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Three Thousand Apartments Sold

Dear Customers,

In October 2017, Fadesa Polnord Polska (FPP) reached the figure of 3000 apartments sold. That is why we would like to thank you and express our deep gratitude for your unwavering trust in our projects and our company. Here at FPP, we can promise that with your support, we will continue to work to offer top quality housing projects.

With that in mind, in the fourth quarter of 2018, we are starting work in Wrocław on the INNOVA CONCEPT project, a new FPP housing estate, comprising 144 apartments and 5 retail units. Until then, also in Wrocław, we will carry on with construction works at Apartamenty Innova III (www.apartamentyinnova.pl). The project includes two 17-floor towers blocks, and its completion is scheduled for 2019. A local company HARAS BUDOWNICTWO Sp. z o.o. - Sp.k. appointed as the contractor for the project broke ground in February 2017, the funding for the project being provided by GETIN NOBLE BANK S.A. Once completed, the towers will offer 211 apartments between them, becoming part of a complex of housing projects making up a new part of the Wrocław district of Krzyki, erected by FPP between the streets of Nyska and Piękna.

In 2017, we completed the last building in the Ostoja Wilanów estate in Warsaw (www.ostoja-wilanow.com). In aggregate, currently Ostoja Wilanów includes over 1900 apartments and 43 retail units in the total of 31 buildings. At the moment work is underway to offer you our new project inspired by the Ostoja development. In fact, the new Warsaw-based project will supplement Ostoja Wilanów. While offering buildings of a different type, it will still have the same advantages, such as green spaces, park, or recreation facilities.

When presenting this brief update, we would also like to provide a summary of FPP's performance in the past year. In 2017, we sold 240 apartments and handed over 247 to their owners; our sales revenues totalled PLN 112.7 million. It was yet another year when our debt to financial institutions was kept at a very low level, a mere PLN 3.4 million as at 31 December 2017. Please note that the Financial Data tab holds detailed information on the financial performance of FPP since 2012 as well as annual financial statements for the recent years. In 2017, Deloitte was appointed to audit our financial statements. As soon as the audit is complete, our audited financial data and financial statements will be posted on our website.
Summing up, we wish to thank you again for the trust you have put in our projects and our company. It is thanks to you that we have been able to sell 3000 apartments, including over 1000 in Wrocław. Please be assured that we will continue our efforts to be always able to offer top-quality projects to you.

Warsaw, date: 20 March 2018

FPP was incorporated in 2005, and its shareholders comprise MARTINSA-FADESA S.A. of Spain (51% equity interest) and POLNORD S.A. of Poland (49% equity interest). At the moment, FPP is involved in the implementation of the Apartamenty Innova project (www.apartamentyinnova.pl) in Wrocław.  Additionally, FPP has completed the Ostoja Wilanów housing estate (www.ostojawilanow.pl) in Warsaw and Osiedle-Innova (www.osiedle-innova.com) and Osiedle-Moderno (www.osiedlemoderno.pl) residential projects in Wrocław. FPP holds in Poland development sites that are sufficient to build some 500 additional apartments. From its inception to 31 December 2017, FPP sold 3061 apartments, of which 1132 in Wrocław, and handed over 2813 apartments to their owners. In 2017, FPP sold 240 apartments, handed over 247 apartments, and invoiced in aggregate PLN 112.7 million.

The progress of construccion works in the B2 building in Ostoja Wilanów in Warsaw is at the level of 100%  
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