Warimpex to develop EUR 120m complex in St. Petersburg

Warimpex Finanz- und Beteiligungs has got approval from St. Petersburg's city authorities for the first development phase of its 85/15 joint venture project with St. Petersburg Airport. Warimpex will build the Airportcity business park on a 62,000 m² site at the international Pulkovo 2 Airport.

The first phase will include a four-star hotel, with 300 rooms and 1,600 m² conference facilities, plus three office buildings with 40,000 m² of net lettable floor space. The total investment cost of this phase will amount to EUR 120 mln. Warimpex said it plans to develop further office buildings with a net lettable area of 50,000 to 60,000 m² in the second construction phase. The Airportcity St. Petersburg project is the largest real estate development project in Warimpex' history.

'Modern office space is scarce in St. Petersburg; we have observed a trend towards large areas outside the historical centre. At the same time, the city's conference and business tourism industry is becoming established, but high-quality hotels outside the city centre are rare. The Airportcity site is located in one of St. Petersburg’s key development areas,' said CEO Franz Jurkowitsch.