Budimex, Ferrovial’s Polish subsidiary, has agreed to sell Budimex NieruchomoÅ›ci, its real estate subsidiary, to a Polish-Czech property company for €331m.
The move was recommended in a strategic review the company did in July 2020.
The sale is contingent on the buyer, CP Developer, obtaining the necessary clearance from the Polish competition regulator.
CP Developer is controlled by Polish firm Cornerstone Partners and Czech company Crestyl Real Estate. Each has extensive experience in residential and commercial real estate in Poland and other countries.
Once completed, the sale is expected to have a positive impact on Budimex’s consolidated financial statements of €152m after tax.
Budimex will use the proceeds to advance its diversification strategy and other general corporate purposes.
With a land bank on which to build 6,500 apartments as well as other projects in portfolio, Budimex NieruchomoÅ›ci, one of Poland’s five largest property developers, is assured sales growth for the next years, Ferrovial said.
Image courtesy of Ferovial press office