The Dentons Real Estate team has advised German fund Union Investment on the acquisition of a plot of land designated for the construction of the Holiday Inn Warsaw City Center. Union purchased the land from Austrian company UBM Development AG for its open-ended real estate fund Unilmmo: Deutschland. UBM Development was advised by Linklaters on the deal.
Both parties executed a forward purchase agreement, based on which UBM Development AG will construct the hotel on Twarda street in Warsaw by the first quarter of 2018 and operate it for the new owner until 2038. Day-to-day management will be handled by the InterContinental Hotels Group under the Holiday Inn brand.
Construction of the Holiday Inn Warsaw City Center will begin during the first quarter of 2016 and is scheduled to take 22 months. The hotel will be developed as a green building certified LEED “Gold” and will have 254 rooms, a restaurant, and extensive conference facilities. The transaction will be finalized when the development is completed in 2018 and once all relevant requirements are met.
The Dentons team was supervised by Partner Tomasz Stasiak and led by Senior Associate Anna Garbula-Wegrzynowska, working with the support of Counsel Bartlomiej Kordeczka, Senior Associate Magdalena Szwarc-Brozyna, and Associate Daria Langer,
The Linklaters team advising UBM consisted of Managing Associate Michal Miceinski and Associates Judyta Jutkowska and Kacper Piorecki.
Earlier this year Dentons advised Union Investment and Linklaters advised the sellers on two other investments in Poland: The acquisition of the Focus Park shopping center in Rybnik (reported on by CEE Legal Matters on May 6, 2015) and the Radisson Blu hotel in Wroclaw (reported on by CEE Legal Matters on August 7, 2015).
Editor's Note: In February 2018 Dentons reported that the deal had recently closed, and that the hotel itself had opened for business in December 2017.
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