$120m privatization project of a state-owned countrywide chain of department stores with close to 50 city centre real estate assets and ca. 7,000 employees. The privatization process, conducted in 1998-2003, involved a restructure and breakup to form a real estate company and several retail and e-commerce concepts. It included, at the time, Poland’s first and largest real estate backed bond issue worth over $100m.
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