Emaar Properties considers investment in the center of Łódź and Warsaw

Representatives from Dubai met members of the Polish government this week. Among discussions was a possible development deal.

Company Emaar Properties from United Arab Emirates is said to be interested in construction of an exclusive district in one of Poland’s major cities. The district would be 20 hectare estate and would consist of apartments, hotels , office and retail complexes and its own road infrastructure. It is estimated that it would be worth over a billion dollars and would be the biggest investment of this type in the world.

Because of the scale of the investment Łódź will be joining forces with Warsaw to attract the investor with a joint offer. Łódź will be offering 19 hectares in Specjalna Strefa Kultury which is the most attractive part of New Centre of Łódź between EC1 and Fabryczna Railway station. Warsaw will offer two skyscrapers, part of Defilad Square by Aleje Jerozolimskie and land by the National Stadium. Warsaw properties were valued at 1 billion zlotych, Łódź properties were not appraised but it is estimated that if the city wanted to build the properties themselves it would have to spend 4,5 billion zlotych. Warsaw and Łódź offer would require Emaar to buy all the property which is being offered.

Investors are planning to visit Poland in July when they will compare offers from Łódź – Warsaw duopolies and other polish major cities: Krakow, Gdansk and Poznan.