City Tower is going to be realized on the plot at Świękrzyska 36 Street in the metropolitan Central Business Zone. The initial negotiations envisaged common realization of the investment in joint-venture cooperation. PHN and Hochtief Group concluded an agreement on 7th August 2015 which terminates three foregoing contracts, that is joint-venture agreement concluded with a company of Dutch law – Project Development Poland 3 B.V. and two other contracts of management of the project concerning the stage A and B concluded with Hochtief Development Poland Sp. z o.o.
The completion of the cooperation between PHN and Hochtief Group is related to the change of strategic plans of the second of the mentioned enterprises in Poland.
Our experience as an organization as well as resources are changing for better. It allows us to spread the accents differently in the strategy which is being realized by PHN. We envisaged earlier that we will realize investment projects mainly in the joint-venture formula. At present – when we have more experience – we notice that we may run some of them successfully by ourselves – comments Artur Lebiedziński, Chairman of the Board in Polski Holding Nieruchomości SA.
PHN is planning to continue the project on its own. The preparatory works aimed at devising of an optimal solid for this high investment are being realized. The schedule of City Tower remains unchanged. We are planning to complete the first stage of the investment in the third quarter of 2019 – adds Rafał Krzemień, Managing Director in Polski Holding Nieruchomości SA.