Current report no 15 / 2016

Construction of SKYLIFE residential complex Stage 2 at ul. Jana Kazimierza in Warsaw

The Management Board of Budimex SA hereby announces that on 4 March 2016, it was informed about signing by Budimex SA of another contract within the last 12 months with NP. 7 S.A.  (Special purpose vehicle NEXITY Polska) for the construction of SKYLIFE residential complex Stage 2 at ul. Jana Kazimierza in Warsaw.

This is a conditional contract which will become effective between 11 April and 11 June 2016, upon meeting the condition of concluding at least 42 developer agreements on flat purchase. 

• The total value of two contracts is PLN 52,930,000 net.

The contract for the construction of SKYLIFE residential complex Stage 1 at ul. Jana Kazimierza in Warsaw concluded on 9 July 2015 is the contract with the highest value.

• Contract value: PLN 28,400,000 net
• Works commencement date: 12 August 2015
• Works completion date: 10 January 2017
• Guarantee period: 42 months
• Financial terms and conditions:
  • Advance payment: no
  • Payment date: 21 days from the issue of a VAT invoice by the Investor
  • Bank performance bond: 10% of net remuneration
• Maximum penalties: 10% of net remuneration
• The Parties reserve the right to seek damages under general applicable rules, if the amount of loss sustained exceeds the amount of the stipulated penalty.

The total value of contracts signed within the last 12 months with one counterparty exceeds 10% of the equity of Budimex SA.