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Cordia raises its stake in Polnord to 92.92%

Cordia, a member of real estate developer and investor Futureal Group, raised its stake in Polish real estate developer Polnord S.A. from 65,66% to 92,92% in a tender offer, according to a press release sent to the Budapest Business Journal.

Image by Grand Warszawski / Shutterstock.com

Following the transaction, the shareholders elected a new supervisory board with representatives from Cordia.

The members delegated by Cordia also became a majority in the composition of Polnordʼs management.

"Cordia considers Polnord as an attractive investment, partly due to its significant professional background, but mostly because of its vast land bank," says said Tibor Földi, chairman of the board of Cordia. "Poland is a key market for our group, that’s why we decided to invest here a part of assets raised Cordia’s first bond issue within the Bond Funding for Growth Scheme of National Bank of Hungary."  

Polnord, a company with some 38 years of experience in investment and development, runs projects in Warsaw and the Tri-city (Gdańsk, Gdynia, and Sopot), as well as development plots in places such as Poznań. It is a founding member of the Polish Association of Developers and has been listed on the Warsaw Stock Exchange since 1999.