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Polska Wytwórnia Papierów Wartościowych (PWPW) has signed a PLN 143 million agreement with Tarchomińskie Zakłady Farmaceutyczne “Polfa” S.A. for the purchase of more than 17 hectares of land in Tarchomin, Warsaw.
“Our involvement as advisors in this strategic project is an honour and a great responsibility. This was a significant transaction in the real estate market, and one of the largest between state-owned companies in recent years. We are delighted to have worked with such a prestigious client and to have had the opportunity to assist PWPW in implementing its long-term business strategy,” stated Paweł Cholewiński, Partner, Head of Kochański & Partners’ Transactional Practices Group / Real Estate, M&A.
The land will be used for the construction of a state-of-the-art banknote printing and security paper facility and is one of the largest transactions on the Polish real estate market in recent years. The investment will enable the implementation of PWPW’s long-term strategic business plan and meet the needs arising from the limitations of the company’s current headquarters.
It is also a strategic transaction for Poland, as the products manufactured at the new plant will be of key importance to the country.
Through the transaction TZF Polfa S.A. has raised the funds necessary to complete the construction of Poland’s first and most modern Oncology Drug Development and Production Centre with total value of investment estimated at ca. PLN 550 million.
Kochański & Partners’ team advised on the structuring of the project, conducted the due diligence, drafted transaction documentation, participated in negotiations with the seller and provided numerous analyses and opinions.
“From an infrastructure point of view, the project was complex as it involved numerous installations, including energy installations, previously located on the acquired land. The transaction needed to take into account all these elements and requirements, which added to its complexity,” noted Wojciech Wrochna, Partner, Head of Kochański & Partners’ Energy, Infrastructure & Environment Practices Group.
“The project was compelling from a real estate perspective, particularly due to the long history of the acquired land and its infrastructure. It is also interesting to note that PWPW and TZF Polfa S.A. will become neighbours and continue working together to achieve their goals,” emphasised Weronika Duda, Counsel in Kochański & Partners’ Real Estate Practice.
Kochański & Partners’ transaction team was led by Weronika Duda (Counsel). The project was supervised by Paweł Cholewiński (Partner) and Wojciech Wrochna (Partner), with and also included Malwina Jagiełło (Counsel), Agata Tworzydło (Senior Associate), Dominik Gryś (Associate) and Paulina Majewska (Associate).