Develia Group has signed a preliminary property sale agreement with Vastint Poland, a company belonging to an international group investing in commercial properties. The property houses the multi-functional Arkady Wrocławskie building. The net sale price has been set at 42.9 million euros (approx. 185.6 million PLN). The transaction is to be finalized by the end of August 2025.
The Arkady Wrocławskie is a commercial and office building located in Wrocław, bounded by Powstańców Śl., Swobodna, Komandorska, and Nasypowa streets. The property includes a four-story shopping center with a retail and entertainment section, a 13-story office building, and a one-story underground parking lot complemented by a multi-storey car park. The agreement signed by Develia includes the sale of the land property along with the entire multifunctional development. The net sale price set in the preliminary agreement is 42.9 million euros (approx. 185.6 million PLN).
Andrzej Oślizło, the President of Develia, stated “The contract we signed brings us closer to selling Arkady Wrocławskie, and thus to realizing our strategic goal of disinvestment of the office and commercial portfolio. We are on the best path to achieve this as Arkady Wrocławskie is our last commercial building. Funds which we gathered from ongoing transactions are reinvested into the dynamic development of the residential segment through organic growth, acquisitions, and joint ventures, significantly strengthening our position among housing developers.” He added that Arkady Wrocławskie will be transferred to an experienced investor with a broad portfolio of mixed-use projects, and this sector of the city will gain a new quality thanks to the change in management.
Paweł Ruszczak, Develia’s vice-president, stated that the negotiated sale price slightly deviates from the building’s book value, which amounted to 42.4 million euros at the end of September. The company plans to reinvest the funds from this transaction into new investments in the residential segment for higher returns. The signing of the final agreement is scheduled for several months due to the need to fulfill several suspensive conditions. As per previous announcements, Develia plans to cease the operation of the Arkady Wrocławskie shopping center, aiming to close it in the first half of 2024.
The preliminary property sale agreement was signed with Vastint Poland, a company behind projects such as the Business Garden office complex and the Element by Westin Hotel in Wrocław. The promised agreement is to be signed by the end of August 2025, subject to the fulfillment of suspensive conditions.
Roger Andersson, the Managing Director of Vastint Poland, said “Arkady Wrocławskie Shopping Centre has been a meeting place, a shopping place, and a destination for various events for the Wrocław community for many years, while being an important part of the city’s retail landscape at the same time. Our investment plans envisage the demolition of the existing complex and its replacement with modern, multifunctional development. A well-planned project in the city center will bring many benefits to the local community, attracting residents and companies, and creating a dynamic and attractive space for living, working, and leisure time.”
