Linklaters advises CP Developer S.à r.l, the new owner of Budimex Nieruchomości Sp. z o.o., on the sale of 2,500 apartments for rent to the Swedish investor Heimstaden Bostad with a value of PLN 1.4 billion
Linklaters has advised CP Developer S.àr.l., the new owner of Budimex Nieruchomości Sp. z o.o., on the sale of almost 2,500 apartments for rent to the Swedish investor Heimstaden Bostad for SEK 3.1 billion (approx. PLN 1.4 billion).
Linklaters also advised CP Developer S.àr.l. on certain aspects of financing their acquisition of Budimex Nieruchomości Sp. z o.o. from Budimex S.A. as well as on the acquisition itself.
CP Developer S.àr.l. is a strategic joint venture established by Cornerstone Partners, a leading private equity firm managing corporate and real estate investments, and Crestyl, a leading Czech developer on the multipurpose real estate market. In February 2021, Linklaters advised Cornerstone Partners on the establishment of a joint venture with Crestyl (more: Linklaters advises Cornerstone Partners on a strategic joint venture agreement with Crestyl Group to acquire Budimex Nieruchomości).
The first joint venture transaction of Cornerstone Partners and Crestyl in Poland is the acquisition of Budimex Nieruchomości Sp. z o.o., one of the largest Polish developers operating in the residential sector. The PLN 1.51 billion transaction has been the largest on the real estate market in Central and Eastern Europe since the outbreak of the COVID-19 pandemic. Together with the acquisition of Budimex Nieruchomości Sp. z o.o., long-term forward sale agreements were also signed with Heimstaden Bostad, a leading Swedish investor in the institutional rental housing market. In the next few years, Budimex Nieruchomości will build and sell to Heimstaden Bostad nearly 2,500 residential premises for rent located in the largest cities in Poland for approx. PLN 1.4 billion.
“We are proud to have advised on this year’s largest transaction of this type in the entire CEE region. The trust that our clients place in us by choosing Linklaters to work on such complex cross-border matters is the best proof of the strong position of our law firm in the region”, said Janusz Dzianachowski, Linklaters real estate partner.
The transaction was led by Janusz Dzianachowski (partner) and Michał Mieciński (counsel) supported by Żaneta Bałdowska (senior associate) and Adriana Andrzejewska (managing associate). The wider advisory team included: Jędrzej Pałka (senior associate), Monika Lerka (managing associate), Katarzyna Grodzka (associate) and Filip Witaszek (associate), as well as Szymon Renkiewicz (managing associate) from the Warsaw corporate practice. Lawyers from other offices included: Remy Bonneau (partner), Catherine Kremer (managing associate), Irene Sanna (associate), Delphine Horn (consultant) and Diogo Casqueiro (managing associate) from the Luxembourg office and Anna Eriksson (managing associate) from the Stockholm office.
