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Ronson takes back Nova Królikarnia

Alex Hayes 03 April 2018

Alex Hayes


+48 22 356 25 20

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

Ronson takes back Nova Królikarnia
The first apartments are to be delivered this year
POLAND Ronson Development plans to purchase back from Global City Holdings the first two phases of the Nova Królikarnia residential project for PLN 83.8 mln. Ronson will also hold options to purchase the remaining phases of the project, which is under development on ul. Jaśminowa in Warsaw’s Mokotów district, for a total of PLN 78.9 mln.

The project was originally sold by Ronson Development at the end of 2016 for over PLN 175 mln to Global City Holdings (GCH), in a deal through which GCH exited the shareholding structure of Ronson Development. The original transaction generated more than PLN 57 mln in gross profit for Ronson in 2016. Ronson continues to act as the project manager and is responsible for its development and its unit sales.

“We have used this great opportunity to expand our land bank and once again include Nova Królikarnia, a unique investment that we know very well, into our portfolio at an attractive price. Taking into account its excellent location right in the heart of the Stary Mokotów district, its scale and its prestigious nature, it would be difficult to find an equally attractive alternative in Warsaw on equally favourable terms,” said Nir Netzer, the CEO of Ronson Development.

“Nova Królikarnia will already contribute to Ronson’s revenues and profits in the second quarter of 2018 and over the following years. Payment for the Nova Królikarnia project will be in instalments, the majority of which will be paid from the free cash flows that will be generated from the Nova Królikarnia project,” said Rami Geris, the CFO of Ronson Development.

An initial instalment of PLN 23.8 mln is to be paid on the closing of the transaction, around April 10th 2018 with the remaining instalments to be paid over a twelve month period.

The option to buy the remaining sections of the projects will involve a payment of PLN 33.9 mln by April 2019, payable in two instalments, a payment of PLN 35.1 mln by October 2019, payable in two instalments, and PLN 9.9 mln to be paid by April 2020.

The project comprises completed units with an aggregate usable floor area of 5,000 sqm to be delivered this year, as well as units under construction with an aggregate usable floor area of 5,700 sqm to be completed in the second quarter of2018, units under construction with an aggregate usablefloor area of 5,600 sqm to be completed in 2019, and land with an aggregate usable floor area of 24,400 sqm on which construction could commence.

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