Developer buys land for Lokum

CEIF Properties affiliate Colby Investments sold the land. The land is to be used to extend the Lokum di Trevi estate in the eighth, ninth and tenth stages. “By finalising the purchase of the property on ul. Gazowa and ul. Międzyleska at a cost of app. PLN 26 mln ( EUR 6 mln net) our plan to extend our land bank has been fully realised,” says Bartosz Kuźniar, the president of Lokum Deweloper. The purchase was paid for from the company’s own funds but the company is now considering taking out a loan on the recently purchased property. So far, 807 apartments have been completed in the first five stages of the estate. The sixth and seventh stage totalling 352 apartments should be completed in Q4 2017.