Developer Ronson Europe has finalized the sale of the ongoing Nova Królikarnia residential project in Warsaw to investor Global City Holdings (GCH) for a total of more than PLN 175 million. Ronson will receive almost PLN 34.3 million in cash and nearly PLN 140.9 million in its own shares from GCH (until now one of the two main shareholders in the company), with GCH thus getting rid of its stake in the developer. Ronson will continue to be responsible for the development of the Nova Królikarnia scheme and the sales of the apartments in the investment. As a result of the transaction, majority shareholder Luzon Group and all the minority shareholders will increase their stakes in Ronson from almost 40 percent to approximately 66 percent, and from a total of around 20 percent to a total of almost 34 percent respectively.
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