Central European property group Orco has annouced the acquisition of two new plots covering some 28 ha in Warsaw, Poland. The company plans to invest some EUR 60 mln on the development of a new logistic centre on one of the sites, with the other one due to house the second phase of Orco's Drawska residential development.
Central European property group Orco has annouced the acquisition of two new plots covering some 28 ha in Warsaw, Poland. The company plans to invest some EUR 60 mln on the development of a new logistic centre on one of the sites, with the other one due to house the second phase of Orco's Drawska residential development.
The largest site consists of approximately 22 ha, and is located in Zone I of Warsaw's warehouse area. The site houses a 38,000 m2 income-producing asset which will eventually be refurbished, after development of circa 50,000 m2 of new A-class warehouse space. The development work for the project has just started with a competition for design services. It is envisaged that the construction works will commence in late 2008, with completion of the first phase during 2009. The other plot is due to house some 50 apartments by end-2009.
In a statement, the company said that 'the acquisition of the new plots has a strategic significance for Orco Property Group as it reinforces the company's solid position in the Polish real estate market in the very fast developing residential and logistic sectors.'
