Reino Capital, a Luxembourg-based fund and Australia's RF CorVal signed a preliminary agreement to buy BUMA Group’s real estate portfolio as part of a larger deal. The portfolio consists of 10 office properties with over 110,000 sqm GLA plus a land bank with capacity for office projects totalling more than 80,000 sqm GLA and residential projects with over 100,000 sqm of usable area.
Greenberg Traurig advised the buyers, while Clifford Chance reportedly advised the seller.
According to Greenberg Traurig, the estimated value of the portfolio is over PLN 1.3 billion. This transaction will also include further acquisition of all operational companies that are part of BUMA Group.
In June 2019 Rein Capital, a commercial real estate holding company listed on the Warsaw Stock Exchange, entered into a strategic partnership agreement with RF CorVal to invest in a common asset management platform for the CEE region. RF CorVal is an Australian-based real estate fund manager with assets worth around two billion dollars.
The BUMA Group has been operating on the Kraków market since 1991 and is the oldest developer on it. Greenberg Traurig reports that over 25 years, the company has constructed about 2000 apartments, 300 single-family houses, and office buildings with the leasable area of 260,000 square meters.”
Sign up today for the latest news