PHN moves ahead with PLN 250 million bond issue as financing needs increase

Polski Holding Nieruchomości has decided to proceed with a new bond issue of up to PLN 250 million, adding another source of capital as the property group manages its investment activity and financing requirements.

The company plans to issue up to 250,000 F2 series bonds with a nominal value of PLN 1,000 each. The securities will be unsecured and issued as part of PHN’s existing bond programme. They will carry the same ISIN as the company’s existing F-series bonds.

The transaction comes at a time when debt financing remains an important component of PHN’s capital structure. At the end of June 2026, the parent company reported financial liabilities of PLN 644 million, with no overdue financial obligations. At group level, financial liabilities stood at approximately PLN 1.86 billion.

PHN expects the parent company’s financial liabilities to reach approximately PLN 837.9 million by the end of 2026. This would represent around 28.8% of its balance-sheet total. Within that amount, debt securities are projected at close to PLN 600 million, compared with PLN 237.6 million of bank loans and other borrowings.

At group level, PHN estimates financial liabilities of around PLN 2.06 billion at the end of 2026, equivalent to 42.5% of total liabilities and equity. The projection includes approximately PLN 1.01 billion of loans and borrowings, PLN 599.6 million of bonds and PLN 450.4 million of lease liabilities.

The financing structure is expected to expand further over the following year. PHN estimates group financial liabilities of approximately PLN 2.25 billion by October 2027, with loans and borrowings increasing to around PLN 1.21 billion.

The figures put the planned bond transaction into a broader real estate financing context. Rather than being an isolated capital-markets exercise, the issue forms part of PHN’s wider funding structure as the company manages a sizeable commercial property portfolio and its development and investment activities.

PHN has not, in its announcement on the F2 issue, allocated the proceeds to individual property developments. The financing should therefore not yet be linked to specific projects unless the company provides further details on the use of the capital.