Qualia not for Griffin

Investment & finance
POLAND PKO Bank Polski is now not going to sell its development subsidiary to a fund managed by Griffin Group. A year ago the bank and Griffin announced the signing of a letter of intent for the purchase of Qualia Development and two office buildings from the bank’s portfolio. This would have involved the acquisition of all the shares in Qualia by Griffin as well as office buildings at ul. Nowogrodzka 35/41 and ul. Sienkiewicza 12/14 in Warsaw, with the transaction to have been finalised at the end of Q1 or early Q2 2015.
No chemistry However, the contract has remained unsigned and, as we have managed to establish, will now not be signed at all, after the two sides failed to agree on its final terms. “PKO Bank Polski and the investor have not established final, satisfactory terms for the transaction for the entire block of shares, including Qualia and other selected properties,” the press office of PKO Bank Polski has announced. Meanwhile, Griffin Group has only offered a terse “No comment”. Rumours about a lack of chemistry between the parties to the failed transaction have been doing the rounds on the market for several months. However, the confirmation came only recently, when Qualia chose Colliers International to be the exclusive agent for the sale of its land bank. Portfolio up for grabs The developer has put up for sale parcels in Warsaw, Jurata, Jankowo Gdańskie and Zakopane. The estimated value of the land, where buildings with a comb
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