PL

POLAND Cornerstone and Crestyl to buy Budimex Nieruchomości

Residential
Corporate and real estate private equity investment manager Cornerstone Partners, together with Czech developer Crestyl Group, have entered into a contract to buy Polish residential developer Budimex Nieruchomości.

Other partners in the deal include blue chip financial investors. The transaction is subject to approval of Poland’s anti-monopoly authority UOKiK.

Budimex Nieruchomości is a subsidiary of Poland’s largest construction and engineering group, Budimex SA, which is listed on the Warsaw Stock Exchange and operates on the construction market. Since the beginning of its operations in 1999, Budimex Nieruchomości has built over 17,500 units in five major cities in Poland.

At Budimex Nieruchomości, we believe the synergy of the three companies will generate excellent business results, as well as effectively supporting the company’s growth and secure further expansion. We hope that the buyers’ combined experience will enable us to increase the scope of our operations and to diversify our business.
Damian Kapitan, the CEO of Budimex Nieruchomości

The main strategy of Cornerstone Partners, which was founded by Przemysław Krych in 2001, is to seek opportunities with a positive economic impact and long-term value for investors, regardless of the economic and market conditions. These have already included investments in sectors such as real estate, IT outsourcing, cable operators, renewable energy, healthcare and financial services.

This acquisition is the first step in building a leading player in both residential for sale as well as the PRS sector. Together with Crestyl Group, we plan to turn it into a major player in the CEE region.
Paweł Dębowski, a managing partner of Cornerstone Partners

Crestyl is currently involved in the development of more than fifteen sites across the Czech Republic with a total investment value exceeding EUR 1.2 bln. The projects include mixed-use residential, retail and office properties.

We are very excited to enter the Polish market. Its residential sector, which is still very fragmented, presents us with enormous opportunities. This partnership together with the existing leadership team will allow us to make the best of it.
Omar Koleilat, the CEO of Crestyl Group

Dentons’ Warsaw practice acted as the legal advisor for this deal, Colliers International provided commercial advice, Warsaw-based MDDP was the financial and tax advisor, Europtima conducted the technical due diligence, while BCLA Bisiorek Cieśliński i Wspólnicy performed all the real estate due diligence.

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