The Sky Tower skyscraper in Wrocław is to be sold to an investment fund company managed by Adventum Group. The price was set at EUR 84.4 million.
- Sky Tower is 212 meters high and 66 thousand square meters. sq m usable area
- It will be taken over by Olimp Investment, a company controlled by Adventum Group
- In the past, the skyscraper was associated with Ryszard Czarnecki, who owned LC Corp in the past, which later changed its name to Develia
- More such information can be found on the main page of Onet.pl
The current owner – the Develia Group – will get rid of everyone belonging to him shares in the ownership of real estate, or 79.55 percent. The remaining shares will remain in the hands of the owners of the separated premises. The agreement that Develia has signed with the new buyer is currently a preliminary agreement and the transaction is expected to be finalized by the end of 2021 if all conditions are met.
Construction of Sky Tower started in 2008, and the investor was LC Corp owned by Leszek Czarnecki (the company then changed its name to Develia).
According to “Gazeta Wyborcza”, Develia is not officially selling the building itself, but 100 percent. shares in its company Sky Tower. It includes: a commercial and office part as well as a part of parking lots. There are also apartments in the skyscraper that have other owners, together with parking spaces assigned to them, and these are private individuals or companies.
The sale of Sky Tower Develia was announced in February 2021 in a new strategy for 2021-2025. She then informed that she planned to concentrate in the residential segment and significantly reduce capital commitment in the commercial segment, and reinvest the recovered money, among others in housing and institutional rental segment.
“The sale of Sky Tower is an important element of the strategy announced at the beginning of 2021. We are consistently reducing our involvement in the commercial segmentfocusing on development in housing and PRS “- said the president of Develia, Andrzej Oślizło, quoted in the announcement of 14 September.
EUR 84.4 million for Sky Tower
The parties to the transaction are Sky Tower, a company owned by Develia and Olimp Investment, controlled by Adventum Group.
The selling price was set at EUR 84.4 million, but it will be reduced o incentives for tenants resulting from lease contracts that are not settled as at the final transaction date.
“The negotiated sale price of Sky Tower is slightly different from the book value of the building. The money obtained from the sale will be used to repay the loan related to the project in the amount of nearly PLN 194 million and for further dynamic development of activities in the residential segment, which in our opinion is the most promising “- said Paweł Ruszczak, Vice-President of Develia.
Develia controls a group of special purpose development companies implementing residential and commercial investments in the largest cities in the country. The company has been listed on the WSE since 2007. In 2020, it sold 1,361 residential and commercial premises.