Property hightlights
The current portfolio of the CeMat Group includes a range of investment development sites and other plots, predominantly located in Bielany, Warsaw. The CeMat buildings are primarily composed of warehouse, production, office and social space, mostly constructed in the 1980s.
The group’s real estate assets in Warsaw are situated in the Bielany district, approximately 8 kilometers from the city’s central business district (CBD). Bielany benefits from excellent public transport connections, including metro, trams and buses, as well as a well-developed road network that facilitates easy access to and from Warsaw. In recent years, the surrounding area has experienced significant growth, with numerous new residential, retail and service developments. The local real estate market remains robust, characterised by strong demand from investors and developers alike. One notable example of this growth is the Galeria Młociny shopping mall, located just 2 kilometres from the CeMat ’70 property. Additionally, a 30m-high residential building is currently under construction just 400 metres from the CeMat Group’s plots, while an office building for PKO BP, is also located in the immediate vicinity.
The CeMat Group complex offers a total of over 32,400 sqm of leasable space and covers more than 159,000 sqm of land. The site’s strategic location, coupled with ongoing developments in the area, presents significant potential for future growth and appreciation in value.
We believe that the combination of a strong local market, excellent connectivity and ongoing regional development makes the CeMat Group’s assets a promising investment opportunity.
The CeMat Group has control of the land through the perpetual usufruct right, ownership rights and the right of possession to the site. Part of the property holds the status of right of possession and is therefore not entered in the land and mortgage register.
The CeMat Group has the perpetual usufruct right to circa 58% of the property, the ownership right to circa 1% of the property and the right of possession to 41% of the Warsaw property.
A necessary pre-condition for treating a plot of land as an investment product is having control of the land through the perpetual usufruct right or ownership right.
The potential investment value is represented by about 90% of the CeMat Group plots located inside the current industrial complex. The other 10% of the joint plot area located outside the complex are green areas and, according to the study of the spatial plan of Warsaw, designated for an expressway and the North Bridge route.
The nature and status of the land in Bielany, Warsaw, the number of plots controlled by the CeMat Group and the different legal situation of the individual properties require that an individual approach should be adopted for each and every property. In the understanding of the company’s Management, such an approach can maximise the potential value of the individual properties, thus increasing the company’s value.
The total area of re-zoned plots is 20,422 sqm (12.8%), out of a total area of 159,300 sqm, as at 31 December 2024.
Other opportunities
CeMat ’70 and the Institute of Technology are in dispute about the ownership of a 5,000 sqm plot of land near Warsaw’s international airport. The result of the case is highly uncertain. As at the date of writing this report, this represents a book value of zero due to the lack of legal title and the uncertain resolution of the dispute.
CeMat’70 is the owner of a 13,602 sqm residential plot in Blichowo, located outside Warsaw. The fair value of the land is DKK 0.14 million.