Hungarian resi developer Cordia has announced the launch of a public tender offer to acquire the remaining 34% stake it does not already own in Polish peer Polnord.
The move comes hard on the heels of Cordia's purchase of a controlling 66% stake in Polnord which effectively gives it controlover 1 million m2 of building rights in Poland. The interest was bought for a total of €32 mln.
Cordia is offering PLN 3.55 per Polnord share, with the tender offer running from March 5 to April 3, 2020.
'Cordia intends to increase its ownership in Polnord. Under Polish law, the threshold of 66% of the votes at a general meeting in a publicly listed entity may be exceeded only by way of a tender offer for the all remaining shares in such entity. Our tender offer was announced in order to fulfil such obligation,' commented Tibor Földi, CEO of Cordia International.
The deal is in line with the international expansion strategy of Cordia International, he added.
In November Cordia issued its first bonds on the Budapest stock exchange to finance its expansion plans in CEE. Cordia raised HUF 44.4 bn (€135 mln) in its debut transaction which was heavily oversubscribed by financial institutions. The seven-year bond carries an annual coupon of 4% and reflects an average yield of 3.82%.
Cordia operates in three main markets, i.e. Hungary, Poland and Romania. The company has also recently invested also in the very first pilot project in Spain. Its portfolio of secured plots and projects includes over 4100 units in sales & construction as well as over 5200 units in the land bank.