Torus eyes regional markets and mulls IPO

Polish office developer Torus is planning new investments in Poland’s regional cities and is mulling an IPO, daily Puls Biznesu reported. The developer completed phase one of its Alchemia office project in Gdańsk, comprising 16,700 sqm of office space, in January of this year and is already planning further schemes. “The first building delivered in January is already 90 percent leased, which allows us to think not only on the second, but also on a third stage of Alchemia,” said Sławomir Gajewski, CEO of Torus. Alchemia is Torus’s second major development project. Its Arkońska Business Park also located in Gdańsk, offering a total GLA of 26,650 sqm, was sold in three separate deals in 2008, 2011 and 2013. The firm is now looking for a buyer for Alchemia. “There is a lot of interest in the project, particularly from foreign investment funds. I think the deal could be closed within six to eight months,” Gajewski told the daily. So far the developer relied predominantly on its own financing but is now considering floating the company or issuing bonds in order to raise capital for further development. The developer is looking at Kraków and Wrocław to expand its activity into.