Develia S.A. signed a PSPA (preliminary sale agreement) with an entity from Adventum Group for Wola Retro, a prime office building located in Warsaw. The price agreed is ca. €69.8 million. Closing is expected by the end of April 2023.
The sale price set out in the agreement will be adjusted for the value of outstanding tenant incentives and contributions and the value of costs associated with due diligence findings. The transaction, subject to the fulfilment of conditions precedent, is expected to be finalised by April 30, 2023. The seller was co-represented by Avison Young and JLL, the buyer was advised by CBRE.
"The preliminary agreement on the sale of the Wola Retro office building brings us closer to the realisation of another important goal that we have set for ourselves in our strategy for 2021-2025. We are continuing the divestment of our commercial real estate portfolio - we are also currently conducting advanced negotiations regarding the sale of Arkady Wrocławskie", said Andrzej Oślizło, CEO of Develia.
"We will use the funds raised from the sale of the Wola Retro office building to repay the loan associated with the project in the amount of PLN 131.8 million and to further develop in the residential and PRS sectors, which offer higher returns on investment. At the same time, we are open to potential market opportunities and want to be prepared to take advantage of them", commented Paweł Ruszczak, vice president of Develia.
The property offers ca. 25,900 sq m. GLA. Wola Retro includes 3 harmoniously composed buildings – one built in the 1930s, to be adapted as an office-service facility, and 2 brand new office buildings towering over and merged with the historical surroundings. It is located within 5-minute walk from Rondo Daszyńskiego business area. The authors of the design according to which the Wola Retro complex was created are architects from the Kuryłowicz & Associates studio – Ewa Kuryłowicz and Piotr Żabicki. The tenants of the office building include the Budimex group, EOS Poland and Signal Iduna.
The sell-side was also advised by Dentons and GWW. The buyer – by BSWW.
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