Xior Student Housing NV buys LivinnX dormitory in Kraków, Poland
15.07.2024
Wardyński & Partners advised ACP Partners (“ACP Partners” acting on behalf of certain creditors) on the financial restructuring of the LivinnX dormitory originally owned by the Golub Group.
Within two years of taking control of the object company that owned the dormitory, ACP Partners carried out a series of collateral enforcement actions and a comprehensive restructuring of the project, and eventually sold the LivinnX dormitory in Kraków on 5 July 2024 to the Belgian company Xior Student Housing NV.
The effect of the transaction is:
- Full repayment of debt to Santander Bank Poland as senior lender,
- Full repayment of debt to bondholders represented by ACP Partners,
- Partial repayment of debts to intra-group creditors,
- Getting a new industry investor to manage the LivinnX project.
The high degree of commercial and legal complexity of the transaction was due to the intricate corporate and capital structure of the seller, the structure for carrying out and settling the sale of the property, and the degree and construction of the debt.
You can read the details in Xior Student Housing's press release.
A number of the firm's teams were involved in working on the transaction, including banking and financing, real estate and tax. All of the law firm's work was supervised by Łukasz Szegda.
From the financial, restructuring and corporate side, the case was managed by Mateusz Tusznio, and supported by Patryk Jackiewicz, Amelia Niemiec, Adam Strzelecki, Klaudiusz Mikołajczyk, Łukasz Śliwiński, Maciej Zych, Agnieszka Kubowicz, Jarosław Karlikowski and Aleksandra Sudak-Przybyła.
In terms of real estate law, the case was headed by Michał Gliński, and Sylwia Moreu-Żak, Radosław Wiśniewski, Mateusz Chełstowski, Aleksandra Szczepińska and Gabriela Kuszewska were also involved.
Tax issues were managed by Michał Nowacki and Jakub Macek, and the team also included Katarzyna Świder and Monika Boguszewska.
The transaction also required the involvement of foreign advisors, for whom Wardyński & Partners acted as lead counsel.
ACP Partners is an advisor that has been active in the international market for more than 20 years, focusing on growth strategy, restructuring, and acquisition and liquidity financing activities for family-owned companies and entrepreneurs.
Xior Student Housing NV, in turn, is the first Belgian public company specializing in the student housing sector, with operations in the European market, including Belgium, the Netherlands, Spain, Portugal, Poland, Germany, Denmark and Sweden.