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act BSWW and Upper Finance advise on Silver Dental Clinic’s sale to Lux Med Group

Lux Med Group acquired 100% shares in Silver Dental Clinic. act BSWW (legal advisor) and Upper Finance Med Consulting (transactional advisor) supported the clinic’s owners during the sale process.

Silver Dental Clinic offers highly specialized services, including a unique range of orthodontist ones. The clinic makes use of advanced digital technology. It is made up of 6 units, a radiology lab with digital diagnostic equipment, an orthodontic lab and a training room.

Transaction-related legal services for the dental clinic’s former owners were provided by act BSWW. The scope of the law firm’s works included negotiations covering the sale of shares, lease of premises in which the clinic runs its operations, and support in deal closing.

The project was handled by Piotr Smołuch (attorney-at-law, Managing Partner) and Sebastian Sury (attorney-at-law, Partner).

“For some time now, we have seen the growing popularity of private dental services and their increasing market share,” says Piotr Smołuch.

“This is yet another instance of our cooperation with Upper Finance,” adds Sebastian Sury.

The Polish dental market is currently worth PLN 11bn and despite accounting for just 3% of the European market, it has the potential to keep growing at the pace of approx. 10% year-to-year. This growth is propelled primarily by the rapidly increasing popularity of private services that make up as much as 80% of the dental market. Only a third of Poles use National Health Fund (NFZ)-reimbursed services, while public spending on this medical segment constitutes just 2.5% of NFZ’s budget.

“The increasing share of private spending on dental care is related to easier access to technology that improves patients’ comfort and meets a broad array of their needs. This trend is further promoted by the fact that the society is becoming richer and more aware of a simple truth that a beautiful smile often comes with a successful life,” says Joanna Szyman, Deputy President at Upper Finance Med Consulting.

Upper Finance Med Consulting experts have taken note of the ongoing process of market consolidation by investors:

“This trend is perfectly understandable, given the highly dispersed nature of the Polish market, quick technological growth, cut-throat competition from large medical groups, and challenging expectations of patients. Investors appreciate clinics in which highly advanced services, incl. orthodontics, form a large share,” says Marcin Śmigielski, Project Manager at Upper Finance Med Consulting.

act BSWW advises Heli Aviation Service on purchase of AW169 helicopter

act BSWW has advised Heli Aviation Service Sp. z o.o. on the purchase of the state-of-the-art AW169 helicopter manufactured by Leonardo S.p.A., an Italian company that is the worldwide industry leader (formerly AgustaWestland). Belonging to the AWFamily of products, the AW169 is the latest-generation 4.5 tonne class twin-engine helicopter.

Lawyers from act BSWW were supporting Heli Aviation Service Sp. z o.o. throughout the process of helicopter acquisition. The scope of services included support in negotiations and deal closing, as well as delivery and registration of the first AW169 model in Poland. The project was handled by Marek Wojnar, attorney-at-law and one of the Managing Partners leading the law firm’s Italian Desk. He was supported by Magdalena Piotrowska, trainee legal counsel.

“We are pleased with the confidence our partners placed in us. Purchase of a helicopter is generally a challenging transaction, even more so when it has to be carried out under complex actual or legal circumstances. In this case, we had to cooperate (among others) with a partnering law firm from the UK. This is yet another example of a comprehensive range of activities taken by our Italian Desk which does not only work with Italian investors in Poland, but also supports Polish investors in their transactions in Italy,” says Marek Wojnar.

act BSWW advises Rank Progress on second stage of Port Popowice project

act BSWW has consulted on Rank Progress’ sale of over 8 hectares of investment land worth more than PLN 75m net.

On May 09, 2019, Rank Progress S.A. entered into another amending annex to the investment agreement with Vantage Development S.A., aimed at defining the rules and stages of a joint investment project involving a residential estate with complementary retail and office functions, i.e. Port Popowice in Wrocław. The document specifies the principles of joint venture’s acquisition of perpetual usufruct to land and partners’ additional financial contributions.

Additionally, act BSWW was supporting Rank Progress S.A. with respect to return assignment of the investment land by BOŚ S.A.

Michał Wielhorski, Managing Partner, acted as the team leader. The team was made up of Mateusz Prokopiuk, Senior Associate, and Małgorzata Wąsowska, Partner and Head of Tax.

“We have been advising Rank Progress from the very start of its joint venture with Vantage Development, covering the highly ambitious and unique project of Port Popowice,” says Michał Wielhorski.

Port Popowice combines a former inland port with sophisticated architecture, contemporary design and functional spaces. The project, whose implementation is going to take roughly 10 years, involves development of approx. 2,500 apartments, modern office areas (14,500 m2) and commercial premises (17,000 m2). The renewed dock is going to be the heart of the whole project.

More about the project.

act BSWW breakfast: a new Developers Act – changes and effects

What significance does the draft Developers Act have for real estate developers and financing institutions?

We are starting a series of act BSWW breakfasts.

Practice-oriented discussion on the key issues related to the bill and its impact on developers’ activity:

  • new obligations of developers
  • a new method of securing investment financing
  • changes to housing escrow accounts
  • more contracts governed by the legislation
  • introduction of the Developer’s Guarantee Fund
  • implications for the development of aparthotels
  • criminal liability of developers

The meeting will be combined with a discussion on how to get ready for the changes and take relevant actions.

Date: 7, 8, 14 May 2019, 9:30 a.m.
Place: act BSWW, Skorupki 5, Warsaw
RSVP: ewa.cacaj@actlegal-bsww.com

Join us!