Złota 44 sold

Image : Orco Property Group

The tallest European residential skyscraper, Złota 44, located in the very center of Warsaw, Poland, has been sold. The transaction value was €63 million, according to a report from BBI Development.

The building belonged to Orco Property which has sold all of its shares to Skyline Residences S.a.r.l, part of the investment portfolio of American property fund Amstar, which will cooperate with Warsaw-listed property firm BBI Development.

BBI will invest €2 million by end March 2015 and will be responsible for such operations as managing and supervising the investment, choosing the general contractor (the construction of the building is not finished) or selling commercial areas. Amstar will finance other costs.

Then, the building will be financed by means of bank credit.

Złota 44 was designed by well-know architect Daniel Libeskind. Construction on the site originally started in 2008. In late 2013, Orco decided to suspend the almost finished project due to financing problems.

Amster property portfolio’s value amounts to USD 2.6 billion.

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