CMS has advised Bluehouse Capital on the acquisition of the Alchemia I office building in Gdansk (Poland). The complex was purchased by a joint venture created by Bluehouse Capital and Reino Partners. The building was previously owned by Torus, a developer from Gdansk that mainly specialises in the construction and commercialisation of modern office space.

Alchemia I, located in Gdansk Oliwa, is a complex from 2013 offering 16,700 square meters of office and more than 4.000 square meters of accompanying space with a sports and recreation centre.

Founded in 2004, Bluehouse is a private equity real estate investment management firm focused in Emerging Europe with offices in Bulgaria, Czech Republic, Romania, Croatia, Serbia and Greece.

“Closing two transactions in recent days confirms the significant involvement in the Polish office market of Bluehouse and its partner, REINO, and - from a broader perspective - it shows the continuing interest of investors in regional real estate markets. This conclusion is also supported by statistical data: the share of the regions in the total volume of office transactions in the first six months of 2015 in Poland reached nearly 60%. Also, according to our observations, investors’ and developers’ activities on real estate markets outside Warsaw will tend to increase. Furthermore, transactions are being entered into by both local developers (Torus in the case of Alchemia), and international developers (Skanska in the case of Malta House)” says Przemyslaw Kucharski, Partner at law firm CMS, which recently represented Bluehouse in a joint-venture acquisition with REINO Dywidenda Plus of the Alchemia I building in Gdansk and Malta House in Poznan.

CMS’ involvement included legal advisory services for Bluehouse, in particular with respect to shaping the transaction structure, financing matters and the acquisition of the property.

Advisory services were provided to the Bluehouse Capital fund by a CMS team comprising Przemyslaw Kucharski (advocate and partner in the Real Estate and Construction Department in Poland), supported by Mateusz Tomicki (advocate, and senior associate), Paulina Pawlowska (legal advisor and associate), Marcin Pasik, (lawyer in the Real Estate and Construction Department), Jakub Lerner (legal advisor and senior associate) and Grzegorz Paczek (advocate trainee and associate in the Corporate Department), and Konrad Werner (legal advisor and senior associate in the Banking and International Finance Department).