PHN and Hochtief will create a new office building in Warsaw.

PHN's S.A main board has made a decision concerning the construction of investment by Świętokrzyska 36 St. - PHN Tower. It will be constructed in cooperation with Hochtief. The cooperation will include the taking of 50 percent of shares in a PHN's S.A. joint-stock company by HOCHTIEF Development Poland, with the designed for the project real estate mentioned above.

The document signed today is an element of successfully conducted strategy of the Board of PHN S.A. It aims at concentrating the company's activities on commercial real estate, including modern A and B+ class office spaces as well as commercial and logistic locations. We want to complete some of our investments in cooperation with experienced developers, such as HOCHTIEF Development, in a joint venture formula – comments Artur Lebiedziński, Head of General Board of PHN S.A. delegated to hold an office of the head of the board.

The long-term aim we want to achieve is the gaining of high class, modern locations, which will generate a stable income – said Paweł Laskowski-Fabisiewicz, Vice-President of PHN S.A.

PHN is due to provide the land for investment, while Hochtief will be responsible for the general completion of the complex.

I would like to assure all whom it may concern, that we'll guarantee the best possible cooperation with our partner, with the use of experience gained during our 15- year long activity on the market. In this period we've completed many successful, market acclaimed investments, such as Rondo 1 or Lipowy Office Park – emphasized Piotr Stark, Head of Board in HOCHTIEF Development Poland.

The PHN Tower will be created in two phases. Phase A will concern the smaller building and phase B the bigger one. The investment will be created on a parcel of 0,6 ha. The building will offer an A class office spaces, as well as commerce and service spaces. The total rentable space gross has been estimated for over 40 000 sqm. One of the project's advantages is its localization inside the Central Business Area and near the ONZ Roundabout, which is one of the biggest communication centres in Warsaw. According to the data on the PHN's website, the creation of one of the metro stations just by the real estate will make possible planning of the direct connection of the investment with the station.

The final works on the project's design are currently ongoing.

Polish Real Estate Holding Group (PHN) is one of the biggest companies owning and managing commercial and housing real estates in Poland. PHN was created in 2011, as a result of consolidation of State owned companies and others working working in the real estate sector in Poland or having locations in good location in their portfolio. Currently the Group offers spaces for rent in Warsaw's office buildings, such as Foksal, Nowy Świat 19 or CBB Kaskada.