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Under the wings of the Archdiocese

Tomasz Cudowski 11 June 2018

Tomasz Cudowski

Journalist

+48 22 356 25 26
tomasz.cudowski@eurobuildcee.com

Tomek graduated from the faculty of modern languages at the Adam Mickiewicz University in Poznań, where he also started his journalist career in the late 1980s. He has worked in the real estate press since 2005, covering the residential market for ‘Eurobuild CEE’ magazine as well as the new technologies and property management sectors. Sometimes he can be heard on Polish Radio 2, where he reviews the press on the morning programme. At other times he can be seen in the Bieszczady or Beskid Niski mountains, where he enjoys rambling with no fixed purpose or destination in mind.

Under the wings of the Archdiocese
Rybaki–Łańsk is to be built in stages in an app. PLN 300 mln project (photo: Urząd Gminy Stawiguda
POLAND A subsidiary of BBI Development has entered into a preliminary investment agreement with the Archdiocese of Warmia to develop the Rybaki–Łańsk hotel, conference and residential project in the Warmian-Masurian province.
Investment costs for the entire project are estimated at PLN 300 mln. Special purpose vehicle Realty 4 Management Projekt Developerski 4 is to develop commercialise the four-star hotel building, which will be made up a recreational section and a complex of single-storey residential units to be sold to individual buyers. The project will be implemented in several stages on two sites measuring a total of ​​app. 16.5 ha, which will be contributed to the SPV by the Warmian Archdiocese.

According to the agreement, in the initial stages of the project BBI Development entities will carry out around PLN 15 mln of work on the project. Further financing will come from own contributions, funds raised from the commercialisation process and from external sources. Once the Warmian Archdiocese has contributed the land to the special purpose vehicle, the share in the Archdiocese’s profits will amount to 51 pct while the BBI Development group will receive the remaining 49 pct.

The investor stipulates that "the implementation of the project (...) will depend on many future and uncertain factors", including the successful repurposing of the agricultural land on the site into development plots as well as the consent of the Vatican for a joint project.

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