HB Reavis has acquired 50% of shares in companies in Port Praski City II

Subsidiaries of Cyfrowy Polsat concluded agreements under which HB Reavis Holding Cz a.s. (HBR) acquired 50% of shares in companies in Port Praski City II sp.z o.o. ("PPCII") and Port Praski Medical Center (PPMC), Cyfrowy Polsat reported.

The above agreements were concluded after all conditions precedent were met, in particular after obtaining the consent of the Office of Competition and Consumer Protection to establish a joint venture. In the next step, the parties to the joint venture plan to apply for appropriate administrative decisions to obtain a building permit, after obtaining which they will start to determine the precise costs and deadlines for the project, according to the announcement,

At the end of July, the subsidiaries of Cyfrowy Polsat - Port Praski City II (PPCII), Port Praski Medical Center (PPMC) and Pantanomo Limited - concluded a joint venture agreement with HB Reavis Holding Cz a.s. (HBR). In addition, Pantanomo and Port Praski City III concluded an agreement with HBR to sell 50% of shares in PPCII and PPMC (JV companies) for a total of EUR 24.3 million, subject to adjustment. The UOKiK had to agree to the takeover.

The joint venture will be implemented by the JV companies and will involve the construction and development of a real estate located in Warsaw, including the joint construction of high-class office buildings with additional retail space.

HB Reavis is a developer responsible, inter alia, for the project of the tallest office building in Europe - Varso in Warsaw.

Cyfrowy Polsat and Polkomtel form an integrated media and telecommunications group controlled by Zygmunt Solorz. Cyfrowy Polsat shares have been listed on the WSE since 2008.

Source: Cyfrowy Polsat and ISBnews