Money Buzz! Europa

Tag: cordia

  • Cordia announces a public tender offer for all remaining shares of Polnord

    Cordia announces a public tender offer for all remaining shares of Polnord

    Cordia International, the 92,92% shareholder of Polnord, 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.

    The tender offer price has been set at 3,55 PLN a share, offering significant upside to the most recent market price.

    At the same time, Cordia has applied for an extraordinary general meeting of shareholders in Polnord SA, in order to make a decision on withdrawing the company’s shares from public trading.

    The subscription period of shares will start on the 21st of December 2020 and last until 20th of January 2021. The day of the transaction is planned for 25th of January 2021 with settlement on the 28th January 2021.

    Cordia has initially acquired a controlling stake in Polnord by subscribing for 63.7 million series ”T” shares in a public share offer in December 2019.

    Later, in February 2020, Cordia announced a public tender offer for the remaining shares and increased its stake further to 92,92%.

    As a consequence of Cordia’s engagement, Polnord’s financial situation has stabilised and has managed to meet all its debt obligations seamlessly.

  • Cordia Romania starts construction works on Parcului20 phase two

    Cordia Romania starts construction works on Parcului20 phase two

    Cordia Romania has started construction works on the second phase of Parcului20 residential project in Expoziției area, North Bucharest.

    The company commissioned the project`s first phase and started the sales for Parcului20 phase two in September 2020.

    Construction company Concelex, which built Parcului20 phase one, was appointed as general contractor for the project`s second phase, following a tender in which four other construction companies participated.

    Parcului20 is among the first smart residential projects in Romania, all its apartments being equipped with integrated state-of-the-art smart home systems.

    The total investment for Parcului20 residential project amounts to EUR 40 million euro.

    In addition, Cordia Romania has an investment plan for developing residential projects on five already acquired land-plots in Central-North Bucharest, generating a 2,000 apartments pipeline on medium term.

    Moreover, Cordia Romania has an investment budget worth EUR 40 mil. for acquiring land-plots in Bucharest.

  • Cordia Romania launches Parcului20 phase two

    Cordia Romania launches Parcului20 phase two

    Cordia intends to start, by the end of 2020, construction works on the second phase of Parcului20 residential project in Expoziției area, North Bucharest.

    The company is preparing the first phase’s building commissioning and starts the sales for the project`s second phase in September 2020.

    Parcului20 is among the first smart residential projects in Romania, all its apartments being equipped with integrated state-of-the-art smart home systems.

    Over 3.000 square meters of private garden, charging stations for electric vehicles, bicycle parking spaces, yoga garden and outdoor equipment for calisthenics are amongst the main differentiators, as the project is designed for livability and energy efficiency.

    Cordia, investment budget worth EUR 40 mil. for acquiring land-plots in Bucharest

    In addition to the EUR 40 million investment in Parcului20 and to the EUR 120 mil. investment plan for developing residential projects on five already acquired land-plots in Central-North Bucharest, generating a 2,000 apartments pipeline on medium term, Cordia Romania has an investment budget worth EUR 40 mil. for acquiring land-plots in Bucharest.

    Thus, Cordia Romania`s total allocated investment budget on medium-term reaches a total of EUR 200 mil.

    The investments for further expanding on the Romanian real estate market will be partly financed using funds collected from the bond issuance under the National Bank of Hungary’s Bond Funding for Growth Scheme.

    Cordia has recently issued a EUR 135 million 7-year bond and a EUR 105 million 10-year bond to fund its international expansion.

    Cordia acquired nearly 93% of stocks of Polnord residential development company listed on the Warsaw Stock Exchange, a 20% stake in Argo Properties NV, a Dutch company active in the residential rental and large-scale urban renewal business in Germany, and Blackswan Property, a Birmingham-based PRS- (Private Rental Sector) specialist developer.

    The latest acquisitions increased Cordia’s development land bank to over 14.000 apartments.

  • Residential developer Cordia enters UK market by acquiring Blackswan

    Residential developer Cordia enters UK market by acquiring Blackswan

    Cordia International 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 GBP 550 million project pipeline across the West Midlands

    Cordia is the residential development platform of Futureal Group, one of the leading real estate development and investment groups in Central and Eastern Europe with more than 500 real estate professionals and 650.000 sqm of properties under construction across 32 ongoing projects.

    The company’s latest acquisition marks its first investment in the UK market.

    The UK company will continue to operate under the Cordia Blackswan brand and be led by the current management team.

    The Blackswan transaction as well as the acquisition of 93% of Warsaw listed Polish residential developer Polnord S.A and a 20% stake in Argo Properties was partly financed by using the funds collected from the bond issuance within the Bond Funding for Growth Scheme of National Bank of Hungary’s.

    The latest acquisitions increased Cordia’s development land bank to over 14.000 apartments.

    Cordia has recently issued a EUR 135 million 7-year bond and a EUR 105 million 10-year bond to fund its international expansion and foray into the private rental sector.

    Blackswan Property was founded by Marcus Hawley in 2009 and focuses on residential-led mixed-use developments in the West Midlands region.

    Projects currently include The Lampworks, a 124 home build-to-rent apartment scheme and The Gothic, an ambitious reanimation of listed and heritage buildings which will create a new residential and leisure destination, both located in Birmingham’s Jewellery Quarter, on the edge of Birmingham City Centre.

  • Cordia raised the equivalent of PLN 575 m to finance its expansion

    Cordia raised the equivalent of PLN 575 m to finance its expansion

    Cordia issued its first bonds in Hungary to finance its expansion, predominantly in Poland. Cordia raised HUF 44.4 bn (PLN 575m) in its debut transaction which was heavily oversubscribed by financial institutions.

    Hungary’s market leading residential developer intends to expand both by acquiring new plots and also by purchasing other development companies.

    “The Company started preparing to enter the capital markets already in late 2017 to finance its development plans in CEE. Eventually we have decided to enter the corporate bond market in Hungary first and joined the programme initiated by local National Bank intended to build the local bond market, which attracted also dozens of local and international financial institutions. Our issuance was heavily oversubscribed, resulting in an average yield of 3.82% for our debut 7 year HUF bonds with annual coupon of 4%.” says Tomasz Łapiński, Member of the Management Board of Cordia International and CFO of the Cordia Group.

    “Cordia’s operations are well diversified into three main markets, i.e. Hungary, Poland and Bucharest. The Company has recently invested also in the very first project in Spain. Our portfolio of secured plots and projects includes over 4100 units in sales & construction as well as over 5200 units in the land bank. The bond issue we have just completed will allow us to extent it substantially investing into projects and companies in the markets where we are already present – mainly in Poland – but also searching for other opportunities. Due to our diversification we have much broader and better perspective.”, he adds.

    “As far as Poland is concerned, we have just commenced a new project Horyzont Praga in Warsaw and we are about to open also new attractive residential buildings in Tricity, namely in Gdańsk and in Sopot as well as in Kraków. We plan to enter also Poznań and Wrocław. We screen all our markets for new opportunities.” announces Michał Melaniuk, Head of Residential Development Poland.

    Cordia placed the bonds within the program initiated by the Hungarian National Bank which is intended to initiate bond financing among Hungarian enterprises, which mostly use bank loans.

    The results of the Cordia bond issue

    • total volume: nominal value of HUF 44.0bn (raised money HUF 44.4bn)
    • average price: 100.92
    • average yield: 3.82%
    • maturity: 7 years with amortization starting in the 5th year and spread into 6 equal semi-annual repayment tranches; final repayment date is November 2026
    • coupon: 4% payable semi-annually (2% payable every 6 months)