Archicom has concluded a JV agreement to build approx. 1,100 apartments in Łódź

Archicom Polska and Zakłady Chemiczne Organika have signed a joint venture agreement and established the Karpacka company in Łódź in order to implement a residential project of constructing approx. 1,100 residential premises, the developer stated.
According to the joint venture agreement and the contract of the Karpacka company, Archicom Polska and Zakłady Chemiczne Organika are to make additional cash contributions to the special purpose vehicle. The total amount of those contributions will amount to PLN 30 million, and the share capital of the established company amounts to PLN 2 million.  As for the shares, there are two 50/50 shareholders. The joint venture agreement assumes that Archicom Polska will lend to the company up to PLN 17.5 million.
(PAP)