Briefs

Ghelamco to sell more buildings

Agents DTZ Zadelhoff Tie Leung are to launch a marketing campaign on behalf of the Belgian developer the Ghelamco Group, to sell Bokserska Office Centre, Bokserska Distribution Park and Cybernetiki Office Centre in Warsaw.

Rating agency downgrades Rheinhyp-BRE Bank Hipoteczny

The international ratings agency, Fitch Ratings, has downgraded the national ratings of the mortgage bank Rheinhyp-BRE Bank Hipoteczny, to 'A(pol)' from 'AA+(pol)' and the short-term national rating to 'F1+(pol)' from 'F1+(pol)'. One explanation for this move is that, "RHB's loan portfolio is highly concentrated, its profitability weak and retail loan growth is hampered by aggressive competition for mortgage loans from other Polish universal banks".

2002 and Hochtief

The German construction group Hochtief has reported a decrease in its 2002 turnover by 1.5% to EUR 12.78 bln, but the firm's restructuring has meant other financial results were better.
The group performed worst in the domestic market, where turnover fell 14.1% to over EUR 2 bln. Hochtief has noted an increase by 1.3% in the volume of orders, to EUR 10.7 bln.

CB Richard Ellis to take over Insignia

Real estate service company CB Richard Ellis is to acquire the Insignia Financial group, Inc, a real estate service and investment banking firm, for USD 11 per share of common stock in cash, plus the potential for incremental consideration. The agreement will create a real estate services company with revenues exceeding USD 1.8 bln. The combined company will operate globally as CB Richard Ellis.
The all-cash transaction is valued at approximately USD 415 mln, including repayment of net debt and redemption of preferred stock, and is subject to Insignia shareholder approval and other conditions.

Elektrobudowa reports EUR 386,000 profit for 2002

The Polish construction company Elektrobudowa has reported a net profit of PLN 1.6 mln (EUR 386,000) for 2002, which compares to that of PLN 5.9, (EUR 1.4 mln) for 2001. For 2003, the company forecasts a PLN 4.1 mln (EUR 988,000) net profit.

National investment fund sells shares

Drugi NFI, a Polish national investment fund, sold its shares in the construction company Mostostal Zabrze Holding on February 5th. Following this transaction, involving 61,541 shares, the fund no longer has any stake in the construction firm.

Nykredit results for 2002

Danish mortgage bank Nykredit's pre-tax profit was EUR 360.6 mln, 2% lower than the previous year.
The bank's representatives have forecast that financial results should remain around the same for 2003. Nykredit has only recently begun operating on the Polish market.

HVB's financial statements

"2002 was the worst and most difficult year in the bank's history, although with our fourth quarter operating result we succeeded in indicating that the worst is behind us," said Dieter Rampl, HypoVereinsbank's spokesman commenting on the bank's pre-tax loss for 2002, which amounted to EUR 821 mln.
In the fourth quarter, the HVB Group posted an operating profit, before risk provision, of EUR 1.126 bln, making it their best quarter for 2002 as a whole.

EIB: new conditions for Poland

The European Investment Bank is to issue loans for Poland under the same conditions as it does for EU countries, according to the Polish daily 'Rzeczpospolita'.
As a result of the recent successful pre-accession negotiations in Copenhagen, the bank is also planning to invest more in Poland's development, including that of a long-term loan for the development of transport infrastructure. Up to three quarters of the cost of building the A1 highway from Gdańsk to Silesia, for example, could come from the EIB.