Trigranit finds a rock-solid partner

Hungarian Trigranit, one of the largest developers in CEE and the company behind projects such as Silesia City Center in Katowice, has sold 25 percent of its shares to Immoeast Immobilien Anlagen AG, belonging to the Austrian Immofinanz Group, for EUR 400 (zł.1,563.) million.

The company says the transaction will speed up the completion of developments currently in progress, worth some EUR 5 (zł.19) million, and the company's value will increase to some EUR 1.6 (zł.6.3) billion. Now Trigranit plans to enter the Vienna and London stock exchanges.

"We believe in the existence of very attractive opportunities in Central and Eastern Europe and we consider Immoeast a strong partner that will increase our sources of funding and accelerate our expansion strategy in the region," said Nathaniel Rothschild, president of the supervisory board at Trigranit.

Currently, the company is designing a project located in the former Bonarka mine in Kraków, but is remaining tight-lipped about the details. Trigranit is also interested in entering a tender for the revitalization of Targ Sienny and Rakowy in Gdańsk, which is scheduled for autumn this year.

Recently, Trigranit has been in a generous mood. It rewarded Michał Olszewski and Michał Majewski, two students of architecture at Gdańsk Technical University, who won a competition for a design for the Targ Sienny development in Gdańsk and the firm also donated EUR,000 (zł.195,418) for the reconstruction of St Catharine's Church in Gdańsk, which was damaged by a fire in May.