act BSWW advises Finnish developer, YIT, on purchase of highly sought-after land in Sadyba
Finnish developer YIT Development, has purchased a land lot located at Nałęczowska street in Sadyba (a neighbourhood of Warsaw), with an eye on building nearly 300 apartments in Q4 2019 as part of the Nordic Sadyba project.
“We are proud to have succeeded in buying yet another appealing land plot in the Mokotów district of Warsaw. It is located in the historic section of Mokotów, called Miasto-Ogród Sadyba, that has long been famous for its characteristic buildings and unique ambience of the time when this part of city was home to military officers. This location is about to have access to fully-shaped urban amenities, convenient transport services and numerous green areas. In 2019, this project, together with the land lot in Bemowo district (purchased earlier), opens the way for YIT to build a total of almost 1,000 apartments,” says Tomasz Konarski, CEO of YIT in Poland.
act BSWW provided the developer with a full range of legal services with respect to this transaction. Their scope covered all transaction stages, from due diligence review of the land, through support during transaction negotiations, to acquisition of a pending investment project with a building permit.
The transaction has been handled by a team made up of Michał Wielhorski (team leader, Manging Partner at act BSWW), Michał Sołtyszewski (Partner), Mateusz Prokopiuk (Senior Associate) and Anita Woźniak (Senior Associate).
“We are more than glad to have earned the trust of the Client, who has chosen us to handle yet another of its major Poland-based projects,” says Michał Wielhorski. “We have long experience advising YIT on complex transactions, the most recent including purchase of land designed for Nordic Bemowo project and acquisition of Parkur Tower office complex,” he adds.
YIT is Finland’s leading developer, operating in 11 countries: Finland, Russia, Scandinavia, the Baltic states, the Czech Republic, Poland and Slovakia.
The company has been operating in Warsaw for over 3 years. Its first project, Nordic Mokotów, involved the construction of 340 apartments at the junction of Sikorskiego and Pory streets, with the last building, comprising 124 apartments, pending completion. Progress is also being made at Aroma Park residential estate, offering over 400 apartments. For now, the first two stages of the project, with a total of 171 apartments, are being implemented. In addition, YIT intends to build 400 apartments as part of Parkur Residence estate, with further 600 offered by Nordic Bemowo estate at the crossing of Lazurowa and Batalionów Chłopskich streets.