Dentons has advised Develia on its preliminary agreement for the EUR 70 million sale of the Wola Retro office building in Warsaw with the Adventum Group. Act BSWW advised Adventum.
The transaction is expected to close in April 2023.
According to Dentons, "the investment, apart from two newly built A-class office buildings, also comprises an existing modernist building from the 1930s, adapted for the needs of modern offices in cooperation with a conservationist." The total area of the complex amounts to 24,500 square meters, while the maximum floor area can be 3,300 square meters.
Both Dentons and Act BSWW also advised on Develia's previous sale of Sky Tower to Adventum (as reported by CEE Legal Matters on September 27, 2021).
Develia is a Wroclaw-headquartered real estate development group carrying out residential and commercial investments in Warsaw, Wroclaw, Krakow, Gdansk, Lodz, and Katowice.
The Adventum Group is an investment fund manager focused on Central European real estate investments.
The Dentons team included Partner Bartlomiej Kordeczka, Counsel Martyna Racz-Suchocka, and Senior Associate Kornelia Borowiec.
The Act BSWW team included Partners Marta Kosiedowska, Marek Wojnar, and Michal Soltyszewski, and Lawyer Aleksander Krzemien.