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Diana Passage Project Trades Hands

WARSAW-Locally based PBK Property sells the new 91,500-sf office and residential development in the center of the city to Luxembourg-listed MaMaison Residences SA, according to Colliers International, the brokerage firm that had the disposition assignment.

By Brian K. Miller | Updated on December 05, 2004

WARSAW-Locally headquartered PBK Property has sold its shares in Diana Development, the company that owns the newly constructed Diana Passage mixed-use project in the center of the city here to Luxembourg-listed MaMaison Residences SA, part of the ORCO Property Group from Luxembourg. A local source tells GlobeSt.com the purchase price was euro 11 million ($14.6 million).

The property is located at 13A Chmielna St. Scheduled for completion next month, the office areas of the project have been leased for 10 years to the Goethe Institute and the German Book Information Center. The residential piece consists of 47 luxury, fully fitted and serviced apartments.

The ground floor includes the apartment-hotel reception area and a destination-type restaurant. An underground level will provide parking for 28 cars. The residence will be branded and operated by MaMaison Residences under the name Chmielna Gardens and is planned to open next month.

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