Budimex Nieruchomości – acquired at the end of May by the Polish investment fund Cornerstone Partners and the Czech development group Crestyl – changed its name to Spravia, the company said. The goal of the new owners is to create a strong development group that will soon become the national leader on the real estate market.
As Budimex previously reported, on May 24, 2021, a disposing agreement was signed for the sale of all shares in Budimex Nieruchomości sp.z o.o. based in Warsaw for CP Developer S.àr.l. based in Luxembourg. The price for the shares was transferred to the bank account of Budimex SA, thus the title to the shares was transferred to CP Developer S.àr.l. based in Luxembourg.
“The goal of the owners – Cornerstone Partners and Crestyl – is to create a strong development group that will soon become the national leader on the real estate market. Thanks to the synergy effect, it will be possible to introduce innovative solutions in the development industry and open up to new segments (premium and rental At the same time, the main pillar of the company’s operations will remain – so far – the construction of development apartments for sale, ” according to an announcement.
“Just as the name of Budimex Nieruchomości is synonymous with reliability and security, Spravia will further confirm this. Our experience, competence, professionalism and social responsibility will remain values that we will continue to develop. Of course, we do not say goodbye to the old name right away. Budimex Nieruchomości will be accompanying Spravia in the near future,” said President Damian Kapitan.
This is the largest acquisition in Poland and Central and Eastern Europe carried out since the outbreak of the COVID-19 pandemic, it also indicated.
Source: ISBnews
