Griffin Capital Partners acted as the transaction manager and advised EPP on the sale of 70 percent of the of shares in Towarowa 22 to the AFI Europe fund. Historically, it is one of the largest land sales transactions in Poland in terms of value. The total value of the plot exceeded EUR 180 million. The transaction finalized on June 8 was one of the key elements of the implementation of the new EPP strategy, focused, among others, on on the debt relief of the company.

Towarowa 22 is an investment plot with an area of ​​6.5 ha, located in the heart of Wola, a dynamically developing district of Warsaw. In the past, there was a printing house called Dom Pracy Polskiego in this area, and more recently the Jupiter shopping center. This area will soon become a construction site for a mixed-use project with dominant residential and office functions, the focal point of which will be a city park surrounding a modernist pavilion which is the heart of the project.

AFI Europe and Echo Investment will jointly participate in the construction of the office part and PRS of the complex (holding 70% and 30% of shares, respectively). Echo Investment has become the sole owner of the residential section, which will offer approximately 1,000 high-class flats. Echo Investment will be the developer of the entire project.

The entire investment will offer over 200,000 sqm usable area, of which approx. 50 percent. will be allocated to an office function and 50 percent. for residential (PRS and apartments for sale). It will be a breakthrough, city-forming project, the aim of which is to repeat the international success of the flagship mixed-use investment implemented by Echo Investment - Browary Warszawskie.

"We had the pleasure to act as the transaction manager and EPP advisor in the sale of Towarowa 22, which is an important step in the implementation of the company's new long-term strategy. We wish the new joint-venture partners a lot of success with this groundbreaking project in the heart of Warsaw. We are sure that Towarowa 22, with a unique urban concept for the entire complex, will contribute to the positive changes taking place in Warsaw's Wola district and will be another unique project in this part of the city," said Maciej Dyjas, Managing Partner at Griffin Capital Partners.

"The significant role of Griffin as an advisor to EPP and the catalyst of the entire comprehensive joint venture between AFI Europe and Echo Investment is satisfactory not only in terms of completing the transaction. Also because Towarowa 22 will be one of the largest, if not the largest, urban development project currently being implemented in European capitals. The successful completion of the entire process was possible thanks to the unique competences of our strong team of experts who have invaluable knowledge and many years of experience in obtaining, conducting and closing the largest and most complex joint ventures on the market," said Nebil Senman, Managing Partner of Griffin Capital Partners.