Union Investment Real Estate GmbH agreed to acquire the development property of Holiday Inn in Gdansk from UBM Development AG (WBAG:UBS) for approximately €38 million on January 22, 2018. Completion of the transaction, project and the of rights and obligations are scheduled for mid-2019. The transaction has an approximately €38 million effect on net debt of UBM Development. As of November 29, 2018, the expected completion of the project is in the second quarter of 2019. Radomil Charzynski, Karol Brzoskowski, Magdalena Zyczkowska-Jozwiak and Samanta Wenda-Uszynska of Greenberg Traurig Grzesiak sp.k. acted as legal advisors to Union Investment Real Estate while Michal Miecinski and Malgorzata Jastrzebska of Linklaters C Wisniewscy I Wspolnicy Spolka Komandytowa acted as legal advisors to UBM Development.