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RF Corval pulls plug on Buma takeover

Nathan North 21 May 2020

Nathan North

Deputy editor

+48 22 356 25 22

Nathan is responsible for the English section of the magazine. Nathan was born in Manchester in the UK and completed a master’s degree in philosophy at the University of London. As well being responsible for editing the English section of ‘Eurobuild CEE’ magazine, he also contributes news from around Central Europe and articles on the investment and industrial markets and on architecture. In his free time he likes playing piano, drawing and cooking.

RF Corval pulls plug on Buma takeover
Buma's Dot Office development in Kraków

POLAND Reino Capital has announced in a statement to the Warsaw Stock Exchange that Australian investor RF Corval has pulled out of the two companies’ PLN 1.3 bln joint buy-out of Polish developer Buma.

In the announcement, Polish fund manager Reino states that it received a notice on behalf of RF Corval International Holdings declaring its withdrawal from the preliminary conditional agreement, concluded on February 28th, to buy shares of the companies belonging to the Buma group. As a result, Reino is also pulling out of its previous agreement, agreed on February 14th, to buy shares in Buma companies.

At the same time, Reino insists that it still regards its plans to expand into this sector of the Polish market positively and “will continue to implement the strategy in accordance with the adopted assumptions. The current market situation may be an opportunity to expand the opportunities leading to the implementation of strategic goals, also in cooperation with other partners, as in the case of a parallel investment platform project on the warehouse market.”

The proposed takeover of industrial and office park developer Buma was originally announced in November.

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