Develia has sold the property on which the multifunctional Arkady Wroclawskie building is located in Wroclaw to Vastint Poland for EUR 42.967 million.
Arkady Wrocławskie is a mixed-use retail and office complex commissioned in 2007 and located within the area enclosed by the Powstancow Slaskich, Swobodna, Komandorska and Nasypowa streets in Wroclaw. The agreement between Develia and Vastint Poland covers the sale of the land together with all associated multifunctional buildings. The complex is currently in the process of being demolished, and Vastint Poland plans to develop a modern mixed-use complex on the acquired site.
“By finalizing the sale of Arkady Wroclawskie, we have accomplished one of our key strategic objectives – the divestment of our office and retail portfolio,” said Develia CEO Andrzej Oslizlo. “In recent years, this strategy has allowed us to reinvest capital in the development of our core residential business, both through organic growth and M&A activity, significantly increasing our market share. I am pleased that a new project on the site of Arkady Wroclawskie – for many years an important landmark for the capital of Lower Silesia residents – will be developed by an investor with extensive experience in mixed-use projects. This will enhance the attractiveness of this part of the city.”
“The sale of Arkady Wroclawskie aligns fully with Develia’s investment policy,” added Develia Vice President Pawel Ruszczak. “Proceeds from the transaction in the amount of EUR 26 million will be allocated to repay the loan previously secured to prefinance the property. We want to reinvest the remaining amount in the residential segment, which will provide us with higher rates of return. That will be possible in the near future, thanks to the finalization of the acquisition of Bouygues Immobilier Polska.”
“For many years, Arkady Wroclawskie served as a central hub for meetings, shopping, and cultural events, playing a significant role in the commercial landscape of Wroclaw,” said Vastint Poland Managing Director Roger Andersson. “Today, we are entering a new chapter in the story of this place. Our plans involve the demolition of the existing complex and the development of a modern, multifunctional project. Carefully designed and seamlessly integrated into the urban fabric of the city center, the new development will bring lasting value to the local community. It will attract both residents and businesses, creating a vibrant space for living, working, and leisure.”
Develia was advised by the Dentons law firm on legal matters and by Avison Young on commercial aspects of the transaction. Legal support for Vastint was provided by Legal Kraft.
Image source: www.next.gazeta.pl
