Griffin has reportedly broken off talks with Poland’s top lender PKO BP to take over the lender’s development arm, Qualia Development. A letter of intent had been signed at the beginning of the year. PKO BP explains that a changing market environment is behind the decision, and says the move is a first step towards restructuring plan to be implemented for Qualia in the next three months. The lender aims to merge Pomeranka and Qualia Rezydencja Flotylla companies with its hotel operator Qualia Hotel Management, as the two companies hold a significant land portfolio.
In the meantime, the propertynews.pl website reports, Qualia exited Golden Tulip Gdańsk Residence and Golden Tulip Międzyzdroje Residence projects at the beginning of December.
