The FINANCIAL -- The Alterco group increased its real estate portfolio to include tourist infrastructure through the acquisition of a 100% interest in Tiga Investment, reported the company in a statement.

Following the transaction the value of which was set at PLN 48m (€12.2m) Alterco owns over 50 ha of land in Sztynort Duzy (Wegorzewo municipality). The company intends to use the site to develop a state-of-the-art sports and recreation complex offering upmarket service. The year-round establishment will be subsequently expanded to include entertainment facilities, service and retail outlets, a conference centre, hotels and holiday homes. However, a decision on whether the project goes ahead will depend on the formal and legal status of the land – at the moment, only 10 ha of over 50 ha of the land is covered a valid local zoning plan.

Source: PMR

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