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 a seaside resort Jurata.
Both transactions were completed this summer. The first concerned the sale of Fort Mokotów Inwestycje sp. z o.o., a company holding a perpetual usufruct interest in a 10-hectare plot located off Żwirki i Wigury street in Warsaw (next to the Marina Mokotów residential project). According to the planning permit, the property can accommodate housing, office or hotel developments and has a total area of 70,000 square metres. The plot in Warsaw has been bought by Dom Development.
In Jurata, two properties located at ul. Mestwina have changed owners. Both have valid building permits. The first of the plots, with an area of 3,900 square metres, is earmarked for the development of an apartment building with 29 units, and the other, with 12,900 square metres of area, can accommodate a 180-room hotel facility.
“The transaction follows the current trend of buyers seeking land for hotel and condominium development. This property distinguishes itself by a particularly attractive location near the pier. We will be interested to follow this project as it develops further,” says Adriana Andrzejewska from CMS.
Both transactions were handled by a CMS team composed of: Wojciech Koczara, Legal Counsel, and partner in the CMS Warsaw office and head of the Polish and CEE Real Estate and Construction Practice, Adriana Andrzejewska, Advocate and senior associate, and Michał Maślak, associate in the CMS Real Estate and Construction Department.