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WARSAW-Locally headquartered PBK Property has sold its shares in Diana Development, the company that owns the newly constructed Diana Passage mixed-use project in the center of the city here to Luxembourg-listed MaMaison Residences SA, part of the ORCO Property Group from Luxembourg. A local source tells GlobeSt.com the purchase price was euro 11 million ($14.6 million).

The property is located at 13A Chmielna St. Scheduled for completion next month, the office areas of the project have been leased for 10 years to the Goethe Institute and the German Book Information Center. The residential piece consists of 47 luxury, fully fitted and serviced apartments.

The ground floor includes the apartment-hotel reception area and a destination-type restaurant. An underground level will provide parking for 28 cars. The residence will be branded and operated by MaMaison Residences under the name Chmielna Gardens and is planned to open next month.

As part of the project, PBK also renovated the facades of five adjacent buildings. “Although the building is not so big, the construction was quite complicated due to its location in an enclosed courtyard,” states PBK president Zbigniew Sajdak. “However, we managed to complete a nice building (that) … fits in with the surrounding buildings and improves an important part of the city center.”

MaMaison Residences is the only luxury collection of serviced residences operating in Central Europe. MaMaison operates seven residences in Prague, Budapest, Bratislava and soon Warsaw. Further openings also are planned for the region.

PBK Property is a member of Bank BPH Group and was established in 1995, operating exclusively in the Polish real estate market. The company specializes in selected investment projects and property management. John Banka, manager of the local investment advisory group of Colliers International represented PBK in the transaction.

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