Cornerstone Partners sp. z o.o. and Crestyl Real Estate s.r.o.’s PLN 1.5 Billion Acquisition Of Budimex Nieruchomosci sp. z o.o.

Clifford Chance advised Budimex S.A. on the deal, while Dentons advised Cornerstone Partners and Crestyl Group.

Budimex S.A., one of the largest construction groups operating in Poland, sold Budimex Nieruchomosci sp. z o.o., a subsidiary of Budimex, to Cornerstone Partners sp. z o.o. and Crestyl Real Estate s.r.o. for PLN 1.5 billion. The parties signed a conditional share purchase agreement to implement the transaction on 22 February 2021. Completion of the transaction is expected in 2Q 2021.

Budimex Nieruchomosci is a leading residential development company and a subsidiary of Budimex S.A. – Poland’s largest engineering and construction group, listed on the Warsaw Stock Exchange. Since its establishment in 1999, the company has built more than 17,000 units in five major Polish cities.

Cornerstone Partners is the corporate and real estate private equity investment manager focusing on Poland and other countries in the CEE region. The company’s track record includes investments in various sectors such as, among others, real estate, IT, telecommunications, renewable energy and financial services.

Crestyl Group is a Czech market leader in developing multipurpose real estate projects. This transaction is its first foreign investment.

Clifford Chance’ Warsaw team was led by Daniel Kopania (Picture), (partner, head of Real Estate & Construction), and included also Tomasz Derda (Counsel, Corporate/M&A), and Joanna Satkiewicz (Senior Associate, Real Estate & Construction). Jaroslaw Lorenc (Counsel, Capital Markets) advised on MAR issues connected to the transaction.

Dentons advised Cornerstone Partners and Crestyl Group with partner Bartlomiej Kordeczka, Deputy head of the Real Estate practice group in Warsaw, and Marceli Kasperkiewicz, managing counsel in the M&A practice group. Other team members included – among others – Bartosz Juszczak of the M&A practice, Jacek Jezierski, Andrzej Wloch and Martyna Racz-Suchocka of the Real Estate practice, as well as Malgorzata Debicka of the Environmental Law practice group and Anna Gulinska and Tomasz Kordala of the Competition and Antitrust practice.

Involved fees earner: Tomasz Derda – Clifford Chance; Daniel Kopania – Clifford Chance; Jaros?aw Lorenc – Clifford Chance; Joanna Satkiewicz – Clifford Chance; Ma?gorzata D?bicka – Dentons; Anna Guli?ska – Dentons; Jacek Jezierski – Dentons; Bartosz Juszczak – Dentons; Marceli Kasperkiewicz – Dentons; Tomasz Kordala – Dentons; Bart?omiej Kordeczka – Dentons; Martyna Racz-Suchocka – Dentons; Andrzej W?och – Dentons;

Law Firms: Clifford Chance; Dentons;

Clients: Budimex S.A.; Cornerstone Partners ; Crestyl;

Federica Tiefenthaler

Author: Federica Tiefenthaler