A new law for mortgage banks

An amended law for mortgage bonds and mortgage banks has come into force, allowing banks to lend up to 100% of the mortgage value of a property, even if they are only at the application stage of the mortgage registration process. Until the amendment, mortgage banks in Poland were restricted, (by a 1997 law), to lending up to only 80% of the mortgage value, once the mortgage had been registered.
Three mortgage banks currently operate under Polish law: HypoVerenisbank, Rheinhyp-BRE and Ślski Bank Hipoteczny.

Europolis Invest acquire Sienna Centre

Europolis Invest, (owner of office buildings Saski Point and Warsaw Towers, in Poland's capital, and two warehouses in Alliance Logistic Centre, on the outskirts), have acquired Sienna Centre office building in Warsaw. The transaction, agreed in July, is awaiting acceptance from the Austrian Cartel Court.
99.7% of Sienna Centre, (20,000 sqm of office space), is leased at the moment and the anchor tenants are, Nokia, Servier and Oracle. The building was developed by the Belgian company Waresco, (owned by the Buelens Group and Compagnie Immobiliere de Belgique).
DTZ Zadelhoff Tie Leung represented Europolis, and Cushman & Wakefield H&B, the seller. "Sienna is a good investment as it is fully let to an impressive line-up of firms," says Loic de Villard of C&W H&B.

Mostostal Zabrze without an investor

The Polish general constructor Mostostal Zabrze will remain without a strategic investor until the end of 2002. This is because of prolonged negotiations with potential partners, according to Jerzy Smagowski, the President of MZ.
Mostostal Zabrze reported a PLN 58.8 mln loss in 2001 and PLN 39.1 mln in the first half of 2002.

Orlen takes to the road

PKN Orlen is to acquire over 9 percent of AWSA Holland II's shares from Orbis and a contract should be signed within one or two months. AWSA is, indirectly, Autostrada Wielkopolska's main shareholder, a company that has been licensed to construct the western side of the A2 highway.
,As a big producer of asphalt we are very much interested in the motorway construction business," said Slawomira Golonki, Vice President of PKN Orlen.

Budimex buys 162,006 shares

Polish general constructor Budimex has bought shares in road constructor Dromex totalling 162,006, at a cost of PLN 3.7 mln, (EUR 915,000). The result of the transaction means that Budimex Dromex, (formerly Budimex Budownictwo), now has 100 percent control of Dromex.