Construction of the Poleczki Business Park on the outskirts of Warsaw is continuing apace. Following a construction period of 14 months, the topping-out ceremony for the first 45,000-square-metre section took place on 13th October 2009. The plan remains to establish a modern office district with a total effective area of 200,000 square metres on the 14-hectare site by 2015. The project sponsor and the owner are CA Immo International and UBM Realitätenentwicklung AG, with Porr (Polska) S.A. acting as general contractor. The Poleczki Business Park is the largest real estate development scheme currently taking place in Poland. Investment in the first section amounts to €100 million, with the total building project accounting for roughly €250 million.
According to Dr. Bruno Ettenauer, Chief Executive Officer at CA Immo International, “This outstanding site has a great deal of potential. It offers a modern concept, with proximity to the airport and the centre of Warsaw. The Poleczki Business Park will be a unique asset to the city thanks to an holistic model that links up the pieces of the business puzzle – offices, retail outlets, business premises, storage space, logistics and all the required service facilities.”
UBM chairman Karl Bier added that, “Developing the project in multiple phases not only opens up flexible expansion possibilities, but also ensures a steady supply of new units onto the Polish capital’s property market”.
The occupancy rate for the Poleczki Business Park project justifies the decision to invest during a downturn. Although the business sector remains extremely cautious as regards investment, 40% of the first section has been let one year prior to completion. Future tenants include international corporations such as US Pharmacia and Kone.
The economic situation in Poland
Poland now offers one of the most attractive property markets in Europe. According to the country’s economics ministry, expansion of around 1% is also anticipated for the third and fourth quarters of 2009. Although the Polish property market sustained losses in recent months, a serious downturn has been forestalled. Rental demand remains healthy, in contrast to the low investment impetus. As far as the office market is concerned, the size of the country is an advantage: large corporations have reduced their investment levels in smaller markets to the benefit of Poland, which with 38 million inhabitants is comfortably the largest new state in the EU.
CA Immo International (www.caimmointernational.com) is part of the CA Immo Group and a subsidiary of CA Immobilien Anlagen AG. The company focuses on investment activities in (south)eastern Europe; its shares are traded in the prime market segment of the Vienna Stock Exchange. CA Immo International invests mainly in commercial real estate (offices, commerce and logistics). As of 30th June 2009, the market value of the portfolio was around €700 million. CA Immo International operates as a project developer in the region through its majority holding in the CA Immo New Europe Property Fund.
UBM Realitätenentwicklung AG (www.ubm.at) is a successful real estate and property development company active in central and eastern Europe. The company has branches in Bulgaria, Germany, France, Croatia, Poland, Romania, Russia, Switzerland, Slovakia, Czech Republic, Ukraine and Hungary. UBM generated construction output of €307 million in 2008, 86% of which was produced outside Austria. The company, which has been trading on the Vienna Stock Exchange since 1873, maintains its own operational property portfolio spanning an area of over 1.7 million square metres. Alongside numerous office and commercial properties, UBM participates in 10 operational hotels with around 2,700 rooms.
Please address any questions to:
CA Immo International AG
Susanne Steinböck
Tel.: +43 1532 590 7533
E-mail: steinboeck@caimmointernational.com
www.caimmointernational.com
Roman Rusy Informationsmanagement
Roman Rusy
Tel.: +43/2625/37-164
E-mail office@rusy.at
Tuesday, 13. October 2009 11:30
