Cordia International has rincreased its stake in Polnord to 92,92%. Following the transaction, as one of the first steps of close cooperation, the shareholders elected a new supervisory board with representatives from Cordia. After that, the members delegated by Cordia also became a majority in the composition of Polnord's management. Polnord is involved in development, investment and construction activities, carrying out projects in major Polish cities, such as Warsaw, Tri-City (Gdansk, Gdynia, Sopot), Szczecin, Olsztyn, Lodz and Wroclaw. It is a founding member of the Polish Association of Developers and has been listed on the Warsaw Stock Exchange since 1999.
“Cordia considers Polnord as an attractive investment, partly due to its significant professional background, but mostly because of its vast land bank. Poland is a key market for our group, that’s why we decided to invest here a part of assets raised Cordia’s first bond issue within the Bond Funding for Growth Scheme of National Bank of Hungary”, said Tibor Földi, Chairman of the Board of Cordia.