Alm Dom sells Norblin

According to Życie Warszawy, the factory, which currently belongs to developer Alm Dom, is to be purchased by Art Norblin, a special purpose vehicle connected to American investment fund Patron Capital Partners. The value of the transaction is not known, but it is known that the vendor itself bought the property for almost zł.70 million in 2007.

Art Norblin plans to renovate the factory premises and develop an industrial museum as well as office and residential space. A design proposal will be presented by the JEMS Architekci architectural studio at the beginning of 2009, according to officials.

"We have undertaken an ambitious and difficult task. We are aware of the fact that revitalization of that area is a financial and architectural challenge that requires cooperation by many institutions and organizations," noted Kinga Nowakowska, general director of Art Norblin.