Property developer Ghelamco sells hotel tower in Warsaw
Property developer Ghelamco has sold a hotel tower in the Polish capital, Warsaw, to French property fund Corum XL. This was reported by De Tijd on Monday, based on a recent LinkedIn post by Paul Gheysens' company.
Gheysens, the son of a farmer from West Flanders, has been active in Poland for more than 30 years, building several office complexes. Ghelamco is the country's leading player in the office market.
The 86 m building, which has been sold to French property fund Corum XL, has 21 floors and houses both the Crowne Plaza and Holiday Inn Express. It is not yet clear how much the sale of the hotel tower will fetch.
The sale of two larger office towers to Google Poland generated 583 million euros. According to the company, this was the largest transaction ever on the office market in Central and Eastern Europe.
A few months ago, Ghelamco also put several sites and buildings up for sale in Belgium, including the two Blue Towers next to the Ghelamco Arena in Ghent.
The property development market is going through difficult times, as a result of central banks abruptly reversing course after years of cheap money and making money much more expensive in an attempt to curb inflation. High interest rates have devasted the property market, resulting in lower property values and more costly financing.
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