Commerz Real is to invest €95 mln to acquire and develop a mixed-use site in central Warsaw.
Commerz Real is to invest €95 mln to acquire and develop a mixed-use site in central Warsaw.
The German fund manager plans to construct a new building at Aleje Jerozolimskie 44, currently the site of the Universal Building, after acquiring the usufruct rights for its hausInvest open-ended real estate fund.
The proposed building would have a total lettable area of 28,000 m2, around 80% of which will be taken up by offices with the rest earmarked for retail and warehousing.
A Polish subsidiary of Austria’s S+B Gruppe has been appointed as general contractor.
Construction work is expected to begin in the spring of 2016 and be completed in the summer of 2018.
Robert Bambach, member of the management board of Commerz Real responsible for real estate transactions, said: ‘The positive state of the economy in Poland, the unique location of the planned building and having S+B Gruppe on board as an experienced project developer were the essential reasons for this investment.’