PIR to co-finance university dorms makeover in Kraków

State-owned investment vehicle Polskie Inwestycje Rozwojowe (PIR) has signed an agreement to co-finance the redevelopment of student dormitories belonging to the Jagiellonian University in Kraków, the company said in a press release on Monday. The project has a total value of PLN 100 million. It will be carried out in a public-private partnership by an SPV co-owned by PIR, BYPolska Property Development (from the Bouygues group) and Cofely Services (part of GdF Suez). Debt financing will be provided by Bank Pekao. Three dormitories will be redeveloped, together with the surrounding infrastructure. The first building will be finished before the start of the 2015/2016 academic year and the remaining two will be ready in 2016.