PL

KCI prepares work on Kraków office park

Office & mixed-use development
POLAND The KCI group has obtained a permit for the construction of Gremi Business Park in Kraków’s Zabłocie district and is now negotiating a contract with a potential partner for the project. A complex offering an office area in excess of 50,000 sqm is planned.

KCI’s work includes the acquisition of building permits and the sale of subsequent stages of the project to developers. The buyer will be responsible for the construction and commercialisation of the buildings. KCI’s estimated revenue from the entire project will come to app. PLN 50 mln. The completion of the first stage of Gremi Business Park is planned for the beginning of 2017.

So far Bouygues has been a partner in this project, according to the public statements of KCI’s representatives. However, the Kraków-based group has now fallen silent as regards the company that is to carry out the project in Zabłocie. An announcement sent to our editorial office only includes the information that the sale is very likely to take place in September. “The construction process would then start in the autumn and be carried out by the buyer, not by KCI. So far KCI has not revealed this partner,” reads the statement.

Apart from the office park, KCI is carrying out the Wrocławska residential project in Kraków – a 14-building estate with a combined residential area of 94,000 sqm and a service area of 7,500 sqm (retail outlets on the ground floor). The project is divided into six stages, the construction of which has already started and the completion of which is planned for 2019. KCI’s plan envisages, as in the case of Gremi Business Park, the acquisition of building permits for subsequent stages of the project as well as selling them together with separate plots. Future development will be for the developer to decide upon. The estimated value of KCI’s revenue from the entire Wrocławska project will come to around PLN 76 mln.

In H1 the KCI group’s financial results were positive for each of its segments (real estate and media). Its profit before tax amounted to PLN 33.1 mln – almost PLN 35 mln higher than the same period last year, when the company suffered a loss of PLN 1.7 mln. The net results of individual segments were: PLN 9.3 mln from real estate-related activities, PLN 1.1 mln from media-related activities and PLN 25 mln from investment activities. Over the first six months of 2014, its investment and media-related activities generated losses of PLN 1.9 mln and PLN 2.9 mln respectively, whereas its real estate-related activities earned a profit (PLN 7.3 mln). “That the group has had such good financial results is down to the activities we have undertaken over the last year. In this period KCI merged with Jupiter, we obtained the final building permits for our office project in Kraków, which is now being designed, and we have efficiently carried out our restructuring activities in the media segment,” claims Grzegorz Hajdarowicz, president of KCI.

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