Develia Group has signed a preliminary agreement with Vastint Poland for the sale of the real estate on which the Arkady Wrocławskie multifunctional building is located. The net sale price has been set at €42.9 million (approximately PLN 185.6 million). The transaction is expected to be finalised by the end of August 2025. Avison Young has been representing the seller throughout the sales process.
Arkady Wrocławskie is a retail and office facility located in Wrocław in the quarter of Powstańców Śl. Street, Swobodna Street, Komandorska Street and Nasypowa Street. The property comprises a 4-storey shopping centre with a shopping and entertainment area, a 13-storey office building and a 1-storey underground car park with cubic parking. The agreement signed by Develia concerns the sale of the land property including the entire mixed-use development. The net price agreed in the preliminary agreement is €42.9 million (approximately PLN 185.6 million).
"The agreement we have signed brings us closer to the sale of Arkady Wrocławskie and thus to the realisation of our strategic objective of divesting our office and retail portfolio. We are on the best way to achieve this, as Arkady Wrocławskie is our last commercial building. We have reinvested the funds we have obtained from the transactions completed to date in dynamic growth in the residential segment through organic growth, acquisitions and joint venture partnerships. Thanks to this, we have significantly strengthened our position at the forefront of residential developers and we aim to continue this trend", says Andrzej Oślizło, President of Develia. "Arkady Wrocławskie will go to an experienced investor with a wide portfolio of mixed-use projects, so I am convinced that this quarter of the city will gain a new quality", adds Andrzej Oślizło.
"The negotiated sale price differs slightly from the book value of the building, which at the end of September amounted to €42.4 million. We want to allocate the funds from this transaction to new investments in the residential segment, which allow us to achieve higher rates of return", says Paweł Ruszczak, Vice president of Develia. "We have planned the signing of the final agreement for several months due to the need to meet several conditions precedent. In accordance with earlier announcements, we are extinguishing the operations of the Arkady Wrocławskie shopping centre and aim to close it in the first half of 2024", Paweł Ruszczak adds.
A preliminary agreement for the sale of the property has been signed with Vastint Poland, a company that has developed, among others, the Business Garden office complex and Hotel Element by Westin in Wrocław. The promised agreement should be signed by the end of August 2025, provided that the conditions precedent are met. "The Arkady Wrocławskie Centre has for many years been a place for meetings, shopping and various events for the Wroclaw community, while also being an important element of the city's commercial landscape. Our investment plans envisage demolishing the existing complex and replacing it with a modern, multi-functional development. A well-planned project in the city centre will bring many benefits to the local community, attracting residents and businesses and creating a dynamic, attractive space for living, working and spending leisure time", says Roger Andersson, Managing Director of Vastint Poland.
