Dentons has advised Cornerstone Investment Management and its joint venture partner on the financing for their acquisition of the Warta Tower office building in Warsaw and related capital expenditure. SSW Pragmatic Solutions advised lenders Santander Bank Polska and Erste Group Bank AG.
According to Dentons, the transaction is valued at more than EUR 63 million. The Warta Tower office building has 20 floors and over 33,000 square meters of leasable space. "In the hands of the new owners, the skyscraper will be redeveloped to meet the highest market standards and provide modern workspaces. The modernization work will take until 2025."
Cornerstone Investment Management is a private equity investment management firm.
The transaction itself was initially announced in 2021, when Dentons advised Cornerstone Investment Management platform 5th Corner on the EUR 123 million acquisition of five Warsaw office buildings, including Warta Tower, from Globalworth (as reported by CEE Legal Matters on October 12, 2021).
The Dentons team included Partner Tomasz Zwolinski and Counsels Jakub Zienkiewicz and Ewelina Klein.
The SSW team included Partners Ilona Fedurek and Andrzej Wloch, Senior Associates Piotr Bartos and Karolina Ostrowska, and Associate Filip Grabowski.