Spanish acquisition for Mostostal

One of the most active residential housing developers in Spain, Acciona Inmobiliaria, has bought the Polish Mostostal Invest for zł.30 million. Acciona group has been present on the Polish real-estate market for a year, acting through the owner of Mostostal Invest, Mostostal Warszawa, in which Acciona holds 49 percent of shares. Now the Spaniards have bough 81 percent of the Mostostal invest shares.

The Spanish developer explains its decision to buy Mostostal Invest in terms of the latter's strong position on the market, which presages excellent prospects for the firm on the European real-estate market. "The acquisition will strengthen the company's position on the property market in Poland," said the president of Acciona Inmobiliaria, Luis Cuevas. In exchange for Mostostal's knowledge of the local market, Acciona will provide the Polish developer with financial support. Cuevas assured that Mostostal Invest will continue to operate under its current name.

Acciona Inmobiliaria will concentrate its activities around Warsaw and Kraków. The company has already purchased two plots of land of a total 17,287 sqm in Warsaw's Wola district in order to build three office buildings. The company will invest EUR 76.4 (zł.297.4) million in this two-stage project. The undertaking will start this year and is scheduled for completion in 2007.

According to the Spanish developer's business plan, in the next five years Mostostal Invest will record a five-fold increase in its turnover. Acciona Group is active in the sectors of infrastructure, renewable energy and real estate. The firm's sales in 2004 exceeded EUR 4 (zł.15.6) billion.