EIB Favors Brownfield Revival in Warsaw
The European Investment bank will give a loan to a ArtN Sp. z o.o., a subsidiary of Capital Park S.A. on the project to inhale life into the former Norbin factory location in the center of the Polish capital.
The project foresees reconstruction of the old buildings and returning them into the city’s life. The old structures of the factory will turn into a market spot, a movie theatre, and a museum. Also, novel office space will be developed here. A pedestrian zone will connect the location with the neighboring parts of the city and parking places for bikes.
A representative of EIB noted that they are very happy to be involved in the project which will make it possible to revive old spaces and integrate them into everyday city life. He stressed that more than 70% of people in Europe live in cities and thus, it is important to utilize public space properly. This makes cities convenient place for living.
Also, a representative of the Capital Park stressed that they appreciate the contribution of EIB which shows their certainty in their group. Capital Park was present of the Stock Exchange for half a decade and have invested in many real property objects. The mentioned construction of the old Norbin factory has its own peculiarities. It makes a real difference to this city location. With the help of EIB funds, it will be easier to finance the construction.
The revival of old locations is quite significant in Poland and CEE countries. These regions have experienced a strong de-industrialization and thus, have many brownfields everywhere. Also, there is a strong necessity to decrease land usage.
Note that this is the first time when EIB gets involved in a Polish project of this kind. Earlier, the only company which provided finances for this construction was Polska Kasa Opieki S.A. With the money from EIB, the Polish company may decrease its investments.
The goood news is that the construction will meet top environmental and energy efficiency norms. This will help to decrease recourses consumption and thus, reduce carbon emissions and other negative effects.
