CMS advises on the sale of an office building and its conversion into a hostel

CMS’s real estate team has advised REInvest Asset Management, a pan-European Asset Manager based in Luxembourg, on the sale of the PAR Tower office building in Warsaw and its conversion into a hostel to be acquired by hotel owner and operator A&O.

The hostel – which will be the largest branded hostel in the city – will have over 200 rooms and 600 beds. The new investment will be part of a portfolio of 35 hostels in 22 cities across seven countries managed by A&O, which is active in Poland, Germany, Austria, the Netherlands, the Czech Republic, Denmark and Italy.

CMS’s work on the project included comprehensive advice on the sale transaction and development issues, including administrative proceedings.

The transaction was led by Michał Bork, counsel, with support of Karolina Dziąbor and supervised by Lidia Dziurzyńska-Leipert, partner in the real estate and construction team.