IMMOFINANZ Group Delves Deeper Into Polish Multifamily Market
IMMOFINANZ Group has started development of Riverpark, a 189-unit project in Poznań, Poland.
Katowice and Poznań, Poland—IMMOFINANZ Group has started development of Riverpark, a 189-unit project in Poznań, Poland.
The approximately €18 million ($23.6 million) Riverpark is set to rise in the city of Poznań, Poland’s fifth largest city and one of the main higher education and commercial hubs of the country. The 127,573-square-foot project is located south of the city center and will target professionals, students and young families–generally an audience looking to leave the suburbs for a closer proximity to the city center’s hub of activity. As such, it is located in an area with convenient connections to public transportation as well as schools and parks. It is also close to the Warta River and offers riverfront views and access to green spaces.
Riverpark will be composed of two five-story buildings comprising 160 condominiums and three three-story townhouses totaling 29 units. Underground parking will be available at each structure, amounting to a total of 198 parking spaces. More than 3,500 square feet of commercial space will also be created. All residential units will include balcony/terrace or garden access, as well as separate storage units.
Riverpark is expected to complete in the first half 2015.
IMMOFINANZ Group has already experienced success in Poland with a previous condominium project with Debowe Tarasy III. The project, the third phase of Debowe Tarrasy, or Oak Terraces, is currently under development in Katowice, Poland, and features 317 condominiums. Expected to finish in March 2014, it has already sold 100 units. Its offerings are similar to those of Riverpark: proximity to the city center, infrastructure, public transportation, employment opportunities and green spaces, as well as being just a short distance from Silesia Park, Europe’s largest urban park. Onsite amenities include underground parking and extra storage space. Phases I and II of the project comprise 509 units and are all completed and sold out. Oak Terraces Phase III is Katowice’s largest residential project.
“Similar to other countries in Eastern Europe, there is substantial pent-up demand on the housing market in Poland IMMOFINANZ Group COO Daniel Riedl says. “Our projects are focused on large-volume condominium construction for the emerging middle class.”
IMMOFINANZ Group’s Residential East segment, consisting of residential construction activities in Eastern Europe had a carrying amount of €250.1 million ($328.7 million) at the end of April 2013, of which €51.4 million ($67.5 million) were in development and €198.7 million ($261.2 million) in projects on the pipeline.