Prokom digs deeper into the property developer sector with Fadessa

The Spanish developer is already present on the Polish market, but so far has focused on the sale of the so-called second residences. Today the two companies will sign an agreement establishing a new property developer called Fadessa Prokom Polska. Fadessa Inmobilaria will have the majority stake in the company (51%), while Prokom Investments will take over the remaining 49% of shares. The first major investment of the new company will be the building of a housing estate on a 17 ha plot in Miasteczko Wilanów in Warsaw. The estimated cost of the new estate, which will ultimately comprise around 2,000 apartments, amounts to EUR 150-170 million. Fadessa Prokom Polska also plans to invest in the construction of housing estates in other large Polish cities. (Puls Biznesu, pp. 1, 4; Parkiet, p. 7) E.B.