Polnord clenches key deal in Miasteczko Wilanów project

Still this week property developer Polnord will make an announcement about signing a contract with a Dutch partner, which will help it construct the largest project so far located in Warsaw's Wilanów. The Polish firm will dispose of a 50% stake in its subsidiary which will carry out the investment, and it will earn more than zł.20 million on the transaction. Polnord will construct an over 50,000 sqm commercial center in Wilanów.

"We already reached an agreement on the price for the sale of our stake. Proceeds will be spent on new developer projects," said Polnord president Wojciech Ciurzyński.

In 2008 the firm will designate zł.150-200 million on purchasing new plot. "We commenced execution of all current projects. We shall supplement our reserves of land," said Ciurzyński. According to Parkiet, the firm is considering another large project in Warsaw similar to Miasteczko Wilanów.

Source: Parkiet