AT Capital Group, the family office of a Singaporean family office with a European HQ in Amsterdam, has finally completed its entry to the Polish development market.
The company has acquired a site at the junction of Grzybowska and Zelazna streets in Warsaw for a planned 140-metre-high project called Liberty Tower.
AT Capital, which is being advised by Savills, said: ‘Given current market conditions, (we are) considering the development of the Liberty Tower as a mixed use commercial and residential complex within a 140-metre-high tower (41 floors).’
The company has acquired the site from Poland Golub GetHouse, which in January 2018 said it was planning 140 apartments for rent and a hotel.
News of AT Capital stepping in first surfaced in December 2021. However, legal transfer of the land ownership has only just taken place following the fulfillment of numerous conditions in the sale purchase agreement.
Hywel Phillip, director of the AT Capital Group, said ‘We are delighted to have completed our first investment in Poland. Poland is an attractive market for real estate investment with great growth potential.’
AT Capital is a Singapore based family office with a portfolio of around $1 bn (€920 mln) in real estate investments including commercial, residential and community space developments worldwide.
In Europe, it is the company behind the Bajes Kwartier, a new city district of around 135,000 m2 in Amsterdam’s centre encompassing residential, commercial, hospitality, student housing, care and community services.
Said Kamil Kowa, board member and head of corporate finance and valuation at Savills: ‘The plot at the junction of Grzybowska and Zelazna streets is one of the most prestigious and still undeveloped sites in Warsaw. This part of Wola continues to see new multifunctional projects, including the adjacent Browary Warszawskie or Fabryka Norblina complex.’
‘This transaction illustrates the growing importance of mixed-use developments in the Polish investment market.’
AT Capital was advised by law firm Greenberg Traurig Nowakowska – Zimoch Wysokinski.
