Ghelamco Sells Chopin Tower Project in Warsaw for €54.4M

Ghelamco has entered into a conditional sale agreement for its Chopin Tower project in Warsaw with a special purpose vehicle owned by an international investor.

The agreed sale price is €54.4 million net.

Under the agreement, Ghelamco will remain responsible for the development and construction of the project. Proceeds from the transaction will be used for further deleveraging of the group.

First Transaction Under New Platform Model

The transaction marks the first application of Ghelamco's platform developer model. Under this approach, the group uses its development expertise to originate, prepare and deliver projects for third-party investors without financing and holding the underlying asset through to completion.

Investors acquiring an interest typically enter projects once a final building permit has been secured. Ghelamco earns development and redevelopment management fees while retaining control over construction and building quality.

Agnieszka Ciupak, Managing Director of Ghelamco Poland, said the agreement demonstrates that the company's new platform model is beginning to operate in practice.

Agreement Subject to Warsaw Pre-emption Right

The final agreement remains conditional on the City of Warsaw not exercising its statutory pre-emption right over part of the property. Completion of the transaction is planned for the fourth quarter of 2026.

Ghelamco has also signed a letter of intent with another international investor for a second Warsaw project that already holds a final building permit.

Further details are expected once the agreements are concluded.

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Chopin Tower Planned for Warsaw's Wola District

Chopin Tower will be located at the intersection of Wronia and Grzybowska streets in Warsaw's Wola district. The project is situated near Warsaw Spire and The Bridge.

The planned tower will rise approximately 130 metres and provide around 40,000 sqm of office space across 28 upper floors.

A four-storey podium will include approximately 800 sqm of retail and food-and-beverage space. The building will also have a four-level underground car park with around 300 parking spaces.

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Construction Planned for 2027

More than 400 sqm of the project will comprise biologically active areas and green roof space. Construction of Chopin Tower is scheduled to begin in 2027.

According to Ghelamco, Chopin Tower is one of two Warsaw projects the company intends to begin in 2027 with capital partners.

The new platform approach is expected to reduce the group's own financial commitment while allowing it to retain responsibility for project delivery.

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