PHN has its hands full

“Having been granted the final building permit, we can now build our flagship office project. This is undoubtedly one of the greatest successes in our company's seven-year history. Now that we have had the building permit design approved we have started looking for a general contractor for the complex and the construction work has been scheduled to start in 2019. The first office building is to be completed in 2021 and the completion of the 155m high tower is planned for the beginning of 2024,” says Marcin Mazurek, the CEO of PHN. For H1 2018 Polski Holding Nieruchomości has recorded a net profit of PLN 32.7 mln, which compares to PLN 7.1 mln for the same period in the previous year. PHN's income from rental amounted to PLN 78.2 mln compared to PLN 75.1 mln in the same period of the previous year while its adjusted EBITDA amounted to PLN 28.5 mln, which constitutes an improvement of 4.8 pct compared to H1 2017. PHN is currently constructing the second stage of a warehouse centre in Parzniew near Warsaw. The building is to be an 11,600 sqm central sorting centre for DPD Polska. At the beginning of July, general contractor Eurobudowa officially took over a site from PHN on ul. Geodezyjna in Warsaw's Białołęka district, where it is to build a retail and service building. The building is to open in Q1 2019. The building has already been leased for a three-year term, which could be extended by a further five. PHN is also acting as the project manager for Chopin Airport Development for the construction of a Moxy hotel at Poznań Airport. In July, Warbud was appointed as the general contractor and construction work is now underway. The hotel will have a useable area of 5,300 sqm with 120 rooms and a car park for 89 vehicles.

PHN signed 144 developer agreements for apartments in the first stage of the Vis à Vis Wola residential estate under construction in Warsaw, which means that around 70 pct of the apartments have now been sold. Reservations have also been made for a further 19 units. In September, Mostostal Warszawa, which is constructing the project’s first phase, was contracted to also build the second under a contract worth PLN 73.39 mln. The second stage will comprise three buildings with 253 apartments. The contractor has 104 weeks to complete the work. PHN has also signed 35 developer agreements for apartments under construction in it Yacht Park project in Gdynia with a further ten reservations. In total the project will comprise 93 apartments. PHN is currently seeking a general contractor for a double-branded hotel at al. Wilanowska 372 in Warsaw with 300 rooms. The hotel is to operate under the Marriott Moxy and Residence Inn brands.