Quinlan Private has teamed up with Chicago developer Golub & Company to form a joint venture that will invest at least €3.8 billion in Central and Eastern European property. Gabrielle Monaghan reports.
The venture, known as Quinlan Private Golub (QPG), will focus on developing residential, retail and office properties in the region to tap rising demand for modern real estate as economies there continue to expand.
QPG, a successor to Golub's previous venture with GE Real Estate, is currently building Bratislava South City, one of Eastern Europe's largest developments with a value of between €1.6 billion and €1.8 billion.
The 200-acre site in the Slovak capital is expected to house 8,000 residential units, two million square feet of office space and two million square feet of retail space.
In addition, QPG has €2 billion worth of developments in the pipeline. It has also identified tracts of land with the potential to double its pipeline to €4 billion, if it is possible to develop the sites, according to a Quinlan Private spokesman.
In 1989, Golub became the first US developer to enter Central and Eastern Europe as the Iron Curtain collapsed. Seven years later, it linked up with GE Real Estate to develop offices and homes in Poland, the Czech Republic and Hungary.
"The pace of economic growth and development of many countries within the region should provide attractive investment opportunities," said Michael Newman, Golub's chief executive.
