In effort to improve the company’s liquidity, the Polish retail developer Rank Progress has signed an agreement with Leasing-Experts to help finance two land plots, worth PLN 9m. Located in Kłodzko and Legnica, the two plots are now part of the Leasing-Experts portfolio, but Rank Progress will continue to manage the properties. This is the latest financial agreement the developer has secured over the past few months after reporting an PLN 11m loss in the first half of the year.
“We see real estate leasing as an alternative to bank crediting and a new way to acquire new properties,” said Jan Mroczka, CEO of Rank Progress. The company sold a plot in Piła to Immofinanz in August for PLN 57.7m. Mroczka said the developer has many other projects in its portfolio that need additional financing.
