Investkredit to invest euro 1 billion in real estate markets

Austrian bank Investkredit, which specializes in servicing corporate c ustomers and has just opened its first office in Poland, plans to invest around euro 1 billion in construction in the Central European region over the next five years. "We plan to spend the money on some 30-40 projects and some of these will be located in Poland," said Klaus Gugglberger, a member of Investkredit's management board. The institution is already investing in real estate through its subsidiary Europolis Invest, which has so far spent euro 185 million on construction in Poland. The company has financed or co-financed the building of, among others, the Warsaw Tower, Sienna Center and Saski Point. Europolis is 65% owned by Investkredit and 35% by the European Bank for Reconstruction and Development. Investkredit will work in Poland with Austrian, German and Polish companies with annual turnovers exceeding zl. 400 million. "We are interested in companies with high p rofitability and a modern management style and will offer them long-term loans and financing for their projects," said Hans Koeppen, the managing director of the Polish branch. (Puls Biznesu, p. 6) M.M.