Poland-based real estate development specialist Develia has sold the Wola Retro office in Warsaw to an investment fund managed by Adventum Group for €69.3 million.
Wola Retro is an office building commissioned in 2019, in the Wola district. It has 25,000 square meters of office space, and the level of its commercialization is 86%. It features a 19,000 square meter, 14-storey newly built component and a 6,900 square meter heritage low-rise building.
Both sections comply with class-A office specifications and modern ESG requirements. The offices anchor tenant is Budimex Group, one of the largest construction companies in Poland.
The acquisition was the fifth carried out through the Adventum Penta Fund SCA SICAV-RAIF.
Announcing the news in a press release, Andrzej Oślizło, President of Develia’s Management Board, says, “By finalizing the sale of Wola Retro, we have fulfilled another important goal of our strategy, under which we are consistently reducing the commercial real estate portfolio.
“The funds obtained from the sale of commercial properties will allow for faster growth of our core business and increase of Develia’s share in the residential market as well as development on the promising PRS market We will allocate part of the proceeds from the sale of Wola Retro to repay the loan related to the project.
“The transaction significantly increases Develia’s investment opportunities by reducing debt by approximately PLN128 million and significantly increasing the level of free funds at disposal.
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