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Apollo-Rida is a joint venture between Apollo Real Estate Advisors of New York (Apollo), and Rida Development Corporation (Rida), a well-known commercial and mixed-use development company based in Houston, Texas. Founded by David Mitzner, a native of Warsaw, it was Rida that in 1993 began developing real estate in Warsaw.
Aware of the tremendous opportunity for growth in a newly democratic Poland, Mitzner opened an office in Warsaw with the idea of bringing the same development expertise that has succeeded in the United States. Apollo and Rida joined forces, and over the last 8 years Apollo-Rida has embarked on numerous commercial projects.
The first project, undertaken in 1994, was an acquisition in Kasprzak, where the company turned several manufacturing buildings into Western-standard office buildings. Developed at a cost of US$ 30 million, the property was leased on a long-term basis to Ericsson and to the Government of Poland’s Department of Communications. At the same time, we acquired several parcels of land adjacent to Kasprzak and built a Class A office building, Renaissance Tower, now leased to mobile phone operator Centertel Company.
In Żerań, across the Vistula River, we acquired a project of 15 hectares and built one of the most modern warehouse and office space projects in Poland. We also bought from Daewoo Corporation 18 hectares of land across from Żerań Park, where in early 2004 we will start construction of 60,000 square meters of warehouse and office space. Our portfolio also includes 10 hectares of land 1 km from Żerań I and II for future development.
In 2002, Apollo-Rida successfully concluded acquisition of the Warsaw Trade Tower, one of Warsaw’s best-known and most modern international office buildings. The Trade Tower stands 45 stories tall and contains over 50,000 square meters of office space.
To date, Apollo-Rida has developed a total of over 300,000 square meters of office and warehouse space. The developments have contributed significantly to Warsaw’s economy and to the employment of hundreds of people in its offices and on-site at its projects. Apollo-Rida is currently engaged in further acquisitions that will be among the largest real estate transactions in the history of Poland. During the next decade, Apollo-Rida foresees accelerated growth in Poland’s economy as the country joins the European Union. We look forward to serving the resulting demand as a leader in real estate investment and development.
At Apollo-Rida, we believe that for a project to be successful, it must not only appeal to its potential tenants, but it must also be an asset for the community. The company contributes to the social needs of the community through sponsorship of charitable and educational projects such as the Committee to Help the Children, the Helping Hand Foundation, the Foundation for the Development of Disabled Children, the Foundation for the Blind and Deaf, and the Gesia Jewish Cemetery Foundation.
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