Archicom and Rank Progress have applied to the Office of Competition and Consumer Protection (UOKiK) for permission to form a joint venture to develop a residential and commercial project in Wrocław, the Office said.
The application was received on 29 December 2023. The case is pending.
The intended concentration of entrepreneurs consists in the establishment of a joint venture […] through the establishment by Archicom […] of a limited liability company (where Archicom will be the sole shareholder), hereinafter referred to as the SPV, followed by a transaction whereby Rank Progress […] will acquire from Archicom part of the shares in the share capital of the SPV so that the target shareholding structure is as follows: Archicom: 55% of shares in the share capital of the SPV, Rank Progress: 45% of shares in the share capital of the SPV. It is the intention of the notifying parties that the SPV should be equipped with assets and financial resources sufficient for the SPV to carry out a residential (residential-service) project located in Wrocław, at Browarna Street, with an assumed potential of 42,000 – 47,000 sqm (residential usable area / service usable area), reads the communiqué.
To this end, Rank Progress intends to sell to the SPV the right of perpetual usufruct of the real property located in Wrocław, at Browarna street, on which the investment is to be carried out, it was also stated.
Rank Progress is an investment and development company. It debuted on the main market of the Warsaw Stock Exchange in 2010.
Archicom Group is a nationwide property developer. The company has been listed on the WSE since 2016 and is part of the sWIG80 index. It is owned by Echo Investment.
Source: Archicom Group, Rank Progress and ISBnews
