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Archicom sells West House 1A

Opr./edited AZ 17 July 2019
Archicom sells West House 1A
The 10,000 sqm building in Wrocław has changed hands for PLN 80.3 mln

POLAND Archicom Group has signed a preliminary agreements to sell the West House 1A office building on ul. Strzegomska in Wroclaw to GNT Ventures Properties for around PLN 80.3 mln.

The transaction, which also involves the sale of the land next to the building, required the signing of two preliminary agreements and two conditional agreements, which will be concluded if the mayor of Wrocław fails to exercise first purchase rights. The agreements will be finalised when all the formal requirements have been met. The West House 1A building together with the land are being sold for EUR 14.5 mln, while the ownership and perpetual usufruct of the land neighbouring the building are changing hands for PLN 18.8 mln. The amount received by Archicom as a result of the sale of the building and the land will amount to almost PLN 43 mln.

West House 1A is a seven-storey, 10,000 sqm office building that forms part of the West Forum complex. Its location is convenient for both the local airport and the city centre. The building is currently around 75 pct leased.

“West House 1A is a high-quality office building that enjoys a good reputation among our tenants. We are convinced that its purchase by GNT Ventures Properties is another step that will have a positive impact on the attractiveness of the complex. We have good experience in working with our partner, who we sold the West House 1B office building of this complex to in 2015,” commented Krzysztof Andrulewicz, the CEO of Archicom.

Avison Young carried out the technical due diligence report and provided consultancy services for the sale of West House 1A to the buyer.

The developer has also announced during the occupancy permitting process for City One – a new office development by the company in central Wrocław – and due to the significant leasing of its space, the property has been given a revaluation.

“The total fair valuation of City One and the sale of the West House 1A office building along with the surrounding land will generate a gross profit of almost PLN 15 mln for Archicom group. Thus we expect that our activities in the commercial segment will have a positive impact on our results for 2019,” adds Paweł Ruszczak, a board member and the financial director of Archicom.

City Forum, which is still under construction, will have a total usable area of ​​around 24,000 sqm. The first building of the complex, which was awarded an occupancy permit in March, is now more than 80 pct leased. Earlier this year CBRE was commissioned to act as a consultant for the sale of the City Forum building.

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