Briefs

First loans by Nykredit Bank Hipoteczny

Nykredit Bank Hipoteczny began operating on September 15th and in its first month granted loans of a total sum of approximately PLN 2 mln at an interest rate of 6.45 per cent. Management are expecting to make a profit in three years time and in five, plan to have claimed a 5-7 per cent share of the mortgage market. NPH is aiming to create a similar profile to that of its mother company in Denmark and interest on loans will be set at a similar level for both individual and corporate clients, so as to avoid strict association with either. The first issue of mortgage bonds is planned for the 4th quarter of 2004, though there is as yet no guarantee that it will happen. Lech Gajewski, President of Nykredit Bank Hipoteczny informed us that the total issue would probably amount to approximately PLN 500 mln. The bank's equity comes to a total of PLN 75 mln, of which PLN 50 mln is stock capital and 25 mln working capital. Nykredit, which is the sole NBH shareholder, commands 40 per cent of the Danish mortgage market and has issued about 10 per cent of all European mortgage bonds.

Closed real estate fund launched

CAIB Fiz Sektora Nieruchomosci, a closed real estate investment fund, and part of CAIB Asset Management, itself the investment arm of Bank Austrian Creditanstalt, has been launched in Poland and will be the first such in the country into which pension funds will be able to invest. CAIB have overcome regulations which disallow such funds from investing in property by registering CAIB FIZ as a closed fund, whose participation certificates are issued by approval from the Securities Commission. CAIB is hoping to raise up to PLN 400 mln from the certificate issue, which will give its fund approximately PLN 1.2 bln to spend.

Austrian property investor buys shares in GTC

The Austrian property investor Immoeast, part of Immofinanz Immobilien Anlagen, a property investor listed on the Vienna Stock Exchange, has aquired a 7.79 per cent stake in Globe Trade Centre, developer of Galeria Mokotów, among other projects, in Warsaw. Immoeast is also a major shareholder in the newly-established Polonia Property Fund.

Mortgage bank to issue more bonds

The mortgage bank Rheinhyp-BRE issued bonds worth PLN 200 mln, within a three year PLN 500 mln programme, (which is Poland's first ever flotation of publicly-traded bonds), between October 20st-27th. As well as this, an additional EUR or USD 10-15 mln will be issued as a non-public offering later this year.

Hydrobudowa Slask to sell property

A Hydrobudowa Slask general assembly of its shareholders has decided to sell the company's property in Pszczyn. According to Puls Biznesu, though the current value of the real estate does not exceed PLN 500,000, Hydrobudowa's management are hoping to sell it for PLN 8 mln.

Developers evaluate banks

Rheinhyp-BRE Bank Hipoteczny, Kredyt Bank, BRE Bank and Bank Ochrony Srodowiska have been named as the four most highly rated banks, by members of Polski Zwiazek Firm Deweloperskich (the Polish Association of Developers). The survey included the following ranking criteria: the speed at which loan applications are approved, each bank's approach to applications, the appropriateness of procedures for the development and housing sectors, flexibility, courtesy towards borrowers and contract terms.

Better results at Regus

Regus, a business centre company which provides short to medium term office space to other companies, has reported better financial results: for September it made profits of GBP 900,000, which is the highest figure since March 2001. Regus runs three business centres in Warsaw: at Warsaw Financial Centre, Sheraton Plaza and Wisniowy Business Park.

Citibank writes off Mostostal Zabrze's debt

Citibank's offer of writing off sixty per cent of Mostastal Zabrze's debt to it, has been accepted by the constructor. Citibank is one of MZ's shareholders and is considering a further cancelling of the latter's debt: of up to USD 14 mln. The constructor is looking to sign other such agreements with its creditors.

Enterprise Investors to try and sell shares in Bauma

The Enterprise Investors investment fund, is to try and sell its twenty seven per cent stake in the Polish construction firm Bauma, both because of the brighter prospects in the construction industry at the moment and because part of EI's current strategy is to offload some of the shares in its portfolio. Bauma however, reported a PLN 10 mln loss for the first half of 2003, though some foreign investors are rumoured to have held preliminary talks, with a view to acquiring the stake.