IPD Południe is a company depended on Vantage Development. It concluded a preliminary conditional sale agreement for the amount of 10.8 million zlotys net.
The sales of our plot (together with the construction plan and the building permit) was a consequence of the strategic decision which concerns focusing our attention on realization of Promenady Business Park in respect of commercial investments. We built there 30 thousand sq. m of office space within which the realization of new offices is envisaged. Thus, we decided that we will not compete with each other. We want to concentrate on our major office project – says Director for Development of Vantage Development Henryk Wojciechowski.
The final sale agreement is to be concluded by the end of 31st December this year with the option of extending this term by 3 months in compliance with circumstances specified in the preliminary agreement.
The decision on sale of the plot at Fabryczna Street was also related to the necessity of more effective use of the blocked capital. We are in the process of searching for new areas mainly in Warsaw, the eventual purchase of which we want to partially finance from these means – explains Henryk Wojciechowski.
Vantage Development sold 430 premises in the first six months of 2016, and it is planning to introduce 430 new premises to the offer by the end of the year. The main purpose of the company is further land diversification. At present, the land bank allows the company to realize investments of the size exceeding 100 000 sq. m in both Warsaw and Wrocław.
Vantage Development is one of the leading Polish developer companies. The dominant segment of its activity is sale of premises, however, some of its activities concern commercial projects as well as office and trade ones. Vantage Development is the member of the Polish Association of Developers and Association of Stock Exchange Issuers. The shares of the company have been recorded on the Warsaw Stock Exchange since 2012.