Greenberg Traurig has advised REINO RF CEE Real Estate, a Luxembourg-based fund created by REINO Capital and Australia's CorVal, on its preliminary agreement to acquire the entire BUMA Group real estate portfolio. Clifford Chance reportedly advised the BUMA group.
According to Greenberg Traurig, “the estimated value of the portfolio, which includes office buildings and mixed-use (office and residential) development projects, is over PLN 1.3 billion. This transaction will also include further acquisition of all operational companies that are part of BUMA Group.”
In June 2019 REINO Capital, a commercial real estate holding company listed on the Warsaw Stock Exchange, entered into a strategic partnership agreement with RF CorVal to invest in a common asset management platform for the CEE region. RF CorVal is an Australian-based real estate fund manager with assets worth around two billion dollars.
The BUMA Group has been operating on the Krakow market since 1991 and is the oldest developer on it. Greenberg Traurig reports that “over 25 years, the company has constructed about 2000 apartments, 300 single-family houses, and office buildings with the leasable area of 260 000 square meters.”
Greenberg Traurig’s team included Partner Andrzej Wysokinski, Local Partners Karol Brzoskowski and Anna Halas-Krawczyk, Senior Associates Kamil Majewski, Filip Kijowski, Pawel Jaskiewicz, Radoslaw Pawluk, and Paulina Kimla-Kaczorowska, and Associates Filip Janeczko, Tomasz Denko, Maja Gawrysiuk, Natalia Wolkowycka, and Filip Drgas.
Editor's note: After this article was published CEE Legal Matters learned that Clifford Chance's team included Counsels Bartosz Kaniasty and Tomasz Derda and Advocate Joanna Satkiewicz.