In a deal worth €63m, BBI Development and Amstar have acquired the troubled high-end apartment project Złota 44 in Warsaw from Orco Property Group. “The transaction, conducted with a subsidiary of the international consortium consisting of Amstar and BBI Development, includes the sale of shares in the project, as well as Orco’s liabilities at Pekao Bank,” BBI wrote in a statement. The two sides agreed that BBI Development and Amstar will pay €63m in cash installments.
BBI Development will oversee the project’s investment process. This includes handling the selection of a general contractor, securing of financing as well as sales and leasing of the retail space. .
