by Brianna Crandall — August 29, 2014—Colorado-based international real estate investment manager Amstar has just announced the acquisition of Zlota 44, a premier for-sale luxury residential tower located in the city center of Warsaw, Poland. Designed by renowned Polish-born architect Daniel Libeskind, the 52-story (192-meter) property is considered the tallest residential tower in the European Union, and will bring a new level of quality and standard of living to the city of Warsaw upon completion. Amstar will partner with Warsaw-based developer BBI Development SA to finish development of the 90-percent-completed project and prepare its 266 luxury residential units for sale.
According to Amstar, Zlota 44 has a prime, city-center location in downtown Warsaw and is directly adjacent to the city’s premier retail offerings, office buildings and fine dining restaurants. The prime residential tower offers residents elegant and open living spaces with floor-to-ceiling windows and panoramic views of the city, along with an “unparalleled” offering of five-star amenities including a state-of-the-art fitness club, 25-meter swimming pool, cinema, business center, wine cellar and 24-hour concierge services.
The acquisition marks Amstar’s first investment into Poland, driven by both the market and investment opportunity. Amstar Vice President Jeff Stonger will manage the project based in Warsaw, with additional support from Amstar’s offices in London, Kiev, Istanbul and Denver.
According to Amstar Global Advisers President Jason Lucas, “Amstar has been monitoring the Polish market for several years due to the country’s well-balanced growth and economic stability. The off-market acquisition of Zlota 44 was the ideal opportunity to acquire a high-quality project at a significant discount to replacement cost. We look forward to applying our hands-on development capabilities to complete the project and believe our efforts will establish Zlota 44 as the preeminent residential address in Poland.”
