Hochtief has broken off a joint venture agreement with the Polish Real Estate Holding (PHN) to develop the City Tower office building in the city center of Warsaw. The state-owned holding said it would continue the investment independently, following what Hochtief claims to be a change of strategy for the company’s Polish division. The project is set to go up at Świętokszyska street, in the city’s CBD. Hochtief was also selected a manager for the project. PHN expect to complete the project’s first phase in the third quarter of 2019.
