Sky Tower, a company in which Develia holds 100% of shares, concluded with Olimp Investment, controlled by an alternative investment fund managed by Adventum Group, a promised agreement to sell a 79.55% share in the ownership of real estate with Develia reported for EUR 84.27 million minus the value of incentives for tenants (approx. EUR 1.88 million). The remaining part of the ownership of Sky Tower, ie 20.45%, will remain with the owners of the separate premises in the building.
The price for the participation in Sky Tower was set, in the formula without debt and without cash, at EUR 84,270,000, which will be increased by the VAT due and decreased by the value of incentives for tenants resulting from contracts signed before the conclusion of the preliminary contract, and unpaid as of the date of conclusion of the contract of sale, ie in the amount of EUR 1,878,436.64 and will be paid in full on the date of conclusion of the contract of sale, the company announced.
Develia additionally informs that the transaction price will be fully repaid, ie in the total amount of EUR 41,975,589.96, a bank loan taken out to refinance the construction costs of the building.
“We are consistently implementing the individual goals of the strategy announced at the beginning of 2021 and strengthening the market and financial position of the Develia group. Finalizing the sale of Sky Tower faster than originally assumed is one of the key elements of the strategy, which increases investment opportunities in the most promising areas,” commented President Andrzej Oślizło.
“About PLN 170 million, which will remain after the repayment of the loan related to the Sky Tower project, we will want to spend on the development of activities in the development and PRS segment, as well as the payment of dividends, resulting in higher returns on capital,” added Vice-President Paweł Ruszczak.
Sky Tower is the tallest building in Wrocław and one of the tallest in Poland.
Develia controls a group of special purpose development companies carrying out residential and commercial investments in the largest cities in the country. The company has been listed on the WSE since 2007.
Source: Develia and ISBnews
