Month: June 2022

Rymarz Zdort advised Echo Investment S.A. (“Echo Investment”) on its joint venture with AFI Europe. The companies are cooperating in connection with the development of a complex of buildings with office, commercial and PRS functions along Warsaw’s ul. Towarowa.

Separately, Rymarz Zdort also advised Echo Investment on its acquisition of property for future residential construction. Echo Investment will act as the exclusive investor for the residential part of the project and as the developer for the entire project.

Towarowa 22 is an investment area of nearly 6.5 hectares located in the heart of the Wola district, a fast-developing part of Warsaw. It was once home to printing works, and a shopping centre is currently located there.

Echo Investment is Poland’s largest developer with extensive experience in the top sectors of the real estate market (residential, retail and office). Since 1996, the company has been listed on the Warsaw Stock Exchange, and Lisala sp. z o.o., owned by Hungarian Wing IHC Zrt and Griffin Real Estate, became its main shareholder in 2019. Echo Investment has completed 200 investments in dozens of Polish cities with a total area exceeding 2 million sqm.

AFI Europe is a leading developer with operations in several major CEE cities that focuses on large commercial and residential projects.

The Rymarz Zdort team advising on the transaction was led by partner Piotr Fedorowicz, head of the real estate practice, with the support of senior associate Karolina Bąkowska, associate Tomasz Karkowski, associate Patrick Koźliczak, associate Agnieszka Jabłońska, and associate Izabela Skrzypczak as well as counsel Irmina Wątły and associate Kamil Kłopocki of the antimonopoly team.

Rymarz Zdort supported ENEA (“ENEA”) in connection with a PLN 750 million issue of Series D shares. The company signed nearly 70 subscription agreements concerning a total of 88,288,515 shares at an issue price of PLN 8.50 per share. The State Treasury subscribed for the shares with a total issue value of approximately PLN 422 million; open pension funds subscribed for shares valued at over PLN 246 million; and other investors subscribed for shares valued at approximately PLN 82 million.

ENEA is actively participating in the transformation of the energy sector and develops renewable energy sources. As one of Poland’s largest energy companies, it shares responsibility for the country’s energy security and supplies energy to over 2.7 million customers.

The ENEA Group intends to use the share issue proceeds to make investments in the distribution sector, including by supporting the development of RES and smart grids, which is one of the key directions of its development strategy.

In addition to its support of activities related to the issuance and offering of the shares, Rymarz Zdort advised ENEA on the process of obtaining funds from the Reprivatisation Fund.

“Polish energy companies, like their counterparts in Europe, are increasingly focusing on energy transformation. We are glad that our law firm has once again had the opportunity to participate in a transaction the aim of which, in addition to our client’s investment goal,  was to ensure our country’s energy security, which is part of the strategy of the ENEA Group”, says Marek Durski, a partner and the head of the energy and natural resources practice at Rymarz Zdort.

The advisory team comprised Marek Maciąg, a partner in the corporate department; Marek Durski, a partner and the head of energy and natural resources practice; Klaudia Kasztelewicz, associate; Karolina Kłos, associate; and Aleksandra Pustiowska, senior associate.