The Dentons Real Estate team has advised German fund Union Investment on the acquisition of a plot of land designated for the construction of the Holiday Inn Warsaw City Center. Union purchased the land from Austrian company UBM Development AG for its open-ended real estate fund Unilmmo: Deutschland.

Both parties executed a forward purchase agreement based on which, UBM Development AG will construct the hotel on Twarda street by the first quarter of 2018 and operate it for the new owner until 2038. Day-to-day management will be handled by the InterContinental Hotels Group under the Holiday Inn brand.

Construction works on the Holiday Inn Warsaw City Center will begin during the first quarter of 2016 and are scheduled to take 22 months. The hotel will be developed as a green building certified with LEED “Gold” and will have 254 rooms, a restaurant and extensive conference facilities. The transaction will be finalized when the development is completed in 2018 and once all relevant requirements are met.

The transaction was led by Senior Associate Anna Garbula-Węgrzynowska, supported by Counsel Bartłomiej Kordeczka, Senior Associate Magdalena Szwarc-Brożyna under the supervision of Partner Tomasz Stasiak.

Earlier this year Dentons advised Union Investment on two other investments in Poland – the acquisition of the Focus Park shopping center in Rybnik (in May) and Radisson Blu hotel in Wroclaw (in August).

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