Reinhold plans IPO

Swedish-based developer Reinhold Polska has announced that it will debut on the Warsaw Stock Exchange by the end of this year. Preliminary estimates for capital gains from the issue are set between E10-20 (zł.38-77) million, which will be designated for acquisitions on the Polish market.

Reinhold Polska, with an equity capital of SEK310 (zł.1,186) million, entered the Polish property market in 2006. Since the beginning of this year, the firm has been engaged in acquisition activity facilited by E30 (zł.115) million in capital gained through a private placement with foreign institutional investors last October.

Reinhold has already finalized seven property deals in the office, retail and residential sectors throughout the country and is in negotations for several more properties for both new developments and refurbishment projects for landmark buildings. The company intends to use capital gains from the WSE issue to fund a joint-venture project with an undisclosed partner. It is currently negotiating the details of the undertaking, which will involve a major development pipeline.

"Our IPO comes at just the right moment given the significant level of interest in the Polish property market on the part of investors," says André Rosberg, Reinhold's vice president for Central Poland.

Reinhold Gustafsson, the company's founder and CEO adds, "With our steady track record of prominent property development projects in Sweden and Europe over five decades, investors know the company and have faith in its potential for success."