Cavatina Holding publishes results for 2020
23:15
Cavatina Holding (the parent company of the Cavatina Holding Capital Group), the largest Polish office developer planning to enter the main market of the Warsaw Stock Exchange, has published its consolidated financial results for 2020. Consolidated operating profit amounted to PLN 246.5 million and was higher by 17 percent y/y. Consolidated profit on investment properties amounted to PLN 266.8 million and was higher by 14 percent y/y. Consolidated rental and arrangement revenues increased by 68 percent to PLN 59 million.
"The year 2020 was a period full of challenges related to the Covid-19 pandemic, however, this did not prevent the Cavatina Holding Capital Group from achieving successes, which were a breakthrough for its further development, such as the sale of three buildings in the Equal Business Park office complex in Kraków, or completion of the construction of one of the most recognizable of its projects – an office building at ul. Chmielna 89 in Warsaw and conclusion of a transaction of sale of 65 percent of shares in Cavatina Office, the owner of the Chmielna 89 office building. We have also signed a record lease agreement for office space in the Global Office Park complex in Katowice. We implement projects following the assumed schedule and we are the main candidate to become the beneficiary of a very likely supply gap in the office market, which may arise as a result of some developers suspending the start of new investments during the pandemic," Daniel Draga, Vice President of Cavatina Holding Management Board, said.
