CBRE acts as the agent in the sale of land on Ostrobramska street

Warsaw, 14 November 2011 – The Development Consultancy Department at CBRE represented Polish Investments Real Estate Holding (PIREH) in the sale of the developer’s property located on Ostrobramska Street in Warsaw. Skanska Property Poland was the buyer. The value of the transaction amounted to PLN 110 million.

The object of the sale was the right of perpetual usufruct of land on Ostrobramska Street in the Warsaw district of Praga Południe with an area of 69,000 square metres, offering the possibility of execution of a multi-stage housing project with an area of over 98,000 square metres.

In this transaction, CBRE exclusively represented the seller.

Upon closing of the transaction, Steven Davis, Chief Operating Officer at PIREH said: „The sale of the property on Ostrobramska is a part of the PIREH strategy, which envisages restructuring of assets in company’s portfolio. We are glad that our partner in this transaction was such a significant and reliable partner as Skanska Property Poland. Recently, we have been observing rising interest of the key market players in well managed real estate properties, also in regional cities, which confirms the strategy adopted by the company corresponds with current market conditions.”

Michał Melaniuk, Vice-president of Skanska Residential Development Poland said: “ It is our first project of that kind and it will surely be the flagship of our activity in Poland. Our long-term goal is to become one of the leaders of the market and it will be consequently executed in the following years by construction of residential projects offering best technical and functional solutions.

Mikołaj Martynuska, Head of the Development Consultancy Department at CBRE added: “The areas close to Ostrobramska Street are very popular among housing developers, as well as the inhabitants of the capital city. The proximity of the Promenada shopping centre, green areas and the good transportation system connecting the area with the city centre enhance the attractiveness of this part of Warsaw.”

PIREH remains the owner of the area adjacent to the sold property, where a small office building or a commercial building may be built. CBRE is engaged in talks on behalf of PIREH for the sale of this property as well.
The Development Consultancy Team at CBRE provides consulting and agency services related to the sale of land as well as various types of developer properties designated mainly for office, housing and commercial purposes.