Bird & Bird advises Bank Pekao S.A. on financing the construction of Karimpol Group’s office building in Warsaw

International law firm Bird & Bird advised the second largest polish bank, Bank Pekao S.A., on financing the construction of Austrian investor Karimpol Group’s office building in Warsaw, one of the most successful privately held real estate developers in Central Eastern Europe (CEE).

The financing is intended for the construction of an A class Skyliner II office building, to be located at ul. Prosta 67 in Warsaw, and a phase two of the investment project that includes the existing Skyliner I office building, located next to the constructed Skyliner II. The credit facility granted is approximately €50 million in total.  

Bird & Bird provided Bank Pekao S.A. with comprehensive legal advice on the transaction, in particular performing the legal due diligence of both the borrower and the financed real estate, preparing and negotiating credit documentation with the borrower and other Karimpol Group companies, and closing the transaction.

The Bird & Bird team advising on the deal was led by Olga Koszewska (Counsel, Finance & Financial Regulation), who was assisted with respect to the financing by: Krzysztof Wiśniewski (associate, Finance & Financial Regulation) and Katarzyna Blusiewicz (associate, Finance & Financial Regulation), and for the legal due diligence by Piotr Jaworek (associate, Real Estate) and Mateusz Laska (associate, Real Estate). The whole Bird & Bird team was supervised by Maciej Georg regarding the financing (partner, Finance & Financial Regulation) and by Marcin Świerżewski regarding the legal due diligence (partner, Real Estate).

Lead partner at Bird & Bird, Olga Koszewska, comments: “We are very proud of our long-standing relationship with Bank Pekao S.A. and Karimpol Group, which began long before Skyliner II and the previous financing of the Skyliner I project. Our team of lawyers are delighted to have enabled the successful completion of this ambitious project and we look forward to contributing to Bank Pekao S.A’s future ventures, supporting them with our expertise.” 

Dieter Lobnig, Director of the Investment Banking and Real Estate Finance Department at Bank Pekao S.A. and Karolina Różalska and Piotr Kwadrans, who were directly involved in this transaction, said: “We are delighted that Karimpol has once again chosen Bank Pekao S.A. to finance its Skyliner II Project. This is our next project where, together with Bird & Bird as our legal advisor, we are cooperating with Karimpol Group. The expertise and dedication demonstrated by Olga Koszewska and her team have been at the highest level. Comprehensive legal advice and adept negotiation skills have ensured a smooth and efficient transaction process. We value Bird & Bird’s professionalism and commitment and look to continuing our cooperation on future projects.” 

Harald Jeschek and Andreas Prokes, Partners and Board Members at Karimpol Group, also commented: “We are extremely proud to continue our collaboration with Bank Pekao S.A. on such a significant project as the construction of Skyliner II. This marks the next chapter in our long-standing partnership, which began with the financing of the first Skyliner. We are also pleased that our partner was supported by the experienced legal team at Bird & Bird during this transaction. Their expertise played an important role in ensuring a smooth and efficient process for all parties involved. With the trust and support of such renowned institutions, we can further pursue our vision of delivering modern, high-quality office spaces in Warsaw that meet the highest sustainability standards. We believe Skyliner II, like its predecessor, will become a key landmark in the capital, setting a new benchmark for future developments of this scale” 
 

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