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POLAND Budimex Nieruchomości changes hands for PLN 1.51 bln

Residential
Polish private equity firm Cornerstone Partners and Czech developer and investor Crestyl have finalised the PLN 1.51 bln acquisition of Polish residential developer Budimex Nieruchomości.

The acquisition was originally announced in February. A strategic partnership has also been signed between Budimex Nieruchomości and Swedish rental residential developer and investor Heimstaden Bostad for the latter to acquire 2,500 apartments from the former over the next five years.

Budimex Nieruchomości, which was previously part of the Budimex group, has built more than 18,600 housing units in five major Polish cities (Warsaw, Kraków, Poznań, Gdańsk and Wrocław) since starting operations in 1999. In the last year alone, it sold almost 1,700 apartments, and currently has 19 construction projects underway. Budimex Nieruchomości has app. 150 employees and assets approaching EUR 500 mln.

Together with Crestyl, we would like to establish the company as a significant player in the area of residential real estate sales and rentals in the CEE region. This acquisition is the first step towards achieving that goal.
Paweł Dębowski, the managing partner of Cornerstone Partners

Dentons, Linklaters and BCLA acted as legal advisors on the deal. Colliers provided commercial advice, while Gamut Analytics was responsible for the debt structuring, Warsaw-based MDDP acted as the financial and tax advisor, while Europtima conducted technical due diligence.

The acquisition is Crestyl’s first outside the Czech market, where it is currently developing more than fifteen sites with a total investment value exceeding EUR 1.2 bln.

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