FADESA is continuing with its international expansion plans via its entry into the Polish market, where it is to build a residential complex in one of the most exclusive areas of Wilanów, a high-class southern Warsaw district. The Group has purchased a plot of 118,000 m² buildable area from PROKOM to develop a total of 1,335 apartments. Of these, 47% are set to be of medium to high standing, 31% high and the remaining 22% of medium standing.
To complete this land reserve in sector 8 MU of Wilanów Master Plan, FADESA has also purchased a plot adjacent to the one above, owned by Banco Millenium, a company with a strong and consolidated presence in Poland. FADESA is to construct apartment blocks containing a further 565 homes on this plot of 50,000 m² buildable area.
Both urban developments combined should form a land reserve of 16.8 hectares and more than 200,000 m² built surface area in a benchmark Wilanów district for over 1,900 apartments plus green areas. Of these, 600 shall be of high standing, 900 medium-high, and 420 medium standing, so creating a new and prestigious residential area.
Alliance with a leading Polish holding company
Continuing with its international expansion philosophy, FADESA has teamed up with a top-ranking local partner for market entry and business development in Poland. In this respect, FADESA and Prokom Investments, a firm belonging to leading Polish holding company PROKOM GROUP, have established a joint venture called FADESA Prokom Polska Sp. z o.o. Its activities are set to focus on the Polish property business and include among others the purchase of land, construction, development and sale of housing.
Manuel Jove Capellán and Ryszard Krauze, respective Chairmen of FADESA and Prokom Group, today signed the company articles of association. FADESA is majority shareholder with 51% and Prokom Investments owns the other 49%.
Meanwhile, this entry into Poland represents a continuation of its Eastern European expansion strategy. At the end of last year, FADESA purchased land for building 280 homes in the Hungarian capital Budapest and continued to study the Slovakian and Czech Republic markets.