CMS advised Asbud on Karolkowa Business Park acquisition
The transaction involved a class A office building located at ul. Karolkowa 30 in Warsaw (next to a new underground station at Rondo Daszyńskiego), with a total net lettable office, retail and service area of approximately 17,852 square metres. The project has been developed in line with the rules of sustainable development and meets BREEAM certification requirements. The opening is scheduled for January 2015. Asbud, which has held half the shares, has taken over the remaining 50 percent from CPI (formerly the Ablon Group) becoming the sole owner of the Karolkowa Business Park.
It has given us great satisfaction to work on the transaction and assist our long-term client in strengthening its position in the office property market. The transaction was challenging from the legal perspective and required close co-operation between clients and lawyers across four jurisdictions. The satisfaction is all the greater as, after nearly four months of work, we managed to close the project well within the client’s schedule – says Przemysław Kucharski, Partner with CMS.
Tomasz Winnicki from the Real Estate and Construction Department and Grzegorz Pączek from Corporate were other CMS lawyers involved in the transaction.
Asbud is a real estate development group active in the Polish market since 1997. It has built several thousand apartments in various projects located in Warsaw and its environs. For several years, the Asbud Group has been expanding into other segments of the real estate market, including office property. Karolkowa Business Park is a valuable addition to the Group’s portfolio.