CMS advises AFI Europe on acquisition of the Towarowa 22 project

International law firm CMS has represented AFI Europe in the purchase from EPP of a 70% stake in the Towarowa 22 project. AFI Europe will continue to carry out the project together with the developer, Echo Investment.

The Towarowa 22 project is being carried out in Warsaw’s Wola district – an attractive investment area of about 6.5 hectare in the centre of that district. AFI Europe and Echo Investment will together develop a project that will comprise the construction of a multi-functional complex with a total usable area of 230,000 sqm. 

The scope of CMS advice included: AFI’s acquisition (following fulfillment of certain conditions) from EPP of shares in entities that are shareholders of the company carrying out the project; sale to Echo Investment of part of the project area which is designated for resi-for-sale; and a range of agreements between AFI Europe and Echo Investment concerning the joint implementation of the project. Once the conditions described in the transaction documents have been fulfilled, AFI Europe will become the owner of 70% of the shares in the company carrying out the project.

AFI Europe is the owner, manager and developer of landmark real properties in CEE. The portfolio of projects and properties of AFI Europe comprises business parks and office complexes, commercial centres and retail properties, as well as residential and multi-functional projects.

The CMS team included Lidia Dziurzyńska-Leipert (partner), Barbara Krupińska-Fuganti (senior associate), Katarzyna Szostak (senior associate), Paweł Śliwka (associate), Michal Bork (counsel) and Paulina Karpińska-Huzior (senior associate).