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• Baltic Property Trust signs deal with the City of Gdansk on New Walowa Street

Baltic Property Trust signs deal with the City of Gdansk on New Walowa Street

The President of Gdansk and the Danish investor group, Baltic Property Trust, signed a preliminary agreement Tuesday covering a joint investment in the construction of New Wałowa street in Gdansk Young City - the post-industrial Gdansk Shipyard areas. The street is a central part of the Young City project. Thanks to the agreement, Young City, the biggest waterfront project in Poland and Baltic Sea region, will have modern infrastructure by 2011.

The agreement covers construction of the fi rst part of the New Wałowa street as well as the preparation of related parts of the city infrastructure. The agreement will be put to the vote at the Gdańsk City Council meeting on the 28th of August 2008.

The New Wałowa street will be the main communication axis of Young City. The net cost of the joined investment amounts to 105 million PLN of which Baltic Property Trust will cover more than half.

"This agreement is an important milestone in our joint vision with City of Gdansk to bring the Young City to life. With the central infrastructure in place, we can continue to develop the area into a vibrant new city district. This will not only be of great benefi t to future investors but also to the citizens of Gdansk Country," declares Tomasz Tromer, BPT Director Poland.

Thanks to the agreement, the investor will be able to continue with revitalization of the postindustrial buildings and construction of new pro jects depending on the construction of the New Wałwa street.

The Young City project is based on the idea of waterfront revitalization and renewing the degraded postindustrial area close to the water. The investment will allow the inclusion of the Young City area in to the city. All over the world, waterfront revitalization is a popular trend, and in Europe alone there are about 100 similar projects.

Everybody will be able to find something interesting in the Young City. Among the shipyard cranes, there will be elegant lofts, modern offi ces, stylish restaurants, prestigious hotels and cultural objects.

The original, valuable buildings of the shipyard will be renovated and several new buildings of the highest quality will be constructed. The historical events of the 80s that originated the dismantling of the communist regime will be commemorated with the building of a new European Solidarity Centre and the Road to Freedom.

The architectural project of the New Wałwa street and its connection with Janaz Kolna street will be ready by the end of 2008 / beginning of 2009. The project will be prepared by Ramboll Polska and the Gdansk Office of Municipal Engineering Projects. The construction will be finished by in the atumn of 2011.

For additional information please contact:
Baltic Property Trust
Mr. Tomasz Tromer
Partner and BPT Country Director Poland
Phone: +48 58 767 79 99

See press release in pdf