CMS has advised the Asbud Group on the acquisition of land for development in Warsaw. The property developer plans to build about 1,100 apartments at ul. Grzybowska 85 and ul. Karolkowa 28.
The Asbud Group is a real estate developer with 18 years’ experience on the Warsaw real estate market. The Group’s investments include Karolkowa Business Park, with a total rentable area of 18,500 sq. m., and nearly 1,100 apartments offered as investment in the Young Zoliborz (Młody Zoliborz) development in Zoliborz and the Flora development in Białołęka. Asbud plans to start selling the first apartments at ul. Grzybowska 85 and ul. Karolkowa 28 in the second quarter of 2016.
“The last few months confirm the significant recovery in the housing market, which has encouraged developers to start new projects. The principal reason for the growth in this segment of the real estate market is the country’s good macroeconomic situation, and consequently, an increase in domestic demand. Low interest rates, banks’ willingness to lend and the continued interest in the Apartments for the Young scheme (Mieszkanie dla Młodych) have had a significant impact on sales volumes,” says Przemysław Kucharski, partner in CMS’s Real Estate and Construction Department, which has advised the Asbud Group for many years. “The acquisition of two attractive areas for investment confirms not only Asbud Group’s position as one of the fastest growing residential developers in Poland, but also the large potential market for housing in our country.”
CMS’s work included advising on the legal status of the properties and negotiating the transactions, as well as providing ongoing advice in the process of development.
The CMS team that advises the Asbud Group includes Przemysław Kucharski, advocate and partner at the Real Estate and Construction Department, Mateusz Tomicki, advocate and senior associate, and Marcin Pasik, lawyer.