Act Legal Poland, BSWW, has advised Rank Progress S.A. on a joint venture agreement and subsequent investment contract with Vantage Development S.A. covering the implementation of a development project on a 14-hectare land plot in Wroclaw.
The parties have announced a plan to build approximately 2,400 apartments and commercial units (in two phases), as well as roughly 14,500 square meters of office space.
“Following two large transactions carried out by our law firm for Rank Progress S.A. -- i.e., the sale of Galeria Aviator to an entity from Leclerc capital group for over PLN 67 million net, and the sale of Galeria Swidnicka to a company belonging to Catalyst Capital fund (transaction value: over EUR 26 million) -- this is yet another big and complex deal which Rank Progress asked us to handle,” says Managing Partner Michal Wielhorski, who led the team, with the assistance of Partner Marcin Kroll and Trainee Attorney at Law Mateusz Prokopiuk.
Editor's note: After this article was published Deloitte Legal confirmed that it had advised Vantage Development on the deal. The firm's team included Partners Justyna Milewska and Katarzyna Karasiewicz, Managing Associate Anna Dobosz, and Associate Maciej Liberacki.
Subsequently, on May 14, 2018, Act BSWW announced that it had advised Rank Progress on amendments to its investment agreement with Vantage Development for the development project, now named "Port Popowice." According to Managing Partner Michal Wielhorski, “the amending annex prepared by act BSWW introduces changes on the basis of which the deadline for Vantage Development S.A.’s statement of intent to implement the second part of the investment project was extended. Additionally, the shareholding structure in the company’s share capital is going to undergo some modifications. Execution of this amendment marks another step in the Port Popowice construction process.”