Letter of Intent of Waryński, Polnord and PFR concerning cooperation in the Mieszkanie Plus housing programme

1 October 2019

For this purpose Waryński and Polnord are going to establish a consortium. It will become a partner in the investment part of the scheme and its primary goal will be to create a model of excellent cooperation for the coming years. The investors are supposed to define the principles of establishment and operation of a special-purpose vehicle, tasked with service related to lease and management of joint residential facilities.

The plan for the coming two years provides for building at least 1000 units. So this is a huge undertaking with a big operating capacity. PFR Nieruchomości S.A. is a company based on the Polish Development Fund being a group of financial and consulting institutions for enterprises, local governments and private individuals, who invest in the social and economic development of our country. PFR Nieruchomości S.A. strengthens the Polish economic market by delivering a project with a very big significance to local communities. The Company aims to increase availability of flats for lease for all people, also for less wealthy families. It operates strictly commercially, without involvement of money from taxpayers.

Polnord SA is one of the most experienced and largest companies in Poland in the construction and property development markets. In addition, it is quoted on the Warsaw Stock Exchange, which makes it even more credible towards business customers. It possesses nearly 1 million square metres of residential and usable space, which makes it the largest land bank developer in Poland. It implements projects in Warsaw, Tricity, Łódź, Olsztyn and Szczecin.