PKO BP to sell Qualia

PKO BP, a state-controlled Polish lender will sell 100 percent of its share in a real estate developer Qualia Development to one of Griffin Group's funds, according to the Polish Press Agency. PKO is going to put up for sale real estate located in the center of Warsaw as well. The letter of intent does not include a price tag. The transaction has to be legitimized by a UOKiK anti-monopoly regulator approval. The deal is to be completed at the turn of Q1/Q2, the lender informed. PKO BP tends to focus on banking, that is why it decided to sell Qualia, the agency reported. Qualia's book value stood at around PLN 318 million at end-September 2014, the agency reported. PKO BP noted a net profit of PLN 3.23 PLN in 2013.