Cordia Group announces ambitious growth plans for Poland
International property developer Cordia Group has announced plans for rapid growth in Poland following strong performance in Hungary.
Alongside Hungary and Poland, Cordia has a presence in Romania and Spain, and has recently entered the UK market following the acquisition of Blackswan Property in 2020, a PRS and placemaking-specialist that has been operating in Birmingham and wider West Midlands market for over a decade and now known as Cordia Blackswan.
The Hungarian-based developer has been developing housing estates for over 20 years and has been strengthening its position in the Polish market since 2014. Late last year Cordia successfully acquired the controlling stake in Polnord, one of the largest and most experienced residential real estate developers in Poland.
Poland will play an increasingly important role in the future of the business, with Cordia Group expecting to sell 745 apartments in the country in 2021, equating to nearly half of annual sales across all of its markets.
This is in line with strong market activity in Hungary, where Cordia Group plans to complete over 1,800 homes, sell 860 apartments and launch seven new residential developments in 2021.
According to global commercial real estate company JLL, their latest Residential Market Report in Poland for Q1 of 2021 shows a record number of units sold in the combined primary market of Warsaw, Krakow, Wroclaw, Tri-City, Poznan and Lodz. Equating to 19,500 homes and a 3% increase on the previous year, steady price rises recorded in the area are expected to continue.
As the majority shareholder of Polnord, Cordia will continue with sales plans under the Polnord brand, including Stacja Kazimierz in Warsaw where a further 100 homes will be made available for sale this year.
Cordia’s acquisition of Polnord showcases the group’s international ambitions, similarly to the acquisition of Blackswan Property last year, which is set to deliver a £550 million project pipeline across the West Midlands.
The group has recently issued a EUR135 million seven-year bond and a EUR105 million 10-year bond to fund its international expansion and foray into the private rental sector (PRS).