IMMOFINANZ Group is starting construction on a residential project in Poznań, the fifth largest city in Poland. The Riverpark will have 189 apartments with 11,852 m² of space, and completion is scheduled for the first half of 2015. The investment is expected to total approx. €18 million.
The site for this project is located south of the city center, close to the Warta River, and offers excellent connections to the local infrastructure (public transportation, schools, parks) as well as a direct view of the river and green areas. The Riverpark will include two buildings with five stories and an underground garage level as well as three town houses with three stories each and an underground garage. All apartments will have a balcony/terrace or garden access, and the complex will also include 198 garage spaces.
"Similar to other countries in Eastern Europe, there is substantial pent-up demand on the housing market in Poland. We have been active on the residential property markets in both the western and eastern regions of Europe for many years and have developed the necessary structures. Our projects are focused on large-volume condominium construction for the emerging middle class", explained Daniel Riedl, COO of IMMOFINANZ Group.
Poznań is the capital city of the Greater Poland Voivodeship, a university and trade fair city that is one of the country's strongest commercial locations. The Riverpark apartments are designed to meet the needs of singles, young families, students and their parents as well as free lancers and business people who would like to move from the suburbs closer to the city center.
With the Debowe Tarasy Residential Estate, IMMOFINANZ Group is also currently developing a project in Katowice, Poland. This prestigious project will cover several construction phases: two have already been completed, and construction on the third phase (317 apartments) will be finished at year-end 2013. The purchase contract for the 100th apartment in the Debowe Tarasy III was recently finalized by a notary. The Debowe Tarasy III is the largest residential construction project in Katowice, where the demand for home ownership is still high. In this city, 23% more housing units were sold in 2012 than in the previous year.
IMMOFINANZ Group's residential construction activities in Eastern Europe are bundled in the Residential East segment. The properties in this segment had a carrying amount of €250.1 million at the end of April 2013 (€51.4 million in development projects and €198.7 million in pipeline projects).