PKP spins off real estate company with assets set to reach PLN 24 bln in 2018

Polish Railways PKP has spun off a real estate subsidiary called XCity Investment, which will replace the group’s investment department. PKP will transfer to the new company land as well as 14 planned investments and two that are currently under construction. PKP board member Jarosław Bator said XCity Investment will have an asset portfolio worth PLN 24.2 billion in 2018. The State Treasury will be the owner of the new company and the Treasury Ministry will decide whether the shares of the spin-off firm will be traded on the stock exchange or sold to a private investor. The decision will be made in a few years’ time, Bator said.