The Polish retail developer Rank Progress has sold its project in Piła to Immofinanz for PLN 56m. The developer reportedly plans to use the funds to reduce its debts as well as to move forward with new projects. According to the sales agreement, signed this month, Immofinanz agreed to refinance all the costs of the investment until the deal is officially closed. It will also cover any additional investment costs. The project is set for completion in the fourth quarter. Rank Progress will continue managing the project.
“We have a number of projects currently in the works, which require new capital. We perceive the cooperation with Immofinanz as beneficial for us, as it makes it possible for us to move forward with bigger-scale projects,” said Jan Mroczka, CEO of Rank Progress.
The financial liabilities of Rank Progress hit a record PLN 573m at the end of 2013.
