Cordia acquires 63.7 million shares in Polnord

Cordia has finalized its acquisition of 63.7 million shares in Polnord. The deal is worth €31.7m. The Hungarian developer’s stake in the company now exceeds 65 percent. Sale negotiations started in December. The transaction was approved by the Office of Competition and Consumer Protection (UOKiK) on Jan. 24. “Despite its difficult financial situation, Cordia considers Polnord as an attractive investment, partly due to its experience, but mostly because of the vast land bank. Given the current shortage of plots in attractive locations, it is a crucial advantage,” said Tomasz Łapiński, member of the Cordia’s management board.