Fast track to profit?
Agnieszka Le Nart: What is PKP's current strategy with regard to its real-estate assets?
Jarosław Adwent: The real-estate under PKP ownership is quite diverse, comprising both small- and large-scale railway stations, along with a number of alternate facilities involved in transport operations and maintenance. Apart from this, we hold a substational stock of undeveloped plots which have the potential for residential, commercial or industrial development. One example of the latter is Stadler's recent investment in an assembly plant in Sieldlce as well as PKP's own joint venture project with PKO Inwestycje in Warsaw.
What steps are currently being taken to maximize the value of PKP real estate?
Our primary concern is to assure a high standard of quality and value along a progressive system of management across a range of properties, from undeveloped land to a range of railway facilities in various cities and towns. In addition to carrying on negotiations with private investors, PKP is in talks with local authorities concerning the development, redevelopment, renovation and reconstruction of railway stations. The largest of these - of which there are close to 80 - are vital transfer hubs servicing a large number of passengers, situated in prime locations for economic activity.
What motivated the company to begin selling some of its property stock?
PKP has a large supply of properties which are not in use. The development of these properties gives us the opportunity to apply the corresponding profits to pay the historical debt accumulated by the company in the years when it was still controlled by the state. The fundamental goal is to provide reciprocal advantages for all involved parties - PKP, investors affiliated with given projects and the local governments and communities within which these investments are located. PKP considers each opportunity on an individual basis in order to maximize its potential for generating profit, along with its potential for stimulating the market economy. The face of many of Poland's cities and regions could see substantial change as a result of investments based on properties belonging to the railway company.
What would you say are the most attractive plots currently held by PKP?
There are a number of PKP properties which are attractive to a range of investors, such as areas near Warsaw's Central Station and Okęcie airport, as well as several plots in Katowice and Poznań.
What steps is PKP taking to modernize its rail systems, provide greater access and improve efficiency?
PKP is equally invested in modernizing its stations and in modernizing its transport lines. All measures taken to this effect are aimed to raise the standard of rail travel, making it faster, safer and more efficient. There are reconstruction works in progress for a number of stations, in cities such as Tarnów, Gdynia and Sopot. By the time Euro 2012 rolls around, we want all the biggest Polish cities to have new railway stations and high-speed railway lines to connect them. By the year 2013, all trains running between Poland's major cities should travel at a speed of 160 km/h and in the meantime, we will be conducting a study aimed at creating a high-speed line that would run over 250 km/h. In addition, all fleets will be modernized and expanded.
