Cornerstone Partners, the corporate and real estate private equity investment manager, together with Crestyl Group, the Czech leader in developing multi-purpose real estate projects, have entered into a contract to buy for over PLN 1.5 billion Poland's residential developer, Budimex Nieruchomości. Other partners participating in the deal include blue-chip financial investors. The acquisition of Budimex Nieruchomości represents the first major deal in Poland and the wider CEE region since the Covid-19 outbreak last year. The conclusion of the transaction is subject to approval from Poland's Anti-Monopoly Office.
Budimex Nieruchomości is a subsidiary of Poland's largest construction and engineering group, Budimex SA. The parent company is listed on the Warsaw Stock Exchange and operates on the construction market. Budimex Nieruchomości is one of Poland’s leading residential developers. Since the beginning of its operations in 1999, the company has built over 17,500 units in five major cities in Poland.
"This acquisition is a first step to build a leading player in both residential for sale, as well as the PRS sector. Together with Crestyl Group, we plan to turn it into a major player in CEE," Paweł Dębowski, Managing Partner at Cornerstone Partners, said.
"It is why we are very excited to enter the Polish market. Its residential sector, still very fragmented, presents us with enormous opportunities. This partnership together with the existing leadership team will allow us to make the best of it," Omar Koleilat, CEO at Crestyl Group, added.