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Cordia acquires controlling stake in Polish peer Polnord

Hungarian property developer Cordia has raised its stake in listed Polish peer Polnord from 1.14% to 65.66%, after acquiring almost 63.7 million newly issued shares in the company, Hungarian news agency MTI reports, citing a disclosure posted on the website of the Warsaw Stock Exchange shows.

Cordia said in December that it decided to acquire the almost 63.7 million Polnord shares, pending approval by the Polish competition authority.

"If concluded, the investment will be consistent with Cordiaʼs expansion plans in Poland," the developer said at the time.

Last October, Cordia announced plans to build a further 2,600 homes in 17 projects in Poland in the coming four years.