Ghelamco spells out its future
Trends
Wołoska 24 has been developed in a sustainable manner and is BREEAM certified
POLAND Ghelamco has laid out its immediate plans and has announced it is negotiating the sale of the three towers of the Warsaw Hub development. The company estimates the market value of the property to be more than EUR 270 mln. The plans for the sale were mentioned in the recently approved prospectus for a PLN 350 mln bond issue. The project, is to be completed by the end of Q2 of this year. It consists of two office skyscrapers and one hotel tower with a total of 117,000 sqm. On publication of the bond issue prospectus, 93,500 sqm had already been leased. This is not the only development it is selling as it has also announced that it is negotiating the sale of its office development at ul Wołoska24, which has an estimated market value of EUR 56 mln
Of towers and apartments
The company is also soon to hand over the luxury apartments of its Foksal project in Warsaw. This project should bring the developer around EUR 34 mln. Additionally Ghelamco has sold 66 pct of the apartments in its Flisac project in Warsaw’s Powiśle district. The building was constructed with a loan from Mbank Hipoteczny worth PLN 74.2 mln, and includes around 5,700 sqm with 980 sqm of retail on the ground floor. Currently Ghelamco is also constructing its Warsaw Unit skyscraper with a height of over 200m and a gla of 59,000 sqm. The anchor tenant is insurance company Warta with a lease of 20,000 sqm. The project is valued in the prospectus at EUR 77.6 mln with EUR 135.9 mln in financing. The developer’s design (by Andrew Bromberg) for a building at pl. Grzybowski was not approved by Warsaw’s city authorities, yet the developer believes it will still eventually be possible to apply for a building permit for a 35,000 sqm office tower with a h
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