Polnord gets into FP
Prokom Investments wants to concentrate all its real-estate activities in Polnord, a company it holds a significant stake in. To this end, Polnord will take over 49 percent of Fadesa Prokom Polska.
Back in September, Prokom issued a call for 16.2 percent of Polnord's shares to become the main shareholder, with a 50.4-percent stake. However, the company managed to buy only 5,601 of the existing 4,362,727 shares. "The shareholders didn't want to sell the shares due to their value," said Zbigniew Okoński, the president of Polnord, at last week's press conference. Prokom offered zł.27.23 per share while Polnord's stock was worth zł.49.40 per share at the end of October.
According to Okoński, the takeover of Fadesa's shares and the absorption of Polnord-Dom, a company within Polnord, which so far has completed only a few residential developments, will facilitate the further growth of Polnord and its portfolio.
Currently, Fadesa Prokom, well known for the Ostoja Wilanów residential project, has plans to complete residential complexes whose total space will amount to 700,000 sqm.
Next year the company will launch works on a villa project in Warsaw's Powsin, terraced houses in Warsaw's Nowe Falenty and a residential complex in Wrocław. According to Okoński, Polnord is preparing new projects in Warsaw, Wrocław, Łód, Poznań and Tri-city.
By 2011 Polnord will complete 14 developments whose total space will amount to 350,000 sqm.
