Warsaw Stock Exchange-listed developer Ronson Development plans to purchase back the first two phases of the Nova Królikarnia residential project located in the Mokotów district of the Polish capital from Global City Holdings for a combined PLN 83.8 million. The company will also have the option to buy the remaining phases of the scheme for a total of PLN 78.9 million.
Ronson Development sold Nova Królikarnia to Global City Holdings – its shareholder at that time – at the end of 2016 for over PLN 175 million. The transaction involved Global City Holdings’ exiting the shareholder structure of Ronson Development. The latter company remained the manager of the investment and has been responsible for its development and commercialization.
With Global City Holdings now intending to focus on its core cinema business, Ronson Development has decided to use the opportunity to expand its project portfolio and buy back Nova Królikarnia, which it knows very well, at an attractive price, said the developer’s CEO Nir Netzer.
Already completed and under-construction units within the Nova Królikarnia scheme comprise a total of around 16,300 sqm of usable space. A further 24,400 sqm of usable space can be built in the future phases of the development.