New life for Złota 44
Amstar and BBI Development SA joined forces to acquire the most recognizable real estate project in Poland – Złota 44. The acquisition of Złota 44 from Orco Property Group was finalized yesterday for a total consideration of 63 million EUR.
The 52-story (192 meter) premier for-sale luxury residential tower was designed by renowned, Polish-born architect, Daniel Libeskind, and is of the tallest residential tower in the European Union. Once completed, the property will bring a new level of quality and standard of living to the city of Warsaw. Amstar and BBI Development SA (“BBI”) will begin finishing development of the project in the first quarter of 2015 and anticipate that the residents will start living in the 266 luxury apartments in 2016. Both partners bring extensive experience in implementing and managing projects of similar scale and prestige as Złota 44.
“Złota 44 is a great challenge for us, but we are confident that our joint expertise in handling such projects, as well as the financial stability we provide, will allow us to bring to life this eponymous project.” – said Michał Skotnicki, CEO of BBI Development.
“After in depth analysis of market trends and potential partners, we are happy to join forces with BBI Development, a leading real estate developer with a wide range of achievements on Warsaw market. We look forward to working with BBI to apply our hands-on development capabilities to ensure a successful completion. Acquisition of Zlota 44 is our first investment on the Polish market. We hope for further joint investments together with BBI, which we regard as very reliable and experienced development partner.” – said Jason Lucas, President of Amstar Global Partners.
Prominent architect and visionary of Polish descent, Daniel Libeskind, who will play a crucial role in Złota’s 44 successful completion commented:
“Złota 44 is a project close to my heart and it has been a true honor to build in my home country,” said Daniel Libeskind. “I am confident that the new investors will bring revived energy to successfully complete this project, which has already become a symbol for the future of Warsaw”.
Tomas Salajka, CEO at Orco Property Group, stated:
“Zlota 44 is a unique project on a European scale – distinguished by a great visionary architecture of Daniel Libeskind, luxury and a great location in the center of Warsaw. We are pleased that this investment has already its setbacks behind, caused mainly by external factors, resulting from the financial crisis. We entrust Zlota 44 to an experienced consortium composed of local and global partners, so they can jointly complete this prestigious work and turn it into a commercial success”.
192 metres high Złota 44 is one of the most luxurious residential project in the European Union, and located in the very center of Warsaw, it offers a vast array of tailor made services and an overall unique experience to its residents.
About BBI Development S.A.:
BBI Development S.A. is WSE-listed property developer with notable achievements on Warsaw market, pursuing an office, retail, luxury apartment and mixed-use investments. After its merger in May 2010 with Juvenes Sp. z o.o., BBI Development SA expanded its expertise to cover all aspects of real estate development: from property identification and acquisition, through survey and permit procurement, design and planning, owner’s representation, project management including legal aspects, marketing, sales and property portfolio management. BBI Development’s investment portfolio includes projects with a unique, prestigious location. The company is competent in both commissioning the projects of a similar scale of Złota 44 (Plac Unii) as well as within the segment of luxury apartments (Residence Foksal). BBI Development S.A is carrying an extremely attractive mix-used project – Centrum Praskie Koneser – located near of the planned second-line metro station – Wileńska visit this web-site. Koneser will provide almost 350 apartments (lofts and soft lofts) and 28,000 sqm of retail space and 22,000 sqm of office space. It will be a lively place in the heart of historical Praga district, perfectly connected to the city center. BBI Development S.A is also preparing the Centrum Marszałkowska project, which will be the first commercial building in Warsaw directly connected to the subway station. It will situated in one of the best-connected locations in Warsaw – the intersection of two lines of the underground railway. In the coming years, the SPVs used by the company to complete its portfolio developments are expected to spend a total of 1.5 billion PLN and deliver 225,000 sq.m. of usable space. In addition to the projects currently in the pipeline, the company is exploring further attractive development opportunities.
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate investment manager that acquires, develops and manages office, multifamily, retail, hotel and industrial properties in select U.S. and international markets. Originally formed to invest and manage the real estate allocation of a large family office client, Amstar began expanding its capital strategy nearly a decade ago and has grown to more than $2.6 billion in assets under management (as of June 30, 2014). Today, Amstar is proud to provide a high degree of focus and attention to its client relationships, counting among them leaders in the private and institutional investment community. Amstar’s clients originate from across the globe and include U.S. and European institutions, insurance companies, private banks, funds of funds, and other family offices. Amstar has invested over 4.9 billion across all property types and has acquired/developed over 8,400 residential units.
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