New offices in Warsaw's district Wola

In late 2013 and early 2014 a construction of a residential and office building will begin in Warsaw's district Wola, realised by Polnord and Waryński companies.

Polnord and Waryński Group signed an investment agreement on a common building project in Jana Kazimierza Street in Warsaw. The building will amount to the total area of 44,700 sq m, out of which 6,700 sq m will be designed for offices and commercial area. The investment is going to be fulfiled in four stages spread into 6 years. During three stages, apartments will be built, whereas one stage will be devoted to office spaces.

"Rapid and efficient completion of negotiations and signing of the final agreement with Waryński Group is a proof for us that Polnord is a trustworthy partnership.We own know-how, competencies and long-term experience which constitute a guarantee for a high quality of our investment. I am positive that this is the beginning of a fruitful cooperation," says Piotr Wesołowski, the President of Polnord S.A, "Up till now, Polnord has been known for its projects in Wilanów. At the moment, we want to fulfil our investments also in other Warsaw's districts. Apart from the project in Wola district, soon we will start our investment in Ząbki, a town situated close to Warsaw."

In order to fulfil each stage of the investment, a partnership will be established, where both Polnord and Waryński Group will receive 50% of shares. The investment agreement signed on 12 January assumes that to special purpose vehicle Waryński Group will contribute ground, whereas Polnord its financial equivalent. Additionaly, Polnord is going to handle organisation of building process as well as sale of apartments and offices.

A building permit may be obtained at the end of 2013. The beginning of the first stage is planned for the late 2013 and early 2014. The value of the whole project amounts to about 300 million zlotys.

Tags: Polnord
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