LONDON (Thomson Financial) - Real estate company Ablon Group Ltd said it has
acquired an 88,000 square metre plot in Gdansk, through a joint venture in which
it has a 51 pct stake.
The company said it intends to develop the site into a three floor luxury
residential complex with recreational facilities, for a total development cost
of about 95 mln eur.
It said construction at the site is scheduled to begin within 15 months over
four different phases, with completion expected four years later.
Ablon Group said it expects the project to generate an income of between
190-220 mln eur, once all four phases are complete. It also said it has an
option to buy an additional 30,000 square metres of land in close proximity to
the site.
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