The deal should be closed by 30 April and the preliminary €69.8 mln price tag will be adjusted for the value of outstanding tenant incentives and contributions and the value of costs associated with due diligence findings.

Completed in 2019, Wola Retro combines a historic, four-storey building from the 1930s and two modern Class A office buildings (9 and 14 floors) towering over and merged with the historical surroundings.

The gross leasable area of the three buildings amounts to around 25,900 m2, of which 17,800 m2 in the newly designed buildings.

Andrzej Oslizlo, CEO of Develia, said: ‘The preliminary agreement on the sale of the Wola Retro office building brings us closer to the realisation of another important goal that we have set for ourselves in our strategy for 2021-2025. We are continuing the divestment of our commercial real estate portfolio - we are also currently conducting advanced negotiations regarding the sale of Arkady Wroclawskie.’

Pawel Ruszczak, VP of Develia, added: ‘We will use the funds raised from the sale of the Wola Retro office building to repay the loan associated with the project in the amount of PLN 131.8 mln and to further develop in the residential and PRS sectors, which offer higher returns on investment. At the same time, we are open to potential market opportunities and want to be prepared to take advantage of them.’

Major features of the building include technologies that reduce operating costs and provide cleaner and healthier air; 308 parking spaces on two underground levels; changing rooms and showers; courtyard; 24-hour reception and security with CTV system.

The property is located in Warsaw’s Wola district, between two metro stations, close to numerous tram stops and within comfortable distance of the main communication hubs and main roads.

The neighbourhood features newly built housing investments that guarantee infrastructural development.

Develia was co-represented by Avison Young and JLL, while CBRE advised WR Office.