Regulator approves major joint-venture project in Wrocław

Poland’s Office of Competition and Consumer Protection (UOKiK) has approved of the plans of developers Vantage Development and Rank Progress to establish joint entities that will develop the first part of a large mixed-use project in Wrocław. In December last year, the developers announced their plans to jointly develop 14 hectares of land located on the city’s ul. Wejherowska and ul. Białowieska.

The planned scheme will predominantly house residential space and will also feature accompanying retail and office functions. It is expected to include a total of approximately 2,400 housing and commercial units, and around 14,500 sqm of office area. The investment will be divided into two main parts, which will be further subdivided into phases. The particular phases will be developed by special-purpose vehicles in which Vantage Development and Rank Progress will have a 55-percent and a 45-percent stake respectively.

The first part of the investment will involve the development of a total of approximately 1,100 apartments and commercial units, and the entire office component.

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