Hungarian developer Cordia, part of Futureal Group, has successfully raised its stake in Polish development company Polnord to 92.92% in a tender offer.
Cordia initially purchased 26,595,374 shares in Polnord at PLN 3.55 (€0.78) per share in a tender offer announced in February. The company then increased its circa 65.66% stake in Polnord from 64,042,109 shares prior to the settlement of the tender offer to 90,637,483 shares (approximately 92.92%).
In the wake of the transaction, the shareholders elected a new supervisory board also including representatives from Cordia, to create a majority-Cordia management team.
'Cordia considers Polnord as an attractive investment, partly due to its significant professional background, but mostly because of its vast landbank,' said Tibor Földi, chairman of the board of Cordia.
According to Cordia, Polnord's assets include a prominent urban development project in Warsaw. The Polish firm, which was established 38 years ago, covers projects in Warsaw and Tri-city (Gdansk, Gdynia and Sopot), as well as regional development plots e.g. in Poznan.
Polnord is a founding member of the Polish Association of Developers and has been listed on the Warsaw Stock Exchange since 1999.
Cordia is one of the largest real estate development and investment corporations in CEE, and is Hungary’s leading residential developer.
