ING Real Estate faces a new delay on the acquisition of a 23.15% stake in Polish retail and office complex Zlote Tarasy ('the golden terraces' ) in Warsaw . The city council, which currently owns the stake, wants to await the outcome of an assessment of the project before determining the sale price.

ING Real Estate faces a new delay on the acquisition of a 23.15% stake in Polish retail and office complex Zlote Tarasy ('the golden terraces' ) in Warsaw . The city council, which currently owns the stake, wants to await the outcome of an assessment of the project before determining the sale price.

ING RE needs the stake to fulfil its obligations to Rodamco Europe, which has an option to take over 50% of Zlote Tarasy. According to a high-ranking city official, the Warsaw authorities need at least six months to prepare the sale of their shares in the Zlote Tarasy: 'But we are keen to close the deal before the end of this year.'

Meanwhile, the retail section of Zlote Tarasy opened its doors to the public on Wednesday. The cinema and office sections are due to follow in spring. The value of the investment is about euro 400 mln, but real estate analysts in Warsaw estimate its actual market value around EUR 600 mln. The opening was originally planned for the fall of 2005, but was delayed several times, because of problems with landowners, environmental pressure groups, the contractor and the city of Warsaw.

Located next to the central railway station, Zlote Tarasy comprises 45,000 m2 of office accommodation and 63,500 m2 of retail and entertainment space with more than 220 shops.