In August 2007, Arcapita entered into two joint ventures with Layetana Developments to develop mid-income residential property in Warsaw, Poland. The joint ventures comprised over 1,500 mid-income apartments in the central Warsaw districts of Mokotów and Zoliborz. Poland is the largest economy of Central and Eastern Europe, excluding Russia. Arcapita and Layetana are co-investing in the acquisition of land, development and marketing for two separate projects. For implementation, the joint ventures drew on Layetana’s knowledge of the Polish market and excellent development track record, evidenced in their portfolio of iconic and well-designed buildings.