Dentons has advised Cornerstone Investment Management (previously Cornerstone Partners), a corporate and real estate private equity investment manager, on the conclusion of a preliminary agreement with Globalworth to acquire five Warsaw office properties: Nordic Park, Bliski Centrum, Batory Building I, Company House I, and Warta Tower. The €123 million purchase agreement is subject to the approval by the Polish Office for Competition and Consumer Protection (UOKiK).

The transaction with Globalworth is the first acquisition completed under the 5th Corner, a newly established pan-European platform focused on investing in office properties located in business districts of major European cities. In the forthcoming months, the platform is planning further acquisitions in other European capitals, with the goal of creating a portfolio of office developments worth more than €1 billion gross over the next two-three years.

The company’s flagship project – Warta Tower, a spectacular skyscraper with 30,000 sq. m. of GLA located in Warsaw, is the largest asset in the purchased portfolio. Cornerstone Investment Management is planning to spend over €30 million on the renovation of the property and transforming it into the highest standard office building to be completed in 2023.

Partner Bartłomiej Kordeczka, Deputy Head of the Real Estate practice in Poland, supervised the transaction which was led by counsel Ewelina Klein with the support of senior associate Kornelia Borowiec and associate Jacek Korcz. Legal advice in the area of competition law was provided by counsel Anna Gulińska and senior associate Tomasz Kordala.

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