Triton aims for the bourse
Warsaw-based Triton Development, the firm currently developing Triton Park in Warsaw, hopes to gain zł.100 million from its upcoming stock issue. The money will be used to fund its current and upcoming residential projects, for which the company has also borrowed another zł.100 million. The book building for the 12.7 million shares, which will be set at an initial of zł.8 each, is set to occur in the first half of September. The company has not yet set a date for the issue, holding off until Warsaw's stock market stabilizes.
"In line with our development strategy, we would like to focus on the construction of high-standard residential buildings," said Tomasz Zganiacz, president of Triton Development's management board. The majority of capital raised on the bourse will be spent on financing Triton Park. On ul. Grójecka 194, Triton is currently building two apartment buildings which will comprise 549 apartments and 4,000 sqm of retail space. "We are expecting a gross profit of zł.102 million from this project," Zganiacz added. Construction on Triton Park is expected to be completed in Q4 2008. Some 180 apartments in the development have already been sold.
Triton will spend an additional zł.7.5 million on the preparation for another project in Stara Wie, 20 kilometers from Warsaw's downtown. The developer has acquired a total of 19 ha of land in Nadarzyń gmina, where it plans to build 115 high-standard houses. Triton has already signed a contract worth zł.5.8 million with Uniwersbud for the preparation of the technical infrastructure needed for the construction.
In the meantime, Triton announced it has also acquired a plot in the vicinity of lake Malta in Poznań, where it plans to build a five-star hotel for an international hotel chain.
