BBI, L&W launch EUR 126m project in Warsaw

Belgium's Liebrecht & Wood and Poland's BBI Development have announced the start of construction for a vast mixed-use complex at Warsaw's Unii Lubelskiej Square. The new Plac Unii project, representing a total investment of PLN 500 mln (EUR 126 mln), will consist of a 21-storey skyscraper and two six-storey buildings.

The complex will offer some 15,500 m² of retail space and 41,000 m² of office accomodation on completion expected for the first quarter of 2013. The 90-metre high skyscraper will be erected between lower buildings in a concept of the renowned architectural firm Stefan Kury³owicz.

The project represents a joint venture of Liebrecht & Wood and the BBI Development NFI fund, with a minor participation of self-service grocery store Warszawska Splzielnia SpoSywc Supersam and the Juvenes company.

'We have been investing in Poland for over 15 years but Plac Unii is our most impressive project,' said Kamila Zebik of Liebrecht & Wood. 'Since the very beginning it has enjoyed great interest of prospective tenants who in three years time will be able to move their offices to the perfectly located top-class building.'

The companies obtained the building permit for the complex in 2008 but decided to put it on hold due to the global financial crisis. 'Our determination and the acquisition of a prominent partner - real estate developer Liebrecht & Wood, which has provided support for the project's budget, made it possible to start one of the largest private investments in Warsaw,' said Michal Skotnicki, BBI Development's CEO.

Liebrecht & Wood is a European real estate developer focusing on offices, retail parks and outlet centres located in major CEE and Russian cities.

BBI Development NFI is listed on the Warsaw stock exchange and focuses on investment properties located in Warsaw.