Kulczyk Investment House, a company which earlier this year described in “PB” its investment in oil and gas sector, develops its real estate business.
“Several weeks ago, a structure of a company was founded. The company will probably be called Kulczyk Real Estate. Within several weeks, we will choose the management and prepare a strategy. It’s hard to say now what amounts of money will be spent for investments in real estates. It will depend on the business plan which will be prepared”, Dariusz Mioduski, Kulczyk Investment House CEO said.
The company invests in five office buildings in Dubai. The first stage of the project is worth PLN 140m (EUR 39.3m).
“This project is realized jointly with Al Fajer Properties, the leading real estate company in the United Arab Emirates. We will split costs fifty-fifty. Our partner plans aggressive policies, we will take part in further projects in this country because the annual return on investment exceeds 20 percent”, Manoj Narender Madnani, Kulczyk Investment House managing director explained.
In his opinion, it’s too early to talk about certain projects.
“We focus on commercial offices in Poland, Dubai and Ukraine”, Manoj Narender Madnani said.
“We are running about ten interesting projects. They are not small ones – the value of each of them amounts to dozens or hundreds million zloty”, Dariusz Mioduski added.
In December, the group said it would spend about PLN 1bn to build an office building in Warsaw which is going to be the highest building in Europe.
Kulczyk Investment House is an investment group founded in July 2007 on the basis of Kulczyk Holding, a company founded by Jan Kulczyk in 1991. Al Fajer Properties is part of Al Fajer Group, the state-owned company founded in 1965 by sheik Hashre Bin Maktoum Al Maktoum with annual sales of AED 5.8bn.
(PLN 1 = EUR 0.281)