PHN to buy properties worth PLN 1 bln, plans bond issue

State-controlled real estate group Polski Holding Nieruchomości (PHN) plans office property purchases worth up to PLN 1 billion in its new strategy, the company announced on Thursday. “We will make use of outside financing [in the acquisition processes], so that the use of our funds does not exceed 33 percent,” CFO Włodzimierz Stasiak was quoted as saying by ISBnews. Earlier on Thursday, PHN published its strategy until 2023. One of the goal is the growth of the company’s net assets value by almost 75 percent. The company plans to complete restructuring by the end of 2015. PHN’s CEO Artur Lebiedziński also told ISBnews that the company may carry out a bond issue worth several hundred million złoty. Proceeds could be used to finance the group’s upcoming in Warsaw.