Hochtief to build $300 million Warsaw office complex

German construction group Hochtief announced Friday its intention to build a hotel and office complex worth $300 million in downtown Warsaw, in cooperation with the insurer PZU. Hochtief expects the project to be finished within two and a half years. Present on the Polish market since 1990, Hochtief has recently completed the merger of its four subsidiary companies, Hochtief Polska Sp.z o.o., Budokor Sp z o.o., Kpis-Cracovia Sp z o.o., and Poz-Building Sp z o.o., creating a single company, Hochtief Polska Sp. z o.o. In recent years the four companies have been involved in construction projects worth zl. 830 million. Among Hochtief's recently completed projects are Centrum Gieldowe S.A. and Sadyba Best Mall. Hans Peter Keitel, chairman of the board of Hochtief AG, said that the reason for the companies' merger was the desire to meet the market's requirements more effectively.(Prawo i Gospodarka,Oct.-21-22, pp. 2-3, Reuters)