- Once completed, the deal will have a positive impact on Budimex’s consolidated financial statements of €152 million after tax
- The proceeds will be used by Ferrovial’s Polish subsidiary to advance its diversification strategy and other general corporate purposes
Budimex, Ferrovial’s Polish subsidiary, has agreed to sell Budimex Nieruchomości, its real estate subsidiary, to CP Developer for PLN 1,513 million (equivalent to €331 million). CP Developer is controlled by Polish firm Cornerstone Partners and Czech company Crestyl Real Estate, both with extensive experience in residential and commercial real estate in Poland and other countries.
The deal, which is the outcome of a strategic review initiated by the company in July 2020, is contingent upon CP Developer obtaining the necessary clearance from the Polish competition regulator.
Once completed, the sale is expected to have a positive impact on Budimex’s consolidated financial statements of €152 million after tax. Ferrovial’s Polish subsidiary plans to use the proceeds to advance its diversification strategy and other general corporate purposes .
With a land bank on which to build 6,500 apartments as well as other projects in portfolio, Budimex Nieruchomości, one of Poland’s five largest property developers, is assured sales growth for the next years.
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