Category: Press releases

Adventum International, an investment fund operating internationally, has purchased Katowice Business Point. Covering a usable area of over 17,500 sq.m., the building is located in a fast-growing district of Katowice. It is the third project launched by the investment fund in Poland over just seven months – in June and October, Adventum purchased Poznań Financial Centre (Poznań) and Renaissance Plaza (Warsaw).

Katowice Business Point is located at Ściegiennego 3, in the direct vicinity of the largest shopping mall in the Silesia region – Silesia City Center, and one of the most prestigious residential estates in Katowice – Dębowe Tarasy. As a business location, it offers many perks, easy access to transport services being one of them.

act BSWW advised the buyer throughout the purchase of shares in the company owning Katowice Business Point. The services provided by the law firm included due diligence audit of the property, drafting transaction-related documents, negotiation support and transaction-related advice.

The project team was led by Marek Wojnar (attorney-at-law and Managing Partner, co-heading the real estate practice of the law firm) and Marta Kosiedowska (attorney-at-law, Partner), with the support of Katarzyna Góra (attorney-at-law, Senior Associate). Due diligence audit was prepared under the direction of Magdalena Banaszczyk-Głowacka (attorney-at-law, Partner).

– The fund’s investment strategy focuses on office and retail projects in the CEE region, Poland in particular, says Marta Kosiedowska, Partner at act BSWW. We are happy to see the dynamic development of our Client’s projects and appreciate the trust placed in us, she adds.

Adventum is a group of boutique investment fund management companies focused on Central European real estate investments. The Group’s personnel includes highly experienced real estate professionals with CFA, NRW and MRICS qualifications, with a combined investment experience of 70+ years. The management has so far executed investments in the CEE region with a total value of over EUR 1.5bn.

The seller was represented by Dentons.

Buma Group, a developer based in Kraków, has launched the third and final stage of the Wadowicka 3 project. Building C is the last element of the office complex to be completed. It is an 8-storey class A building with a leasable area of 10,400 sq.m, constructed on the basis of a modern design prepared by Medusa Group. Each storey covers approx. 1,400 sq.m. of leasable space.

act BSWW was advising Buma Group throughout the investment process, from real property purchase, through financing, the leasing process and ongoing advisory, to advice on the post-completion stage of the project.

The project team was led by Michał Wielhorski (Managing Partner). He was supported by Alicja Sołtyszewska (Partner) and Mateusz Prokopiuk (Senior Associate), who advised on lease and financing-related issues respectively.

“It is another is a series of major projects ran by Buma Group that we had the opportunity to assist on,” said Michał Wielhorski. “We are happy to see the dynamic growth of our Client,” he added.

The Wadowicka 3 office complex is made up of three independent 8-storey class A buildings, offering a total office area of over 31,000 sq.m. as well as retail and service premises on the ground floors. It is located in the Podgórze quarter of Kraków, in the vicinity of Rondo Matecznego – one of the main transport hubs in Kraków.

Buma Group is the leader in the office market in Kraków. Its projects include office and residential developments, real property management and general contracting for investments and facades. Over the last thirty years, the company has completed more than a dozen residential and office projects, the latter covering a leasable area of 250,000 sq.m.

The construction of MidPoint71, Echo Investment’s office building in Wrocław, has kicked off. It is one of several of the developer’s projects in this city. The building, covering close to 37k m2 of modern office space, is located at Powstańców Śląskich Street.

After this year’s launch of West 4 Business Hub (office project), Echo Investment obtained a construction permit in respect of another office building, to be erected at Powstańców Śląskich 9 in Wrocław. Centrally located and elegantly designed, the MidPoint71 project offers a modern working place and well-thought-out common spaces.

The project will soon become a part of Wrocław’s landscape. It will feature a unique and striking façade covering the first 6 of the 14 floors of the building, as well as numerous terraces, adding further recreational spaces for tenants.

The building’s ground floor will feature services, a restaurant and convenient common spaces which may be used for casual meetings or breaks at work.

The building occupants, as well as Wrocław residents will be also able to enjoy attractive and carefully designed area surrounding the building.

act BSWW has advised on the purchase of land, where the MidPoint71 project is to be implemented, providing a full range of transaction-related services (including a due diligence audit of the land lot).

Michał Wielhorski (Managing Partner), supported by Mateusz Prokopiuk (Senior Associate) led the team handling the transaction.

“We are happy to work with Echo Investment on the MidPoint71 project, which is one of several land acquisitions by the Client we advised on, including the unique mixed-use project in Łodź called Fuzja, which is meant to return the buildings and area of the former Scheibler’s factory to Łódź residents,” said Michał Wielhorski.

The developer promotes the project under the slogan “Hit the point – MidPoint71,” relying on the building’s excellent location. “MidPoint” is a reference to city center, while “71” is taken from Wrocław’s city code to stress the spirit of Wrocław that the place is designed to embody.

A short video of project implementation is available here.

We are pleased to inform that we have been nominated for Eurobuild Awards in the Law Firm of the Year, Poland category.

It has been a busy year for our real estate team who provided advice on numerous office, business, residential and logistic projects. We are proud to be among the nominees for the award.

A decade ago, “Eurobuild CEE” magazine embarked upon a project aimed at giving due recognition to those companies that had made crucial contributions to the creation of the commercial construction and property market in Central and Eastern Europe: The Eurobuild Awards. The Awards ceremony has become recognised as one of the most important events on the market and each year is attended by the entire elite of the sector.

The slogan of this year’s tenth anniversary of the event is “A Decade of Success”. The Eurobuild Awards Gala will be held on 3 December 2019 in Warsaw.

The prizes are awarded in four main categories: The Jury Awards, The Tenants Awards, The Popular Choice Awards and The Lifetime Achievement Award. This year, The Decade Awards will be also presented.

You can get more information here.

Adventum International, a global property investment fund, has acquired Renaissance Plaza. The office building is located right next to Wola – the fastest-growing quarter of Warsaw. This is the fund’s second investment in Poland within just four months, following the June purchase of Poznań Financial Centre.

Renaissance Plaza is a 7-storey B+ class building with a total area of 10,000 m2, located in the Wola district of Warsaw, close to Rondo Daszyńskiego, the city’s most rapidly growing section. The building is fully occupied by Orange Polska S.A. It was extended in 1998 and underwent substantial renovation in 2016.

Adventum QUARTUM, a Maltese investment fund, acquired the building from REInvest Asset Management.

“Under the Adventum QUARTUM fund we intend to utilise a further EUR 150 million in the forthcoming months for office and retail properties with special focus on Poland. We are glad to have undertaken our second such transaction with REInvest Asset Management,” says Andras Marton, Director at Adventum International.

act BSWW was advising its client throughout the process of acquisition of Renaissance Plaza. The scope of services included a due diligence review of the property, preparation of transaction documents, as well as support in negotiations and transaction advisory.

The project team was led by Marek Wojnar (Managing Partner) and Marta Kosiedowska (Partner). They were supported by Michał Sołtyszewski (Partner).

“It is the second out of several transactions on which we have advised Adventum International,” says Marta Kosiedowska.

“We are pleased to have won the client’s trust and to take part in building our Client’s investment portfolio in Poland,” adds Marek Wojnar.

Deloitte supported the purchaser within the scope of financial advisory. The seller was supported by MFC Real Estate and CMS Cameron McKenna.

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).

act 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.

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 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.

An online training simulator for surgeons performing procedures with the da Vinci robot has arrived at Kliny Hospital [Szpital na Klinach]. The SimNow simulator is the first online training tool of its kind in Poland. act BSWW has contributed to the success of the transaction and delivery of the equipment.

Within just a few months, Kliny Hospital has become one of the most efficient and patient-friendly medical facilities in Central and Eastern Europe. The hospital’s success has been driven by the combination of the best doctors in their fields and state-of-the-art technology. Kliny Hospital, a landmark healthcare project in the Polish market, has been assisted by act BSWW from the very beginning.

The law firm represented the hospital in negotiations with the provider of the da Vinci surgical system (one of just seven used in Poland). Recent days have seen the execution of an agreement for delivery of an online training simulator for surgeons performing procedures with the da Vinci robot. The SimNow simulator is the first training system of its kind in Poland. It is produced and patented by an American corporation, Intuitive Surgical.

“We are pleased to have been given the opportunity to advise on the purchase of the cutting-edge da Vinci technology, which has further led to the delivery of the simulator,” says Piotr Smołuch, Managing Partner at act BSWW, who headed the project team.

The da Vinci robotic surgical system is an advanced medical technology of immense potential. Not only does it facilitate surgical procedures that are key for successful treatment of most common conditions, but it also helps tackle many treatment challenges, e.g. by mitigating the risk of postoperative complications and reducing the patient recovery period.

“From the moment our healthcare facility opened, we have seen growing interest in robot-assisted procedures. Their benefits attract a lot of interest from patients and, most importantly, doctors whose job is to come up with a treatment plan that will be best suited to the patient’s needs. Surgical procedures performed with the da Vinci system, offering instruments designed with seven degrees of freedom and equipped with micro-tools that allow 10-fold magnification of the 3D vision of the surgical field, are as precise as it gets,” says Joanna Szyman, Management Board President at Kliny Hospital.

Over 5000 da Vinci surgical systems have been installed worldwide. They are used for approx. 170 types of surgical procedures, especially uterine surgeries, prostatectomy and large bowel resection, but also bladder and kidney surgeries. The number of procedures assisted by the da Vinci robot grows every year. One million operations were carried out with this technology in 2018, marking a 18% growth against the previous year. So far, 6 million da Vinci robot-assisted operations have been conducted worldwide.

Finland’s leading developer, YIT Development, has purchased a land lot located at Nałęczowska street in Sadyba (a neighborhood of Warsaw), with an eye on building nearly 300 apartments in Q4 2019 as part of Nordic Sadyba project.

“We are proud to have succeeded in buying yet another appealing land lot 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.