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Warsaw: Amstar and BBI Development acquire Złota 44

     
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Warsaw: Amstar and BBI Development acquire Złota 44

Amstar and BBI Development SA joined forces to acquire the most recognizable real estate project in Poland – Złota 44. The acquisition of Złota 44 from Orco Property Group was finalized yesterday for a total consideration of 63 million EUR.

The 52-story (192 meter) premier for-sale luxury residential tower was designed by renowned, Polish-born architect, Daniel Libeskind, and is of the tallest residential tower in the European Union. Once completed, the property will bring a new level of quality and standard of living to the city of Warsaw.  Amstar and BBI Development SA (“BBI”) will begin finishing development of the project in the first quarter of 2015 and anticipate that the residents will start living in the 266 luxury apartments in 2016. Both partners bring extensive experience in implementing and managing projects of similar scale and prestige as Złota 44.

“Złota 44 is a great challenge for us, but we are confident that our joint expertise in handling such projects, as well as the financial stability we provide, will allow us to bring to life this eponymous project.” – said Michał Skotnicki, CEO of BBI Development.

“After in depth analysis of market trends and potential partners, we are happy to join forces with BBI Development, a leading real estate developer with a wide range of achievements on Warsaw market. We look forward to working with BBI to apply our hands-on development capabilities to ensure a successful completion. Acquisition of Zlota 44 is our first investment on the Polish market. We hope for further joint investments together with BBI, which we regard as very reliable and experienced development partner.” – said Jason Lucas, President of Amstar Global Partners.

Prominent architect and visionary of Polish descent, Daniel Libeskind, who will play a crucial role in  Złota’s 44 successful completion commented: “Złota 44 is a project close to my heart and it has been a true honor to build in my home country,” said Daniel Libeskind. “I am confident that the new investors will bring revived energy to successfully complete this project, which has already become a symbol for the future of Warsaw”.

Tomas Salajka, CEO at Orco Property Group, stated: “Zlota 44 is a unique project on a European scale – distinguished by a great visionary architecture of Daniel Libeskind, luxury and a great location in the center of Warsaw. We are pleased that this investment has already its setbacks behind, caused mainly by external factors, resulting from the financial crisis. We entrust Zlota 44 to an experienced consortium composed of local and global partners, so they can jointly complete this prestigious work and turn it into a commercial success”.

192 metres high Złota 44 is one of the most luxurious residential project in the European Union, and located in the very center of Warsaw, it offers a vast array of tailor made services and an overall unique experience to its residents.

Źródło: Press release
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