The portfolio sale included a landbank in Krakow for the future construction of 1,300 apartments, 200 units already under development, Buma’s general contractor and Buma’s residential asset management team for a total value approaching 210 mln PLN. Additionally a conditional contract was signed between the Krakow-based operator and the Warsaw stock-listed residential developer for a further residential plot for almost 10 mln PLN.
The process which began at the start of June 2021 with the contacting of more than 50 potential counterparties finished successfully at the end of February 2022. Commenting on the transaction, Tom Leach said: ‘It was a relatively complex transaction to oversee given the wishes of the vendor for the prospective buyer to purchase not only the landbank and ongoing development sites but also to take over the general contracting business and the Grupa Buma team.’
Clifford Chance advised the Giovanni fund on legals.