Cordia International has acquired UK developer Blackswan. Cordia financed the transaction by using funds collected from the bond issuance under National Bank of Hungary’s Bond Funding for Growth Scheme.
The acquisition allows Blackswan to deliver a GBP 550 million project pipeline across the West Midlands
Cordia is the residential development platform of Futureal Group, one of the leading real estate development and investment groups in Central and Eastern Europe with more than 500 real estate professionals and 650.000 sqm of properties under construction across 32 ongoing projects.
The company’s latest acquisition marks its first investment in the UK market.
The UK company will continue to operate under the Cordia Blackswan brand and be led by the current management team.
The Blackswan transaction as well as the acquisition of 93% of Warsaw listed Polish residential developer Polnord S.A and a 20% stake in Argo Properties was partly financed by using the funds collected from the bond issuance within the Bond Funding for Growth Scheme of National Bank of Hungary’s.
The latest acquisitions increased Cordia’s development land bank to over 14.000 apartments.
Cordia has recently issued a EUR 135 million 7-year bond and a EUR 105 million 10-year bond to fund its international expansion and foray into the private rental sector.
Blackswan Property was founded by Marcus Hawley in 2009 and focuses on residential-led mixed-use developments in the West Midlands region.
Projects currently include The Lampworks, a 124 home build-to-rent apartment scheme and The Gothic, an ambitious reanimation of listed and heritage buildings which will create a new residential and leisure destination, both located in Birmingham’s Jewellery Quarter, on the edge of Birmingham City Centre.