The Hungarian developer Futureal is moving forward with its investment plans for Poland, as its home market of Hungary becomes less predictable. Having just signed its first framework JV agreement with the Polish residential developer Gant, Futureal is set to invest PLN 42m in four projects led by Gant, including Amber Park. It will also take 5.3-percent share in the company.
“We wanted to start our partnership with one of the existing projects,” Andrzej Szornak, vice-president of Gant Development said during the press conference. Amber Park broke ground in the spring, and Gant hopes to have the project completed in the first quarter of the year. The 19,900 sqm Amber will add 390 new flats to the Wrocław housing market, and it is now 20 percent sold. Futureal has a 50-percent share in the project, but it said it will not be involved in the development process.
“All the soft costs will be the developer’s responsibility,” said Tibor Földi, board member at Futureal. “The criteria for all the projects include location, quality of the project, the catchment area for the project (infrastructure, shopping malls) and the price of the flats,” he added.
The three other Gant projects Futureal will help finance include the high-end project Solaris Park in Wrocław, the second phase of the Kaskada project and Royal House. The schemes all have their permits in place. “We usually need 12 to 18 months to complete the construction,” said Szornak.
Futureal said it plans to invest €100m on various European markets. A large part of its Equity Partnership Program has reportedly been invested in Poland. “We are looking for partners in all sectors,” said Tibor Földi
