EPP has finalised the sale of its 70% stake in the Towarowa 22 mixed-use project in Warsaw to AFI Europe. It is historically one of the largest land transactions in Poland in terms of value, with the total plot value exceeding €180 million.
Towarowa 22 is situated on a 6.5 ha site in Warsaw's Wola district. The Dom Słowa Polskiego printing house was formerly located on the site and, more recently, the Jupiter shopping centre. The area will soon see the development of a mixed-use project dominated by residential and office space, featuring a modernist pavilion as its central point surrounded by a city park.
AFI Europe and Echo Investment will jointly develop both the office and residential sections of the complex (holding, respectively, 70 pct and 30 pct stakes). Echo Investment has become the sole owner of the residential section, which will include about 1,000 apartments (both PRS and for sale). The company is also to be the developer of the entire project.
The entire project will comprise more than 200,000 sqm of usable space, about half of which will be designated for office use, while the other half will be residential.
Griffin Capital Partners acted as the transaction manager and advisor to the seller.
"We are pleased to be a transaction manager and EPP’s adviser in the disposal of Towarowa 22, which is an important step in the implementation of their new long-term strategy. We wish the JV partners great success in the realization of this landmark project in the heart of Warsaw’s city centre. We are sure that Towarowa 22, with a city park encircling a modernist pavilion and unique design of surrounding developments, will add to the ongoing changes in Warsaw's Wola district and will be another destination project in this part of the city.” said Maciej Dyjas, Managing Partner at Griffin Capital Partners.
“Griffin's vital role as a transaction advisor to EPP and as catalysator for the overall complex development joint venture between AFI Europe and Echo Investment is not only satisfying in getting the deal successfully over the line but being involved in one if not the largest urban inner-city development projects in a European capital city. This was possible, thanks to the unique competencies of our strong team of experts, who have invaluable knowledge and many years of experience in sourcing, leading and closing the most sizeable and complex transactions and joint ventures across the market,” said Nebil Senman, Managing Partner at Griffin Capital Partners.
