ARTICLES LABELLED WITH TAG Cordia

Top Polish developers believe that in 2021 the real estate market will normalize and the vaccine will help it shake off the pandemic effects. They discussed investment markets trends at the online edition of Property Investment Forum 2020, organised by Portfolio in partnership with Property Forum.

Cordia International Zrt. has announced a public tender offer to acquire the remaining approximately 7,08% of shares in Polnord SA. The goal is to increase Cordia’s stake in Polnord SA to 100% of outstanding shares.

Cordia International Zrt. has acquired UK developer Blackswan. Cordia financed the transaction by using funds collected from the bond issuance under National Bank of Hungary’s Bond Funding for Growth Scheme. The acquisition allows Blackswan to deliver a £550 million project pipeline across the West Midlands

Cordia International, the residential development platform of Futureal Group has successfully managed its second bond issuance on the Budapest Stock Exchange to finance its further expansion, predominantly in CEE. The developer raised HUF 36 billion (€105 million) in its latest transaction which was heavily oversubscribed by financial institutions and achieved a 2.46% yield. Last November Cordia successfully placed a HUF 44 billion (€305 million) 7-year bond at 3.82% yield.

Cordia Group announced that Tomasz Łapiński stepped down as a CFO of the company and he is succeeded by Péter Bódis, who has over 20 years of experience in capital markets and investment fund management in international organizations.

Cordia International Zrt., as part of its international expansion strategy, has recently acquired 93% of Warsaw listed Polish residential developer Polnord S.A. through a combination of capital increase and public tender offer that was closed on 9 of April 2020. Cordia will first report the effects of such acquisition in its half-year balance sheet but has provided guidance on its positive effects on Cordia’s equity capital.

After acquiring nearly 93% of stocks of Polnord listed on the Warsaw Stock Exchange, Cordia is one of the first companies to launch a new residential project in Poland following the alleviation of the pandemic. The company has started the presale of more than 200 homes being built in its first project in Gdańsk. Hungary’s leading residential developer is also active in Poznań, where it is preparing its largest-ever Polish residential investment with a large-scale urban rehabilitation. For the company, the Polish market is particularly important as it proved to be stable even during the years of the global crisis in 2008-2009.

Cordia International raised its stake in Polnord S.A. to 92.92% in a tender offer. Following the transaction, the shareholders elected a new supervisory board with representatives from Cordia.

Hungarian residential developer Cordia is introducing a new, secure, online service that covers the entire home buying process, including virtual viewing and remote contract signing.

Cordia International is continuing its international expansion. Following Romania, Poland and Spain, the developer is entering the German rental housing market through the acquisition of a 20.6% stake in ARGO Properties N.V. for €34.4 million.