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Łaszczuk & Partners advises Holy Trinity Lutheran Parish on swap of development site in Warsaw

13.02.2015

Łaszczuk & Partners has advised Holy Trinity Lutheran Parish in Warsaw on an innovative real estate swap transaction. As a result, a prime plot owned by the parish, between al. Solidarności, ul. Wolska and ul. Okopowa in the Wola district of Warsaw—popularly known as the “Wola Cheese” for its wedge shape—was added to the development portfolio of the Griffin Group. In exchange, the Griffin Group has transferred the Prima Court office building on ul. Nowogrodzka in Warsaw and a historic building on the Old Town Square in Wrocław to the parish.

The team of lawyers at Łaszczuk & Partners was led by Justyna Szpara and Magdalena Szwarc-Brożyna and also included Marta Bzowska-Warsza, Agnieszka Kocon and Paweł Makulski.

The transaction followed a competition for offers for exchange, development or sale of two plots announced by Holy Trinity Lutheran Parish in June 2013. The parish set demanding requirements in the competition and the subsequent negotiations. The parish preferred the real estate offered for exchange to be located in Warsaw or other large province capitals, in very good technical condition and leased long-term to quality tenants.

Real estate swap transactions of large value are uncommon on the Polish market. The  competition requirements also made the transaction complex and demanding for the advisers.