For this purpose, the Blue Parking subsidiary sold a plot of land on which apartments for rent will be built in the future.
Blue City sells the plot, wants PLN 20 million
The sale of the plot by Blue Parking had been planned for several months. Blue City will receive approximately PLN 20 million from the sale, which will be used for investments in both the shopping center and its office part. The management board of Blue City is sure that the numerous planned investments will increase the value of the entire facility and increase the comfort of shopping and working in the Center.
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A large Warsaw shopping center with a court supervisor. He handled the case of Peter and Paul
The sale transaction concerns a plot located behind a multi-storey car park, at Opaczewska and Aleja Bohaterów Września streets in Warsaw. Work has been underway there for several months to rebuild the drainage and electrical installations so that it will be possible to implement a residential investment in the future.
Yoram Reshef, Vice-President of the Management Board of Blue City.
“We have been planning this transaction for a long time. The funds obtained from the sale of the plot will be allocated entirely to investments. We plan to build a photovoltaic installation, an electric car charging station, reduce the building's energy consumption, as well as numerous new amenities for customers and our tenants, both in the commercial and office parts of the building. On the other hand, the planned construction of a residential facility in the immediate vicinity means a new loyal group of customers for us. I am convinced that the planned investments will increase the value of Blue City, but, equally importantly, they will improve the comfort of shopping for our customers and work for tenants," comments Yoram Reshef, Vice-President of the Management Board of Blue City.
Blue City investments
The first works in connection with the planned investments will begin at the beginning of the second half of 2024. The entire program is to be implemented within the next year and a half. Currently, there are approximately 200 tenants in Blue City who rent over 96% of the facility's retail space. A total of approximately 1,500 people work in the shopping center. At the same time, the company manages office space of over 33,000 square meters, located in a shopping center complex.
Let us recall that in May 2024, we wrote that the Warsaw court had already opened accelerated arrangement proceedings for Blue City. The same proceedings are being carried out against Blue Parking (the owner of the parking lot operating in the shopping center).
– District Court for the Capital City of Warsaw in the case of opening accelerated arrangement proceedings for the debtor, which is Blue Parking spółka z ograniczoną odpowiedzialnością, on May 28, 2024, decided to open accelerated arrangement proceedings and appoint a court supervisor, whose function will be performed by: Patryk Piotr Filipiak – it was written in the court entry.
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About Blue City Shopping Center:
Blue City is a fourth-generation center unique in the country, combining commercial, entertainment and office functions. It offers over 200 shops, restaurants, services and entertainment, a modern cinema, a fitness club, numerous attractions for children and several dozen special events every year. There is a catering and entertainment zone on the three top floors of the center, which is also open on all Sundays. The Blue City Shopping Center has been awarded many times for shopping comfort and customer friendliness and appreciated for its pro-ecological nature with the BREEAM In-Use certificate.
