Briefs
Arka real estate fund fully subscribed
BZ WBK has announced that the allocation of certificates for its "Arka BZ WBK Funduszu Rynku Nieruchomości" real estate investment fund was fully subscribed. The fund is the first in Poland to be open to individual private investors. Pension funds dominated the take-up of the institutional tranche, though the EBRD took a 15 pct holding. The total capital raised reached 339.5 mln zl which, through leveraging, will allow investments of up to 1.15 bill zł.
Bank changes direction
The Rheinhyp-BRE Bank Hipoteczny (Mortgage Bank) has announced that it will pull out of the market for residential mortgages in order to focus on the commercial sector. As well as financing real estate development the bank is now looking to offer medium to long-term re-mortgaging facilities to local authorities, based on their mixed-use facilities and administrative offices. Debt consolidation services will also be offered. Rheinhyp-BR
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