Pirelli Real Estate's Polish joint venture Pirelli Pekao RE plans to develop a new 150,000 m[sup]2[/sup] residential and commercial complex in Warsaw. Pirelli Pekao, in which Pirelli holds a 75% stake and Unicredit's Bank Pekao unit controls the other 25%, said that the first phase of the development will include 431 apartments on 28,508 m[sup]2[/sup] of space, 491 parking spaces and 180 m[sup]2[/sup] of commercial space. Pirelli Pekao Real Estate will provide asset management services to the three-building complex.
Pirelli Real Estate's Polish joint venture Pirelli Pekao RE plans to develop a new 150,000 m2 residential and commercial complex in Warsaw. Pirelli Pekao, in which Pirelli holds a 75% stake and Unicredit's Bank Pekao unit controls the other 25%, said that the first phase of the development will include 431 apartments on 28,508 m2 of space, 491 parking spaces and 180 m2 of commercial space. Pirelli Pekao Real Estate will provide asset management services to the three-building complex.
Pirelli RE will co-invest in the project alongside residential fund operator Grove International Partners. Pirelli RE did not disclose the planned investment in the development. The Italian company said that the project is part of an overall 400,000 m2 of Polish projects that its Polish unit is developing in the country. The properties will have a complete market value of EUR 650mln, it added.
