Real estate developer announced in company press release acquisition of 130,000sqm of zoned residential land in Polish city Poznan. The total price reached EUR 6.4m. (EUR c49.2 per sqm). Company plans to develop residential unit with estimated floor area of 55,000 sqm. should release its residential plan in 1Q08, the totals development costs are estimated at EUR 100m.
This is the first acquisition in Poland which complies with the strategy to expand to CEE markets.