Adgar's advances

Adgar Postępu, owned by Adgar Investment & Development Ltd (AI&D), has launched construction of a new office complex in Warsaw's Mokotów.

The Adgar Plaza complex on ul. Postępu 15 will consist of two class-A, 10-storey buildings offering 27,000 sqm of total office space and an underground parking lot for 630 vehicles. The completion date of Building A has been scheduled for August 2008, facilitating the complex with a 350-person capacity conference center, a restaurant and a fitness studio.

"Adgar Plaza will be a modern business center, developed with its future tenants in mind," said Hanna Piskorek, director of Adgar Postępu.

Roy Gadish, the managing director of Adgar Investment & Development stated that the total investment will amount to EUR 60 (zł.234) million. He added that a profit of 25 to 30 percent could be made if the company were to decide to sell the complex upon completion, although, at the present time, the company has no intention of doing so. Adgar has already undertaken negotiations with three possible Building A tenants.

"We develop buildings and hold onto them for long-term leasing," said Gadish. "So we pay particular attention to architecture and design."

In addition, Gadish highlighted Adgar's ambitions to become one of the big players on Poland's developer market. "In line with our plans for the future, our company is currently negotiating the acquisition of more plots in the Mokotów area," he said.

Gadish considers Warsaw a vibrant, attractive market primed for development, explaining, "Just a few years ago, the vacancy rate in office buildings was significantly low, yet in the Mokotów area, for example, it has fallen to less then two percent. This indicates a potential for growth."

Adgar Investment & Development is part of the Zur Shamir group, which also maintains a presence in the insurance market, namely the Link4 company in Poland.