The Warsaw office of Clifford Chance has advised Polish public construction company Budimex S.A. on the PLN 1.5 billion sale of its Budimex Nieruchomosci subsidiary to Cornerstone Partners and Crestyl Real Estate. Linklaters advised the buyers on the deal.
According to Clifford Chance, the parties signed a conditional share purchase agreement to implement the transaction on February 22, 2021, and the transaction is expected to close in the second quarter of the year.
Cornerstone Partners is a real estate private equity investment management company and Crestyl is a Czech developer of multipurpose residential, retail, and commercial properties.
Clifford Chance's team included Partner Daniel Kopania, Counsels Tomasz Derda and Jaroslaw Lorenc, and Senior Associate Joanna Satkiewicz.
The Linklaters team consisted of Warsaw-based Partner Janusz Dzianachowski and Counsel Michal Miecinski and Luxembourg-based Managing Associate Catherine Kremer and Associate Irene Sanna.
Editor's note: On May 24, 2021 Cornerstone Partners announced that the deal had successfully closed.
In addition, Dentons informed CEE Legal Matters that it had acted as the main transaction counsel to Cornerstone Partners and the Crestyl Group. The firm's team in Warsaw included Partners Bartlomiej Kordeczka and Jacek Jezierski, Managing Counsel Marceli Kasperkiewicz, Counsels Martyna Racz-Suchocka and Anna Gulinska, Senior Associates Andrzej Wloch and Tomasz Kordala, and Associates Bartosz Juszczak and Malgorzata Debicka.
Bisiorek, Cieslinski i Wspolnicy announced that it also advised the buyers on the deal. BCLA’s team consisted of Partners Michal Bisiorek, Marcin Cieslinski, Counsel Anna Zawadzka-Grzesiak, and Lawyers Dominika Bura, Anna Wojciechowicz, and Katarzyna Ulejczyk, among others.