Act Legal Poland has advised Finland's YIT Development on the purchase of a land lot in Gdansk.
The 1.55 hectare lot, with a construction permit, is located close to the historical center of Gdansk. YIT plans a mixed-use project with a total area of 40,000 square meters. The estimated project value is over EUR 100 million.
“During YIT’s four years of operations in Poland, we have extended the existing residential projects (that we acquired) and purchased land lots in appealing locations across Warsaw for new projects,” said Tomasz Konarsk, President of the Management Board at YIT Poland. “Finally, the time has come for some territorial expansion, as part of which we will enter a new market,” he added. "We have set our sights on Gdansk due to its impressive growth pace and vast potential for further actions.”
YIT has been operating in Poland since July 2015. Before the Gdansk-based transaction, all its projects had been located in Warsaw. YIT’s portfolio includes approximately 3,000 apartments, of which 300 have been completed. The compan also operates in Finland, Russia, Scandinavia, the Baltic States, the Czech Republic, and Slovakia.
Earlier Act BSWW advised YIT on its acquisition on land lot in Sadyba, Warsaw (as reported by CEE Legal Matters on August 30, 2019) and YIT’s purchase of six-hectare property in the Warsaw district of Bemowo (as reported on April 2, 2019)
The Act BSWW team on the Gdansk transaction was led by Managing Partner Michal Wielhorski, supported by Partners Michal Soltyszewski and Malgorzata Wasowska and Senior Associates Mateusz Prokopiuk and Michal Brzozowicz.
Act BSWW did not reply to our inquiries about the deal.