Cordia has successfully acquired 63.7 million shares of Polnord, one of the largest development companies in Poland. Transaction worth EUR 31.7 million provided the Hungarian founded developer with a control stock of shares exceeding 65% in the increased capital. “Despite Polnord’s difficult financial situation, Cordia considers the company as an attractive investment, partly due to its experience, but mostly because of the vast land bank”, says Tomasz Łapiński, Member of the Management Board of Cordia. Polnord is one of the most known residential development companies in Poland and the company is a founding member of the Polish Association of Developers. For nearly ten past years the company was selling over 1000 apartments annually.
Cordia acquires controlling stake in Polish peer Polnord