Category: Poland

Dentons has advised Cavare on the sale of the Ostrobramska Project in Warsaw to LifeSpot. Rymarz Zdort Maruta advised LifeSpot.

Cavare is a part of the Cavatina Group responsible for the development of private rental sector projects.

LifeSpot is a long-term rental platform belonging to a fund managed by Griffin Capital Partners.

According to Dentons, the forward funding transaction involved the disposal of an investment site on Ostrobramska Street together with a project to build over 140 apartments under a development management agreement formula. “Construction of this build-to-rent project will be completed by Cavare in Q3 2025 and will comprise apartments of various sizes, with a predominance of studio and two-bedroom units.”

Earlier this year, Dentons advised on AT Capital’s sale of a real estate property in Warsaw to Dantex and Cavatina (as reported by CEE Legal Matters on June 24, 2024).

The Dentons team included Co-Managing Partner Bartlomiej Kordeczka, Managing Counsel Martyna Racz-Suchocka, Senior Associate Agata Koczorowska, and Associate Martyna Kaminska.

The Rymarz Zdort Maruta team included Partner Piotr Fedorowicz and Associates Alicja Szymanska and Rafal Cwiklinski.

Clifford Chance has advised Santander and Citi as the initial purchasers on the debut EUR 300 million green bond issuance of MLP Group.

MLP Group is a European logistics and industrial platform headquartered in Poland.

According to Clifford Chance, “listed on the Warsaw Stock Exchange, this offering marks MLP Group’s initial international debt issuance and a milestone in its development. The proceeds of the offering will be used to finance sustainable projects to help deliver environmental benefits to MLP’s existing and future sites.”

The Clifford Chance team included Warsaw-based Partner Andrzej Stosio, Of Counsel Grzegorz Namioktiewicz, Counsel Aleksandra Rudzinska, and Legal Intern Wojciech Janowski as well as further team members in London.

Clifford Chance did not respond to our inquiry on the matter.

White & Case has advised a consortium of 16 Polish and international banks on a revolving credit facility of up to EUR 2 billion for Orlen. DLA Piper reportedly advised Orlen.

Orlen is a multi-energy conglomerate operating mainly in Central Europe.

According to White & Case, the loan is a dual-currency instrument, available in EUR and USD, and will be used to finance Orlen’s ongoing operations.

The White & Case team included Warsaw-based Partner Grzegorz Abram and Associates Magdalena Bachleda-Ksiedzularz and Marlena Skowronska as well as Prague-based Partner Jonathan Weinberg and Local Partner Radek Kraus.

Rymarz Zdort Maruta has advised the bankruptcy trustee of Getin Noble Bank and Idea Bank on the sale of a total holding of approximately 86.83% of the shares in Noble Funds TFI fund management company to VeloBank.

According to Rymarz Zdort Maruta, “the proceeds from the sale of the fund management company will go to the creditors of the bankrupt banks. The transaction is subject to approval by the judges-commissioners of Idea Bank and Getin Noble Bank and by the Polish Financial Supervision Authority.”

Noble Funds TFI specializes in creating and managing open-end and closed-end investment funds, renders asset management services involving the management of individual securities portfolios, and provides investment consultancy.

VeloBank is a universal bank based in Warsaw that was formed as a result of the process of resolution of Getin Noble Bank conducted by the Bank Guarantee Fund.

Earlier this year, Rymarz Zdort Maruta advised on the Bank Guarantee Fund’s sale of VeloBank to Cerberus (as reported by CEE Legal Matters on April 5, 2024).

The Rymarz Zdort team included Partners Magdalena Pyzik-Walag, Lukasz Gasinski, Filip Lesniak, Katarzyna Lukaszewicz, and Zbigniew Okon, Counsel Piotr Zawacki, and Senior Associates Lukasz Karasek, Diana Sofu, Mateusz Palian, and Tomasz Kordala.

Rymarz Zdort Maruta did not respond to our inquiry on the matter.

White & Case has advised Powszechna Kasa Oszczednosci Bank Polski as the issuer on a PLN 1.5 billion (approximately EUR 350 million) subordinated capital bonds issuance.

According to White & Case, “the bonds were offered to qualified investors through a non-prospectus public offering and will be introduced to trading on the Warsaw Stock Exchange’s alternative trading system. The bonds are registered with the National Depository for Securities. They will be qualified as the issuer’s tier II instruments upon approval from the Financial Supervision Authority.”

Recently, the firm advised PKO Bank Hipoteczny on its PLN 500 million issuance of mortgage-covered bonds due October 24, 2028 (as reported by CEE Legal Matters on October 30, 2024). Earlier this year, White & Case advised on PKO Bank Polski’s EUR 750 million green notes issuance (as reported by CEE Legal Matters on September 24, 2024), on a PLN 500 million mortgage-covered bonds issuance (as reported by CEE Legal Matters on July 18, 2024), and on its PLN 1 billion issuance of mortgage-covered bonds (as reported by CEE Legal Matters on April 5, 2024). Moreover, White & Case advised the joint bookrunners on PKO Bank Polski’s EUR 500 million notes issuance (as reported by CEE Legal Matters on June 27, 2024) and advised the joint bookrunners on PKO Bank Polski’s earlier EUR 500 million issuance (as reported by CEE Legal Matters on April 10, 2024). Finally, the firm also advised PKO Bank Hipoteczny on all three of its 2023 issuances of PLN-denominated covered bonds under its International Covered Bond Program (as previously reported by CEE Legal Matters on November 8, 2023, July 4, 2023, and February 15, 2023).

The White & Case team in Warsaw included Partner Grzegorz Abram, Local Partner Pawel Zagorski, and Associate Maciej Kujawa.

CMS has advised The Boeing Company on an offset agreement with the Ministry of National Defence of Poland.

According to CMS, “the offset agreement represents a significant step toward finalizing the approximately USD 10 billion Foreign Military sale by the United States Government to Poland of 96 AH-64E Apache helicopters, which will significantly enhance Poland’s defense capabilities.”

The CMS team included Partners Wladek Rzycki and Rafal Morek and Senior Associates Stanislaw Michalowski and Karol Jaworecki.

CMS could not provide additional information on the matter.

DWF has advised Worldline on the acquisition of the remaining 45% of shares in SoftPos from minority shareholders leaving Worldline as the sole shareholder.

Worldline is a financial services and settlement and payment services company.

SoftPos is a Polish IT company that has developed an application allowing mobile phones to function as payment terminals. 

According to DWF, the acquisition involved purchasing the 45% stake held by minority shareholders, adding to the 55% of shares that Worldline acquired in 2022. With full ownership of SoftPos, Worldline aims to strengthen its position in the payment services market by integrating SoftPos’s technology into its portfolio.

The DWF team included Senior Counsel Radoslaw Biedecki and Associate Kamil Ciodyk.

White & Case has advised PKO Bank Hipoteczny on its PLN 500 million issuance of mortgage-covered bonds due October 24, 2028.

PKO Bank Polski was the sole bookrunner and PKO Bank Polski Oddzial – Biuro Maklerskie w Warszawie was the issue agent.

According to White & Case, “the transaction represents the first issuance following a precedent-setting update of PKO Bank Hipoteczny’s International Covered Bond Program, which allows it to issue PLN-denominated dematerialized covered bonds on the local market with registration in the Polish National Depository System as primary depository.”

Earlier this year, White & Case advised on PKO Bank Polski’s EUR 750 million green notes issuance (as reported by CEE Legal Matters on September 24, 2024), on a PLN 500 million mortgage-covered bonds issuance (as reported by CEE Legal Matters on July 18, 2024), and on its PLN 1 billion issuance of mortgage-covered bonds (as reported by CEE Legal Matters on April 5, 2024). Moreover, White & Case advised the joint bookrunners on PKO Bank Polski’s EUR 500 million notes issuance (as reported by CEE Legal Matters on June 27, 2024) and advised the joint bookrunners on PKO Bank Polski’s earlier EUR 500 million issuance (as reported by CEE Legal Matters on April 10, 2024). Finally, the firm also advised PKO Bank Hipoteczny on all three of its 2023 issuances of PLN-denominated covered bonds under its International Covered Bond Program (as previously reported by CEE Legal Matters on November 8, 2023, July 4, 2023, and February 15, 2023).

The White & Case team in Warsaw included Partner Marcin Studniarek, Local Partner Bartosz Smardzewski, and Associates Michal Truszczynski and Dawid Ksiazek.

DWF Poland has successfully represented Mostostal Warszawa in a commercial dispute against one of its contractors.

Listed on the Warsaw Stock Exchange, Mostostal Warszawa is a Polish construction company.

According to DWF Poland, the dispute concerned a contract for the execution of a specialized installation in a construction project. The contractor had filed a lawsuit against Mostostal Warszawa, but the claim was rejected in its entirety by the court of first instance.

The DWF team included Counsel Michal Szumbarski and Associate Przemyslaw Budny.

Linklaters has advised Resi4Rent on the acquisition of a plot of land at 127 Kilinskiego Street in Lodz.

Resi4Rent is a subscription-based apartment rental provider in Poland. According to Linklaters, following the acquisition, “the plot was developed into a flex living complex, adding 287 units to the city’s rental market in August of this year.”

In 2020, Linklaters advised Resi4Rent on the acquisition of residential buildings in Warsaw, Wroclaw, and Lodz (as reported by CEE Legal Matters on December 30, 2020) as well as on another acquisition of an apartment building in Wroclaw as reported by CEE Legal Matters on January 17, 2020). 

The Linklaters team included Managing Associate Tomasz Trystula and Associates Filip Witaszek and Joanna Roman.

Linklaters could not provide additional information on the matter.