Griffin Property RE to buy plot in Warsaw for PLN 120 mln

WSE-listed REIT-like company Griffin Premium RE has signed a PLN 120 million deal to buy a plot in the center of Warsaw and build a mixed-use project there. The 40-storey scheme will be a hotel/office project with up to 50k sqm GLA.

The deal includes the perpetual usufruct right to the property, other selected rights, and assets connected with the development schemes, as well as a potential lease agreement to manage the hotel part of the scheme for 20-25 years, Griffin said in a market filing.

The company is also looking for a developer partner, whose involvement could reach up to 30 percent.

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