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The Warsaw Voice » Other » September 2, 2009
Economic Forum in Krynica
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New Business Model
September 2, 2009   
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The Pirelli Pekao Real Estate company has come up with a new form of working with other businesses on the real estate market in Poland. Can this innovative approach help spur the country's real estate sector?

The slowdown on the real estate market has forced developers to look for unconventional ideas to ensure sustained growth for their business. One of the ways to make enterprises less vulnerable to unstable market conditions is to expand the range of products and services and adapt them to market needs. With this in mind, Pirelli Pekao Real Estate was the first real estate company to offer a new service to other businesses in the sector based on assisting them as they provide specialist services to their customers. Relying on an innovative business model developed by Pirelli RE in Italy as well as its own experience gathered in Poland, Pirelli Pekao Real Estate supports its potential business partners at all stages of project development, from purchase to sale of assets.

Each commissioned task is handled by a specific department of Pirelli Pekao Real Estate. As part of its services, Pirelli RE prepares real estate evaluation, performs due diligence studies that make it possible to gather and analyze data concerning a given project and assess its investment potential. The company also provides banking monitoring and assistance in obtaining funds for a project. While a project is being carried out, Pirelli Pekao Real Estate can not only take comprehensive care of project asset management, but also manage the entire undertaking. As the project nears completion, the company is able to provide help in property management, sale of apartments and commercial space and even marketing and advertising.

Until recently such services were only available from special-purpose vehicles set up by Pirelli Pekao Real Estate. Now the company has addressed the needs of outside businesses that want to enter the market for real estate, but lack sufficient resources or experience in this kinds of projects.

"By expanding our business model, we want to make the best possible use of the know-how that is bound with our being part of the international Pirelli RE group," says Marcin Wolski, senior marketing manager at Pirelli Pekao Real Estate. "This makes us the only company on the Polish real estate market to provide a full range of specialist services in real estate. Aware of the economic slowdown, we are convinced that the unconventional services are what will allow us to strengthen our position on the market."

Measures currently used in Poland have so far worked best in Italy, the home market of Pirelli RE. Working with other companies in the real estate sector, Pirelli RE has completed a number of attractive residential and commercial projects. This form of cooperation has also had a positive effect on the Italian developer's business environment.

The attitude of Pirelli Pekao Real Estate is similar. By expanding its business model, the company not only wants to find new fields to operate in, but also encourage businesses that work with it to become more active. The company thus aims to stimulate real estate developers in this country.

Beata Gołębiewska-Chęciak

Pirelli Pekao Real Estate, a leading developer in Poland, is 75-percent owned by Pirelli RE, with the remaining 25 percent held by Bank Pekao (UniCredit Group). Pirelli Pekao Real Estate received its present name in April 2006 when Pirelli RE acquired 75 percent of Pekao Development. Over the next 18 months, the company significantly expanded its operations and now has a work force of 80. It is busy carrying out projects with a total area of 400,000 square meters in Poland's largest cities. To date Pirelli Pekao Real Estate has completed around 650 million euros worth of projects.

Pirelli Pekao Real Estate relies on Pirelli RE's unique business model. It carries out projects through four separate divisions that together form a complete enterprise. They complement one another and work together to guarantee comprehensive and professional project handling.

The largest projects developed by Pirelli Pekao Real Investment include the Jarzębiny and Wilanów Park residential quarters and the Olszyny, Okopowa and Banderii 4 estates in Warsaw. Major projects under way include the Szafarnia apartment and service complex and the Medical Academy in Gdańsk.
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