Author: natalia

act BSWW was advising Strabag Real Estate on the sale of Astoria office development.

The building was purchased by Credit Suisse Asset Management for its property funds.

Astoria is a 10-storey premium-class building located in downtown Warsaw, between Nowy Świat and Marszałkowska streets. It offers over 18,000 m2 of office area, as well as some retail space.

The scope of act BSWW’s services included transaction and tax advisory throughout the sale process.

The project team was made up of Marek Wojnar (Managing Partner), Marta Kosiedowska (Partner) and Katarzyna Góra (Senior Associate). The tax team was managed by Małgorzata Wąsowska (Partner).

“The sale of Astoria is among Poland’s largest office property transactions this year,” says Marta Kosiedowska.

“Strabag Real Estate has been very active in the Polish market. Its strategy covers a wide range of different types of properties. Astoria sale is just one of many transactions we have recently handled for this Client,” adds Marek Wojnar.

Credit Suisse Asset Management was supported by Greenberg Traurig (law firm).

YIT, Finland’s largest developer, has just acquired another appealing investment property. This time it opted for Gdańsk, thus expanding its operations in Poland.

The 1.55 ha land lot with a construction permit is located close to the historical center of Gdańsk, right next to the European Solidarity Center. The developer is planning a mixed-use project with a total area of 40,000 m2. The estimated project value is over EUR 100m. It is going to be implemented in several stages.

“During YIT’s 4 years of operations in Poland, we have extended the existing residential projects (that we acquired) and purchased land lots in appealing locations across Warsaw for new projects. Finally, the time has come for some territorial expansion, as part of which we will enter a new market. We have set our sights on Gdańsk due to its impressive growth pace and vast potential for further actions. We want to stay here for a long time. The mixed-use project means that we need to develop skills covering an entirely new segment of operations, i.e. office premises,” says Tomasz Konarski, President of the Management Board at YIT Poland.

act legal Poland (BSWW) provided YIT with comprehensive legal advisory throughout the process of the real property acquisition. The scope of services included a due diligence review of the property, preparation of transaction documents, as well as support in negotiations and closing the deal.

Michał Wielhorski (Managing Partner) acted as the team leader. The team was made up of Michał Sołtyszewski (Partner) and Mateusz Prokopiuk (Senior Associate). Tax issues were handled by Małgorzata Wąsowska (Head of Tax) and Michał Brzozowicz (tax team member). 

“This is yet another large transaction in which we have supported our Client. Before that, we had a chance to consult on a range of YIT’s projects in Warsaw, including the acquisition of Parkur Residence, Nordic Mokotów (stage 3), Nordic Sadyba and Nordic Bemowo,” says Michał Wielhorski. “We are happy to watch YIT grow and expand on the Polish market,” he adds.

YIT has been operating in Poland since July 2015. Before the Gdańsk-based transaction, all its projects had been located in Warsaw. It all started with the construction of Nordic Mokotów residential estate in June 2016. YIT’s portfolio includes approx. 3,000 apartments, of which 300 have been completed, while several hundred are underway.

YIT is Finland’s biggest developer. It operates in a total of 11 countries: Finland, Russia, Scandinavia, the Baltic States, the Czech Republic, Poland and Slovakia.

For additional information, please see the press relase on YIT’s company website.

act legal Poland (BSWW) has advised Moderna Holding sp. z o.o. on the acquisition of 100% shares in Przedsiębiorstwo Budowlane “KOKOSZKI” S.A., a Gdańsk-based developer company. This purchase is a part of Moderna’s development strategy, seeking to secure a wider range of services and a stronger position as a leader in the Tri-City’s developer market. 

Following the transaction, Moderna’s portfolio features a usable residential area of 150k square meters, making it the leader in the Tri-City market. So far, Moderna has been pursuing high-end investments in multi-family and office buildings segment of the Tri-City and Warsaw market. The recent deal has expanded the company’s portfolio with a complementary developer project segment.

Moderna and Kokoszki will continue to operate as separate entities under the umbrella of Moderna Holding.

“Both companies have a similar organizational chart and operate within the same multi-family and office building segment, but have different target groups,” says Adam Małaczek, President of Moderna Holding Management Board. “We have gained immense potential to increase stability and liquidity of project implementation which, in light of complex administrative and civil regulations, will facilitate flexible process management and give us an edge over our competition. In the end, it is the buyers of standard and high-end apartments who will benefit the most from the transaction,” he adds.

Piotr Smołuch (Managing Partner) led the team of lawyers advising on the transaction. The team was made up of Jakub Salwa(Partner) and Michał Pawlak (Senior Associate).

The scope of legal services provided by the law firm covered a due diligence audit of the acquired company and its assets.

“This is yet another transaction in which we have supported Moderna. We are glad to have been able to take part in one of our Client’s key projects,” said Piotr Smołuch.

Moderna’s portfolio includes many appealing projects, such as BALTIQ PLAZA, Front Park, Oliwski Park i Oliwa 505 and Złota Chmielna Apartments. A few other investments in Gdynia, Gdańsk and Warsaw (Powiśle and Praga neighborhoods) are pending completion. Some of the most notable projects implemented by Kokoszki include the Sadowa and Niepołomicka residential estates, as well as Kokoszki Office.

Kokoszki has been operating since 1969, over time building an impressive portfolio of successful projects, including dozens of residential, special-use and commercial buildings, with the Baltic Philharmonic and Opera among them.

act legal Austria is again partner and sponsor of the AVCO annual conference this year, which takes place on 3 October 2019 in the Park Hyatt Vienna. Austria’s leading VC/PE event brings investors, service providers and entrepreneurs together. This year, market participants of the CEE region are invited – providing a day full of exquisite speakers, exciting panel discussions and gossiping in the private equity community.

Dr. Paul Koppenwallner, partner of WMWP, will chair the panel on “Creating Values – Market Development, Expectations and Channels”.

If you are interested, you will find all information here:

AVCO ANNUAL CONFERENCE 2019