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Lower profits but ambitious plans for PHN

13 September 2017

POLAND For H1 2017 Polski Holding Nieruchomości (PHN) has recorded a profit of PLN 7.1 mln compared to PLN 39.9 mln for the same period of the previous year.

The company’s revenue from leasing increased to PLN 75.1 mln (1.5 pct y-o-y) and it lowered its property maintenance costs to PLN 33.6 mln (-8.9 pct y-o-y). Its corrected EBITDA came to PLN 27.2 mln (6.7 pct up y-o-y), while its revenue from operations came to PLN 79.6 mln for the period (PLN 88.6 mln in H! 2016). On June 30th 2017 its 326,100 sqm gla property portfolio had a vacancy rate of 26.8 pct and comprised 140 business-separated real estate assets valued at around PLN 2.4 bln. PHN has announced that it intends to grow its property portfolio to around PLN 6 bln by 2023. The company’s current projects include a skyscraper at ul. Świętokrzyska 36 in Warsaw, where the demolition of the former office building on the site should be completed by the end of the year. In August PHN received a development decision which has not yet come into force, which would allow the skyscraper to be connected directly to the Warsaw’s second metro line. Currently around 40,000 sqm gla has been planned but PHN is considering increasing this area. PHN has selected a consortium of Juvenes-Projekt and Pracownia Obsługi Inwestorów Pro-Invest to design its project at ul. Stawki 2 in Warsaw, where a new office project is to stand in front of the Intraco building. Work on the project should begin in Q2 2018 and handed over to tenants in Q2 2020. PHN is also starting demolition work on an office building at al. Wilanowska 372 in Warsaw, which is to be replaced by a hotel. Meanwhile in Gdynia the company is nearing the launch of the construction of its Yacht Park estate.

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