Ablon Group Limited announces that it has completed the acquisition of a new 5,290-m² plot of land located in the center of Warsaw, Poland. The plot is strategically situated within close proximity of the Daewoo / World Trade Tower and the new Hilton Hotel and Residential Towers. The site is located in one of the most exclusive and highly sought after locations in central Warsaw, and is within walking distance of main offices, transport networks and the key commercial and cultural centres in the capital.
The company plans to build up to 13 floors of residential space at the site, occupying approximately 17,000 m² for a total development cost of €40 million. Construction at the site will commence in the third quarter of 2008 and is expected to last two years. The total revenues from the project are expected to be between €70 and €85 million.
The acquisition, which is Ablon Group’s first residential venture in Poland, reflects the Company’s strategy of building a solid portfolio of assets in the most attractive cities in Central and Eastern Europe.
Uri Heller, Founder and Chief Executive of Ablon, commented: “We are delighted to have secured a deal for our first development in Poland and are confident that this new development in Warsaw will add substantial value to our portfolio. Warsaw is one of Central Europe’s most dynamic real estate markets, with some of the highest per square meter real estate prices in the region. There is strong demand in the city for newly built and quality residential space, which is what Ablon Group is renowned for. We continue to look at other selective opportunities in Central Europe in the office, residential and other sub-segments that will enable Ablon Group to deliver further growth and generate increasing value for our shareholders.”
Source: Shared Value