15:28 16 June 2025
Ghelamco pays off bonds in Belgium. Now it's time for Poland
Ghelamco Invest has repaid €84 million (PLN 359 million) in bonds placed in Belgium, largely using internal funds, asset sales, and limited refinancing. The company now faces upcoming repayments in Poland, including PLN 30 million in July and PLN 170 million in September. Despite this progress, Ghelamco remains under pressure due to liquidity concerns, falling office demand, rising interest rates, and geopolitical uncertainty.
In March, six board members resigned, and in May, KPMG raised doubts about the company’s ability to continue operations due to its high debt levels. As of April, cash reserves had dropped to just PLN 1.5 million. Ghelamco’s parent, Granbero Holdings (Cyprus), posted a €185.6 million net loss in 2024, driven by large write-downs in Eastern Europe.
(pb.pl)
