Ghelamco has entered into a conditional sale agreement for its Chopin Tower project in Warsaw with a special purpose vehicle owned by a renowned international investor. The net sale price is €54.4 million.
Under the agreement, Ghelamco will remain responsible for the project’s development and construction. The transaction marks the first application of Ghelamco’s new platform developer model, under which the Group delivers projects for third-party investors without necessarily financing and holding the underlying assets through to completion.
The model represents a shift in Ghelamco Poland’s business strategy from a capital-intensive approach towards a more asset-light platform. Ghelamco will leverage its development organisation and expertise to originate, prepare and deliver projects for third-party investors, generating development and redevelopment management fees while reducing its own capital commitment and reliance on debt financing.
Proceeds from the Chopin Tower sale will be used to further deleverage Ghelamco.
“We are converting the recently announced letter of intent into a binding, conditional sale agreement – the best proof that our new platform model is not just a declaration, but is starting to work in practice,” says Agnieszka Ciupak, Managing Director of Ghelamco Poland.
“The new investor is acquiring the Chopin Tower project at a stage where we already hold a final building permit, with Ghelamco remaining responsible for the entire development process – from completing the design through construction to potential commercialisation. Ghelamco’s value lies not only in the buildings we own, but in our ability to deliver them.”
Ciupak adds that Chopin Tower is the first of two Warsaw projects Ghelamco intends to start in 2027 with capital partners, with a significantly lower financial commitment from the Group.
Completion of the transaction is conditional on the City of Warsaw not exercising its statutory pre-emption right over part of the property and is planned for the fourth quarter of 2026.
Chopin Tower will be developed at the intersection of Wronia and Grzybowska streets in Warsaw’s Wola district, near Warsaw Spire and The Bridge. The approximately 130-metre tower will comprise 30 above-ground storeys, including a four-storey podium with a lobby and retail units and 28 floors of office space.
The project will provide approximately 40,000 sqm of office space and 800 sqm of retail and F&B space.
