Rymarz Zdort attorneys advised Cordia International Zrt. on the acquisition of a majority equity stake in Polnord S.A. (representing 92.9% of the total number of votes and shares in the company). The transaction mainly involved: (i) the subscription for the newly issued Series T shares in Polnord S.A., which represented approximately 65.3% of all of the shares in the company (including the newly issued shares); and (ii) the acquisition of approximately 27.3% of the shares in the company within a tender offer for all of the remaining shares in Polnord. The tender offer was settled on 9 April 2020. The aggregate value of the transaction was approximately PLN 229.4 million (EUR 50.3 million).
The recapitalisation allowed Polnord to fulfil its obligations under a credit loan agreement and maturing bonds. For Cordia, the Polnord acquisition is in line with its growth strategy in Poland; however, for the time being, Cordia has not disclosed its plans as regards Polnord’s future operations.
Cordia International Zrt. is a Hungarian construction and development company and a member of the Futureal group. It executes residential development projects in Poland, Romania, Hungary and Spain. The Futureal group has a portfolio of over 120 projects with a total area of 2 million sq.m. with an estimated value of EUR 3 billion.
Polnord S.A. is a Polish construction and development company operating on the residential and commercial property markets and is listed on the regulated market of the Warsaw Stock Exchange. Its residential projects are located mainly in Warsaw, the Tri-city, Olsztyn, Szczecin, Łódź and Wrocław. Polnord has a substantial land bank, which allows it to develop investments.
The transaction team was headed by partners: Pawel Zdort and Ewa Bober. The team comprised: Krzysztof Sajchta (partner), Magdalena Pyzik-Walag (partner), Leszek Cyganiewicz (senior associate), Michal Milewski (senior associate), Arkadiusz Karwala (associate), Aleksander Jakubisiak (associate) and Jakub Cichuta (associate).
Antitrust advice regarding certain aspects of the transaction was provided by Iwona Her, a partner and the head of the antitrust / competition practice, and Irmina Trybalska (counsel).