Linklaters has advised Cornerstone Partners, a corporate and real estate private equity investment manager, on a strategic joint venture with Crestyl Group, a Czech developer of multi-purpose real estate projects. Dentons reportedly advised Crestyl Group on the deal.
The first out of several planned joint venture projects of the new partnership is the acquisition of Budimex Nieruchomosci, one of the largest Polish developers on the residential market, from Budimex SA for over PLN 1.5 billion.
According to Linklaters, the company is expected to be “a major player in both residential for sale as well as the PRS sectors in Central and Eastern Europe.” So far, Budimex Nieruchomosci has built over 17,500 units, with 1,672 sold last year.
Linklaters’ team included Partner Janusz Dzianachowski, Counsel Michal Miecinski, Managing Associate Catherine Kremer, and Associate Irene Sanna.