The Warsaw office of Greenberg Traurig has represented the US-based Amstar private equity fund and the Warsaw-based BBI Development real estate developer on the bulk sale of 72 residential units to German-fund Catella. Dentons advised Catella on the deal. According to Greenberg Traurig, “the transaction is believed to be the largest bulk sale of luxury residential units in Central European history.”
The units are located in the Zlota 44 luxury residential tower — one of the tallest residential towers in the European Union — which is located in the central business district of Warsaw and was designed by famous architect Daniel Libeskind.
Eric Rosedale, Chair of International Real Estate at Greenberg Traurig, described the deal as a landmark transaction in the CEE residential sector and claims that, as it was completed in "the midst of the post-BREXIT Referendum market turmoil,” it indicated the strength of the project and market sector.
Greenberg Traurig also advised Amstar on its 2014 purchase, made in combination with BBI Development, of Zlota 44 (as reported by CEE Legal Matters on August 29, 2014) and later that year on the conclusion of a general contractor agreement regarding the resumption of construction work on it (as reported by CEE Legal Matters on December 16, 2014).
The Greenberg Traurig team advising Amstar/BBI Partnership on the bulk sale of residential units was led by Partner Bartosz Clemenz.
The Dentons team advising Catella was led by Head of Warsaw Real Estate Piotr Szafarz, supported by Counsel Piotr Staniszewski and Associate Marta Kolasinska.
Image Source: zlota44.com