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Kokoszki under Moderna wings

Eurobuild CEE 10 September 2019
Kokoszki under Moderna wings
Adam Małaczek, the CEO of Moderna, says that the purchase of Kokoszki is not the final investment
POLAND Gdynia-based developer Moderna Holding has signed an agreement for the purchase all the shares of Kokoszki.

The takeover is being financed from Moderna's own financial resources and the purchase price has not been disclosed. Moderna Holding has been active on the development and construction markets for the last ten years and has built premium apartments and offices in both the TriCity and Warsaw.

Its TriCity projects include Baltiq Plaza, Front Park, Oliwski Park and Oliwa 505, while in Warsaw Moderna has completed the Złota Chmielna Apartments complex. Further properties are being developed in Gdynia, Gdańsk and Warsaw’s Powiśle and Praga districts. Kokoszki has been operating on the market since 1969 and the company’s key projects include the Sadowa, Niepołomicka and Kokoszki Office residential estates. At the time of the transaction, Moderna's portfolio included an additionalt 150,000 sqm of useable residential space. The two companies will continue to operate separately as subsidiaries of Moderna Holding but will have a joint management board. “Both companies have a similar organisational structure and operate in the same market segment of residential and office buildings, although they have different target groups. Duroing the first stage of integrating the two companies, which will take until the end of the year, we are going to focus on looking for synergies and optimising the management structures,” says Adam Małaczek, the CEO of Moderna, and he adds that the purchase of Kokoszki will not be the final step taken to strengthen the position and portfolio of the company.

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