Courtesy of Colliers International

Real estate investor and developer Griffin Group has acquired Hala Koszyki, a company involved in the process of revitalizing an eponymous historic market hall in Warsaw, from Avestus Real Estate. The value of the deal, which was brokered by Colliers International, has not been revealed.

Originally, Avestus Real Estate, formerly known as Quinlan Private Golub, planned to renovate the hall and develop new mixed-use buildings in its neighborhood. Now, however, the company has decided to sell the scheme and focus on its other investments in Poland.

Griffin Group is planning to continue the process of revitalizing Hala Koszyki which is, after completion, expected to offer “interesting and modern retail space surrounded by office buildings,” the company said in a statement.

The JEMS Architekci studio has been tasked with designing the Hala Koszyki project. An advanced architectural concept for the planned investment is to be presented before the end of the year, Griffin Group said.

The acquisition of Hala Koszyki follows a number of investments made by Griffin Group in Poland in recent years. In January 2012, for one, the company acquired the Prima Court office building in Warsaw and in April it added an investment plot in Gdańsk to its portfolio.