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History

As an organised team we operate on real estate market since year 1999.

Between 1999 and 2005, as Warsaw West Gate we owned and developed an office project in Wola district in Warsaw. Project under the name Prosta 69 Business Centre included a building of 12 000 m2. Project’s goal was to transform a former industrial plant into a modern office complex. After completing the investment process and full commercialisation of the building Prosta 69 Business Centre together with Warsaw West Gate were sold to Endurance Fund managed by Orco Group. Since then, after taking over the team from WWG, we have been operating as Mermaid Properties Spółka z o.o.

Mermaid Properties was brought to life as a company belonging to British Mermaid Holdings Ltd and three individuals, who formed the Management Board. MHL is our first investor, on whose behalf we lead investments.

Within next couple of years company started cooperation with a number of new institutional investors – i.a. Salamanca Capital, Bridgemere Group Plc, AIGA Investments, Tri Investment Plc. In years 2006-2007 we bought a couple properties on behalf of investors and we launched realisation of office and residential projects in Warsaw and Łódź.

In year 2007 we started construction of a residential project in Mokotów district in Warsaw. The estate, which was named River House, encompasses 6 700 m2. It was completed in 2009. At present 85% apartments have been sold.

In year 2008 we started refurbishment of industrial premises of former clothing factory of Adam Próchnik in Łódź. First stage of the investment – an office building offering 13 000 m2 in A class standard, construction of which started in July 2008 – was put into operation in 2009. The building is commercialised in round 70%. In 2011 we began working on a project of the second phase of the investment – two buildings of total area amounting to 13 000 m2. Among clients of Cross Point investment there are: Nordea Bank AB, Bankowy Fundusz Leasingowy, Complex, TVN SA, Onet SA, Mostostal Warszawa.

In 2010 we began realisation of the first stage of Libra Business Centre office project. The building has already been pre-leased in 80%. Key tenants are: Wydawnictwo Naukowe PWN SA and an IT company Infovide-Matrix SA. Building will be completed in the second quarter of 2012.

One of the most important projects of our company was renovation and refurbishment of a historic Młodziejowski Palace at Miodowa 10 in Warsaw Old Town. The palace encompasses 7 000 m2. Initially investment assumed transforming the Palace into a luxury complex of apartments, however, due to situation alteration on Polish real estate market we decided to run the investment assuming an office function.

In 2010 we signed a lease contract with Ministry for Foreign Affairs for round 65% of area in the building. The final tenant was Organisation of Security and Cooperation in Europe (OSCE), Office for Democratic Institutions and Human Rights (ODIHR). After obtaining necessary permits, at the turn of 2010 and 2011 we executed a complete refurbishment in record-breaking time of 5 months, which was completed in March 2011 and the client moved in April 2011. A ceremonial opening of the Palace after refurbishment, together with ODIHR’s twentieth anniversary, at which Polish Foreign Minister Radosław Sikorski was present together with Representatives of Polish President Bronisław Komorowski, took place in May 2011.

In April 2011 we started construction of the first phase of Aleksandria residential project in Aleksandrów Łódzki. The estate will consist of 256 apartments in four 5-storey buildings. Completion of the first stage is planned in 2012.

Our nearest plans include launching construction of Jasna 26 office project in Warsaw. The building will offer round 5 500 m2 space.