International developer Von Der Heyden Group plans to spend EUR 110 mln in Poland in 2008-2009, the company's chairman, Sven von der Heyden, told Interfax Wednesday.

"In 2008 and 2009 we are investing EUR 15 mln in Gdansk, EUR 45 mln in Poznan and negotiating the acquisition of interesting properties which could result in another EUR 50 mln," von der Heyden said.

The company is currently working on two projects in the western city of Poznan, including a five-storey office building, Andersia Front Office, which has a usable space of some 12,000 square meters (sqm). Construction is due to start in the autumn of 2008.

The developer is also planning to launch the construction of Andersia Silver in mid 2009. The Andersia Silver project, which will have an estimated usable space of 30,000 sqm, has been projected to reach 116 meters, which will make it the highest building in Poznan.

Von der Heyden said Adersia Silver will complete the Andersia projects, which began with the development and recent sale of office-hotel project Andersia Tower for more than EUR 80 mln.

Von Der Heyden Group also invested in some 20 projects in Germany over the last three years and is looking to acquire cheap real estate in Spain following the massive price cuts on the real estate market after it crashed in 2006.

"We also invested heavily in Germany for the last three years, which includes the acquisition of some 20 properties for our portfolio - which are doing very well," von der Heyden said. "In Germany the risk/reward profile is currently probably the most attractive in entire Europe.

"At the same time we are waiting for dead cheap deals in Spain which are popping out of the woodworks on a daily basis," he added. "Spain is currently experiencing a real bloodbath - there is no other word for it."

The developer plans to invest approximately EUR 125 mln in Germany, Poland and Spain in 2008, which is expected to bring the company's total investment to some EUR 400 mln by the end of 2008.