K&P advise Echo Polska Properties on a high profile property acquisition in the centre of Warsaw
Echo Polska Properties N.V. (EPP) – a leading fund operating as a REIT and Echo Investment S.A. – the largest Polish developer, signed agreements to jointly buy a real property at ul. Towarowa 22, in Warsaw from Griffin Real Estate group, Poland’s leading real estate fund, and to jointly execute an investment project on such real property. The buyers will pay a total price of up to EUR 120 million, EUR 78 million of which will be paid upon signing of the final sale agreement, while the remaining amount will be paid after certain binding planning conditions are met.
The transaction is conditional on the satisfaction of certain conditions, including obtaining consent from Poland’s anti-monopoly office, the President of UOKiK.
Towarowa 22 is a property consisting of a number of plots acquired in a series of five transactions. As a result, the property is the largest commercial area located in the centre of Warsaw, with a total area of about 6.5 ha and a development capacity of over 100,000 sqm of GLA.
Echo Polska Properties is a real estate investment fund that follows the REIT formula and invests in commercial office, retail and industrial properties throughout Poland. EPP, established by Echo Investment S.A. and Redefine Properties of South Africa, is publicly traded on exchanges in Luxembourg and Johannesburg. With a current portfolio that includes six office and ten retail projects totalling 446,400 sqm of GLA, its initial portfolio is highly diversified: the buildings are located in eleven major cities across the country characterised by their strong economies and purchasing power as well as their ability to attract international investment interests. The goal of EPP is to create Poland’s leading, cash-generating platform of well-performing retail, office and warehouse assets that will deliver consistently high returns to its shareholders.
Kochanski Zieba & Partners’ team was led by Andrzej Zając, and included Kamil Osiński, Marcin Rżysko, Aleksandra Polak, Szymon Gałkowski, Edyta Rękawek and Klaudia Szymańska-Rutkowska.
Echo Investment S.A. were represented by Weil Gotshal & Manges, whilst Griffin Real Estate were supported by Hogan Lovells.
“Having represented Redefine Properties on the EUR 1.2 billion transaction that formed Echo Polska Properties earlier in the year, it is very pleasing to have been retained by EPP on this excellent real estate transaction. This transaction clearly demonstrates that Kochanski Zieba & Partners’ Real Estate Sector Practice is on a par with the leading practices of international law firms on the Polish market,” commented Rafał Zięba, Managing Partner.
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