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Develia SADevelia real estate to build over 550 flats in Wroclaw under JV cooperation with PFI Global
Listed real estate firm Develia has signed a joint venture agreement with PFI Global, an investment company operating, among others, on the real estate market, with the aim of implementing a residential investment project in Wroclaw, the company announced in a market filing.
Under the joint venture agreement between Develia and PFI Global, a total of 556 flats will be built in three stages of the project located at 100 Lotnicza Street in Wroclaw. The first stage, which will include 189 flats, will be put up for sale in the second quarter of 2026. According to the plan, it will be ready in the second quarter of 2028.
Develia will hold a total of 50.01 percent of shares in the joint venture, and PFI Global will hold 49.99 percent. Develia's initial capital commitment in connection with the investment will amount to approximately PLN 44 million (EUR 10.34 mln).
Develia's team will be responsible for the operational management of the project. PFI Global, in turn, will contribute land and project documentation to the project, managing accompanying investments, actively supporting the commercialisation of the commercial space to be created as part of the project, and the process of selling the flats.
The joint venture agreement was concluded under suspensive conditions; the main condition being obtaining of the consent for the concentration from Poland's antitrust and consumer protection regulator UOKiK.
seb/ ao/
