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Wroclaw skyscraper Sky Tower will be put up for sale. Develia, which owns the building, plans to focus on the residential market.
Develia plans to focus most of its resources on dynamic development of the residential segment. The company plans to make its offer more attractive by using ecological solutions and expanding its offer in the standard plus and higher segments.
This year, Develia’s activities will focus on preparing the sale of the Sky Tower building, followed by the sale of the Wola Retro office building in Warsaw. Funds from the sale of Sky Tower are to be used to purchase land for new residential investments and to develop the institutional rental segment.
The construction of Sky Tower had its beginning in 2008, at which time the project’s investor was LC Corp, which in 2019. It changed its name to Develia after being sold to funds. It is the tallest building in Wrocław, measuring 212 m high and one of the tallest in Poland, just after the Varso Place office building and the Palace of Culture and Science located in Warsaw.
Sky Tower has a residential, office and retail part. The construction value of the skyscraper amounted to more than PLN 1bn, but its valuation on the commercial real estate market fell in 2020 by about PLN 150.8m due to pandemic.