Reform Company finds buyers for two major Warsaw real-estate landmarks

A group of investors from the US and Switzerland acquired a 51% stake in Reform Company, which owns the Reform Plaza and Reform Center buildings in Warsaw. The value of the properties is estimated at over $200 million, making the transaction the largest realty contract in the capital. The new managers are planning to change the image of the buildings and to develop a commercial and entertainment mall at the Reform Center. "We want Reform Plaza to become one of the most prestigious buildings in Warsaw," said Jacques Tourel, head of World Trade Center Warsaw, and one of the investors. Major investments are still needed to complete the construction of the 190,000 square meter Reform Center. The investors claim the means are already secured and will probably be acquired from BIG Bank Gdanski, Reform's creditor in the past. The estimated cost of completing the construction is put at up to $200 per square meter, which means the bank will probably have to grant a loan of $38 million. The investors hope to open the Reform Center by Christmas 2003, and to welcome 25 million visitors annually. (Puls Biznesu, p. 6) A.K.