BBI Development gearing up for new investment in Warsaw

2010-08-26

The company BBI Development is to join forces with the co-operative "Spolem” Srodmiescie in building an office-shopping centre on the corner of Marszalkowska and Swietokrzyska Streets in Warsaw.
The new edifice will stand on the site of the present Sezam department store. According to the company's own plans, Nowy Sezam will be a 10-storey structure boasting a usable floor area of 12,000-13,000 m². It will include both offices and other units intended for commercial-retail functions. A special-purpose vehicle will be set up to carry out the investment and BBID will own one third of its shares. Moreover, the co-operative "Spolem” will assign the company perpetual usufruct rights to the investment plot. In turn, the company Juvenes Development, in which BBID owns a 100% stake, will be responsible for handling the procedural-legal side of the undertaking and preparing the project design. The company is currently applying for planning permission for the investment and by the end of the year it will present its timetable for carrying out the project.

Find more news and analyses in internet service Construction Poland Online and pdf newsletter Polish Construction Review.