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Tallest residential tower block in Europe gets new owner

PR dla Zagranicy
Peter Gentle 28.08.2014 08:51
Warsaw's Zlota 44, the tallest residential building in Europe currently under construction, has a new owner and a chance to be finally completed.

The
The Sail - photo - wikipedia/CC

Troubled real estate developer Orco Property Group has sold one of its flagship projects, the Zlota 44 residential tower in the centre of Warsaw, to US investor Amstar for 63 million euro.

Amstar will now complete the construction process in cooperation with Polish property firm BBI Development.

The US fund will provide most of the financing for the building, 192 meters high with 54 storeys but BBI has also agreed to spend 2 million euro on the project by the end of March 2015.

The building, nicknamed “The Sail,” was designed by well-known architect Daniel Libeskind and is a 192-metre tall building, which will offer 266 apartments on 54 floors.

The flats will be some of the most expensive in Poland.

The construction of the high-rise was launched in 2008 and it was almost completed at the end of 2013.

Orco then announced it had financial problems related to the building and suspended further work, putting the project on sale. (kw/pg)

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