Linklaters has advised Cornerstone Partners, a leading corporate and real estate private equity investment manager, on a strategic joint venture with Crestyl Group, a leading Czech developer of multi-purpose real estate projects. The first out of several planned joint venture projects of the new partnership is the acquisition of Budimex Nieruchomości, one of the largest Polish developers on the residential market for over PLN 1,5 bn. It is so far the largest transaction in Poland and Central and Eastern Europe in the last twelve months. Ultimately, the company is planned to be a major player in both residential for sale as well as the PRS sectors in Central and Eastern Europe. So far, Budimex Nieruchomości has built over 17 500 units with the record number of 1 672 units sold last year. Currently, the company is constructing several residential projects in five Polish cities.
The transaction was led by Janusz Dzianachowski, partner in the Warsaw real estate practice, and Michał Mieciński, counsel, supported by lawyers from Linklaters Luxembourg office: Catherine Kremer, managing associate, and Irene Sanne, associate.
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