Category: Poland

  • DZP Advises Polish Ministry of Development on PPP Project for Construction of Investor Assistance Center in Krakow

    DZP Advises Polish Ministry of Development on PPP Project for Construction of Investor Assistance Center in Krakow

    DZP is reporting that it is part of a consortium with Mott MacDonald and Crido Taxand which has agreed to provide legal, economic, financial, and technical assistance to Poland’s Ministry of Development and the City of Krakow for the implementation of a public-private partnership project titled “Building, Maintenance and Management of the Investor Assistance Center (Krakow) in Krakow.”

    According to DZP, “the investment cost of the project is over PLN 200 million and the expected contract term is 25 years. The predicted model of the private partner’s remuneration is the “availability fee”; i.e., the periodic payments from the Krakow city budget related to the availability of the object. Construction of COI is one of the key investments implemented in the PPP form on the map of Krakow. The building is a public utility building that will become the seat of the Departments and Offices of the Krakow City Council participating in the investment process.”

    The project will be implemented for DZP by a team led by Partner Marcin Krakowiak and Senior Associate Magdalena Zablocka.

  • Przemyslaw Kozdoj Joins Wolf Theiss Warsaw as New Head of Banking and Finance

    Przemyslaw Kozdoj Joins Wolf Theiss Warsaw as New Head of Banking and Finance

    Przemyslaw Kozdoj has moved from Greenberg Traurig in Poland to joined the Warsaw office of Wolf Theiss as a Partner and head of the Banking and Finance practice group.

    According to Wolf Theiss, “Kozdoj has been advising foreign and domestic banks and investors on various aspects of financial transactions and regulatory matters for almost 20 years. He has participated in numerous real estate transactions, including the financing of some of the most prestigious shopping centers, office buildings, logistics centers, and hotels in Poland and Russia. Przemysław’s experience also includes the financial restructuring of one of the largest Polish companies, with subsidiaries in several jurisdictions, and advising on various financial aspects of significant M&A and capital market transactions.”

    Kozdoj was a Local Partner at Greenberg Traurig, which he joined in February, 2013. Before that he spent six years at Allen & Overy, also in Warsaw.

    Kozdoj brings colleague Michal Kulig with him from Greenberg Traurig. Kulig joins Wolf Theiss as a Senior Associate in the Banking and Finance practice group.

    “I am very excited about my new role and the opportunities it brings,” said Kozdoj. “Clients will benefit from the truly world-class excellence of advice, of which Wolf Theiss is famous for in so many jurisdictions in the CEE/SEE region. I am sure that this level of excellence will also be a hallmark of our Polish Banking and Finance practice group. The welcoming and collaborative nature of Wolf Theiss encourages the sharing of know-how and ideas. In Poland and in each of our jurisdictions, we listen to our clients to better fulfil their expectations and implement innovative  solutions.”

    Ron Given, Co-Managing Partner of the Wolf Theiss Warsaw office, added, “Przemysław Kozdoj and Michal Kulig are very important to the unfolding success story of Wolf Theiss Warsaw. They bring a client and professional excellence focus that is at the core of what Wolf Theiss is all about and perfectly compliment our existing banking and finance team of Stefan Feliniak and Piotr Ziolkowski, who have worked so hard to bring these new team members on board. With Przemyslaw in the lead, I know our supplemented team will really be offering the right stuff to our clients.”

  • Hogan Lovells and White & Case Advise on EUR 3 Billion Mortgage-Covered Bonds Program in Poland

    Hogan Lovells and White & Case Advise on EUR 3 Billion Mortgage-Covered Bonds Program in Poland

    Hogan Lovells has advised mBank Hipoteczny S.A. on establishing a mortgage-covered bonds program up to the maximum total nominal value of EUR 3 billion (or the equivalent in another currency). White & Case was the counsel for both program arranger and dealer Commerzbank AG and other dealers, which include Erste Group Bank AG, J.P. Morgan Landesbank Baden-Wurttemberg, and Societe Generale Corporate & Investment Banking. The program instituted by mBank Hipoteczny S.A. is the second international program for the issuance of covered bonds established by a Polish mortgage bank.

    On July 6, 2017, the Luxembourg Financial Sector Supervision Authority approved the base prospectus prepared in connection with the admission of the covered bonds issued under the EUR 3 billion program to the regulated market of the Luxembourg Stock Exchange. The minimal nominal value of each covered bond is EUR 100,000. Fitch Ratings gave the program an A rating (with a positive outlook).

    According to Piotr Zawislak, the Partner leading the Hogan Lovells Warsaw capital markets and structured finance practice who led his firm’s team on the deal, “through the establishment of the EUR 3 billion international covered bonds program, mBank Hipoteczny S.A. has proved its position as the leader in the Polish mortgage bank sector, and has secured international sources of financing for its lending activities. According to the issuer, the covered bonds issued under the program are intended to be listed on the Luxembourg Stock Exchange and thus meet the European Central Bank’s eligibility criteria for these debt instruments.”

    According to Hogan Lovells, “mBank Hipoteczny S.A., which has been present on the Polish market since 1999, is the largest mortgage bank in Poland in terms of total assets and total loan volume, and has the longest history as a covered bonds issuer on the Polish capital market. It plays a leading role on the real estate financing market and issuing covered bonds. mBank Hipoteczny S.A. finances many commercial investments including office buildings, retail space and warehouses, logistic centres and services, hotels, and other commercial properties. In the retail section, mBank Hipoteczny S.A. (in collaboration with its parent company, mBank S.A.) grants mortgage loans to natural persons. The bank’s loan offers are complemented by its market analyses and consultancy services addressed to investors and commercial real estate entities.”

    Also according to Hogan Lovells, “the covered bonds issued by mBank Hipoteczny S.A. constitute the primary source for refinancing its activity. According to bank sources, the total nominal value of the outstanding covered bonds issued by mBank Hipoteczny S.A. amounts to approximately PLN 5.2 billion (as of 30 June 2017).

    Covered bonds are debt securities which are issued exclusively by specialist mortgage banks in accordance with the Polish Covered Bonds Act of the 29th August 1997, and are backed by loan receivables secured by mortgages entered in the land and mortgage register with the highest priority. They are therefore, considered one of the safest financial instruments on the capital market.”

    In addition to Zawislak, the Hogan Lovells team advising mBank Hipoteczny S.A. on Polish-law matters related to the transaction included Warsaw-based Lawyer Artur Bilski, Warsaw-based Partner Andrzej Dębiec and Counsel Zbigniew Marczyk. London-based Hogan Lovells Partner Julian Craughan, Counsel Marc Mouton, and Associate Victoria Hewitson were responsible for the English law issues.

    The White & Case team advising the arranger and dealers on Polish law was supervised by Partner Marcin Studniarek, coordinated by Counsel Bartosz Smardzewski, and included Associates Michal Jadwisiak and Katarzyna Grodziewicz, with Counsel Grzegorz Jukiel responsible for tax law advice. London-based White & Case Partner David Barwise and Frankfurt-based Partner Jochen Artzinger-Bolten provided legal advice on English law.

  • Banaszek Becomes GC at Mercedes-Benz Manufacturing Poland

    Banaszek Becomes GC at Mercedes-Benz Manufacturing Poland

    Krzysztof Banaszek has become the first General Counsel at Mercedes-Benz Manufacturing Poland sp. z o.o.

    Prior to his accepting the offer to become the newly-established company’s first General Counsel he covered the company’s legal matters for nine months as a secondee from Noerr.

    Speaking to CEE Legal Matters, Banaszek explained that: “I’ve been with Mercedes-Benz Manufacturing Poland virtually since its incorporation in July 2016: First as a secondee from Noerr and recently as a general counsel. During that time I got to know the group, the company and the team very well, which certainly will help me to better understand the business. I’m very happy to be a part of the organization and I look forward to the challenges ahead.”

    Banaszek joined Noerr in 2010 and stayed there until making the formal move to Mercedes-Benz Manufacturing Poland this month.

  • Linklaters Advises on Acquisition of Controlling Stake in Groupauto Polska

    Linklaters Advises on Acquisition of Controlling Stake in Groupauto Polska

    Linklaters has advised Alliance Automotive Group, a distributor of light and commercial vehicle parts to the independent aftermarket in France, Germany, and the UK, on the acquisition of a 51.3% controlling stake in Groupauto Polska from eight individual shareholders. Porebski i Wspolnicy advised the sellers on the transaction, which remains subject to the approval of the Polish Competition Authority, with completion expected by the end of September 2017.

    The Linklaters team was led by Partner Tomasz Zorawski and Managing Associate Klaudia Krolak, supported by lawyers from the firm’s corporate, competition, employment, IP and tax law practices.

    The Porebski i Wspolnicy team was led by Olgierd Porebski.

  • Lukasz Wegrzyn and Maciej Zackiewicz Appointed to Partner at Maruta Wachta in Poland

    Lukasz Wegrzyn and Maciej Zackiewicz Appointed to Partner at Maruta Wachta in Poland

    Lukasz Wegrzyn and Maciej Zackiewicz have been appointed to Partner at Maruta Wachta, responsible for coordinating the firm’s Digital & Agile Transformation practice and the IT Vendor Desk, respectively.

    Wegrzyn specializes in IT law, covering what the firm describes as “the legal and regulatory side of [the] large-scale digital transformations process.” According to Maruta Wachta, “he focuses on adapting agile & DevOps methods into IT contracts and cloud computing transition projects.”

    Before joining Maruta Wachta in Aprl 2013 Wegrzyn worked briefly at Bird & Bird in Warsaw and for a year and a half in-house with Viacom Inc. He is a lecturer at the Faculty of Mathematics, Computer Science and Mechanics, Warsaw University.

    Wegrzyn commented that “I’m extremely happy to be a part of the organization, that is recognized as a real understanding technology law firm. We believe that digital transformation requires not only technology and business issues but also a legal and regulatory support, which we are more than happy to offer to our clients.”

    The IT Vendor Desk coordinated by Maciej Zackiewicz is, according to Maruta Wachta, “the very first Polish team concerned exclusively with providing service to software houses.” The firm describes Zackiewicz as “a lawyer with a profound understanding of technological business,” and says that “he assists IT Vendors during the signing of contracts, [sales], and IT projects’ realization, as well as resolving their day-to-day legal problems.”

    Zackiewicz has been a member of Maruta Wachta’s team since 2009. According to Maruta Wachta, “he is a lecturer of Technology Law at the Leon Kozminski Academy in Warsaw and a stipendist at the University of Antwerp (Belgium) and the University of Ljubljana (Slovenia).”

    “The nomination has made me genuinely happy,” said Zackiewicz. “It is not only my great honor, but primarily a significant achievement of the whole IT Vendor Desk Team, which supports IT Vendors every day, bringing their businesses to higher levels. Together, we contribute to the image of Maruta Wachta as a company which brings a real value to its clients in the field of an overlap of business, technology, and law.”

  • KKLW Partners Advise Polish Government on New PPP Strategy

    KKLW Partners Advise Polish Government on New PPP Strategy

    KKLW has announced that Partners Jacek Kosinski and Michał Kurzynski are members of the Advisory Group to the Polish Ministry of Development and that, on Friday, July 28th, Poland’s government accepted the new Public-Private Partnership strategy the Ministry prepared as part of its Strategy for Sustainable Development. According to KKLW, “the new PPP strategy aims to conclude 100 new public-private partnership agreements by 2020.”

    According to KKLW, Kosinski and Kurzynski “advised Poland’s Ministry of Development during the analysis of PPP in Poland, as well as during the preparation of the new strategy, which also includes legislation changes. The new bill will implement changes in the real estate taxes and will allow an increase of parking fees in the city centers.”

  • The Buzz in Poland: Interview with Michal Karwacki of Squire Patton Boggs

    The Buzz in Poland: Interview with Michal Karwacki of Squire Patton Boggs

    The Buzz in Poland, according to Michal Karwacki, Partner at Squire Patton Boggs, is that while most of the big cap transactions planned for 2017 have already been tasked (with the exception of the potential exit of Warburg Pincus from Inea), the mid-cap transactional market in the country remains highly active. Indeed, says Karwacki, “the mid cap market is quite speedy, and I believe that we will hear about many such transactions just after the summer, with the most interesting targets being in the automotive, logistics, and consumer goods sectors.”

    Karwacki confirms that Poland experienced the same slow start to M&A work in 2017 described by counterparts in Hungary and Austria recently, and he confirmed that, as in those countries, the last few months have picked up substantially. “The first half of the year was slow,” he says, “but now it’s really popping and I believe you will see an increase after the summer.”

    In addition, he says, litigation is also really active, notably between private companies and state or state owned enterprises, including in particular the recent suit worth over PLN 1.2 billion filed by Invenergy against Tauron or the PLN 2 billion plus award to Abris Capital made by the International Arbitration Court in Stockholm against the Polish State. In addition, he says, “the other departments seeing a lot of growth is Real Estate,” with those practices around the Polish market expanding, “even when other departments may not be growing.”

    When asked about the surprising decision by Polish President Duda to veto two bills that would have given the country’s populist government sweeping powers over the courts, Karwacki reports that, in fact, the primary affect may be its salutary effect on foreign investors. “We can only see one good sign of it,” he says. “That the policies of the country will not depend only on the ruling party. That they will need to take into account the President.” In Karwacki’s view, “this can only be seen as a positive sign to investors who might be concerned about the state of our democracy; to lower those fears.” He suggests it “might impact the market, by generating more enthusiasm and confidence, and demonstrating that, in the long term, nobody will destroy the pillars of democracy.”

    Otherwise, Karwacki agrees with previous reports that, despite international concerns, there’s been little visible affect on investment into the country. “So far business has been good irrespective of the political changes,” he says, “and I believe that it is ok.” Indeed, he reports a fairly quiet legislative agenda at the moment, and says, “but that’s a good sign, maybe — less interference with the economy is better. I can only say things regarding the macro economy. In terms of fiscal issues, there is no deficit, and investment-side in Poland is quite high. which is of course good for Poland and for the CEE region.”

    Finally, he’s asked if there are any changes or developments of significance in the legal market itself. “In terms of international law firms I do not see anyone who will be growing,” he says. ” think it’s rather a stabilizing or working within current structures to be effective. It’s not about growth; it’s about trying to find better ways and a good wind to become more effective.” In terms of local firms, Karwacki describes what he calls “a trend, already for many years,” of small teams splitting off from larger firms to help venture capitals register and launch their operations. “Lots of new small law firms have been created to deal with the venture capital market,” he says.

  • Linklaters and Dentons Advise on Sale of Sagittarius Business House in Wroclaw

    Linklaters and Dentons Advise on Sale of Sagittarius Business House in Wroclaw

    Linklaters has advised Echo Investment SA (acting through its SPV) in connection with the sale of the Sagittarius Business House office building in Wroclaw to Warburg-HIH Invest Real Estate GmbH. Dentons advised the buyers in the transaction, which remains subject to fulfillment of customary conditions precedent and is expected to occur in 2018.

    According to Dentons, the six-story Sagittarius Business House, which is located in Wroclaw’s central business district, “is currently under construction with completion planned for the first quarter of 2018.  It will offer a gross lettable area of around 25,000 square meters along with 1,700 square meters of retail and restaurant space on the ground floor. Echo Investment will be responsible for the completion of the construction works and guarantees full occupancy by the time ownership of the property is transferred. EY and Bank of New York Mellon have already taken up 90% of the total space.”

    The Linklaters team was managed by Partner Janusz Dzianachowski, working alongside Managing Associate Judyta Sawicka. They were supported by Senior Associate Monika Lerka and Junior Associate Mateusz Cieslak.

    The Dentons team was led by Pawel Dębowski, Chairman of the Europe Real Estate Group at the firm, supported by Counsel Agnieszka Nagorska and Associate Paulina Dabek. 

    Image Source: echo.com.pl

  • Radzikowski, Szubielska & Partners Helps RWEST Initiate Natural Gas and Electricity Trading Activities on Polish Power Exchange

    Radzikowski, Szubielska & Partners Helps RWEST Initiate Natural Gas and Electricity Trading Activities on Polish Power Exchange

    Radzikowski, Szubielska & Partners has assisted international trading company RWE Supply & Trading GmbH on its launch of trading activities in natural gas and electricity as a direct member of the Polish Power Exchange (PolPX).

    RWE Supply & Trading is one of the largest European wholesalers of natural gas, electricity, and other commodities. According to RSP, “just for comparison regarding natural gas – Poland’s annual demand is around 15-16 bcm whereas the overall trading volume of RWE Supply & Trading GmbH in 2016 was 361 bcm. RWEST had already one of the largest trading portfolios at PolPX, but until July this year just via a brokerage house.”

    According to RSP, “we have been supporting RWEST from the beginning of this process at all stages, from approval given by PolPX for admission of RWEST as a member and for trading on individual PolPX markets, through membership in the Commodity Clearing House, to approval of the Polish Financial Supervision Authority.”

    The RSP team was led by Partners Joanna Nowak-Paradowska and Przemyslaw Kalek.