Amsterdam-registered residential developer Nanette has signed a memorandum of understanding with Lehman Brothers Real Estate partners (LBREP) on the reorganisation of the ownership of their jointly-owned Polish business ROBYG. The restructuring of the Polish operations will include the integration of Nanette's and LBREP's jointly owned Polish subsidiaries into ROBYG and the purchase of the management company that has so far provided management services to the project companies in Poland.

Amsterdam-registered residential developer Nanette has signed a memorandum of understanding with Lehman Brothers Real Estate partners (LBREP) on the reorganisation of the ownership of their jointly-owned Polish business ROBYG. The restructuring of the Polish operations will include the integration of Nanette's and LBREP's jointly owned Polish subsidiaries into ROBYG and the purchase of the management company that has so far provided management services to the project companies in Poland.

LBREP will also buy from Nanette the future access rights in the profit distribution from existing and future projects, for EUR 26 mln, in the form of additional shares in ROBYG. The share purchase transfer will be made only once ROBYG is traded on the Warsaw Stock Exchange, Nanette said, adding that it was not certain when ROBYG will be floated.