Develia Group has signed a preliminary agreement with Vastint Poland, a company belonging to an international group investing in commercial real estate, 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. The transaction is to be finalized by the end of August 2025.
Arkady Wrocławskie is a retail and office building located in Wrocław. The property includes a 4-story shopping centre with a shopping and entertainment area, a 13-story office building, and a 1-story underground parking garage along with a cubic parking lot. The agreement signed by Develia is for the sale of the land property along with the entire mixed-use development. The net price set in the preliminary agreement is €42.9 million.
“The agreement we have signed brings us closer to the sale of Arkady Wrocławskie, and thus to the realization of our strategic goal of divesting our office and retail portfolio,” says Andrzej Oślizło, president of Develia. “We are well on our way to achieving this, as Wrocławskie Arkady is our last commercial building. We have reinvested the funds we have raised from the transactions completed to date in dynamic growth in the residential segment through organic growth, acquisitions, as well as joint venture partnerships. As a result, we have significantly strengthened our position at the forefront of residential developers and we aim to continue this trend. 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.”
“The negotiated sale price slightly deviates from the book value of the building, which was €42.4 million at the end of September. 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 scheduled the signing of the final agreement for several months from now due to the need to fulfil several suspensive conditions. As previously announced, we are extinguishing the operations of the Arkady Wrocławskie shopping centre and aiming to close it in the first half of 2024.”
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 the Element by Westin Hotel in Wroclaw. The promised agreement should be signed by the end of August 2025, subject to the fulfilment of conditions precedent.
“For many years, the Arkady Wroclawskie Center has been a place for meetings, shopping and various events for the Wroclaw community, while being an important element of the city’s commercial landscape. Our investment plans call for demolishing the existing complex and replacing it with a modern, mixed-use 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 to live, work and spend leisure time,” says Roger Andersson, managing director of Vastint Poland.
