15th July 2008
Friday, July 30th, 2010
Polnord prepares to buy out of troubled Fadesa
Property developer Polnord is waiting for an offer from its troubled Spanish partner Fadesa for the purchase of a 51 percent stake in Polish constructing residential projects in Warsaw
Fadesa has euro 4 billion of debts and on Friday it was refused a euro 150 million loan, while the Spanish press speculates that it might soon commence bankruptcy proceedings and thus might start disposing of its assets.
The partnership agreement gives Polnord the pre-emptive right to purchase Fadesa's stake. "If Fadesa decides to dispose of its stake we will be interested in buying it," said Ciurzyński. He went on to say that his company would not have problems with raising necessary funds to carry out the purchase and estimates that the Polnord-Fadesa venture is worth zł.200-250 million.
Source: Parkiet
From Warsaw Business Journal
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