Dentons Warsaw has advised GLL Real Estate Partners on the acquisition of the Cedet building in Warsaw from Immobel Poland. Greenberg Traurig reportedly advised Immobel Poland on the sale.
The transaction value was EUR 129.5 million. The property was acquired on behalf of a Korean fund managed by GLL Real Estate Partners.
Cedet is a historic building of Polish post-war architecture, built in the 1950s. It is located in the central business district of Warsaw. The building has recently undergone a restoration and expansion process. According to Dentons, today it consists of a restored department store and an office building at the junction of Bracka and Krucza Streets. The building offers a total leasable area of 22 thousands square meters to tenants, such as WeWork, the Polish Development Fund, and children’s department store Smyk.
The Dentons team consisted of Partners Pawel Debowski and Monika Sitowicz, Counsel Piotr Nerwinski Associates Paulina Czostek, Magdalena Kalinska, and Andrzej Wloch, and Junior Associate Karolina Ostrowska.