29/04/2020 Cordia raises Polnord stake above 90 pct

POLAND/HUNGARY Hungarian real estate company Cordia International has raised its stake in Polish residential developer Polnord to 92.92 pct.

Since the share call was issued in February, Cordia has acquired 26,595,374 shares in Polnord for the purchase price of PLN 3.55. This raises its stake from 65.66 pct then to 92.92 pct (90,637,483) now.

“Cordia considers Polnord as an attractive investment, partly due to its significant professional background, but mostly because of its vast land bank. Poland is a key market for our group and that’s why we decided to invest here some of the assets raised in Cordia’s first bond issue within the Bond Funding for Growth Scheme of National Bank of Hungary,” comments Tibor Földi, the chairman of the board of Cordia.

Polnord’s land bank includes a site for a prominent urban development project in Warsaw. The thirty-eight year old company has invested in and developed projects in Warsaw and the TriCity and owns sites in Poznań. It is a founding member of the Polish Association of Developers and has been listed on the Warsaw Stock Exchange since 1999.