Goldman Sachs subsidiary to buy Polish residential developer
Bricks Acquisitions, part of the Goldman Sachs group, is to buy all shares of residential developer Robyg through a public tender on the Warsaw Stock Exchange. Bricks Acquisitions is to pay PLN 3.55 per share, which represents a total transaction price of around €244 million (PLN 1,027 million). Entries in the tender are to be accepted from 2 January, 2018 to 2 February, 2018.
“The management board is evaluating the tender offer and anticipates issuing a formal recommendation to Robyg’s shareholders over the coming days,” said Oscar Kazanelson, Chairman of the Supervisory Board of Robyg.
“The acquisition of Robyg represents an opportunity for Goldman Sachs to add value to a high quality real estate development platform, building on our local and global experience. We look forward to working alongside the management team to expand Robyg, providing capital and expertise to support the long term success of Robyg,” commented Tavis Cannell, Partner in the European Special Situations Group at Goldman Sachs.
Bricks Acquisitions has appointed Goldman Sachs International as sole financial adviser and Greenberg Traurig Grzesiak as legal adviser. Pekao Investment Banking has been appointed as the tender offer agent.