Buma Group, a major developer based in Kraków, is selling its real estate assets to Reino RF CEE Real Estate. The portfolio sale covers office and residential buildings, residential and office development land, construction projects, incl. office projects nearing completion, with over 110,000 m2 of leasable area a major part of which has already been leased, and land allowing the implementation of office projects with a total leasable area of over 80,000 m2 and residential projects with a total area of over 100,000 m2.
The parties signed the preliminary agreements for the sale of Buma’s assets on 14 and 28 February 2020.
The assets will go to Reino RF CEE Real Estate, a joint venture established by two investment companies – Reino Capital and RF CorVal International Holdings Limited. The final agreements are to be executed by the end of June this year. The total value of the assets sold by Buma runs in excess of PLN 1.3bn.
act BSWW provided transaction-related legal advice to the Management Boards of Buma Group companies.
The law firm’s team was led by Michał Wielhorski (Managing Partner) and included Mateusz Prokopiuk (Senior Associate), Michał Sołtyszewski (Partner) and other members of real estate and tax teams.
Buma Group is the leader in the office market in Kraków. Its projects include office and residential developments, real estate management and general contracting for investments and facades. Over a period of almost thirty years, the company has completed more than a dozen residential and office projects covering a leasable area of 250,000 m2.
Reino Capital Group is a listed holding company made up of businesses operating in commercial real estate sector.
Established in Australia, RF CorVal is a real estate fund manager and investor managing over USD 2.2bn in assets.
The buyer was supported in the transaction by Greenberg Traurig. The seller was advised by Clifford Chance, Domański Zakrzewski Palinka and Oleś & Rodzynkiewicz.