WARSAW, Poland, March 17, 2015 /PRNewswire/ --The 192-meter luxury residential tower, which features 37,000 sq. m of residential area, was showcased at Europe's foremost real estate conference, MIPIM, as the symbol of Poland's economic success and the dynamically growing capital city.
The new investors, Amstar and BBI Development S.A., purchased Zlota 44 in August 2014 and today announced that the new offer of exclusive apartments will be presented to the market on April 15, 2015. The trade show in Cannes was attended by Daniel Libeskind, the visionary architect of Polish origin who designed Zlota 44 and numerous award-winning projects throughout the world.
Zlota 44 will serve as a symbol of the 25-year period of economic and social transformation in Poland - one of the fastest growing countries in the CEE region. The re-launch of apartment sales coincides with a new stage in Warsaw's development as the second line of the metro just opened. This included seven new stations, with the central portion in close proximity to Zlota 44. The new metro will redefine the city's character in terms of transportation and ease of access to and from the city center.
Poland's capital city is flourishing, attracting an increasing number of global investors, who in the previous year alone invested more than EUR 3.1 billion in the country. The construction of the second line of the metro is the largest infrastructure investment in Warsaw, with an estimated cost of about EUR 1.0 billion. This is part of the plan by Warsaw's government to spend more than EUR 6.2 billion on infrastructure and development by 2020, including the second metro line and revitalization of the city center with projects such as the Museum of Modern Art, which will be located next to Zlota 44.
Zlota 44 as a response to market demand
Zlota 44 is a reflection of Poland's strong economic environment and the high-end needs of the rapidly expanding group of wealthy Poles. The value of transactions related to Poland's luxury property market was approximately EUR 300 million in 2014, and market experts envision the total wealth of high net worth Poles will exceed EUR 50 billion in two years.
"We are excited that, together with Amstar, we will provide a living standard and lifestyle that has not been accessible in our market," says Michal Skotnicki, President of BBI Development S.A. The 52-story tower located in the very center of Warsaw will offer 287 exclusive apartments, with interiors designed by the renowned Woods Bagot. The building will also provide residents with an unmatched level of amenities and services that cannot be found elsewhere in Poland. Residents will have access to a business area, spa and wellness area with a 25-meter pool, gym, private cinema, wine cellar, and reception desk with dedicated concierge services. The 1,400 sq. m amenities floor will also feature a sun deck with a jacuzzi and loungers for ultimate comfort and relaxation.
"As a thriving city, Warsaw is among the most attractive investment markets in Central and Eastern Europe. We are proud to have the opportunity to complete this building and provide residents with the unequalled living experience they deserve. I strongly believe that Zlota 44 will prove to be Poland's most exclusive and luxurious residence," says Jason Lucas, President of Amstar Global Advisers.
Personal supervision by Daniel Libeskind
The project's prestige is evidenced by its designer - the world-renowned architect Daniel Libeskind. Mr. Libeskind has often described Zlota 44 in terms of a soaring eagle's wing - a symbol of political and social development and the country's rapid economic growth.
"I am happy to announce my active participation in creating a new, unique offer of Zlota 44. It is a building that will combine functionality with unrivaled design and high-quality services. I believe that Zlota 44 will become an icon of the dynamically growing Warsaw," says Daniel Libeskind.
The acquisition and completion of the project is a joint venture between Amstar and BBI Development S.A. The partnership has placed the project in capable and familiar hands by employing the project's previous general contractor, INSO, to complete construction of the tower. First residents will begin moving into Zlota 44 in late 2016.
ABOUT THE INVESTORS:
BBI Development S.A. is a Polish public company listed on the Warsaw Stock Exchange. BBI Development's investment portfolio includes projects with a unique and prestigious character, located primarily in Warsaw.
The company has completed, among others, the exclusive apartment building by the Royal Route - Rezydencja Foksal (7,500 sq. m of residential area). Its other projects under development include Centrum Praskie Koneser (a mixed-use project) -located near the Dworzec Wilenski metro station, with a total usable area of 75,000 sq. m. Centrum Praskie Koneser will host service points, offices, as well as lofts and soft lofts. The company is also developing Centrum Marszalkowska - an office and retail facility at the intersection of Marszalkowska and Swietokrzyska Streets, which has a total usable area of 15,000 sq. m and will replace the Sezam department store. The building will have a direct link with the metro station exit. BBI also plans to develop a Class-A office building at the intersection of Emilii Plater and Nowogrodzka Streets. This project will be approximately 170 meters tall and will have 55,000 sq. m of usable area.
Amstar is a real estate investment manager that acquires, develops and manages office, multifamily, retail, hotel and industrial properties in select U.S. and international markets. Originally formed to invest and manage the real estate allocation of a large family office client, Amstar began expanding its capital strategy nearly a decade ago and has grown to more than $2.4 billion in assets under management. Today, Amstar is proud to provide a high degree of focus and attention to its client relationships, counting among them leaders in the private and institutional investment community. Amstar's clients originate from across the globe and include U.S. and European institutions, insurance companies, private banks, funds of funds, and other family offices.
