Vienna-listed Immofinanz has begun work on The Nimbus, its first office development project in Warsaw.
Vienna-listed Immofinanz has begun work on The Nimbus, its first office development project in Warsaw.
The Nimbus is located on the Jerozolimskie office corridor at the intersection with the central business district. It will comprise over 19,000 m2 of rentable space with a flexible office design, green terraces and high service orientation. Porr Polska will serve as the general contractor, while CBRE and DTZ will be responsible for the marketing as co-exclusive brokers.
The project is scheduled for completion in August 2014 and the outstanding construction costs amount to around EUR 27 mln.
'Poland is still an attractive market for development projects - prime properties in good locations are very popular and our development activities here should also be seen against this backdrop,' commented Immofinanz CEO Eduard Zehetner. In June the company launched its first residential development project in Poland with the Debowe Tarasy (Phase III) in Katowice. The Tarasy Zamkowe retail project in Lublin followed in October.
'The Nimbus represents our debut in the Polish office development sector. It also clearly demonstrates that our real estate machine is gaining speed and underscores the expansion of our activities in one of our core countries,' Zehetner added.
Immofinanz already owns 18 existing office properties totalling 198,737 m2 of leasable space in Warsaw, making it one of the largest investors in this city.
