act legal covers all major European business centres.
Warsaw | Amsterdam | Bratislava | Bucharest | Budapest | Frankfurt | Milan | Prague | Vienna
meet us at www.actlegal.com

x

News

act BSWW advises YIT on project with sale value of over EUR 100m

YIT, Finland’s largest developer, has just acquired another appealing investment property. This time it opted for Gdańsk, thus expanding its operations in Poland.

The 1.55 ha land lot with a construction permit is located close to the historical center of Gdańsk, right next to the European Solidarity Center. The developer is planning a mixed-use project with a total area of 40,000 m2. The estimated project value is over EUR 100m. It is going to be implemented in several stages.

“During YIT’s 4 years of operations in Poland, we have extended the existing residential projects (that we acquired) and purchased land lots in appealing locations across Warsaw for new projects. Finally, the time has come for some territorial expansion, as part of which we will enter a new market. We have set our sights on Gdańsk due to its impressive growth pace and vast potential for further actions. We want to stay here for a long time. The mixed-use project means that we need to develop skills covering an entirely new segment of operations, i.e. office premises,” says Tomasz Konarski, President of the Management Board at YIT Poland.

act BSWW provided YIT with comprehensive legal advisory throughout the process of the real property acquisition. The scope of services included a due diligence review of the property, preparation of transaction documents, as well as support in negotiations and closing the deal.

Michał Wielhorski (Managing Partner) acted as the team leader. The team was made up of Michał Sołtyszewski (Partner) and Mateusz Prokopiuk (Senior Associate). Tax issues were handled by Małgorzata Wąsowska (Head of Tax) and Michał Brzozowicz (tax team member).

“This is yet another large transaction in which we have supported our Client. Before that, we had a chance to consult on a range of YIT’s projects in Warsaw, including the acquisition of Parkur Residence, Nordic Mokotów (stage 3), Nordic Sadyba and Nordic Bemowo,” says Michał Wielhorski. “We are happy to watch YIT grow and expand on the Polish market,” he adds.

YIT has been operating in Poland since July 2015. Before the Gdańsk-based transaction, all its projects had been located in Warsaw. It all started with the construction of Nordic Mokotów residential estate in June 2016. YIT’s portfolio includes approx. 3,000 apartments, of which 300 have been completed, while several hundred are underway.

YIT is Finland’s biggest developer. It operates in a total of 11 countries: Finland, Russia, Scandinavia, the Baltic States, the Czech Republic, Poland and Slovakia.

16.09.2019

Udostępnij

Related news

News

Jacek Bieniak among the authors of the 8th edition of the commentary to the Commercial Companies Code

The 8th edition of the commentary to the Commercial Companies Code, published by Wydawnictwo C.H.Beck was released to Polish bookstores at the beginning of April. The new edition takes into account the latest amendments to the Code of Commercial Companies, including cha...

Marek Miszkiel nowym szefem praktyki

News

Marek Miszkiel promoted to head the Litigation and Arbitration practice

Huge congratulations to Marek Miszkiel on becoming the new Head of Litigation and Arbitration at act BSWW legal & tax! Marek joined act BSWW legal & tax legal & tax in 2014. He specializes in commercial disputes and bankruptcy and restructuring proceeding...

News

act BSWW legal & tax advises STRABAG Real Estate on sale of real estate in Szczecin

In line with its current investment strategy focusing on large development projects located in Warsaw and Kraków, STRABAG Real Estate is selling selected smaller real estate assets in Poland. One of such properties is a land lot in Szczecin, intended for investment purp...

News

act BSWW legal & tax recommended in The Legal 500 EMEA 2022

We are pleased to announce that in the latest edition of The Legal 500 ranking act BSWW legal & tax was distinguished in 7 categories: Construction Capital Markets Real Estate White-Collar Crime Dispute Resolution Commercial, Corporate and M&...

News

act BSWW legal & tax advises SATOIA S.A. on purchase and subsequent sale of real estate in Kąty Wrocławskie.

act BSWW legal & tax advised its client on the purchase and subsequent sale of real estate intended for a warehousing and logistics facility in Kąty Wrocławskie, with a total area of over 8 ha. Our team assisted the client throughout the process of purchasing and...

News

Get the RET right. The tax side of real estate.

Periodic newsletter for the Real Estate sector It is possible to categorize uncollectible receivables from any type of guarantee issued by a bank (rather than exclusively from loans) as tax-deductible expenses, according to the ruling issued on March 09, 2022 by the Su...

View all