POLAND Multikino Urysnów makes way for estate

Multikino SA has sold the perpetual usufruct of the plot to GH Development, having concluded that following a new spatial development plan for the area, its value is worth more than the projected revenue of the cinema complex’s operations for the next few years. The cinema will continue to operate for at least 18 months from the finalisation of the sale.

On the purchased plot, we plan to develop an open housing estate with greenery, where approximately 300 apartments will be built. The investment will have a mixed character, where the residential functions will be supplemented with service and retail space. Our main idea is for a generally accessible project in which the retail and service spaces will be ideal for the needs of the residents of the new estate and those of the surrounding area. Currently, we are starting the preparatory work related to the design.
Aleksandra Żuralska, the country manager for Poland of GH Development

Multikino Ursynów, which opened in 1999 and was one of the first multiplex cinemas in the country, is situated at al. KEN 60.

The plot purchased from Multikino will become the eighth property in GH Development’s Warsaw portfolio. In 2022, the company completed the Moxo House apartment building in Warsaw’s Mokotów district. It is now working on projects in several districts of the city, which will contain around 2,500 apartments. The company is also planning to enter regional cities in Poland, initially Wrocław.