Xcity to develop PKP projects

The number of the developable PKP plots is estimated at 130. The newly-created company will be able to plan projects on some of the most attractive development sites in the centres of Polish cities and towns. Xcity Investment will be responsible for creating the investment structure needed for the scale and specificity of the joint venture projects undertaken, while also developing its own, smaller development projects. The move aims to facilitate and simplify the company’s real estate management operations, with Xcity Investment replacing all the SPV companies established by PKP for this purpose so far. Maciej K. Król, the current director of the investment department at PKP, will be Xcity Investment’s president. The new company, whose seed funding comprises PLN 937 mln assets, plans to have built up a PLN 24.2 bln property portfolio by 2018. “We are already working on 18 projects, the total value of which could reach even as much as PLN 13 bln. We aim to develop ar