Building on the past
Opal Property Development (OPD), a property investor with Australian capital, has announced that it has signed an initial agreement with TUP Property.
According to the contract, worth zł.51 million, OPD will develop an office-residential complex that will be located within area of the former Modena textile factory in Poznań.
A new company will be created under the TUP group and taken over by OPD in its entirety. In return, the TUP group will receive 35 percent of the profit margin on every sqm sold at a price of zł.7,000.
Thanks to the scheme, a multi-use complex of office, residential, shopping and green areas will be established. A historic part of the former factory will be revitalized. Several new buildings will also be constructed nearby, designed in a way so as not to disrupt the historical feel. According to OPD, about 38,000 sqm of usable space is due to be developed.
"We are satisfied with the outcome of negotiations," said Simon McMahon, financial director at OPD. "Modena Park is a very interesting and ambitious project. While it is developing, we will use our experience from previous revitalization projects."
McMahon highlighted the fact that the company plans to invest in Poland long-term, and that the Poznań and Łód projects are only the beginning. The company says it has several projects in the pipeline for some other major cities across Poland.
Just a few weeks ago, OPD announced it would enter the WSE. According to the company, the funds raised during the IPO will be used for the projects in Poland.
