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Property Development Segment

The property development business within the Unidevelopment Group is one of the key businesses within the Unibep Group in terms of performance. In recent periods, its performance has been at a good level.

THE UNIDEVELOPMENT GROUP OPERATES IN THE SEGMENT OF MULTI-FAMILY BUILDINGS, MAINLY IN THE WARSAW AND POZNAŃ AGGLOMERATIONS. THE GROUP CARRIED OUT THE PROJECTS AS A GENERAL CONTRACTOR WHICH WAS COMMISSIONED ON THE VAST MAJORITY OF PROJECTS TO UNIBEP SA.

Unidevelopment Group companies signed 921 development/ preliminary contracts in 2021 and handed over 908 flats to their customers, of which 417 and 478 were part of JV projects, respectively.

As of 31 December 2021, the Un33 | Management Report on the Unibep Group’s Activities in 2021 | Bielsk Podlaski, 7 April 2022 idevelopment Group had 670 flats available for sale, including 206 in the Warsaw market, 387 in the Poznań market, and 77 in other markets.

At the end of 2021, the Group offered 446 flats as part of JV projects, including 86 in the Warsaw market under a project jointly carried out with CPD SA and 381 in the Poznań market under a project jointly carried out with JB Investment Societe commandite speciale SCSp.

DEVELOPER/PRELIMINARY SALES AND DELIVERED TO CUSTOMERS

Market Developer/preliminary sales Delivered to customers
Warsaw market 431 433
Poznań market 284 331
Radom market 199 136
Other markets 7 8
Total 921 908
including JV 417 478

PROJECTS FOR WHICH CONSTRUCTION AND/OR SALES PROCESS COMMENCED BETWEEN 01/01/2021 AND 31/12/2021

Number of flats

Number of commercial premises
Coopera Estate Stage 3B 89
Latte 124 5
URSA Sky Stage 2 (JV4) 1) 201 3
Warsaw market 414 8
Fama Jeżyce Stage 2 (JV) 1) 270 5
Poznań market 270 5
Idea Leo Estate (E5) 170
Idea Ogrody Estate 12
Radom market 182
TOTAL 866 13
1) joint ventures

The Group continues its good cooperation with CPD SA on the construction of a housing estate in Warsaw’s Ursus district. To date, 1,266 flats have been built and sold as part of the joint venture with this partner, with a further 201 flats under construction and sale.

In 2021, the construction of 270 flats began as part of the second of the eight stages of the Fama Jeżyce project carried out in Poznań together with JB Investment Societe commandite speciale SCSp. As part of the project, a total of approximately 2,500 flats are planned to be built on a property with a total area of approx. 7.5 ha at J.H. Dąbrowskiego Street in Poznań.

In 2021, the construction of 665 flats as part of 5 projects began, including 213 flats as part of 2 projects in Warsaw, 270 flats as part of 1 project in Poznań, and 182 flats as part of 2 projects in Radom. On the other hand, sales as part of 6 projects started, including 5 projects whose construction started in 2021 and 1 project in the Warsaw market whose construction started in 2020.

In 2021, 5 projects were completed and commissioned, totalling 830 flats, including 272 flats in the Warsaw market, 421 flats in the Poznań market, and 137 flats in the Radom market.

As at 31 December 2021, there were 6 development projects under construction with a total of 866 flats and 13 commercial premises.

As at 31 December 2021, there were 3 projects under construction in the Warsaw market (including 1 JV project), 1 project in the Poznań market (including 1 JV project), and 2 projects in the Radom market.

In 2022, the Unidevelopment Group will start the construction of 817 flats (6 development projects), including 168 in the Warsaw market (2 projects), 369 in the Poznań market (1 project), 149 in the Radom market (2 projects), and 131 in the Tri-City market (1 project). These flats will be on offer in 2022 and beyond. As at 31 December 2021, there were approximately 6.4 thousand flats in the pipeline in attractive locations mainly in Warsaw, Poznań, Radom and the Tri-City. The largest share in the number of flats in the pipeline is accounted for by the multi-stage Fama Jeżyce project in the Poznań market – implemented as a joint venture with JB Investment Societe commandite speciale SCSp.

817

Number of apartments that Unidevelopment Group will start construction in 2022.

PROJECTS STARTING IN 2022

Number of flats

Number of commercial premises Planned start date
Pauza Ochota 56 4 1Q 2022
Sadyba Spot 112 7 3Q 2022
Warsaw market 168 11
Fama Jeżyce Stage 3 (JV) 1) 369 12 1Q 2022
Poznań market 369 12
Idea Ogrody Estate (MDM12) E2 12 3Q 2022
Idea Venus Estate (E7) 137 7 2Q 2022
Radom market 149 7
Gdańsk (Kusocińskiego) Stage 1 131 2Q 2022
Tri-City market 131
TOTAL 817 30
1) joint ventures

The Group’s development strategy assumes further consistent development of this company and building an attractive offer for customers in the Warsaw, Poznań, Radom and 35 | Management Report on the Unibep Group’s Activities in 2021 | Bielsk Podlaski, 7 April 2022 Tri-City markets.

Expansion of the land bank guarantees the ability to prepare and launch further development projects and the achievement of financial results in subsequent years adequate to the environment and market situation. The Management Board of Unidevelopment SA consistently pursues this goal, primarily by acquiring attractive properties both in Warsaw and Poznań, where the Group’s position and brand is well-established, and recently in the Tri-City, optimising internal management processes and strengthening human resources.

In addition, we are planning to attract an investor/investors for projects in the dormitory and rental housing segment for implementation in the coming years and to enter further new development markets.

As part of cooperation with JB Investment Societe commandite speciale SCSp, work is in progress on preparing for the next stages of a development project involving the construction and sale of approx. 2,500 flats in the Jeżyce district of Poznań. The project strengthens the Group’s position in the Poznań market.

In addition, development projects in the newly acquired Tri-City market in 2021, with the potential to build approximately 1,100 flats, are in the pipeline.

The Management Board of Unidevelopment has ambitious development goals, and is currently analysing a scenario including the possibility of carrying out a public offering and introducing shares of Unidevelopment S.A. on the regulated market operated by the Warsaw Stock Exchange, assuming that regardless of the structure of a possible public offering, the intention would be to maintain Unibep SA’s control over Unidevelopment SA.