CMS has provided advice to Bank Gospodarstwa Krajowego, and Jedwabny & Brzozowska Legal has advised Polish family company Polcom Group, in relation to financing the construction of a Courtyard by Marriott hotel in Edinburgh. The value of the project is GBP 14 million.
The hotel in Edinburgh, which is co-owned by Polcom Group, was officially opened on 22 November 2017. Ultimately it will be financed by three entities: Polcom Group, Fundusz Ekspansji Zagranicznej and BGK, which provides 60 percent of the financing (GBP 8.5 million). Polcom and FEZ, managed by PFR TFI, will take up 51 percent and 49 percent of shares respectively. Polcom has announced a further investment that may exceed the value of GBP 120 million, meaning it will be the largest Polish investment in the UK.
The CMS team that advised BGK on the provision of financing for this project was headed by Tomasz Zwoliński (counsel, legal advisor), and comprised Jakub Rachwol (senior associate, legal advisor) and Maciej Dobrzelak (lawyer, trainee advocate), in cooperation with the CMS Banking and Finance Team in Edinburgh.
Legal firm Jedwabny & Brzozowska Legal advised Polcom Group in the process of obtaining a credit facility, the first in the company’s history to finance a construction project. Tomasz Jedwabny (legal advisor) and Magdalena Brzozowska (legal advisor), partners of the law firm, worked on the transaction.