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Archicom partners up to build Łódź apartments

Opr./edited AZ 08 August 2019

POLAND Wrocław-based developer Archicom and Zakłady Chemiczne Organika have signed a joint venture agreement and established the Karpacka company in Łódź to develop a residential project involving the construction of app. 1,100 apartments.

Under the agreement, Archicom and Zakłady Chemiczne Organika will make additional payments to the special purpose vehicle. The first additional payment (PLN 7.5 mln) is to take place in August 2019, the second (PLN 5 mln) in November 2019, and the third (PLN 2.5 mln) in April 2020. The total amount of additional capital contributions made by both companies will come to PLN 30 mln.

According to the agreement, the shareholders will obtain the same rate of return on the capital involved in the venture. The share capital of the established company amounts to PLN 2 mln with the shareholders having equal stakes. Furthermore, the joint venture agreement assumes that Archicom Polska will contribute as much as PLN 17.5 mln to the company.

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