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Greenberg Traurig and Clifford Chance Advise on Large Warsaw Real Estate Transaction

Greenberg Traurig and Clifford Chance Advise on Large Warsaw Real Estate Transaction

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Greenberg Traurig has advised the HB Reavis Group on the sale of two A class office buildings that are part of the Gdanski Business Center complex in the center of Warsaw to Savills Investment Management, acting on behalf of Malaysia's Employees Provident Fund. The value of the transaction exceeded EUR 200 million.

The entire GBC complex consists of four A class office buildings and provides approximately 100,000 square meters of general leasing area. The first two office buildings in the complex (GBC A and B) were sold in December 2016 for EUR 186 million, also to Savills. Both Greenberg Traurig and Clifford Chance were involved in that earlier deal as well.

This transaction, which involved the GBC C and D buildings, was conducted through the sale of the corporate structure (including the shares and rights and obligations of the general partners) owning the two office buildings. According to Clifford Chance, "the nearly 8-month-long transaction transformed during its course from a relatively simple real estate acquisition transaction into a complex share deal, involving also other jurisdictions, in particular Luxembourg, Netherlands, and Slovakia." The firm described the deal as "one of the largest transactions on the Polish real estate market in 2018."

The Greenberg Traurig team was led by Partner Radomil Charzynski, supported by Senior Associate Olga Durawa and Associates Filip Widuch and Jakub Gajzler.

The Clifford Chance team in Warsaw consisted of Partner Daniel Kopania, Counsel Aleksandra Jach, Senior Associate Katarzyna Perkowska, and Associate Anna Misztela, working with Luxembourg Senior Associates Frederique Davister and Stefany Sassi and Prague-based Senior Associate Stanislav Holec.

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