Dentons’ Real Estate team has advised a fund managed by Meyer Bergman on the acquisition of the remaining shares of Galeria Katowicka from Neinver and PKP S.A. (Polish railway operator) and the separation and sale of the railway station to PKP. They have also advised the client on the next stage of the office development project.

The Galeria Katowicka project consisted of connecting a new shopping center to a revamped railway station and a new underground bus station in downtown Katowice. Meyer Bergman European Retail Partners became the majority owner in 2012, two years after it first joined the development partnership formed by Neinver and PKP. Now, with the purchase of an additional 30 percent stake, it has become the sole owner.

Neinver and PKP S.A. developed the shopping mall and modern railway station with international and domestic services, for which they secured financing from the Meyer Bergman fund. Apsys Poland will take over property management and will oversee daily operations and leasing.

Opened in 2013, Galeria Katowicka offers 47,500 sq.m. of retail space across 200 stores and has direct access to the main railway station and the new underground bus station. In October, the center attracted more than 1.2 million visitors and beat its sales record, posting a 50 percent increase year-on-year.

Due to the complicated transaction structure and multiple parties involved, including financing banks, the joint venture exit transaction lasted for nearly a year. The team was led by Partner Monika Sitowicz, and the lion’s share of the work was performed by Senior Associate Lukasz Zwiercan. Monika and Lukasz have advised the client throughout the €200 million Galeria Katowicka project. Their involvement started in 2010, when they formed the joint venture in accordance with EURO 2012 procedures.

Senior Associate Anna Gulinska, supervised by Partner Agnieszka Stefanowicz-Baranska, obtained the unconditional clearance of the Polish competition authority for the acquisition. Both Anna and Agnieszka work in the Competition, Regulatory and Trade Group in Warsaw.