A first decision has been issued: sanation (restructuring) instead of bankruptcy. The court has approved the first application to open sanation proceedings for a company from the HREIT Group.
The decision concerns Warszawska 1 sp. z o.o., a company based in Nowy Dwór Mazowiecki and one of the key project companies of BDC Development, which operates within the HREIT capital group. Choosing sanation over bankruptcy protects a strategically important HREIT investment in Nowy Dwór Mazowiecki and enables an orderly court-supervised restructuring. This solution is reserved for entities with a real prospect of recovery. It is also an important signal that other HREIT Group projects may be completed.
The District Court for the Capital City of Warsaw has decided to open sanation proceedings for Warszawska 1 sp. z o.o. The company is one of the key project vehicles of BDC Development, a developer within the HREIT S.A. capital group.
The decision was announced in the National Register of Debtors on 7 January 2026, through a notice published by the District Court for the Capital City of Warsaw (18th Commercial Division) in case WA1M/GR/80/2025.
This means that the court deemed sanation to be a more appropriate path than bankruptcy, recognizing real prospects for the company’s continued operation and effective restructuring of the project. In practice, this option is available only to entities with a genuine chance of recovery and ongoing business activity. Had such prospects not existed, bankruptcy would have been the only possible decision.
Warszawska 1 is a special-purpose vehicle incorporated in 2020 and headquartered in Nowy Dwór Mazowiecki. It is implementing the Warszawska Sky development project, which has been divided into four stages. Two stages are currently underway, comprising 276 and 356 apartments, respectively.
“The court’s decision to open sanation proceedings for Warszawska 1 confirms that the project can be completed. This is an important signal that, instead of liquidation, a path was chosen that protects the value of the investment—for apartment buyers, creditors, and business partners alike. Sanation will better satisfy creditors’ claims,”
says Paweł Jabłoński, attorney-at-law and HREIT’s legal representative in commercial court proceedings.
For BDC Development S.A., the entity responsible for preparing and delivering development projects within the HREIT Group, this ruling is of key importance. It confirms that the projects are not being treated as lost, but rather as ventures that can be completed with a properly reorganized financial structure.
“Sanation provides us with a legal framework to organize the company’s financial situation in a controlled and transparent manner, under the supervision of the court and an independent administrator. The court’s decision contradicts the narrative being circulated that projects carried out by BDC and HREIT have no chance of completion,”
adds a company representative.
Sanation proceedings grant Warszawska 1 sp. z o.o. protection against uncontrolled enforcement actions and allow the project to continue under the oversight of an independent administrator. This enables rational project management, negotiations with creditors, and the protection of apartment buyers’ interests—rather than an asset liquidation that would be unfavorable from the perspective of creditor satisfaction.
A similar situation applies to another investment—Złota 1. There, apartment buyers—acting in their own interest and assessing the realistic prospects of a successful restructuring—have also filed an application to open sanation proceedings for another BDC special-purpose vehicle, Złota 1 sp. z o.o., from the HREIT Group. This demonstrates that sanation is perceived as an effective tool for protecting project value, not for liquidating it.
The opening of sanation proceedings for Warszawska 1 is the first tangible step toward stabilizing the situation of projects carried out by BDC and an important signal of stabilization for the entire development group.
About BDC Development S.A. and HREIT
BDC Development S.A. is a Polish development company with 20 years of experience, specializing in residential projects implemented through a network of special-purpose vehicles established for individual investments. The company is responsible for the preparation, coordination, and execution of development projects—from concept and land acquisition, through construction, to apartment sales and project settlement.
BDC Development operates within a capital structure linked to HREIT S.A., an investment company belonging to the HRE Investments group, which finances development projects by raising capital from investors and allocating it to specific ventures.
Source: https://ceo.com.pl/jest-pierwsza-decyzja-sadu-sanacja-zamiast-upadlosci-w-grupie-hreit-50741
