LC Corp to become Develia

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Shareholders in LC Corp, a leading Polish property developer, have approved a name change to Develia. It will become effective after registration of the company’s amended Articles of Association with the National Court Register (KRS).

Necessary change

LC Corp first announced plans to adopt a new name in November 2018. The purpose is to shed the association with its former majority shareholder, Leszek Czarnecki. (The “LC” in its name are Mr. Czarnecki’s initials.) Since the ownership change, the company has consistently pursued a strategy that includes a new approach to commercial real estate and strengthening its positon in the residential segment, a statement from LC Corp said. 

Decrease in sales in Q1 2019

The property developer LC Corp sold 331 homes in the first quarter of 2019 (including pre-contracts). That’s a 49% slump from the same period a year ago, when it sold 649 units. The company also secured 155 advance reservations during the quarter, which are expected to turn into sales in the subsequent period.

LC Corp handed over 1,163 homes in Q1 2019, compared to 702 a year ago (+66% y-o-y).