A LOT up for grabs

The national airline is putting its LIM Center office building on al. Jerozolimskie on the market. The building, which is better known as the home of the Marriott Hotel, was launched in 1989, and apart from the hotel premises, it also has offices and a shopping gallery, located in the lower building and the lower floors of the main tower.

The skyscraper, which is predominantly occupied by the five-star Marriott hotel, is 140 meters high and the complex has over 87,000 sqm of utilizable area.

LOT is also selling perpetual usufruct to the plots of land around the building, which covers an area of 13,388 sqm, as well as shares in LIM Joint Venture, which manages the building. The shares sold by LOT will give the new owner 50 percent of votes in the shareholders' meeting.

"The reasons for selling our shares in LIM is to put the company's property situation in order and [so we can] concentrate on our core activities," PLL LOT's spokesperson, Paweł Klimiuk, said. "The funds generated from the transaction will be devoted to developing and modernizing the airline's fleet."

Initially, LOT wanted to sell the building to a property fund managed by Deutsche Bank. After the parliamentary and presidential elections, however, LOT changed its mind and has decided to sell the property via a tender. LOT did not want to comment on the sale, "due to the on-going tender and confidentiality of the earlier talks," and it has not disclosed who the potential bidders are.

The reserve price of the building is zł.260.5 million. Offers for the tender need to be submitted on February 27 and the results should be known in March.