News Article Budimex Czech Republic investment Poland PRS rebranding residential Spravia
by Property Forum | Residential

Budimex SA has signed the final sales agreement of Budimex Nieruchomości. Therefore, the private equity investment firm Cornerstone Partners and Czech development group Crestyl took over the entire shareholding of the company.  This is the biggest acquisition in Poland and Central and Eastern Europe since the outbreak of COVID-19 pandemic. The next stage is changing the name of the company - Budimex Nieruchomości is now Spravia.

“Just as Budimex Nieruchomości is synonymous with credibility and safety, the name Spravia will continue to prove this”, says Damian Kapitan, the President of the Board. “In the name Spravia you intuitively sense the strength, power and efficiency that are necessary for any project to be successfully completed. It is also a confirmation of our current slogan – “promises kept” – which has been in our DNA for years. This is what we are famous for and what we are proud of. That is why our experience, competence, professionalism and social responsibility will remain values that we will continue to develop. Of course, we are not saying goodbye to the previous name straight away. For the time being the name Spravia will be accompanied by Budimex Nieruchomości”, the President adds.

Cornerstone Partners is an investment company with 20 years of experience that operates private equity transactions in Poland and Central and Eastern Europe. It specializes in asset management and value creation. The company's achievements are recognised in many European markets.

In turn, Crestyl is a property development group operating in the Czech Republic. It has a broad portfolio and is a market leader in multi-functional projects, i.e. residential, office and retail in the premium category.