Altus price falls by PLN 65 million

A liquidator of Reliz put up for sale the Altus mixed-use building for the second time. Buyers now have a chance to purchase the property for a much lower price when compared to the first bid.


According to the portal, which informed about the sale on Wednesday, the initial price is estimated at PLN 195,17 million. The price is PLN 65 million lower than in March, when the first bidding procedure got no result as there were no bidders willing to buy the high-rise building.

Now offers to buy the facility can be entered by 17th of June 2013.

Altus is owned by Reliz, a subsidiary of Kredyt Bank. The owner was declared bankrupt last year by liquidation of all its assets. Mostostal Zabrze, a prime contractor of Altus and a former owner of the building, has PLN 62 million claims to Reliz. In 2011, Mostostal won a legal dispute proving the sale of Altus in 2003 was inconclusive (Kredyt Bank had terminated a credit agreement with Mostostal that time and took over the building – the credit was backed by shares of Altus. Then the bank resold the building to Reliz). At the end of August 2012, Reliz bankruptcy came into force by liquidation of all its assets.