Developer LC Corp (LCC) has agreed to pay z³.259 million for 100 percent of shares in Sky Tower, a company managing the office and retail area of the Sky Tower mixed-use complex in Wroc³aw, Lower Silesia. The amount is payable by 2019.
The building is Poland's second-tallest
Courtesy of LC Corp
LCC purchased 29,700 sqm of retail space and 18,700 sqm of office space in the complex. The scheme’s 212-meter tower is the second-tallest building in Poland.
The seller is LC Corp BV, an investment vehicle owned by Leszek Czarnecki, who is also the main stockholder in financial firm Getin Holding. Mr Czarnecki holds over 51 percent in LCC, including a nearly 48 percent stake owned by LC Corp BV.
“This transaction will strengthen the commercial real estate segment of the Group, making further revenue diversification possible, which will offset the risk of residential market fluctuations,” Dariusz Niedo¼pia³, LCC’s CEO, said.
LCC is predominantly a residential developer, with a 10 percent share of Wroc³aw’s apartment market. In 2014 the firm wants to expand its activity in Warsaw’s residential market, where it plans to launch five new projects.
Back in October, the developer announced it was implementing a new commercialization strategy aimed at bringing down the high vacancy rate at Sky Tower, which currently stands at 20 percent.
The company wants to use the nearby scheme Arkady Wroc³awskie, also owned by LCC, and create a complementary tenant mix that could attract more shoppers. Arkady Wroc³awskie houses 130 stores on 31,000 sqm of retail space.
“Joint management of the two projects, Arkady Wroc³awskie and Sky Tower, will allow us to use the synergy between the two schemes, situated close to one another, by fostering natural client migration,” said Ma³gorzata Danek, LCC’s management board member.
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