A three-way deal was sealed this month between Polnord, Dantex and Waryński company on a new mixed-use development scheme, to be developed in Warsaw’s Wola district. The ambitious 100,000 sqm project is set to go up on a 7ha plot site on Jana Kazimierza Street, with 80,000 sqm intended for residential and remaining 20,000 for offices. The investor, Waryński, said the trio will need eight years to finish the investment.
Waryński signed two separate agreements with the developers to set up SPV with each of them on 50/50 partnership in the project. The state-owned Waryński is a construction equipment company and a part of the Mars fund which is owned by the Polish Industrial Development Agency. The agency has substantial land bank under management, and announced several weeks ago that it would be entering the development market. It hopes to start its first independent project in the near-term. Planning proceedings are currently underway on the project’s first 9,000 sqm office building.
