LC Corp pays 256 m PLN for Sky Tower

LC Corp S.A. has made an arrangement regarding purchase of 100 per cent of Sky Tower S.A.’s shares, which manages retail and office surfaces in the Sky Tower complex.

The transaction ‘s aim is to diversify Grupa LC Corp S.A.’s sources of income, as well as reinforcement of  the company’s segment based on commercial properties. The deadline for payment of 259 m PLN is set for the year 2019.

 

Sky Tower is a complex, located in the centre of Wroclaw, that fulllfills three functions: ofed in the centre fice, ail and housing. It is 212 m high and its total space is 171 000 sq. m. The building is located at Powstancow Slaskich St, near the PKP and PKS stations. Occupants can make use of 1000 garage places. 


The transaction includes office spaces (18 700 sq. m.) as well as retail (29 700 sq. m.). Currently, the commercialisation level of the shopping mall is at almost 80 per cent. The building includes, among others: the entertainment zone (with the billiard room and the bowling alley), the fitness club as well as SPA and Kosmetyczny Instytut Dr Irena Eris. On Sky Tower is also located the highest in Poland vantage point, which is at the height of 200 metres above the ground level. Because of the low level of vacant office space in Wroclaw (7.8 per cent) as well as high interest of potential lessees, the fast commercialisation of office spaces is expected to be quick.  

 

The transaction is going to amplify the commercial property segment in the Grupa’s operations, allowing for further diversification of the income sources as well as lowering the risk associated with changes  in the economic situations in the residential segment - commented Dariusz Niedospial, the President of the Board of LC Corp S.A. Management believes that the implementation of the agreement is going to increase the shareholder value as well as the stability in the Grupa’s development - he added.

 

Today’s transaction and leading to the joint management of Arkad Wroclawskie and Sky Tower, which will allow to make use synergy of the two closely located buildings by creation of a natural migration of clients: the mixed diversification of lessees as well as creation of a complementary retail and entertainment offer. In accordance with the assumed strategy, the aim of the efforts will be additional increase of the business effectiveness in both shopping malls - said Malgorzata Danek, the new Board Member of LC Corp S.A.


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