At the end of May, Budimex Nieruchomości was acquired by Polish investment fund Cornerstone Partners and Czech development group Crestyl and has changed its name to Spravia, the company said. The aim of the new owners is to create a strong real estate development group that will soon become a national leader on the real estate market.
As previously reported by Budimex, on May 24, 2021, a disposal agreement was signed for the sale of all shares in Budimex Nieruchomości sp. z o.o. based in Warsaw to CP Developer S.аr.l. based in Luxembourg. The price for the shares was paid into the bank account of Budimex SA, thus the title to the shares was transferred to CP Developer S.аr.l. based in Luxembourg.
“The goal of the owners – Cornerstone Partners and Crestyl – is to create a strong real estate development group that will soon become a national leader in the real estate market. Thanks to synergies, it will be possible to introduce innovative solutions in the real estate development industry and open up to new segments (premium and for rent - PRS). At the same time, the main pillar of the company’s activity will remain - as it has been so far - the construction of developer apartments for sale,” the announcement read.
This is the largest acquisition in Poland and Central and Eastern Europe completed since the outbreak of the COVID-19 pandemic, it also said.