IVG to invest EUR 35m in second Warsaw office project

IVG Development is to invest EUR 35 mln in the development of the Vector office complex in the Wola district of Warsaw. The development arm of German listed property investor IVG said construction will begin in the second quarter of 2009, with completion scheduled for the fourth quarter of 2010. .

Vector will consist of two buildings of seven and 15 storeys, comprising a total of 13,00 m² of office space and 500 m² for retail in a neighbour near the centre of the city. There will also be 200 parking spaces. The architectural design has been awarded to J.S.K Architekci, while Jones Lang LaSalle will be in charge of its commercial side.

Vector is IVG's second office development in Warsaw. The German company is also building the Horizon Plaza project in the Mokotow office district. Horizon Plaza is an L-shaped complex with short seven-storey arm and a wave-shaped eleven-storey wing. The project will comprise 43,000 m² of gross floor space. It is scheduled for completion in the first quarter of 2009.