The market needs institutional quality

Xavier Jongen, director, Catella Real Estate: Poland is one of the largest countries in the EU. Since its accession it has been doing extremely well and coped very well with the credit crunch. It is a country with a very healthy economy and a great need for investment in the residential market. Basically, the economy is in good condition and so is the residential market. This building was particularly interesting to us because it is the only one of its kind in Warsaw that is so recognisable. Its shape is familiar across Europe and over the Atlantic. It is an iconic building that can potentially interest the clientele that already exists in Poland. These are people who live in many places at the same time, have a cosmopolitan mindset and appreciate high quality. For them there is no other comparable product in Warsaw that offers all the amenities within one building. However, the work on the building was highly problematic. The developer changed, the contractors were replaced. It&rsquo