Archicom acquires majority stake in mLocum

Warsaw Stock Exchange-listed Archicom, a leading developer in the residential market in Wrocław, has finalized the first phase of its acquisition of mLocum, a residential developer that is active in Kraków, Wrocław, the Tri-city, Poznań and Łódź. Having secured the approval of Poland’s anti-trust watchdog, Archicom has bought 51 percent of mLocum shares paying PLN 32.9 million, with a further PLN 23 million due to be paid by the end of next year. Also by the end of 2018, Archicom is expected to acquire a further 29-percent stake in mLocum. In total, the acquisition of the 80-percent stake in the company will cost the buyer PLN 87.6 million. Dorota Jarodzka-Śródka, the management board president at Archicom, said that the acquisition will allow the company to step up its development activity and have a positive impact on the company’s apartment sales results.