PL

Cordia pockets Polnord

Investment & finance
POLAND Hungarian developer Cordia has completed its purchase of a 63.7 pct stake of Polnord, one of the largest development companies in Poland.

The transaction, worth EUR 31.7 mln, gives Cordia a controlling shareholding of more than 65 pct. The negotiations over the take-over started last December. In an issue of T-series shares, Polnord has sold 64.9 mln shares in total, and almost 63.7 mln of which have been acquired by Cordia International. The transaction was approved by the Office of Competition and Consumer Protection (UOKiK) on January 24th.

“Despite its difficult financial situation, Cordia considers Polnord as an attractive investment, partly due to its experience, but mostly because of its vast land bank. Given the current shortage of plots in attractive locations, this gives it a crucial advantage,” claims Tomasz Łapiński, a member of the management board of Cordia.

Cordia International has recently raised the equivalent of EUR 130.3 mln in a bond issue in Hungary within the Bond Funding for Growth Scheme of the National Bank of Hungary.

“Cordia decided to invest a significant proportion of these assets in Poland, where our company has been carrying out residential projects under the Cordia brand since 2014. It is a key market for our group. When preparing for the transaction, Cordia has not had the opportunity to deeply analyse all the data and information about the company and its projects. Further decisions regarding the relationship between Cordia and Polnord will be made once our analysis is complete,” adds Gábor Futo, the founder and majority shareholder of Cordia.

Polnord owns a landbank, which allows building nearly 1 million square meters in residential and usable space. For nearly ten past years the company was selling over 1000 apartments annually.

Latest news

Investment & finance

POLAND Echo enjoys 17 pct rise in portfolio value over H1

schedule 24 September 2020
Opr./edited by NN

Polish developer Echo Investment generated a net profit of PLN 10.4 mln in Q2 2020, mainly due to the appreciation in the value of its projects under construction and the handover of 222 apartments to buyers.

Warehouse & industrial

POLAND Uni-Logistics chooses MLP Pruszków I for expansion

schedule 24 September 2020
Opr./edited by NN

Uni-Logistics has leased 2,900 sqm in MLP Pruszków I on Warsaw’s western outskirts.

Warehouse & industrial

ROMANIA SLS Cargo heads for P3 Bucharest A1

schedule 24 September 2020
Opr./edited by NN

SLS Cargo has leased 15,500 sqm of warehouse space in P3 Bucharest A1.

Office & mixed-use development

POLAND Santander and DHL stay five years longer in Atrium 2

schedule 23 September 2020
Nathan North
deputy editor

Hansainvest Real Assets has prolonged for five years two lease agreements totalling over 10,000 sqm – more than half the total leasable space – in its Atrium 2 office building in Warsaw.

Warehouse & industrial

POLAND Sportvida opts for Panattoni Park Sosnowiec I

schedule 23 September 2020
Opr./edited by NN

Sports equipment and leisure accessories manufacturer and distributor Sportvida has leased 1,150 sqm of warehouse and office space in Panattoni Park Sosnowiec I in Silesia.

Warehouse & industrial

POLAND Alfa Bond Kohlhauer concentrating on Kajetany

schedule 23 September 2020
Opr./edited by NN

Alfa Bond Kohlhauer has leased warehouse and office space along with land in a privately owned industrial complex in Kajetany, 25 km south-west of Warsaw city centre.

Warehouse & industrial

POLAND AFG opens third European training centre in Warsaw

schedule 23 September 2020
Opr./edited by NN

Avenger Flight Group has opened Poland’s first commercial aviation training centre in the 7R City Flex complex near Chopin Airport in Warsaw.

Warehouse & industrial

POLAND School supplies from Panattoni Park Łódź West

schedule 23 September 2020
Opr./edited by NN

Panattoni has started the development of Panattoni Park Łódź West.

Retail & leisure

POLAND Lidl into Homepark Targówek

schedule 22 September 2020
Opr./edited by NN

Lidl is to open a 2,017 sqm store in the Homepark Targówek retail park in Warsaw's Targówek district.

Retail & leisure

POLAND Galeria Andrychów 85 pct leased

schedule 22 September 2020
Opr./edited by NN

Galeria Andrychów in southern Poland – the second joint ‘power centre’ project by Acteeum and Equilis – is already 85 pct leased prior to its scheduled opening in H2 2021.

E-commerce

UKRAINE Wildberries now growing in Ukraine

schedule 22 September 2020
Opr./edited by NN

Russia’s largest online retailer Wildberries has entered the Ukrainian market.

Hotels

EUROPE Convivio finalises five-star portfolio buy

schedule 21 September 2020
Nathan North
deputy editor

Convivio Hotels has completed the EUR 573 mln acquisition of eight of the five-star hotels in the pan-European Dedica Anthology portfolio from Värde Partners.

Property and Facility Management

POLAND CPI managing Concept by itself

schedule 21 September 2020
Opr./edited by NN

CPI Property Group has taken over the management of Concept Tower in central Warsaw, following its recent acquisition of the property.

Warehouse & industrial

POLAND More packed in at Hillwood Marki

schedule 21 September 2020
Opr./edited by NN

Hurtownia Opakowań has increased the warehouse space it leases in Hillwood Marki to 4,500 sqm.

Investment & finance

CZECH REPUBLIC Portivo picks up Brno Mall

schedule 21 September 2020
Nathan North
deputy editor

Czech investment group Portiva and Micronix have bought the Central Kladno shopping centre in Brno from Crestyl for CZK 2 bln (app. EUR 74.8 mln).

Investment & finance

CZECH/ SLOVAKIA/ UK Vesa starts buying at Sainsbury’s

schedule 21 September 2020
Nathan North
deputy editor

Prague-based Vesa Equity Investment has announced the acquisition of a 3.05 pct share in British supermarket chain Sainsbury’s, becoming its fourth largest shareholder.

Investment & finance

POLAND Madison buys Chmielna 89 stake

schedule 18 September 2020
Nathan North
deputy editor

A fund managed by US investor Madison International Realty has bought a 65 pct stake in the newly completed Chmielna 89 office project in central Warsaw from Cavatina Holding.

Office & mixed-use development

POLAND West 4 Business Hub up and running

schedule 18 September 2020
Nathan North
deputy editor

Echo Investment has put into use the first stage of the West 4 Business Hub office complex in Wrocław.

Warehouse & industrial

POLAND Panattoni launches work on third Bydgoszcz park

schedule 17 September 2020
Opr./edited by NN

Construction work has begun on Panattoni Park Bydgoszcz III, the first tenant of which is to be electronic equipment servicing company Reconext.

Events

Poland Monika Żywiecka triumphs in the women’s singles!

schedule 17 September 2020
Eurobuild Conferences

The 15th Annual Eurobuild CEE Tennis Tournament endedin the best possible fashionfor Monika Żywiecka of Oakbridge Capital Advisors, with her victory in the women’s singles final.

Latest in Investment & finance

schedule 24 September 2020

Echo enjoys 17 pct rise in portfolio value over H1

Polish developer Echo Investment generated a net profit of PLN 10.4 mln in Q2 2020, mainly due to the appreciation in the value of its projects under construction and the handover of 222 apartments to buyers.

schedule 21 September 2020

Portivo picks up Brno Mall

Czech investment group Portiva and Micronix have bought the Central Kladno shopping centre in Brno from Crestyl for CZK 2 bln (app. EUR 74.8 mln).

schedule 21 September 2020

Vesa starts buying at Sainsbury’s

Prague-based Vesa Equity Investment has announced the acquisition of a 3.05 pct share in British supermarket chain Sainsbury’s, becoming its fourth largest shareholder.

schedule 18 September 2020

Madison buys Chmielna 89 stake

A fund managed by US investor Madison International Realty has bought a 65 pct stake in the newly completed Chmielna 89 office project in central Warsaw from Cavatina Holding.

schedule 17 September 2020

Trei takes out EUR 54 mln loan from Helaba

Düsseldorf-based retail park developer Trei Real Estate has been granted an unsecured EUR 42 mln loan from German bank Helaba.

schedule 14 September 2020

Romanian RE investment rockets despite the pandemic

More than EUR 400 mln worth of real estate transactions closed in Romania the last weeks, confirming both that the investment market in the country has remained vigorous during the pandemic and that it is no longer just seen as a fringe Central European market, according to Cushman & Wakefield Echinox.

schedule 10 September 2020

SIF Banat-Crișana makes largest ever land purchase

Closed-end investment company SIF Banat-Crișana has agreed to buy for an undisclosed sum a 99.92 pct stake in South Korean-owned metallurgical firm Doosan IMGB.

schedule 09 September 2020

HB Reavis issues 15,000 five-year bonds

HB Reavis Group has launched its latest bond issue through Slovenská sporiteľňa bank.

schedule 09 September 2020

CEE real estate volumes up in H1 – Savills

Real estate investment turnover grew across the CEE region in H1 2020, despite the impact of Covid-19 in Q2, according to Savills’ latest European Investment Spotlight report.

schedule 07 September 2020

NY court throws out suit over CPI’s Orco takeover

A New York court has dismissed the lawsuit against CPI Property Group brought by Kingstown group companies Investhold and Verali, concerning CPI’s takeover of Orco in 2013/14.

schedule 04 September 2020

Immofinanz invests EUR 2 mln in SpaceOS

Immofinanz has invested EUR 2 mln in connected workspace platform provider SpaceOS.

schedule 02 September 2020

Savills IM buys again in Łódź

Savills Investment Management has acquired a 38,000 sqm logistics building in the Central European Logistics Hub in Łódź.

schedule 02 September 2020

ECE to become ECE Group

ECE is restructuring and, from January 1st 2021, will become ECE Group: an integrated group of companies operating in the real estate and investment sectors, offering services including asset management, development expertise and investment management.  

schedule 01 September 2020

Accolade awarded EUR 153 mln for Polish parks

Czech industrial developer Accolade has received a EUR 153 mln refinancing loan for its Polish portfolio from German real estate bank Aareal.

schedule 01 September 2020

Cordia raises EUR 105 mln from second bond issue

Cordia International, the residential development platform of Futureal Group, has completed its second bond issue on the Budapest Stock Exchange to finance its further expansion, predominantly in the CEE region.

schedule 01 September 2020

EBRD backs Novus with USD 100 mln loan

The European Bank for Reconstruction and Development has agreed to finance food retailer Novus Group with a USD 100 mln loan, of which USD 35 mln is to be syndicated to commercial banks.

schedule 01 September 2020

Robust H1 results for CPI

CPI Property Group saw its net rental income increase by 13 pct y-o-y in H1 2020 to EUR 164 mln.

schedule 31 August 2020

Warimpex sees value in switch to offices

Warimpex Finanz- und Beteiligungs suffered a 44 pct y-o-y reduction in total revenues and a 23 pct fall in gross income from revenues in H1 2020.

schedule 27 August 2020

CPI embraces Concept

Czech real estate investor CPI Property Group has announced the acquisition for an undisclosed sum of the Concept Tower office building on ul. Grzybowska in Warsaw from Concept Development Group.

schedule 17 August 2020

Pankrác plot sells for online record

An almost 1 ha plot in Prague 4 has been sold for a record sum for an online auction of CZK 497 mln (app. EUR 19 mln), according to the auction house, Elektronické Dražby.

Categories