CMS has advised Qualia Development – a development company which belongs to the PKO Bank Polski group – on the sale of land in Warsaw and at the seaside resort Jurata. Wiercinski Kwiecinski Baehr advised the buyers on the Warsaw deal.
The first transaction concerned the sale of 100% of the shares of Fort Mokotow Inwestycje sp. z o.o. — a company holding a perpetual usufruct interest in a 9.4-hectare plot located off Zwirki i Wigury street in Warsaw (next to the Marina Mokotow residential project) — to Dom Development. According to the planning permit, the property can accommodate housing, office, or hotel developments and covers a total of 70,000 square meters. WKB, which advised Dom Development on the deal, reports that its client "plans to develop on that area, amongst other things, a housing project with approximately 750 flats, around 100 of which would be luxury apartments."
In Jurata, Qualia sold two properties located at Mestwina street. The first of the plots, with an area of 3,900 square meters, is earmarked for the development of an apartment building with 29 units, and the other, of 12,900 square meters, can accommodate a 180-room hotel facility.
“The transaction follows the current trend of buyers seeking land for hotel and condominium development,” said CMS Advocate Adriana Andrzejewska, who played a major role on both transactions. "This property distinguishes itself by a particularly attractive location near the pier. We will be interested in following this project as it develops further.”
The CMS team on both transactions consisted of Partner Wojciech Koczara, Senior Associate Adriana Andrzejewska, and Associate Michal Maslak.
The WKB team advising Dom Development on the Warsaw transaction consisted of Partner Magdalena Zienkiewicz and Jakub Jedrzejak and Senior Associates Magdalena Piszewska and Jan Wsolek.