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Sale of the 70% share of Towarowa 22 by EPP

Category: Investment Deal of the Year, CEE
The transaction relates to the sale by EPP of 70% of the shares of Towarowa 22 to AFI Europe. It’s historically one of the largest land transactions in Poland in terms of value, with the total plot value exceeding EUR 180m. In the transaction Griffin Capital Partners has acted as a transaction manager and advised EPP.
Towarowa 22 - located in the heart of Wola, a dynamically developing district of Warsaw - is an investment plot with an area of 6.5 ha. In the past, the plot was a location of a Dom Słowa Polskiego printing house and most recently, a shopping centre Jupiter. The area is now intended for a balanced office and residential mixed-use development, with city park encircling a modernist pavilion as the central point of the future investment.
The current JV partners, AFI Europe and Echo Investment will jointly participate in the development of the office and PRS parts of the complex (respectively holding 70% and 30% of shares). Echo Investment is the sole owner of the residential part, where ca. 1000 apartments will be offered. Echo Investment will act as a developer of the whole project.
The investment shall offer more than 200 thousand sqm GLA, out of which approx. 50% with office function and 50% of residential spaces (PRS and residential for sale). It shall be a landmark, city-shaping destination project, with an aim to repeat the success of internationally recognized Warsaw Brewery mixed-use investment.
Seller, plus brief information about the company EPP is the largest shopping center manager in Poland in terms of leasing space. EPP is a REIT-type company focused on Poland-based retail properties. The company's portfolio includes 35 projects with a total value of around €2.8 billion and a leasable area of more than one million square meters. It is characterized by its strong purchasing power and attractiveness to international investors. Its goal is to create Poland’s leading, cash-generating platform of well-performing retail, delivering consistently high returns to its shareholders.
Purchaser, plus brief information about the company AFI Europe is a leading real estate development and investment company operating in Central and Eastern Europe and focusing on the development of large-scale commercial and residential projects.
Their diversified portfolio consists of shopping malls and retail properties, business parks and office complexes, a logistics and light industry facility, large-scale residential and mixed-use developments, as well as income-yielding residential properties. These projects and properties are located in Bulgaria, Czech Republic, Germany, Hungary, Latvia, Poland, Romania and Serbia.
Seller, plus brief information about the company
EPP is the largest shopping center manager in Poland in terms of leasing space. EPP is a REIT-type company focused on Poland-based retail properties. The company's portfolio includes 35 projects with a total value of around €2.8 billion and a leasable area of more than one million square meters. It is characterized by its strong purchasing power and attractiveness to international investors. Its goal is to create Poland’s leading, cash-generating platform of well-performing retail, delivering consistently high returns to its shareholders.
Purchaser, plus brief information about the company
AFI Europe is a leading real estate development and investment company operating in Central and Eastern Europe and focusing on the development of large-scale commercial and residential projects.
Their diversified portfolio consists of shopping malls and retail properties, business parks and office complexes, a logistics and light industry facility, large-scale residential and mixed-use developments, as well as income-yielding residential properties. These projects and properties are located in Bulgaria, Czech Republic, Germany, Hungary, Latvia, Poland, Romania and Serbia.
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