CEE developer Futureal and Gant Development, a Polish property developer, have agreed to jointly invest in the development of some of Gant’s residential projects.
CEE developer Futureal and Gant Development, a Polish property developer, have agreed to jointly invest in the development of some of Gant’s residential projects.
The projects will provide up to 1,200 homes in three cities, representing an investment value of PLN 360 mln (EUR 87 mln).
Futureal will invest up to EUR 10 mln of fresh equity capital in the development projects run by Gant.
The first project to be completed under the joint venture is Amber Park residential project in Krakow with 388 apartments, currently under construction. Futureal has already injected its part of the equity capital into this PLN 100 mln development project, financed by BZ WBK and expected to be completed in 2013.
One of Futureal's investment funds has also subscribed to 1.2 million newly issued shares of Gant Development and will hold over 5% of Gant voting rights after the share issuance.
The joint venture with Gant is part of Futureal's 'Partnership Programme' which will see the company invest EUR 100 mln in partnerships with other developers, investors and banking partners to run perspective projects in Central Europe. This is Futureal's second JV project in Poland after Nova Park, the regional shopping and entertainment centre in Gorzów Wielkopolski, developed jointly with Caelum Development.
