Wojciech S. Ciurzynski

We are awaiting the decision of the credit committee," said Wojciech Ciurzyñski, president of Polnord.

The Pol-Aqua office building, which is to be concluded by Q3 2010, should cost about z³.50 million. Another significant lease holder in the Wilanów Office Park will be Asseco Poland with its offices to be concluded by H2 2011.

"Offices for Asseco are currently under design and we have not yet applied for a construction permit. We want to launch construction works next year," said Wojciech Ciurzyñski.

Wojciech S. Ciurzynski
Chairman of the Management Board
POLNORD SA

This means that an investment financed by a bank will be completed even if sales decrease, as we can subsidize it," said Wojciech Ciurzyñski, president of Polnord.

Financing the following phases of an investment will be launched with 60-70 percent sales of the existing projects. The CEO is encouraging banks to be more willing in providing loans to clients who want to purchase apartments in "secure investments".

"We are buying land in Lublin, Szczecin and Gdynia. We are also engaged in negotiations in Katowice," said Ciurzyñski. The firm is preparing for more investments in the Russian Federation, namely in Novosibirsk and Moscow.

Proceeds will be spent on new developer projects," said Polnord president Wojciech Ciurzyñski.

In 2008 the firm will designate z³.150-200 million on purchasing new plot."We commenced execution of all current projects.We shall supplement our reserves of land," said Ciurzyñski.According to Parkiet, the firm is considering another large project in Warsaw similar to Miasteczko Wilanów.

"If the minimum required level of own contribution from clients will be increased from 10 percent to say 20-30 percent of the price of real estate, then the sales of flats will drop by as much as 70 percent," said CEO of Polnord, Wojciech Ciurzyñski to Puls Biznesu.

"Fadesa's problems will not influence Polnord," said Wojciech Ciurzyñski, president of the Polish developer, which holds 49 percent of shares in the venture.

Fadesa has euro 4 billion of debts and on Friday it was refused a euro 150 million loan, while the Spanish press speculates that it might soon commence bankruptcy proceedings and thus might start disposing of its assets.

The partnership agreement gives Polnord the pre-emptive right to purchase Fadesa's stake."If Fadesa decides to dispose of its stake we will be interested in buying it," said Ciurzyñski.He went on to say that his company would not have problems with raising necessary funds to carry out the purchase and estimates that the Polnord-Fadesa venture is worth z³.200-250 million.