PKP Cargo is to buy Reinhold Center

The Board of directors of Reinhold Polska AB (Reinhold Polska) informed in a statement that on 31st of May 2011, Reinhold Polska Project 4 Sp. z o.o., a wholly owned subsidiary of the company has concluded an initial agreement to sell the existing Reinhold Center office building located at 138 Korfantego Street together with land for parking to PKP Cargo S.A. with its seat in Warsaw.

The final agreement is to be concluded within 30 days of meeting certain conditions however no later than 30th of September 2011. The price of the land and buildings will be established at the final agreement, however it will be at level of approximately PLN 53 million. On closing of the transaction, there will be a positive net effect on the financial result of the company of approximately PLN 3 million.

Reinhold Center was delivered in mid-2010. It offers 8 635 sq. meters of office space. In March last year, PKP Cargo leased almost 6 000 sq. meters in the building.