KNF gives green light for Gant prospectus

2010-02-01

The Financial Supervisory Authority has approved an issue prospectus submitted by Gant Development. The developer intends to issue 3.223 million shares, from which it hopes to earn over PLN 48.3m (€11.9m).
The proceeds from the issue will help partly finance new housing projects – they will serve as the company's deposit for bank loans. This year the developer intends to begin building the Sokolowska housing estate in Warsaw. Around 300 flats will be built in the first stage of the project and the estate will eventually contain around 1,000 flats. The undertaking will get underway in the spring of 2010. In the near future the company intends to launch another investment in Wroclaw, which will contain roughly 100 flats. The company's senior management is also preparing the next stage of a housing complex on Karpia Street in Poznan. In turn, in Krakow the developer wants to begin building a shopping centre, although the investment will only get underway when its commercialisation reaches a level that the investor deems satisfactory. In view of the slowdown on the commercial space market in Poland the company has shelved for the time being its preparations for a retail investment in Bogatynia.