GE takes a slice of Ronson

GE Real Estate CEE has announced the acquisition of a 21-percent equity interest in the Ronson Development Group, for EUR 25 (zł.96) million. The acquisition represents GE Real Estate's first move into the Polish residential sector, having already ventured into the market in the Czech Republic, where it invested in a joint venture with Golub and Orco Property Group in the development of 1,200 residential units.

"This transaction further broadens our portfolio of real-estate investments across Central Europe, a key platform for GE's European growth," said Karim Habra, managing director of GE Real Estate CEE. "This is an excellent opportunity to participate in the very dynamic Polish residential market through a well established local residential player with a strong track record and a significant pipeline of future schemes."

Since it came into being in 2000, Ronson has developed and sold approximately 1,000 residential units in Warsaw. Ronson currently has two residential development projects under construction, which are comprised of around 300 units, as well as having secured sites in Warsaw, Wrocław and Poznań to develop 3,000 residential units.

It is hoped that GE's investment will facilitate the growth of Ronson in the residential development market within Poland. Ronson is a leading developer of residential housing in Poland and is jointly owned by U Dori Engineering Works Corporation Ltd, a Tel Aviv stock-exchange listed company, and Israel Theatres.