EPP N.V. AFI Europe N.V. entered into preliminary sale of shares agreement to acquire 70% stake in Property on 22 Towarowa Street, Warsaw from EPP N.V. (JSE:EPP) for €127 million on February 24, 2022. AFI Europe N.V. will pay €70.8 million of the purchase consideration to the EPP N.V. upon completion of the transaction. The remainder of the consideration will be paid according to milestones agreed between the parties.
Net proceeds to the seller will be reduced by top-up of the purchase price which is due to be paid by the EPP N.V. to the original owners of the plots, and other transactional costs. The transaction is subject to the final sale of shares agreement being entered into by the EPP N.V. and AFI Europe N.V. subsequent to the satisfaction of the conditions precedent, including among others receipt of antitrust clearance by the long stop date, being 31 December 2022. The effective date of the transaction will be upon fulfilment of the conditions precedent, which is expected within the next 4-6 months.
CMS Cameron McKenna acted as legal advisor to AFI Europe N.V. The CMS team included Lidia Dziurzynska-Leipert (partner), Barbara Krupinska-Fuganti (senior associate), Katarzyna Szostak (senior associate), Pawel Sliwka (associate), Michal Bork (counsel) and Paulina Karpinska-Huzior (senior associate). Griffin Capital Partners acted as the transaction manager and advisor to the seller.
