The Spanish group invests €17 million.
Warsaw, 24th of May, 2006.- Sando Inmobiliaria Polska, the company that runs Grupo Sando’s property operations in Poland, has acquired 9,364 square metres of land at public auction in one of the best areas in Warsaw. The project means a total investment of €17 million, of which €4.8 million will be for the acquisition of this land.
160 homes and 202 parking places are planned for the plot, which has 16,691 square metres of buildable land. It will incorporate high quality facilities, with special attention to be paid to the common areas of the building and to green areas.
Sando Inmobiliaria Polska won the land at an auction attended by a number of Polish and Spanish developers.
The land acquired is located in the area of Piaski, between the districts of Bielany and Zoliborz, ten minutes from the historical and commercial centre of Warsaw. It is one of the best, and also one of the greenest areas of the old town. It is characterised by its villas, private houses and apartment blocks, although the development of the underground is boosting its growth.
The district is traditionally known for the large number of academic institutions located there: three scientific institutions, three universities and academies, twelve schools and three vocational colleges. 35% of the population is university-related and 28% of the people are elderly.
Since it began its activity in the European market at the end of 2005, Sando Inmobiliaria Polska has carried out operations that will allow it to build one thousand, two hundred homes in Poland. Furthermore, at the beginning of the month, it inaugurated its offices in the Warsaw Financial Center.
These acquisitions confirm the company’s intention to carry out intense property activity in Poland through the acquisition of land and the construction, promotion and sale of homes as the first step in the possible establishment of the rest of its activities in Eastern Europe.
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