Amstar and BBI Development SA joined forces to acquire the most recognizable real estate project in Poland. The acquisition of Złota 44 from Orco Property Group was finalized for a total consideration of €63 million.
The 52-story (192 meter) premier for-sale luxury residential tower was designed by renowned, Polish-born architect, Daniel Libeskind, and is of the tallest residential tower in the European Union. Once completed, the property will bring a new level of quality and standard of living to the city of Warsaw. Amstar and BBI Development SA (“BBI”) will begin finishing development of the project in the first quarter of 2015 and anticipate that the residents will start living in the 266 luxury apartments in 2016.
“Złota 44 is a great challenge for us, but we are confident that our joint expertise in handling such projects, as well as the financial stability we provide, will allow us to bring to life this eponymous project.” said Michał Skotnicki, CEO of BBI Development.
“After in depth analysis of market trends and potential partners, we are happy to join forces with BBI Development, a leading real estate developer with a wide range of achievements on Warsaw market. We look forward to working with BBI to apply our hands-on development capabilities to ensure a successful completion. Acquisition of Zlota 44 is our first investment on the Polish market. We hope for further joint investments together with BBI, which we regard as very reliable and experienced development partner.” – said Jason Lucas, President of Amstar Global Partners.
Tomas Salajka, CEO at Orco Property Group, stated: “Zlota 44 is a unique project on a European scale - distinguished by a great visionary architecture of Daniel Libeskind, luxury and a great location in the center of Warsaw. We are pleased that this investment has already its setbacks behind, caused mainly by external factors, resulting from the financial crisis. We entrust Zlota 44 to an experienced consortium composed of local and global partners, so they can jointly complete this prestigious work and turn it into a commercial success”.
Source: BBI Development