6 August 2007 - Macquarie Global Property Advisors (MGPA), has made its third investment in Poland having formed a joint venture with Star Enterprise to develop a mixed use project, including 1,200 luxury residential units, in Wrocław.

The overall project cost is expected to be approximately €219 million.  The project will be developed under the name “Angel Wings”.  The investment is being carried out by one of MGPA’s managed funds focusing on the European market which will hold a 70% interest in the venture.  

The development is located on the Oława River and is 15 to 20 minutes walk from the old town district.  Angel Wings will consist of six buildings including 1,200 luxury residential units over 81,000m², three levels of underground car parking for 1,700 resident car parks, and 13,000m² of retail, leisure and office space.  The buildings fronting the river will include retail space creating a social and shopping environment for the residents and public. 

Angel Wings will be completed over four phases with the first phase due for completion mid 2009. This is the second joint venture MGPA has entered into with Star Enterprise in Poland.  The first was, Wilanów One, a residential development in Warsaw that includes 2,500 residential units of which 70% of the first phase has already been pre-sold with completion not due until October 2008. MGPA also has a significant investment in Rondo 1, a prime office building located in the centre of Warsaw. 

MGPA Managing Director Alex Jeffrey says, “Wrocław is a strongly performing city in south-western Poland that has significantly above average disposable incomes and has benefited from substantial inward investment.  We have a lot of confidence in the Polish real estate market in all sectors and regional cities play a big part in that.  I anticipate that we could look to invest in projects with a value of approximately €1 billion in Poland over the coming two to three years.”

MGPA’s Head of Investment for Central and Eastern Europe Daniel Harris said, “Once the Angel Wings development is completed, it will be a landmark development offering top quality lifestyles in a revitalised area of the city.  We are seeing increasing demand for high quality accommodation in Wrocław and this development will more than meet those expectations.” 

Shachar Samuel, Chairman of Star Enterprise, said: “Our goal is to duplicate the success of our other projects in Poland like Wilanów One.  Angel Wings is a unique concept of living which gives  the clients the best value for money they can find in Wrocław market.”

Mr Jeffrey added:  “We are particularly positive about the property market in Central and Eastern Europe and are continuing to see attractive acquisition opportunities in a diverse range of locations and real estate sectors. We expect to make further acquisition announcements in the near future.”