Letter of Intent of Waryński, Polnord and PFR – Mieszkanie Plus housing programme for the Town of Kętrzyn

7 October 2019

Detailed analyses are in progress to confirm the possibility to construct 200 residential units on the site indicated by the Town of Kętrzyn.

The recent adoption by the Town Hall of a resolution concerning the commencement of execution of the governmental Mieszkanie Plus housing programme has opened a path for agreement. The letter of intent concerning cooperation was signed by PFR Nieruchomości SA, Management Boards of Polnord SA and Waryński SA Holding Group already on 1 October. For this purpose Polnord and Waryński announced the establishment of a consortium to become a partner of the investment part of the Mieszkanie Plus programme. They are also supposed to determine the rules of establishment and operation of a joint special-purpose vehicle dealing with service. That entity will be responsible for service related to lease and management of new residential facilities.

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