MILAN (Thomson Financial) - Pirelli & C Real Estate SpA's Polish joint
venture said it has launched development of a 150,000 square metre residential
and commercial complex in via Ostrobramska in Warsaw.
The Pirelli Pekao Real Estate venture, in which Pirelli RE has 75 percent
and Unicredit SpA unit Bank Pekao 25 percent, plans a first phase for 431
apartments on 28,500 square metres.
"In the first phase, there is (also) planned an area for commercial
services," said venture chairman Ryszard Danielewicz.
The site is located on one of the main roads of the Polish capital towards
the east side, with neighbouring retail centres, and with prospects for new
public transport links, Pirelli RE said.
At the first phase development at Ostrobramska 75, the venture will provide
asset management and real estate services, it said.
Pirelli RE will co-invest in the development alongside private equity
residential fund operator Grove International Partners, it said.
Pirelli RE gave no specific details for investment costs beyond noting how
the project is part of an overall 400,000 square metres of Polish projects with
a complete market value of 650 million euros.
No details on timing were provided, though company officials said the
venture has approvals to start building phase one straightaway.
nigel.tutt@thomsonreuters.com
nt/jlc
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