical standards. It will offer "open plan" office configuration, flexible to the requirements of tenants, with each office enjoying high-tech telecommunications connections. There will also be 24 hour security, a CCTV monitoring system, security card entrance for each office, independent power supply and an advanced fire fighting system.

Alban Xhillari, President of Millennium Group, said, “The Millennium Business Center will set new standards of excellence for architecture and construction and will play a major role in the life of the city.”

Philip Bay, Regional Director of Colliers International Southeast Europe, Managing Director of Colliers International Albania and President of the American Chamber of Commerce in Albania, commented, “The Millennium Business Center will be a landmark project for Tirana that will help transform the Central Business District and greatly increase the supply of Class A office space. We are very proud to be involved with such a significant project and will use our international experience and expertise to ensure its success.”

Mario Zaka, Consultant, Colliers International Albania, added, “Colliers International is the only international property consultancy to have an office in Tirana and we are the dominant force in the office market here.”

source : Colliers

IC Immobilien Holding AG raised its turnover to 9.716 million Euros during the first semester of 2008 (compared to 9.533 million Euros for the same period last year). The decisive factor here was the continued growth in the area of property and asset management services above all. The operating profit rose from 1.482 million Euros to 2.604 million Euros (+75.7%). On the whole, however, the result was burdened by another downward adjustment of the interest the company holds in Fair Value REIT-AG, as well as by the investment business which fell short of the forecasts due to the current market situation, causing a mid-year loss of 1.949 million Euros (compared to +1.180 million Euros after the first semester of 2007).

“The balance of the first semester of 2008 is ambiguous from our perspective. On the one hand, we have reason to be happy with the current business trend, because we have further growth to report in our core business as a property and asset management service provider. On the other hand, the extremely negative stock market environment in the real estate stocks segment has not spared us, as we had to undertake another adjustment in the value of our interest in Fair Value REIT-AG. This has meant a considerable burden on our profits. For Q3 and Q4, we will concentrate above all on the intensification of the investment activity, and on the development of Fair Value REIT-AG,” said Dr. Oscar Kienzle, Management Spokesman of IC Immobilien Holding AG.

In the property and asset management sector, IC was able to acquire prestigious institutional customers, even if the corresponding income effect will not impact the result before the second semester of 2008. As of September 2008, IC Group will take on the management of a real estate portfolio with a volume of about 700 million Euros. As far as the managed investment volume is concerned, the company will cross back into the range of 5 billion in assets under management sometime in Q4. On April 1, 2008, IC Group opened a branch office in Frankfurt / Main.
About IC Real Estate Group:

IC Real Estate Group has been internationally active as service provider in the real estate sector, and as initiator and manager of closed-end funds since 1988. When taking into account the international fund segment acquired from Westdeutsche Landesbank, IC Real Estate Group looks back on more than thirty years of experience. The group currently has a staff of about 200 professionals, deployed at eleven locations in Germany and North America (where the group has been active since 1974). The group currently manages an investment volume of approximately Euro 4.5 billion for about 28,000 private and institutional investors. IC Real Estate Group is a full-service provider, using the various group companies to offer its private and institutional investors real estate-related services as a one-stop shop.

source : IC Immobilien Holding AG

Under the JV, the management portfolio is expected to include HNA Plaza (an 85,040 sq.m. GFA complex comprising of Marriott Hotel, office and retail, with expected completion in October 2008) and Grand China Air Building (a 42,080 sq.m. GFA office building in move-in condition).

The management portfolio will migrate to the management of Grade A properties developed or owned by HNA Group in Beijing, Haikou, Sanya, Nanzhou, Kunming and Xi'an. Subject to the results in the future development, this may cover other cities and involve the setup of regional offices in other provinces.

"Savills is proud to be able to establish a long-term cooperation with HNA Group, a distinguished state-owned enterprise in China," said Mr. Randall Hall, Chief Executive Officer of Savills Greater China. "This partnership will strengthen Savills' business and expand our facilities management to include the air freight industry, while also aligning our agency business with the property development of the HNA Group, including research, leasing, sales and investment."

According to Mr. Wang Hexin, President of HNA Real Estate Holdings Group Co., Ltd, the company had hoped to establish a strategic relationship with a global real estate service provider in building up a new joint-venture property management company to provide quality service to the properties owned by the group. They chose to work with Savills as it is an international property services provider with an impeccable track record, extensive experience and solid reputation in the real estate industry.

HNA Real Estate Holding Group has a registered capital of RMB 1.75 billion, and is one of eight major subsidiary companies owned by the HNA Group, a China Fortune 500 organisation with total assets of around RMB 68 billion. The group has expanded as a diversified corporation with the businesses ranging from air transportation to airport management, hotel & tourism, retailing, logistics and other related industries. At present, the company specialises in property development, property investment and financial services, and has over 100 completed projects to date, spread over Beijing, Hainan, Xibei, Shanghai, Guangzhou, Kunming and Chongqing. In 2005, the company decided to move its headquarters to Beijing and started property investment and developing properties in China's major cities, with property portfolios including residential apartments, offices, shopping malls, hotels, theme park for tourism.

source : Savills

Emaar Properties has unveiled the eco-friendly Mushrif Heights, an integrated community focused on sustainable development features. The AED 12 billion project is the latest addition to Emaar's rich property roster in Dubai including Downtown Burj Dubai, Arabian Ranches, Emirates Living, Dubai Marina and Warsan Estate. Sale of Sidra town homes, the first phase of the project, is scheduled for August 23, 2008.

Designed on the premise of ‘Living in Harmony' with nature, Mushrif Heights is located near Al Awir and is in close proximity to Mushrif Park. The location allows for easy access to Dubai's business hubs, while enjoying the serene atmosphere of quieter surroundings. The new neighborhood complements Emaar's strategy of creating newer economic growth engines in various Dubai districts.

To be built around green hills and spread over 44 million sq ft, Mushrif Heights will be an integrated neighbourhood of villas, town homes and apartments that offer residents a range of eco-friendly innovations and environmentally conscious features that create a community in harmony with nature. In addition to parks, walkways, and landscaped gardens, Mushrif Heights will feature a range of amenities including a school, town centres, a mosque, retail outlets and other leisure & recreational facilities. A central feature of the community will be a hill sanctuary offering spectacular views of the pristine surroundings – an ideal getaway from the hustle and bustle of the city.

Mr Ahmad Al Matrooshi, Managing Director – UAE, Emaar Properties, said: “Sustainable developmental initiatives are gaining importance today with Dubai already having taken the lead in designing and promoting green, energy-efficient buildings. Mushrif Heights is part of Emaar's commitment to this social responsibility, and we are creating a new eco-friendly community where the focus is on integrating every day living with the natural environment.”

He added: “Away from the bustle of the city, Mushrif Heights will set a new development dynamic for Dubai, as it also energizes the Mushrif locality. All aspects of the project are in line with Emaar's overall development ethos of creating integrated communities that meet all lifestyle needs of residents.”

Masterplanning of Mushrif Heights is progressing, and envisages the development of villa and town home communities and low-rise towers with homes featuring Moorish-style architectural elements. Envisioned to be a ‘sanctuary within a sanctuary', the master plan of Mushrif Heights has been designed to retain its natural surroundings, thus offering residents the opportunity to take part in conservation and preservation of natural flora and fauna.

Sidra town homes at Mushrif Heights are inspired by the Arabic heritage with emphasis on bright, spacious and welcoming living spaces. With luxury finishes and modern fittings, the homes have spacious balconies that open to nature. Ranging in size from 2325 to 3642 sq and comprising two-, three- and four bedrooms, Sidra town homes come with a choice of garden, courtyard and roof-decks.

Mushrif Heights enjoys excellent road access from the Al Khail and Emirates Road, and is only 15 minutes from the Dubai International Airport.

Prospective buyers and investors interested in purchasing at Mushrif Heights should register on-line at www.emaar.com starting 10am on August 20, 2008. Sales for registered customers will take place on August 23, 2008 from 9am to 6pm at Asmaran Sales Centre, located on Al Qudra in Dubai and at Emaar's Abu Dhabi Sales Centre. While sales in Dubai are reserved for registered customers only, sales at the Abu Dhabi Sales centre will be on a first-come-first-serve basis and open only to Abu Dhabi residents.

Emaar Properties is the pioneer of master-planned communities in Dubai, and has expanded to 36 markets globally. Mushrif Heights is a further reiteration of the company's commitment to Dubai – currently the largest contributor to Emaar's revenues.

source : Emaar

Bilfinger Berger will once again increase earnings in full-year 2008. The reported earnings charge in Civil is countered by strong growth in the earnings contribution from the Services segment.

Very positive development of the Services business segment continues to drive the Group forward. The segment continued its successful course in the first six months of the year and acquisitions provided a boost in the range of services and regional presence. After the interim balance sheet date, the Company acquired the facility-management business of M+W Zander and extended its industrial services business in the United States to the oil and gas sector with the acquisition of Tepsco. The Group has acquired services companies in a total enterprise value of approximately €500 million since the beginning of this year.

Bilfinger Berger has recorded a number of successes in the Concessions business segment, too: In July, the Group reached financial close on three major highway projects in Germany, Hungary and Canada, in which Bilfinger Berger will invest equity capital of €103 million. The portfolio has thus grown to 23 projects with total committed equity of €284 million.

Growth continues

The Group's output volume in the first six months of the year increased by 13% to €4,948 million. Order backlog rose by 11%, achieving a new record level of €11,292 million. Orders received of €5,253 million were lower than in the first half of 2007 due to major projects acquired during that period.

6-month result lower than in prior-year period

EBITA for the first half of the year reached €60 million (H1 2007: €78 million) following the charge on earnings of €65 million in the Civil business segment. Earnings before taxes amounted to €52 million (H1 2007: €71 million). Net profit after taxes and minority interest amounted to €36 million (H1 2007: €41 million).

Increase in output volume and earnings for full year

In full-year 2008, Bilfinger Berger expects output volume to increase to over €10 billion. The Company anticipates, from today's perspective, an increase in EBITA to approximately €260 million (2007: €242 million) and in net profit to approximately €140 million (2007: €134 million). The return on capital employed (ROCE) will significantly exceed the cost of capital of 10.5%.

[Interim Report [PDF]]url:http://www.bilfingerberger.de/C1257130005050D5/vwContentByKey/W27BQD3Q463WEBBEN/$FILE/ZB_300608_eng.pdf
[Presentation [PDF]]url:http://www.bilfingerberger.de/C1257130005050D5/vwContentByKey/W27BQD3Q463WEBBEN/$FILE/Charts_ZB_300608_eng.pdf

The acquisition of an office building in Tokyo brings the real estate investments of Commerz Real on behalf of its hausInvest global open-ended real estate fund in Asia up to a total volume of approximately one billion euros. The Asian portfolio of hausInvest global, a globally investing fund, includes office properties and shopping centres in Japan, South Korea, and Singapore.

“For us, the Asian-Pacific region counts among the most important target markets, together with Europe and the American continent,” said Hans-Joachim Kühl, Member of the Board at Commerz Real, and in charge of real estate acquisitions. “The developed national economies in this region are marked by a fast growth dynamic and sound investment parameters. Since our market entry in 2006, we invested approximately 1 billion euros so far. Meanwhile, we gathered a comprehensive market know-how that has become the basis for our local commitments there."

The most recently acquired property is the “da Vinci Kamiyacho” office building, located in Tokyo. Following the previous purchase of two shopping centres, Commerz Real has thereby tapped into the Japanese office market as well. The total investment volume equals roughly 106 million euros. The property was sold by DA Office Investment Corporation, a leading REIT listed at the Tokyo Stock Exchange.

The eleven-storey office property covers a gross lettable floor space of 7,666 m² and comes with 58 parking spaces. The building's tenants include renowned Japanese and international companies from the industrial and financial sectors. The estate's name reconnects to its location in the eponymous district of Kamiyacho, which is one of Tokyo's central districts. Owing to its proximity to Tokyo Station – one of the city's most important train depots – as well as the dense network of bus and railway lines, the building is characterised by easy access to public transportation and excellent connections to Tokyo's main airport Narita.

source : Commerz Real