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DWF advises Cordia International on the acquisition of Blackswan Property

16 September 2020

DWF, the global legal business, has advised Cordia International, the European residential real estate developer, on the acquisition of Birmingham-based PRS-specialist developer Blackswan Property.

The deal is set to deliver a £550m pipeline of projects across the West Midlands and marks Cordia's first investment in the UK market. It follows Cordia’s recent 93% acquisition of Polnord S.A., the Warsaw Stock Exchange-listed Polish residential developer and 20% stake in Argo Properties NV the German residential rental and large-scale urban renewal project company, increasing Cordia’s development land bank to over 14,000 apartments.

Cordia has recently issued a €105m 10-year bond and €135m seven-year bond to fund its international expansion into the private rental sector (PRS).

Blackswan Property will continue to be led by the current management team under the Cordia Blackswan brand, with the company also planning to grow the team with a recruitment drive in the next few months to support the scale of their existing planned projects.

Corporate Partner, Laurence Applegate led the deal together with Darren Ormsby, Laurie Clay, Sophie Morris, Ellis Hart (Corporate) Mark Shepherd, Pete Bond (Real Estate), Jenny Crew and Emily Monaghan (Banking), Jon Stevens (Tax) and Ingrid Nixon (Employment).

Laurence Applegate, Corporate Partner at DWF, commented "We are really pleased to have assisted Cordia with its first investment in the UK and we look forward to seeing Cordia's continued growth in the UK."

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