WARSAW, 21 July 2022 – Greenberg Traurig is advising the Polsat Plus Group in connection with the joint venture agreement signed by its affiliates and HB Reavis and a share purchase agreement regarding the acquisition of 50% of the shares in the share capital of Port Praski City II sp. z o.o. and Port Praski Medical Center sp. z o.o. by HB Reavis. The total price of the shares will be approximately EUR 24.3 million.
The joint project will consist in the development of a property situated in Warsaw with high-end office buildings with additional retail space.
The joint venture agreement defines the rules of operation of the companies responsible for the development, including the principles of corporate governance and financing as well as rules for implementing and commercializing the planned project.
The implementation of the project is subject to the fulfilment of the conditions precedent set forth in the agreements as well as obtaining relevant construction permits.
Port Praski is a unique location in Poland and in Europe with 38 hectares of investment land and 800 thousand sqm of development potential in the center of Warsaw.
“Congratulations to our Client on another milestone transaction on which Greenberg Traurig is honoured to advise. The planned cooperation with HB Reavis on the office development in Port Praski, which is unique owing to the enormous potential of the location of the property, represents the next stage of the strategic development of the Polsat Plus Group with the support of Greenberg Traurig," said Daniel Kaczorowski, Partner in Greenberg Traurig's Warsaw office.
Greenberg Traurig is providing comprehensive legal advice on the transaction.
The transaction was co-led by Partner Daniel Kaczorowski and Senior Associate Agnieszka Stopińska, who were supported by Associate Michał Kuratowski. Associate Mateusz Rydzewski, supported by Partner Radomił Charzyński, was responsible for the project documentation related to the joint investment. Senior Associate Anna Celejewska-Rajchert supported by Senior Associate Filip Drgas and Associate Anna Bryńska prepared the competition protection aspects of the transaction and were supervised by Partner Robert Gago.
The Polsat Plus Group, whose founder and largest shareholder is Zygmunt Solorz, is the largest provider of integrated media and telecommunications services in in Poland. As part of its new strategy, the Polsat Plus Group is adding the production of clean energy to its most important pillars – telecommunications and content. This fits in with the ESG idea of building the value of the Polsat Plus Group in a sustainable manner that takes into account and addresses environmental, social and business issues in a responsible and transparent way.
HB Reavis is a leading European developer of office properties. The expected value of the company’s assets under construction is approx. EUR 1.7 billion.
Greenberg Traurig, recognized as one of the leading law firms in Poland, was recently named 2021 “Law Firm of the Year in Poland” by International Financial Law Review (IFLR) and was also awarded “Poland Firm of the Year” at the highly esteemed Euromoney Legal Media Group “Women in Business Law Awards 2021 Europe.” “MergerMarket” ranks the firm as No. 1 with respect to the value of M&A transactions handled in Poland in 2021, with the value of almost 7 USD billion.
Greenberg Traurig LLP
Greenberg Traurig, LLP is a global, multi-practice law firm with approximately 2400 attorneys serving clients from 43 offices in the United States, Latin America, Europe, Asia, and the Middle East.
GREENBERG TRAURIG Nowakowska-Zimoch Wysokiński sp.k. was named the 2021 Poland Firm of the Year award at the highly esteemed Euromoney Legal Media Group “Women in Business Law Awards 2021 Europe” and the 2021, 2019, 2018 Law Firm of the Year in Poland by International Financial Law Review (IFLR). The Warsaw office of Greenberg Traurig, LLP provides legal services to clients in Central Europe and beyond and consists of approximately 100 lawyers. Team members are regularly recognized as leaders in numerous practice areas. Chambers Global, Chambers Europe, IFLR1000 and EMEA Legal 500 consistently rank them among the top tiers the areas of Corporate/M&A, Capital Markets, Real Estate, Private Equity, Competition, Tax, Banking and Finance, Project Finance, Energy, Dispute Resolution and TMT.
For more information, please visit www.gtlaw.com.