Warsaw—Dentons’ Real Estate team in Warsaw has advised GLL Real Estate Partners on the acquisition of the iconic Cedet building in Warsaw from Immobel Poland. The transaction value was €129.5 million. The property was acquired on behalf of a Korean fund managed by GLL Real Estate Partners.

Cedet, the historic pearl of Polish post-war architecture was built in the 1950s. It is conveniently located in the central business district of Warsaw. Cedet recently underwent a thorough restoration and expansion process to now consist of a carefully restored department store and a top-notch office building at the junction of Bracka and Krucza Streets. The building offers a total leasable area of 22,000 sq. m. to tenants such as WeWork, Polish Development Fund and popular children’s department store “Smyk”.

Paweł Dębowski, Chairman of Dentons’ Europe Real Estate group, supervised the project. Partner Monika Sitowicz led the transaction team with the support of associates Paulina Czostek and Andrzej Włoch and junior associate Karolina Ostrowska.

Counsel Piotr Nerwiński and associate Magdalena Kalińska from Dentons Banking and Finance team advised GLL Real Estate Partners on the financing of the transaction.

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