BSWW Act Legal in Poland has advised Rank Progress S.A. on its sale of over eight hectares of investment land worth more than PLN 75 million to Vantage Development S.A.
According to BSWW, on May 09, 2019 Rank Progress amended the annex of its investment agreement with Vantage Development, related to Port Popowice in Wroclaw, a residential estate with complementary retail and office functions. The document specifies the principles of the joint venture’s acquisition of perpetual usufruct to land and the partners’ additional financial contributions.
According to BSWW, Port Popowice combines a former inland port with “sophisticated architecture, contemporary design, and functional spaces." The project is expected to be completed within ten years and it involves the development of approximately 2,500 apartments, about 14,500 square meters of office space, and 17,000 square meters of commercial space.
The BSWW team was led by Managing Partner Michal Wielhorski and included Partner Malgorzata Wasowska and Senior Associate Mateusz Prokopiuk.
BSWW legal did not reply to our inquiries about the deal.