Rymarz Zdort Maruta advises on the acquisition of the Mennica Legacy Tower complex

We are pleased to announce that we have provided comprehensive legal advisory services to Mennica Polska, FIP 11 FIZAN and Multico Sp. z o.o. in connection with the takeover of control of the Mennica Legacy Tower complex and ending the dispute over its ownership, which has lasted for over 5 years. By virtue of the just-signed agreement, Mennica Polska is taking control over the company that owns the Mennica Legacy Tower complex; the liabilities assumed as part of the takeover of its shares were settled by a surcharge of EUR 135 million, which will become part of the bankruptcy estate and will contribute to the satisfaction of creditors’ claims.

Mennica Legacy Tower is one of the most famous and spectacular office buildings in Warsaw, consisting of a complex of two office buildings in Warsaw’s Wola district, at the intersection of ul. Prosta and ul. Żelazna. The property comprises a tower approximately 140 metres high and a lower western building, with a total of more than 65,000 square metres of office space. Mennica Polska was the key investor in the skyscraper.

The transaction is unprecedented in the history of Polish bankruptcy law, and consisted of the acquisition by creditors of the shares in the company owning the Mennica Legacy Tower complex that were subject to a registered pledge of ownership, which were a component of the parent company’s bankruptcy estate, while supporting the parent company and its general partner in proceedings aimed at dismissing bankruptcy petitions.

“We are pleased that the just-signed agreement leads to our clients taking control of the Mennica Legacy Tower complex, putting the ownership and financial structure of the project in order and satisfying creditors’ claims. We thank our clients for their trust and for the opportunity to participate in one of the most complex transactions we have advised on to date,” says Magdalena Pyzik-Waląg, managing partner and head of the Restructuring & Insolvency practice as well as the Distressed Asset Investments team.

Our law firm’s comprehensive advice included an analysis of the legal status of the property and the project company. The transaction also involved several complex challenges arising from a multi-jurisdictional corporate dispute (including court proceedings in Poland, Cyprus and the United States) regarding the composition of the project company’s board of directors, as well as various conflicting rulings.

“We are proud to have supported our client throughout the acquisition process in one of the most complex transactions on the market, and congratulate them on their success,” – says Piotr Fedorowicz, partner heading the Real Estate practice at Rymarz Zdort Maruta.

The transaction team included: Magdalena Pyzik-Waląg (managing partner), Paweł Rymarz (managing partner), Piotr Fedorowicz (partner), Paweł Mazur (counsel), Karolina Bąkowska (counsel), Michał Milewski (counsel), Aleksandra Pustiowska (counsel), Hubert Woźniak (senior associate), Tomasz Bąkowski (senior associate), Tomasz Karkowski (senior associate), Wioletta Janek-Kręt (associate), Sebastian Stępiński (associate), Joanna Ksepko (associate), Jakub Bogucki (associate), Natalia Nowaczkiewicz (associate), Karol Wojtkowski (associate). Support in tax aspects was provided by Piotr Zawacki (partner) and Maciej Kostrzewski (counsel).