Griffin is set to take over Qualia Development, the development arm of Poland’s biggest state-run lender PKO BP. A letter of intent has already been signed, but the transaction still needs to be approved by Poland’s anti-monopoly regulator. The transaction would also add two Warsaw office projects two Griffin’s portfolio, located at Nowogrodzka and Sienkiewicza streets.
Paweł Borys, PKO BP’s head of investment strategy said that the move to offload the bank’s development arm is part of the company’s strategy to focus on its lending activity. “The transaction will make it possible for us to reduce risk within the group and provide equity to fuel lending,” he said. No further details were disclosed.
Griffin’s senior vice president Piotr Belka says taking on these high-quality assets is what the company does best. “We know how to free the potential of these assets and we’re ready to take the risk on the most complex schemes,” he added. Qualia Development focused on the Polish residential sector, delivering 4,100 units since 2011.
