Triton tackles a bull market

In a transaction worth zł.1.5 million, 7bulls.com realized its plan to rebrand itself through the acquisition of 100 percent of Triton Development shares last week. This move solidifies the firm's presence on the real-estate market and the company expects the investment to bring in zł.102 million in gross profits upon finalization of sales contracts from the Triton Park project. Triton Park, a luxury residential and commercial development in Warsaw's Ochota district, proved to be a major incentive for 7bulls.com to seal the deal.

The Triton Park complex on ul. Grójecka will consist of two buildings of 549 apartments in total, as well as retail space of some 4,000 sqm and parking for 644 cars. Warbud, the general contractor for Triton Park, broke ground in January of this year and construction is expected to take just under two years.

Triton Development is planning to carry out an IPO during Q2 and will offer 11-12.7 million shares at a price of zł.8 per share. The company plans to use the capital generated from the offer to fund the development of Triton Park and other projects. Brokerage firm IDMSA is managing the IPO.

"Triton Park is the first of a series of development projects that we intend to realize in the coming years. The next is a complex of 115 homes in Nadarzyn," said Tomasz Zganiacz, president of Triton Development.

"We estimate the realization of such investments will allow us to increase our sales revenues to zł.368.4 million and profits to the level of 81.6 million by the end of 2008," Zganiacz declared.