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Real estate

act BSWW advises Rank Progress on its investment agreement with Vantage Development

The common project of the investment & development company seated in Lower Silesia and the Wrocław-based developer will be implemented on 14 hectares in Wrocław. The project is going to be split into two parts, each further sub-divided into investment stages which will see the development of 2,400 apartments and c. 14,500 m² of office space.

 act BSWW lawyers were advising Rank Progress S.A. on the joint venture agreement and the subsequent investment contract between Vantage Development S.A. and Rank Progress S.A., covering the implementation of a development project on a 14-hectare land plot in Wrocław, as part of which the parties are planning to build a total of approx. 2,400 apartments and commercial units (in two phases), as well as roughly 14,500 square meters of office space.

The scope of consulting services involved preparation and negotiations of the content of the JV and investment agreements, as well as other documents signed in relation to the transaction.

The law firm also offered Rank Progress S.A. comprehensive advice within the area of competition law, including an analysis of whether it is required to obtain a consent of the Head of the Office of Competition and Consumer Protection.

“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 67m net, and the sale of Galeria Świdnicka to a company belonging to Catalyst Capital fund (transaction value: over EUR 26m), this is yet another big and complex deal which Rank Progress asked us to handle,” says Michał Wielhorski, attorney-at-law and managing partner who was heading the team. Other members of the project team were Marcin Kroll (attorney-at-law and partner) and Mateusz Prokopiuk (trainee attorney-at-law).

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