Warsaw-listed developer LC Corp has sold a portfolio of two office assets in Katowice and Wroclaw for a total of €113 mln.
Silesia Star, a pair of eight-storey buildings linked by a retail arcade in central Katowice with 27,000 m2 of floor space, was sold to Artigo for €54.3 mln. The three-year development was completed in 2016 and is 98% let.
LC Corp also sold Retro Office House, in the centre of Wroclaw, to Ingadi for €58.8 mln. The 21,000 m2 of office space is let to 13 domestic and international companies and was fully leased within six months of being commissioned.
The preliminary contracts are due to be signed in August 2019.
'The sales of office buildings Silesia Star and Retro Office House mark the first transaction of this kind in our company’s history,' said Tomasz Wróbel, board member of LC Corp SA. 'Starting in February 2019, the negotiation process with Ingadi and Artigo was completed in a very efficient way.'
Knight Frank and law firm Dentons advised on the sale.
Bartlomiej Kordeczka, a partner in Dentons' property department, said: 'The transaction we have worked on for our client confirms the trend observed in the Polish office property market in the past few years. Investment activity, especially in Wroclaw and Katowice, is impressive and on a steady rise.'
LC Corp is a developer and manager of office and residential projects in Polish cities. In 2018 it concluded 32 lease contracts and currently manages 158,955 m2 of office space.
