Legal Status

Dentons has advised Savills Investment Management on its acquisition of the Leroy Merlin distribution center near Lodz from Invesco Real Estate. The purchase, which was valued at approximately EUR 71 million, was made on behalf of Korean institutional investors managed by Vestas Investment Management.

Dentons has advised Hines Poland Sustainable Income Fund on the sale of a portfolio of six Polish distribution parks and the Nord Point office building in Warsaw to Chinese investor CGL Investment Holdings Corporation Limited, which was advised by Baker McKenzie.

On 31 March 2020, the Polish parliament passed the Covid-19 Act (the “Act”). In its final form, the new law differs somewhat from the draft of the so-called Anti-Crisis Shield dated 21 March 2020 that we have previously reviewed, most notably in the way it regulates the issue of commercial lease agreements.

Clifford Chance has advised a consortium of banks including Intesa Sanpaolo Oddział w Polsce as lender and paying agent, Banca IMI, London Branch and China Construction Bank Oddzial w Polsce as mandated lead arrangers and bookrunners, and Banca IMI S.p.A. as facility agent on a PLN 500 million syndicated loan to Tauron Polska Energia. Tauron Polska Energia was advised by Linklaters.

Head of Banking & Finance Michal Markowski and Head of Dispute Resolution Maciej Jozwiak have been promoted to Partner at Eversheds Sutherland in Warsaw.

Agnieszka Hajos-Iwanska, Roman Iwanski, and George Havaris have been made Partner at JSLegal in Poland.

Lower Salaries and Reduced Working Time

As a result of the Covid-19 Act and Finance Minister’s Regulation which have just entered into force, companies will have more time to meet their reporting obligations and report ultimate beneficial owners. The time limits have been extended by 3 months.

Former Kochanski & Partners Head of Private Equity and Cross Border Gabriel Olearnik has been hired as Managing Director at Delta Capital Partners Management LLC.

In The Corner Office feature of CEE Legal Matters we ask Managing Partners at leading law firms across Central and Eastern Europe about their unique roles and responsibilities. In light of current events, the question for this online occurrence of the feature is: "How are you managing your team working remotely during this challenging period?"

Businesses are still forced to file register applications and pleadings in paper form with handwritten signatures, using a universal postal service provider. Fortunately, the Covid-19 Act gives more time for taking procedural steps and actions. Also, some courts are being pro-active, allowing essential pleadings to be filed via email.

Former KKLW Partners Krzysztof Lyszyk and Wiktor Wesolowski have left that Polish firm to open their own: LWW.

Radzikowski, Szubielska i Wspolnicy has advised ZPUE on financing it received from, among others, Santander Bank, Citihandlowy-Bank Handlowy w Warszawie, and ING Bank Slaski. The facility agreement was executed on March 3, 2020, for a total amount of PLN 180 million.

Dentons has advised CPI Property Group on its acquisition of the Moniuszki 1A office building in Warsaw from Canadian investment fund Catalyst Capital.

Over the coming months, businesses will be able to apply for various forms of state support, which may be mixed and matched depending on circumstances.

Domanski Zakrzewski Palinka has successfully represented the City of Krakow Road Administration before Poland's National Appeal Chamber regarding a PPP project involving the design, construction, and operation of part of a tramway. The City of Krakow Road Administration was also represented by solo practitioner Marzena Juskiewicz.

In its current form, the so-called Anti-crisis Shield features a number of regulations concerning lease agreements. An overview of the proposed changes follows.