Greenberg Traurig advised REINO RF CEE Real Estate, the Luxemburg-based fund created as part of the strategic cooperation between REINO Capital and the Australian fund, RF CorVal, on the preliminary purchase agreements regarding the acquisition of the entire BUMA Group real estate portfolio.
The estimated value of the portfolio, which includes office buildings and mixed used (office and residential) development projects, is over PLN 1.3 billion. This transaction will also include further acquisition of all operational companies that are part of BUMA Group.
The Greenberg Traurig team is led by Local Partner Karol Brzoskowski. The multidisciplinary team of experts includes also: the real estate team – Senior Associate Kamil Majewski and Associate Filip Janeczko; the corporate team – Senior Associate Filip Kijowski and Associate Tomasz Denko; the banking and finance team – Senior Associate Paweł Jaśkiewicz and Associate Maja Gawrysiuk; the employment team – Local Partner Anna Hałas-Krawczyk and Associate Natalia Wołkowycka, and the antimonopoly team – Senior Associate Radosław Pawluk and Associate Filip Drgas. Partner Andrzej Wysokiński, supported by Senior Associate Paulina Kimla-Kaczorowska, was responsible for negotiations of the JV agreement between REINO Capital and RF CorVal.
“The successful management of such a sophisticated transaction requires comprehensive cooperation between experts from the real estate, M&A, antitrust, banking and employment teams. It should be emphasized that although Greenberg Traurig is top-ranked by international legal guides in the above-mentioned practice areas, the true verification of our knowledge and expertise is based on our clients’ trust,” said Local Partner Karol Brzoskowski.
“Due to the size of the real estate transactions carried out nowadays in Poland and the magnitude of the parties involved, a more sophisticated approach has needed to be developed. This is the fourth recent real estate transaction which Greenberg Traurig advised on that includes a capital markets aspect and where the target is a large real estate platform,” added Jolanta Nowakowska-Zimoch, Partner and Head of the Real Estate Group at the Warsaw Office of Greenberg Traurig.
In June 2019 REINO Capital, a commercial real estate holding company listed on the Warsaw Stock Exchange, signed a strategic partnership agreement with Australian investment company RF CorVal, to invest in a common asset management platform for the CEE region. RF CorVal is an Australian-based real estate fund manager with assets worth around USD 2 billion.
BUMA Group has been operating on the Krakow market since 1991 and is the oldest developer on this market. Over 25 years, the company has constructed about 2000 apartments, 300 single-family houses and office buildings with the leasable area of 260,000 sqm.