A fund managed by Griffin Real Estate has acquired a 5.5 hectare residential development site, located along Pełczyńskiego Street, in the Bemowo District of Warsaw, Poland.
The Property, which was acquired in a bankrupcy auction, not only benefits from a zoning permit (DWZ) allowing for a high density residential development with a total sellable area of up to 90,000 square meters, but also from a valid Building Permit (PNB) which allows for construction to commence on the first phase of the project, which comprises 18,000 square meters of apartments. Colliers International advised Griffin on the acquisition.
The Property is situated in a well-established middle class residential neighborhood, located to the northwest of the city center and in close proximity to retail amenities, which includes an adjacent Tesco-anchored shopping center and the nearby Wola Park Shopping Center, as well as an abundance of public parks and green areas within walking distance. Public transportation (buses and trams) are a short walk from the Property along Gorczewska Street. The Bemowo site is also surrounded by completed apartment projects and the property represents the last residential development opportunity of significance in the immediate neighborhood.
The Bemowo transaction is the seventh acquisition by Griffin Real Estate in 2012. Griffin's portfolio of assets under management comprise both development lands and standing investments which have a combined capacity of over 300,000 sqm GLA of office space, 100,000 sqm GLA of retail space and 360,000 sqm buildable residential area. Griffin intends to increase its investment activity across Poland and plans to double assets under management in the coming two year period.