Poland remains attractive to foreign investors Unprecedented sale of 9 floors at the iconic tower
Catella, a German-based international fund specializing in, among other property-types, residential investments in premium segment apartments all over the world purchased as many as 72 apartments at ZŁOTA 44, on floors 11 to 19. The company, which has a proven track record of upholding the highest quality standards, will offer the apartments for long term lease catering the most demanding of clients, such as the heads of international companies, senior managers, and diplomats. The investors of ZŁOTA 44 have reserved the apartments located on higher floors with the best views for individual clients.
The first transaction in Poland
Catella’s purchase of 72 apartments for the purposes of luxury long term lease is the first transaction of this type on the Polish residential market and the fund’s flagship investment in this segment.
– ZŁOTA 44 is our first investment in Poland based on the luxury long term lease strategy. Our target group will consist of active professionals looking for high standards and comfort, such as the heads of international companies, senior managers, and diplomats – said Xavier Jongen, Managing Director of Catella Real Estate AG.
It is worth highlighting that Catella had also considered other locations like Paris or Berlin, deciding in the end to purchase property in Warsaw.
– We are proud that Catella has decided to start its activities on the Polish market with this project. Such a major transaction is attributable to a variety of factors, including the bright economic outlook of Warsaw in particular and Poland as a whole. Securing the unprecedented purchase of nearly 25% of apartments to an institutional international fund prior to construction completion clearly validates the project and our overall business plan – said Michał Skotnicki, President of BBI Development S.A.
Warsaw ahead of London
– The real estate market in Poland continues to flourish, and we are observing an increased interest of buyers from both Poland and abroad. It is evidenced not only by the transaction with Catella but also by the increasing demand of clients from countries such as Spain, Great Britain, and Ukraine, among others, – emphasizes Jeffrey E. Stonger, Senior Vice President of Amstar.
ZŁOTA 44 is among the most appreciated and recognizable Polish residential properties in the world. Foreign experts – including jurors from the prestigious International Property Awards 2015 – have deemed it the best residence in Europe, and international media are describing it as the new symbol of Warsaw.
– For obvious reasons, exclusive apartment towers are erected in the vicinity of the most expensive office projects in the center of capital cities. This increases the probability of a long term rise in value, protecting investors’ capital even in the face of an economic slowdown, – highlights Paweł Sztejter of REAS advisors.
Proven strategy in the city center
Serious investors put their capital into centrally located, recognizable, and internationally acclaimed apartments. Given the outstanding interest in renting luxury residences of this class, development companies are often devoting a portion of their projects to long term lease. As was the case with One 57 in New York, ZŁOTA 44 also has selected floors that have been sold with the strategy of offering long term lease.
The design of concierge services has been entrusted to the elite London based firm Harrods Estates Property Management, which is a warranty that the same quality of service, privacy, and comfort will be offered to all the tower’s residents, including both the fund’s tenants and individual owners.
ZŁOTA 44 gains momentum
The sale of 72 apartments is more good news for the project just ahead of completing the construction works necessary for obtaining the certificate of occupancy, which is scheduled for the end of the year. The investors have already announced the official presentation of the finished recreational floor on 26th October.
– Together with the continued advancement of construction works, which will be finished this December, our sales are also becoming more dynamic. In October, we will hold the official presentation of the tower’s sports and recreation floor, which we are sure will further increase clients’ interest, – said Rafał Szczepański, Vice President of BBI Development S.A.
The construction site of ZŁOTA 44 has over 500 workers present each day performing works throughout the tower. The works are supervised by the renowned construction company Warbud S.A., and the project’s investors are Amstar and BBI Development S.A.
Catella WOHNEN EUROPA is an international investment fund seated in Germany. Besides the apartments at ZŁOTA 44, its portfolio includes property in Denmark and Germany, and the fund is about to announce the purchase of yet another project in the super premium segment in Spain. The markets of key importance for the fund’s strategic growth include Germany, France, the Netherlands, Scandinavia, Poland, Great Britain, Northern Ireland, Italy, and Spain.
The company forms a part of the Catella Real Estate AG group – an investment management company that designs, structures, and manages fund products. The company currently manages four open ended mutual property funds and nine open ended special property funds with a total investment amount of about EUR 2.2 billion.
Catella Real Estate AG is a subsidiary of the Swedish investment company Catella AB of Stockholm. Catella is among the leading non banking investment and consulting companies in Scandinavia. With around 500 employees in 12 countries, Catella specializes in financial services and asset management (with approximately EUR 14.8 billion worth of assets under management).