-- The off-market acquisition launches Amstar into Central Europe
WARSAW, Poland, Aug. 28, 2014 /PRNewswire/ -- Amstar announced today 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 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. Amstar will partner with Warsaw-based developer BBI Development SA ("BBI") to finish development of the 90% completed project and prepare its 266 luxury residential units for sale.
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 centre, wine cellar and 24-hour concierge services.
The acquisition marks Amstar's first investment into Poland, driven by both the market and investment opportunity. 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."
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. "With all of Amstar's international development projects, we strive to have a strong in-country team in place to achieve best execution and enable a more direct, working relationship with our local partners. Having Mr. Stonger in Poland will allow us to expand our platform in the region," explains Lucas.
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate investment manager that acquires, develops and manages office, multifamily, retail, hotel and industrial properties in select U.S. and international markets. Originally formed to invest and manage the real estate allocation of a large family office client, Amstar began expanding its capital strategy nearly a decade ago and has grown to more than $2.6 billion in assets under management (as of June 30, 2014). Today, Amstar is proud to provide a high degree of focus and attention to its client relationships, counting among them leaders in the private and institutional investment community. Amstar's clients originate from across the globe and include U.S. and European institutions, insurance companies, private banks, funds of funds, and other family offices.
About BBI Development
BBI Development is a publicly traded Poland-based real estate developer. The company is a leading developer in Warsaw and has a proven track record of developing significant residential, office, retail and mixed-use properties. Most recently, BBI developed a Foksal Residence, a premier residential building in the Old Town district of Warsaw and Plac Unii, a class A+, 21-story office and retail complex in central Warsaw.