Cordia finalises purchase of a majority stake in Polnord
12/02/2020
Cordia has bought more than 65% of Polnord, one of the most prestigous development firms in Poland. The Hungarian founded developer acquired 63.7 million shares of Polnord, worth EUR 31.7 million. The transaction fits perfectly into the development strategy of Cordia, because Polnord owns one of the largest land banks among Polish developers, which allows building nearly 1 million square meters in residential and usable space. “Our company has been executing residential projects in Poland under the Cordia brand since 2014. It is a key market for our group”, says Gábor Futó, founder and majority shareholder of Cordia. Polnord is a founding member of the Polish Association of Developers and has been listed on the Warsaw Stock Exchange since 1999.