Develia has signed an agreement to sell the property hosting the multifunctional Arkady Wrocławskie building to Vastint Poland, a company belonging to an international group investing in commercial real estate. The net sale price amounts to EUR 42.967 million (approximately PLN 182 million).
Arkady Wrocławskie is a retail and office complex commissioned in 2007, located in Wrocław within the block bounded by Powstańców Śląskich, Swobodna, Komandorska, and Nasypowa streets. The agreement signed by Develia concerns the sale of the land together with the entire multifunctional development. The building is currently undergoing demolition.
“By finalizing the sale of Arkady Wrocławskie, we have achieved one of our key strategic goals, namely the divestment of our office and retail portfolio. The strategy based on this assumption has allowed us in recent years to reinvest funds into the development of our priority residential segment through organic growth and M&A transactions, significantly increasing Develia’s market share,” said Andrzej Oślizło, CEO of Develia. “I am pleased that the new investment on the site of Arkady Wrocławskie, which has been an important place for the residents of Lower Silesia’s capital for years, will be carried out by an investor with extensive experience in mixed-use projects, which will positively affect the attractiveness of this city quarter,” he added.
The sale agreement for Arkady Wrocławskie was signed with Vastint Poland, part of an international commercial real estate investment group. The transaction value is EUR 42.967 million (approx. PLN 182 million).
“The sale of Arkady Wrocławskie fully aligns with Develia’s investment policy. The proceeds of EUR 26 million from the transaction will be allocated to repay the loan taken to pre-finance the project. The remaining amount we intend to smoothly reinvest in the residential segment, which offers us higher returns, made possible by the forthcoming completion of the acquisition of Bouygues Immobilier Polska,” said Paweł Ruszczak, Vice President of Develia.
Currently, the Arkady Wrocławskie building is undergoing demolition, which was initiated by Develia with the dismantling of external elements of the property and will be continued by Vastint Poland. The new owner plans to develop a modern multifunctional facility on the acquired land.
“Arkady Wrocławskie has long been a central point for meetings, shopping, and cultural events, playing a significant role in Wrocław’s commercial landscape. Today, we are entering a new chapter in the history of this location. Our plans include demolishing the existing complex and developing a modern, multifunctional project. The new development, carefully designed and harmoniously integrated into the city center fabric, will bring lasting value to the local community. It will attract both residents and entrepreneurs, creating a vibrant space for living, working, and leisure,” said Roger Andersson, Managing Director of Vastint Poland.
Vastint Poland has previously completed projects in Wrocław such as the Business Garden office complex and the B10 office building along with the Element by Westin hotel.
Develia was advised legally by Dentons and commercially by Avison Young. Vastint Poland was supported by Legal Kraft.
Source: CEO.com.pl
