06. Juni 2012 
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First Immofinanz residential development project in Poland
Today, Immofinanz Group officially started construction on the Dębowe Tarasy Residential Estate (Phase III) in Katowice with a well-attended cornerstone laying ceremony that also included Piotr Uszok, Mayor of Katowice, as honourable guest. Development activities will be carried out by Buwog International, a subsidiary of Immofinanz Group, specialised on residential development projects. Completion is scheduled in 2013. The total investment amounts to 21.7 million Euros.
“The success of Dębowe Tarasy Phase I and II combined with the rising demand for upmarket middle class apartments encouraged us to further extend our prestigious project and to enter the Polish residential market as a developer”, commented Daniel Riedl, Member of the Executive Board of Immofinanz Group. “The starting conditions for Dębowe Tarasy III are perfect: In December 2011 we fully acquired the remaining 30% stake from our former joint venture partner TriGranit. We have a valid building permit, the financing is secured and we completed the pre-sales phase with reservations for more than 20% of the planned space”, explained Riedl. “Dębowe Tarasy III will be built and managed by Buwog International.
In the third phase of the project the developer will deliver 317 comfortable and functional apartments in three buildings: one with 11 storeys and two with five storeys each. Future residents can choose from one- to four-room apartments with areas ranging from 27 up to 110 sq m. The Immofinanz Group entered the Polish market in 2004 as a real estate investor and the residential market in 2008. Today Poland is one of the major Eastern European residential markets within the Group. The company focuses mainly on the housing market in Warsaw and other dynamically growing regions such as Katowice where Immofinanz Group only last October achieved an outstanding success with the opening of the Silesia City Center Extension. The company plans to intensify its residential activities in Poland. At present the realisation of three further projects is planned if market conditions remain stable: Riverpark Phase I and II in Pozna 4;, Residea Alpha in Warsaw and Dębowe Tarasy Phase IV in Katowice.
“The success of Dębowe Tarasy Phase I and II combined with the rising demand for upmarket middle class apartments encouraged us to further extend our prestigious project and to enter the Polish residential market as a developer”, commented Daniel Riedl, Member of the Executive Board of Immofinanz Group. “The starting conditions for Dębowe Tarasy III are perfect: In December 2011 we fully acquired the remaining 30% stake from our former joint venture partner TriGranit. We have a valid building permit, the financing is secured and we completed the pre-sales phase with reservations for more than 20% of the planned space”, explained Riedl. “Dębowe Tarasy III will be built and managed by Buwog International.
In the third phase of the project the developer will deliver 317 comfortable and functional apartments in three buildings: one with 11 storeys and two with five storeys each. Future residents can choose from one- to four-room apartments with areas ranging from 27 up to 110 sq m. The Immofinanz Group entered the Polish market in 2004 as a real estate investor and the residential market in 2008. Today Poland is one of the major Eastern European residential markets within the Group. The company focuses mainly on the housing market in Warsaw and other dynamically growing regions such as Katowice where Immofinanz Group only last October achieved an outstanding success with the opening of the Silesia City Center Extension. The company plans to intensify its residential activities in Poland. At present the realisation of three further projects is planned if market conditions remain stable: Riverpark Phase I and II in Pozna 4;, Residea Alpha in Warsaw and Dębowe Tarasy Phase IV in Katowice.
