Wola Center Sold For Over 101 Million EUR

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Wola Center, source: Wikipedia
Wola Center, source: Wikipedia
Hines European Value Fund purchased the Warsaw office building for 101.9 million EUR (about 435 million PLN) from Develia developer company.

Wola Center is a modern office complex which comprises of 4 connected buildings situated at Przyokopowa Street in Warsaw. The investment was built in 2013. Its total size amounts to 33.3 thousand sqm, 31.3 thousand sqm of which is office space, whereas 2 thousand sqm – service space. There is also a two-level car park which holds 319 vehicles. The buildings are currently totally leased.

Develia was advised by the experts of Capital Markets Department at Knight Frank. A loan for the building amounted to 45.2 million EUR; it will be repaid from a part of the money collected from sales. The remaining money will be transferred to the company’s portfolio for further growth.

Chairman of Develia, Michał Hulbój, says:

The sales of Wola Center results from our strategy of the commercial segment which consists of building, commercializing and selling the investment. We are planning to sell another building – Wola Retro – by the end of this year. Our goal is to start at least one commercial investment annually. In 2020, it will be Kolejowa building situated in Wrocław. It is currently undergoing the process of obtaining administrative permissions.

The sales of the building for such a huge amount of money confirms that modern properties located in an attractive location arouse great interest among investors. The company’s portfolio will be extended by new projects such as Sky Tower, Wola Retro and Arkady Wrocławskie.

 


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