Greenberg Traurig represented the Joint Global Coordinators Citigroup Global Markets Limited, DMBH, Société Générale, UBS and Deutsche Bank AG, London Branch, and the Joint Bookrunners: DM PKO BP, DI BRE, DM BZ WBK and Wood&Co in the PLN 238.6 million IPO of Polski Holding Nieruchomości (PHN). The shares began trading on the Warsaw Stock Exchange. This is the first IPO in Poland in 2013.
The Greenberg Traurig team was led by Warsaw Partners Ireneusz Matusielański, Federico Salinas, Paweł Piotrowski, with Partners Marek Kozaczuk, Maciej Kacymirow and Marek Grodek, supported by Senior Associate Mateusz Chmielewski and Associates Dorota Jenerowicz, Adam Puchalski, Mateusz Zaleński, Aleksandra Mazur and Marek Kłeczek. James Mountain from the firm’s London office advised on the English Law aspects of this transaction.
Greenberg Traurig provided the joint global coordinators with comprehensive legal advice in connection with the preparation and consummation of the IPO, including the overall structure of the IPO and all transaction documentation for the underwriting syndicate. The State Treasury of the Republic of Poland offered 25% of the Company’s existing share capital. The IPO was sold to Polish individual and institutional investors, as well as certain foreign institutional investors, including qualified institutional buyers in the United States, in reliance on Rule 144A, and outside the United States pursuant to Regulation S.
Polski Holding Nieruchomości, a state-owned company, is one of the largest (in terms of market value of real estate portfolio) developers, holders and managers of commercial and residential real properties in Poland. It holds and manages 305,000 square meters GLA of office, retail, logistic and residential properties. For the year ended 31 December 2011 the Group had total revenues of PLN 214.5 million.
PHN was represented by Weil, Gotshal & Manges. Baker & McKenzie represented the selling shareholder – the Polish State Treasury — and K&L Gates advised the underwriting syndicate as to some Polish law aspects of the transaction.
