Wolf Theiss advises Deutsche Hypo – NORD/LB Real Estate Finance on Financing Greenstone’s Acquisition of FORMAT Office Building

Warsaw, 10 June 2024 – Wolf Theiss acted as legal advisor to NORD/LB, a leading German bank, on financing the purchase of the FORMAT office building in Gdańsk, Poland by Greenstone Format, a Polish real estate company.

FORMAT is a modern office and service building situated in Gdańsk-Oliwa, the heart of the Tri-City business district. The building’s location near public transport, including the SKM and PKP stations, is a significant asset. Nearby Oliwa Park, along with housing estates and a planned, outdoor sports zone further enhance its appeal.

The building incorporates environmentally friendly technological solutions that comply with LEED certification standards. This makes FORMAT a functional and cost-optimised office space with a flexible floor layout that can be tailored to meet the needs of diverse tenants. The purchase of FORMAT was the first significant purchase of an office building in regional cities in Poland since the year 2022. It is an important turning point for the office market in Poland.

Wolf Theiss’ mandate included drafting and negotiating the facility agreement based on LMA standards, preparing security documentation, assisting the bank with the verification of condition precedents and participating in a multi-faceted settlement including the escrow account and notarial deposit.

The Banking & Finance team advising Deutsche Hypo – NORD/LB Real Estate Finance was led by Partner Przemek Kozdój and further consisted of Counsel Adrian Krzyżanowski, Associate Jan Gąsiorowski, Associate Maria Markowska and Associate Aleksandra Radzikowska.