Crido Taxand advised on one of the key real estate transactions in Poland

18 August 2017

Crido Taxand advised Hines Russia & Poland Fund (HRPF) on sealing one of the biggest real estate deals in Poland in 2017 – sale of the PROXIMO office complex in Warsaw. The complex will now be owned by ČS nemovitostní fond (CSNF), managed by Czech investment fund – REICO. The transaction’s value is EUR 116.6m.

The transaction under which a new office building located at the Daszyński Roundabout in Warsaw was sold, took six months of preparations and required securing the parties’ positions from a tax perspective.

It was an interesting and demanding project for all the teams involved in it. As regards the tax perspective, we counselled the client on numerous matters, including in particular VAT, CIT and real estate tax. There is no doubt that the sale of PROXIMO is a great commercial success and one of the key real estate transactions this year in Poland. We are happy that Crido Taxand took part in this high profile deal and worked side-by-side with such a renowned developer, as well as the new, very reliable investor in the market, said Paweł Toński, a tax partner at Crido Taxand.

PROXIMO is a modern office-retail complex in Warsaw composed of two A-class buildings. Proximo I, comprising a total area of 28 385 sqm on 12 floors, is located in the Wola district, at 68 Prosta Street, and was officially opened for business in June 2016. At present, the building is over 95% leased. Proximo II, situated at 26 Przyokopowa Street, will be available to tenants in Q4 2017.

The seller was advised by Crido Taxand team composed of: Paweł Toński (partner), Monika Lewandowska (manager), and Artur Kordel (senior consultant).