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Cordia pockets Polnord

Eurobuild CEE 14 February 2020
Cordia pockets Polnord
Tomasz Łapiński, a member of the management board of Cordia

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.

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