On behalf of an undisclosed investor, APP Investment won a bid for the so-called “Szkieletor” project in Warsaw. With an offer of PLN 9.9m, the company beat out the Warsaw-based m5 company. The asking price was PLN 7.1m. The unfinished project is located at the corner of Sikorskiego and Sobieskiego streets in Warsaw’s Mokotów district. The previous investor, Hotele System, started construction in 2007, a year after the building permit for a hotel was issued. Construction, however, was put on hold a few months later, and the project has been on the market since then.
APP, a special purpose vehicle, was set up by the Kraków-based law firm led by Piotr Paluch. According to the Polish media, the new investor is planning to develop either a hotel or office space at the site.
