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MAGNUSSON ADVISED MERMAID PROPERTIES ON THE SALE OF JASNA 26 AND LIBRA BUSINESS CENTRE BUILDINGS IN WARSAW

2014-12-17

Magnusson advised Mermaid Properties, a group active on residential and office real estate market, in connection with the sale by the subsidiaries of two office buildings in Warsaw: boutique A class office building “Jasna 26” and a modern office building “Libra Business Centre”, to Vienna Insurance Group.

The sales were completed on behalf of two groups of international investors, including: AIGA Investments (a Spanish real estate investment fund), Octava SA (a Polish real estate investment fund), and FCM Salamanca Global Property Fund 1 (an international real estate fund) in Jasna 26, and WN PWN SA and Augusta Ltd.  in Libra Business Centre.

Mermaid Properties Group was investor and developer of both office buildings. Jasna 26 is a historical building located in the very centre of Warsaw, renovated in June 2014. It offers in total over net 5.5 thousand sq. m. of office space and a two storey underground car park. The majority of the building was prelet to law firm Sołtysiński Kawecki & Szlęzak. Libra Business Centre, comprising two interconnected A class office buildings, was completed in 2013. Located next to Al. Jerozolimskie, it provides over 15,000 sq. m. of office space. Major tenants include Infovide-Matrix, Wydawnictwo Naukowe PWN and Canon Polska. The transaction was closed in the end of November 2014.

Magnusson provided Mermaid Properties with comprehensive legal advice concerning the transaction, including legal due diligence of the real estate by the purchaser, drafting, negotiating and executing the preliminary and the final sale agreement along with auxiliary agreements, as well as issues related to financing the investments.

Magnusson team advising Mermaid Properties was led by partner Michał Siwek. The team encompassed partner Przemysław Kastyak and associates: legal advisor Bartosz Dębski, legal advisor Agnieszka Gawrzyał, legal advisor Norbert Gawor, and advocate trainee (aplikant adwokacki) Zuzanna Wencel-Czuryszkiewicz.

We are delighted to have completed the sales process of our two leading office projects in Warsaw. The sale to VIG Fund is a great result and highlights the quality of our development work. As a result of this success, we would like to pursue similar projects in the future”, said Artur Cieciera, partner at Mermaid Properties.

We are proud that Mermaid Properties Group entrusted us a transaction concerning its major office projects in Warsaw, entailing complex legal aspects related to a portfolio sales of two separate office projects. The sale of this portfolio is another milestone on the long list of our experience in real estate transactions”, said Michał Siwek, partner at Magnusson.

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