On April 27, 2023, Act Legal BSWW announced that Develia's sale of the Wola Retro office building in Warsaw to Adventum (reported by CEE Legal Matters on February 3, 2023) had closed.
According to BSWW, the “transaction underscores the company's commitment to strategic investments that drive growth and enhance profitability, positioning it for continued success in the dynamic real estate market. Wola Retro is an office building, completed in 2019, located in Warsaw's Wola district, which was constructed as a result of the adaptation of a pre-war building in cooperation with the conservation officer. The complex offers a total of 25,900 square meters of office space.”
As previously reported, Dentons had advised Develia on the EUR 70 million sale of building to the Adventum Group, while Act BSWW advised Adventum.
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." Both Dentons and Act BSWW also advised on Develia's previous sale of the 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.