German consortium for Warsaw stadium

If no mistakes are found in the offer, a contract will be signed with the consortium in October this year. The stadium would most probably be completed in Q4 2009, and will cost z..462 million to build. Warsaw's city hall will provide the project with z..178 million, while the rest will be funded by the investor, in return for the right to run the stadium and organize concerts for a 16- year period. A new restaurant on the property large enough for 1,500 guests also forms part of the investor's plan. The German consortium intends to entrust the facility management of the stadium to Polish firm Tomasz Warmuz. Despite expressing an early interest in the project, two other consortia failed to submit offers: CWKS Legia with Amorim Immobiliaria, as well as ITI Holding with the Legia Warszawa football club and Hochtief Construction. (WBJ Real Estate Newsletter)