Commerz Real has concluded a purchase agreement with a Polish subsidiary of Austria’s S+B Gruppe AG on the acquisition of the rights of usufruct for the land and the real estate on Aleje Jerozolimskie 44, better known as the UNIVERSAL Building, in Warsaw. Thus Commerz Real has the opportunity to complete a project development in an exclusive city center location for its open-ended real estate fund hausInvest.
The agreement is a general contractor contract with S+B Gruppe AG, which has been commissioned with the development and the subsequent marketing and leasing of the new real estate.
It is intended to construct a new building with a total lettable area of some 28,000 m², with some 22,000 m² accounted for by office areas and approx. 6,000 m² by retail and warehousing areas. The construction work will probably begin in the spring of 2016 and be concluded in the summer of 2018. The total investment volume amounts to approx. €95 mln.
“The positive state of the economy in Poland, the unique location of the planned building and having S+B Gruppe AG on board as an experienced project developer were the essential reasons for this investment,” says Robert Bambach, the member of the Management Board of Commerz Real AG responsible for real estate transactions.
Source: Commerz Real