The UAE- based group, Tharaa Holding has signed an agreement with the Polish government to redevelop the former military site in the eastern European country. Tharaa, through its development company Hadara, will develop the land owned by the Military Property Agency of Poland (MPA) under a new memorandum of understanding.
The $600 million worth deal will also be help promote its properties in the Middle East through Tharaa?s brokerage arm Rich Ville Real Estate. The agreement includes plans to redevelop a 55 hectare plot in Poland, about 30km from capital city Warsaw and close to the Vistula River which is earmarked for a major mixed-used project.
The Military Property Agency (MPA) is a state-owned entity whose role includes the sale or disposal of real estate considered redundant by the Ministry of National Defense and the Ministry of the Interior and Administration.