act legal Poland (BSWW) has advised on Rank Progress’ sale of over 8 hectares of investment land worth more than PLN 75m net.
On May 09, 2019, Rank Progress S.A. entered into another amending annex to the investment agreement with Vantage Development S.A., aimed at defining the rules and stages of a joint investment project involving a residential estate with complementary retail and office functions, i.e. Port Popowice in Wrocław. The document specifies the principles of joint venture’s acquisition of perpetual usufruct to land and partners’ additional financial contributions.
Additionally, act legal Poland was supporting Rank Progress S.A. with respect to return assignment of the investment land by BOŚ S.A.
Michał Wielhorski, Managing Partner, acted as the team leader. The team was made up of Mateusz Prokopiuk, Senior Associate, and Małgorzata Wąsowska, Partner and Head of Tax.
“We have been advising Rank Progress from the very start of its joint venture with Vantage Development, covering the highly ambitious and unique project of Port Popowice,” says Michał Wielhorski.
Port Popowice combines a former inland port with sophisticated architecture, contemporary design and functional spaces. The project, whose implementation is going to take roughly 10 years, involves development of approx. 2,500 apartments, modern office areas (14,500 m2) and commercial premises (17,000 m2). The renewed dock is going to be the heart of the whole project.