Pekabex to build academic hotel in Warsaw

Pekabex Bet has been selected as the general contractor for an academic hotel that Speedwell Development plans to build in Warsaw. As a reminder, in July of last year, it was reported that Speedwell had acquired a plot on Obrzeżna Street from BPI Real Estate and Acteeum, along with an approved building permit for a student facility offering approximately 600 beds. The transaction process involved the DLA Piper law firm and DIL Polska Baumanagement. Additionally, Pekabex signed a contract with PDC Industrial Center 289, a company co-owned by Speedwell, for the construction of an aparthotel in the capital. The contract value is estimated at 7% of the Pekabex Group's revenues according to the latest available annual financial report, which amounts to approximately PLN 109.6 million, with a possibility to expand the scope of work by an additional 3% of revenues, or around PLN 47 million. ■